Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Name | BDO USA, P.C. |
| Auditor Location | Philadelphia, PA |
| Auditor Firm ID | 243 |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Notes payable, related party | $ 374,511 | $ 410,911 |
| Working Capital Notes | Related Party | ||
| Notes payable, related party | $ 162,283 | $ 136,414 |
| Class A Common Stock | ||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 6,000,000,000 | 6,000,000,000 |
| Common stock, shares issued (in shares) | 10,360,299 | 10,059,924 |
| Common stock, shares outstanding (in shares) | 9,934,449 | 9,634,074 |
| Class B Common Stock | ||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
| Common stock, shares issued (in shares) | 15 | 15 |
| Common stock, shares outstanding (in shares) | 15 | 15 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Statement of Comprehensive Income [Abstract] | ||||
| NET INCOME (LOSS) | [1] | $ 35,691 | $ (218,158) | |
| COMPREHENSIVE INCOME (LOSS) ITEM: | ||||
| Impact of foreign currency translation adjustment | (27) | 24 | ||
| TOTAL COMPREHENSIVE INCOME (LOSS) | 35,664 | (218,134) | ||
| Less: Comprehensive income (loss) attributable to noncontrolling interest | 20,187 | (138,055) | ||
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ 15,477 | $ (80,079) | ||
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Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Additional Paid-in Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interest |
|||
|---|---|---|---|---|---|---|---|---|---|---|
| Beginning balance (in shares) at Dec. 31, 2022 | 6,342,335 | 14 | 12,445,330 | |||||||
| Beginning balance at Dec. 31, 2022 | $ 404,841 | $ 1 | $ 0 | $ 888,493 | $ (634,295) | $ (273) | $ 150,915 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
| Net income (loss) | (218,158) | [1] | (80,088) | $ (138,070) | ||||||
| Equity-based compensation, net (Note 20 - Equity-Based Compensation) | 24,667 | 24,667 | ||||||||
| Conversion of LLC Units for Class A Common Stock (Note 30 - Equity) (in shares) | 835,911 | (835,911) | ||||||||
| Conversion of LLC Units for Class A Common Stock (Note 30 - Equity) | 0 | 2,076 | $ (2,076) | |||||||
| Settlement of long-term incentive plan (“LTIP”) restricted stock units (“RSUs”), net (Note 30 - Equity) (in shares) | 281,637 | (281,637) | ||||||||
| Settlement of long-term incentive plan (“LTIP”) restricted stock units (“RSUs”), net (Note 30 - Equity) | 87 | 3,928 | $ (3,841) | |||||||
| Settlement of other RSUs (in shares) | 169,517 | |||||||||
| Cancellation of shares to fund employee tax withholdings (Note 30 - Equity) (in shares) | (169,238) | |||||||||
| Cancellation of shares to fund employee tax withholdings (Note 30 - Equity) | (2,226) | (2,226) | ||||||||
| Issuance of shares (Note 27 - Related-Party Transactions) (in shares) | 2,173,912 | |||||||||
| Issuance of shares (Note 27 - Related Party Transactions) | 30,000 | 30,000 | ||||||||
| Issuance of units (Note 3 - Acquisitions and Note 30 - Equity) (in shares) | 1 | 1,969,299 | ||||||||
| Issuance of units (Note 3 - Acquisitions and Note 30 - Equity) | 33,172 | $ 33,172 | ||||||||
| Foreign currency translation adjustment | 24 | 24 | ||||||||
| Ending balance (in shares) at Dec. 31, 2023 | 9,634,074 | 15 | 13,297,081 | |||||||
| Ending balance at Dec. 31, 2023 | 272,407 | $ 1 | $ 0 | 946,938 | (714,383) | (249) | $ 40,100 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
| Net income (loss) | 35,691 | [1] | 15,488 | 20,203 | ||||||
| Noncontrolling interest distributions | (100) | (100) | ||||||||
| Equity-based compensation, net (Note 20 - Equity-Based Compensation) | 8,812 | 8,418 | $ 394 | |||||||
| Conversion of LLC Units for Class A Common Stock (Note 30 - Equity) (in shares) | 205 | (205) | ||||||||
| Settlement of long-term incentive plan (“LTIP”) restricted stock units (“RSUs”), net (Note 30 - Equity) (in shares) | 110,949 | (110,949) | ||||||||
| Settlement of long-term incentive plan (“LTIP”) restricted stock units (“RSUs”), net (Note 30 - Equity) | 0 | 232 | $ (232) | |||||||
| Settlement of other RSUs (in shares) | 330,314 | |||||||||
| Cancellation of shares to fund employee tax withholdings (Note 30 - Equity) (in shares) | (141,093) | |||||||||
| Cancellation of shares to fund employee tax withholdings (Note 30 - Equity) | (1,119) | (1,119) | ||||||||
| Issuance of units (Note 3 - Acquisitions and Note 30 - Equity) (in shares) | 705,841 | |||||||||
| Foreign currency translation adjustment | (27) | (27) | ||||||||
| Ending balance (in shares) at Dec. 31, 2024 | 9,934,449 | 15 | 13,891,768 | |||||||
| Ending balance at Dec. 31, 2024 | $ 315,664 | $ 1 | $ 0 | $ 954,469 | $ (698,895) | $ (276) | $ 60,365 | |||
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Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Operating Activities | ||||
| Net income (loss) | [1] | $ 35,691 | $ (218,158) | |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
| (Gain) loss on sale and other income from loans held for sale, net | [1] | (302) | 27,216 | |
| Unrealized fair value changes on loans, related obligations, and derivatives | [1] | (408,754) | (307,152) | |
| Change in fair value of mortgage servicing rights (“MSR”) | [1] | 920 | 3,067 | |
| Depreciation and amortization | [1] | 38,947 | 47,545 | |
| Impairment of intangibles and other assets | [1] | 891 | 13,751 | |
| Deferred income taxes | [1] | (2,411) | 678 | |
| Change in fair value of deferred purchase price liabilities | [1] | 7,966 | 552 | |
| Loss on investments | [1] | 0 | 16,845 | |
| Equity-based compensation | [1] | 8,812 | 24,667 | |
| Originations/purchases of loans held for sale | [1] | (9,877) | (211,485) | |
| Proceeds from sale of loans held for sale | [1] | 10,971 | 530,529 | |
| Gain on extinguishment of debt | [1] | (56,193) | 0 | |
| Changes in operating assets and liabilities: | ||||
| Other assets, net | [1] | 33,437 | 33,759 | |
| Payables and accrued expenses | [1] | (92,563) | (31,825) | |
| Other operating activities, net | [1] | 8,650 | (1,557) | |
| Net cash used in operating activities | [1] | (423,815) | (71,568) | |
| Investing Activities | ||||
| Purchases and originations of loans held for investment | [1] | (2,894,673) | (3,053,899) | |
| Proceeds/payments received on loans held for investment | [1] | 2,120,036 | 1,927,773 | |
| Purchases and originations of loans held for investment, subject to nonrecourse debt | [1] | (41,134) | (76,031) | |
| Proceeds/payments on loans held for investment, subject to nonrecourse debt | [1] | 922,355 | 1,349,682 | |
| Proceeds on sale of MSR | [1] | 5,516 | 85,628 | |
| Acquisition of American Advisors Group net assets | [1] | 0 | (140,854) | |
| Proceeds from sale of businesses (net of cash transferred) | [1] | 3,000 | 71,166 | |
| Other investing activities, net | [1] | (298) | (5,328) | |
| Net cash provided by investing activities | [1] | 114,802 | 158,137 | |
| Financing Activities | ||||
| Proceeds from issuance of HMBS related obligations | [1] | 2,003,170 | 2,140,795 | |
| Payments on HMBS related obligations | [1] | (2,253,476) | (1,924,130) | |
| Proceeds from issuance of nonrecourse debt | [1] | 1,462,646 | 1,728,914 | |
| Payments on nonrecourse debt | [1] | (831,373) | (1,597,531) | |
| Proceeds from other financing lines of credit | [1] | 5,832,530 | 4,592,432 | |
| Payments on other financing lines of credit | [1] | (5,842,762) | (5,119,322) | |
| Changes in notes payable | [1] | 25,825 | 12,340 | |
| Other financing activities, net | [1] | (10,353) | (2,726) | |
| Net cash provided by (used in) financing activities | [1] | 386,207 | (139,228) | |
| Effect of exchange rate changes on cash and cash equivalents | (27) | 24 | ||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 77,167 | (52,635) | ||
| Cash and cash equivalents and restricted cash, beginning of period | [1] | 224,801 | 277,436 | |
| Cash and cash equivalents and restricted cash, end of period | [1] | 301,968 | 224,801 | |
| Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
| Cash and cash equivalents | 47,383 | 46,482 | ||
| Restricted cash | 254,585 | 178,319 | ||
| Total cash and cash equivalents and restricted cash, end of period | [1] | 301,968 | 224,801 | |
| Supplementary Cash Flows Information | ||||
| Cash paid for interest | 432,937 | 308,381 | ||
| Loans transferred to loans held for sale, at fair value, from loans held for investment, at fair value | 5,424 | 4,732 | ||
| Class A Common Stock | ||||
| Financing Activities | ||||
| Issuance of Class A Common Stock | [1] | $ 0 | $ 30,000 | |
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Organization and Description of Business |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Description of Business | 1. Organization and Description of Business Finance of America Companies Inc. (“we,” “us,” “our,” “FOA,” or the “Company”) is a financial services holding company which, through its operating subsidiaries, is a leading provider of home equity-based financing solutions for a modern retirement. In addition, FOA offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. FOA was incorporated in Delaware on October 9, 2020 and became a publicly-traded company on the NYSE in April 2021, with trading beginning on April 5, 2021 under the ticker symbol “FOA.” FOA has a controlling financial interest in Finance of America Equity Capital LLC (“FOA Equity”). FOA Equity owns all of the outstanding equity interests in Finance of America Funding LLC (“FOAF”). FOAF wholly owns Finance of America Holdings LLC (“FAH”) and Incenter LLC (“Incenter” and collectively, with FOA Equity, FOAF, and FAH, known as “holding company subsidiaries”). The Company, through its FAH holding company subsidiary, operates a lending company, Finance of America Reverse LLC (“FAR”). Through FAR, the Company originates, purchases, sells, securitizes, and services HECM, which are originated pursuant to the Federal Housing Administration (the “FHA”) HECM program and are insured by the FHA, and non-agency reverse mortgage loans, which are not insured by the FHA. The Company, through its Incenter holding company subsidiary, has operating service companies (the “operating service subsidiaries” and together with FAR, the “operating subsidiaries”) that provide capital markets and portfolio management capabilities. Organizational Transformation During the fourth quarter of 2022 and calendar year 2023, the Company entered into a series of transactions, discontinuing certain business lines, while enhancing our reverse mortgage loan business through the acquisition of operational assets from American Advisors Group, now known as Bloom Retirement Holdings Inc. (“AAG/Bloom” or “Seller”). Transactions Relating to Discontinued Business Lines On October 20, 2022, the Board of Directors (the “Board”) of the Company authorized a plan to discontinue the operations of the Company’s previously reported Mortgage Originations segment operated by FAH’s subsidiary Finance of America Mortgage LLC (“FAM”), other than its home improvement lending business, which process commenced in the fourth quarter of 2022 and was completed on February 28, 2023. Refer to Note 4 - Discontinued Operations for additional information. On August 31, 2023, the Company entered into an agreement to sell certain operational assets of the home improvement lending business. This transaction closed on September 15, 2023. In connection with such transaction, the Company began the process of winding down the operations of the home improvement lending business, which was substantially complete as of March 31, 2024. The wind-down of the home improvement lending business was not considered by the Company to be a strategic shift that has had or will have a major effect on our operations and financial results. Therefore, the previous operations of the home improvement lending business are reported as part of the Company’s Retirement Solutions segment rather than as discontinued operations. On February 1, 2023, Incenter entered into an agreement to sell one hundred percent of (i) the issued and outstanding shares of capital stock of Agents National Title Holding Company (“ANTIC”), a direct subsidiary of Incenter and an indirect subsidiary of the Company, and (ii) the issued and outstanding membership interests of Boston National Holdings LLC (“BNT”), a direct subsidiary of Incenter and an indirect subsidiary of the Company. The closing of the ANTIC and BNT sale was completed on July 3, 2023. The Company historically included the operations of ANTIC and BNT in its previously reported Lender Services segment. On March 30, 2023, the FOA Equity Board authorized a plan to sell assets making up the remainder of the Company’s previously reported Lender Services segment, with the exception of its Incenter Solutions LLC operating service subsidiary. The Company completed the sale of such assets on June 30, 2023. Refer to Note 4 - Discontinued Operations for additional information. During the quarter ended September 30, 2023, the Company ceased the operations of the Company’s Incenter Solutions LLC operating service subsidiary. The wind-down of Incenter Solutions LLC was substantially complete as of December 31, 2023. The wind-down of Incenter Solutions LLC was not considered by the Company to be a strategic shift that has had or will have a major effect on our operations and financial results. Therefore, the previous operations of Incenter Solutions LLC are reported within Corporate and Other in Note 24 - Business Segment Reporting, rather than as discontinued operations. On February 19, 2023, the Company entered into an agreement to sell certain commercial originations operational assets of FAM, operating under the brand Finance of America Commercial (“FACo”). This transaction closed on March 14, 2023. The Company historically included the commercial originations operations of FACo in its previously reported Commercial Originations segment. In connection with the transaction, the Company discontinued the operations of and wound-down its Commercial Originations segment. Refer to Note 4 - Discontinued Operations for additional information. American Advisors Group Transaction On March 31, 2023, FAR acquired a majority of the assets and certain of the liabilities of AAG/Bloom, including, among other things, AAG/Bloom’s retail loan originations platform, certain residential reverse mortgage loans, and the right to service certain HECM (such acquisition, the “AAG Transaction”). These assets and liabilities were acquired pursuant to an Asset Purchase Agreement, a Servicing Rights Purchase and Sale Agreement, and a Loan Sale Agreement entered into on December 6, 2022 with AAG/Bloom. The operations acquired by the Company as a result of the AAG Transaction are included in the Company’s Retirement Solutions segment reporting. Refer to Note 3 - Acquisitions for additional information.
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Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements comprise the financial statements of FOA and its controlled subsidiaries. The consolidated financial statements have been prepared in accordance with United States of America (the “U.S.”) generally accepted accounting principles (“GAAP”) pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, such financial information reflects all normal and recurring adjustments necessary for a fair presentation of the consolidated financial statements in accordance with U.S. GAAP. The significant accounting policies, together with the other Notes to Consolidated Financial Statements, are an integral part of the consolidated financial statements. On July 25, 2024, the Company completed a 1-for-10 reverse stock split (the “Reverse Stock Split”) of its shares of Class A Common Stock. FOA Equity completed a corresponding 1-for-10 reverse split of its units (“Class A LLC Units”) to maintain the 1-for-1 parity of its Class A LLC Units with the Company’s adjusted number of Class A Common Stock shares. All references in this Annual Report on Form 10-K to numbers of Class A Common Stock shares, weighted average shares outstanding, earnings (loss) per share, FOA Class A Common Stock share price, and number of Class A LLC Units have been adjusted to reflect the Reverse Stock Split on a retroactive basis. As a result of the Reverse Stock Split, an immaterial amount was reclassified from Class A Common Stock to Additional paid-in capital in the Consolidated Statements of Financial Condition. Change in Consolidated Statements of Operations Presentation Beginning with the Company’s second quarter 2024 Form 10-Q, the Consolidated Statements of Operations presentation was changed to provide additional detail regarding the Company’s activities. The change primarily consists of disaggregating the Company’s previously reported net fair value gains on loans and related obligations caption into the currently presented captions of interest income, interest expense, net origination gains, gain on securitization of HECM tails, net, fair value changes from model amortization, and fair value changes from market inputs or model assumptions. Additionally, previously reported interest income and interest expense, which primarily represented the Company’s interest income on mortgage loans held for sale and other interest income and the Company’s interest expense associated with the Company’s other financing lines of credit, was combined with the interest income and interest expense that was previously reported within net fair value gains on loans and related obligations, excluding non-portfolio interest income and the interest expense associated with the Company’s non-funding debt, which is now reported separately as non-funding interest expense, net. As a result of the change, the Company’s previously reported revenues have been reclassified to reflect the updated presentation as follows: Reconciliation of the previously reported Consolidated Statements of Operations captions to the current presentation:
Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates regarding loans held for investment, subject to HMBS related obligations, loans held for investment, subject to nonrecourse debt, other loans held for investment, HMBS related obligations, and nonrecourse debt are particularly subject to change. Actual results may differ from those estimates and assumptions due to factors such as changes in the economy, interest rates, secondary market pricing, prepayment assumptions, home prices, or discrete events affecting specific borrowers, and such differences could be material. Principles of Consolidation The consolidated financial statements include the accounts of the Company, its controlled subsidiaries, and certain VIEs where the Company is the primary beneficiary. The Company is deemed to be the primary beneficiary of a VIE when it has both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (2) exposure to benefits and/or losses that could potentially be significant to the entity. Assets and liabilities of VIEs and their respective results of operations are consolidated from the date that the Company became the primary beneficiary through the date that the Company ceases to be the primary beneficiary. Asset Acquisitions and Business Combinations In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”), as of the acquisition date, the Company evaluates acquisitions to determine whether the Company has acquired a business or a group of assets. The evaluation includes a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The results of this evaluation impacts whether the Company accounts for an acquisition under business combination or asset acquisition guidance. If the screen test is met, the acquisition is not considered to be a business, and is instead accounted for as an asset acquisition. Under ASC 805, asset acquisitions are measured following a cost accumulation and allocation model, whereby the costs to acquire the assets, including transaction costs, are accumulated and then allocated to the individual assets and liabilities acquired based upon their estimated fair values. No goodwill or bargain purchase gain is recognized in an asset acquisition. Refer to Note 3 - Acquisitions for additional information. Discontinued Operations and Assets Held for Sale The Company classifies assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. In accordance with ASC 205, Presentation of Financial Statements, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that has had or will have a major effect on our operations and financial results. The Company considers a component of the entity that is being exited to be discontinued operations when all operations, including wind-down operations, cease. Refer to Note 4 - Discontinued Operations for additional information. VIEs The Company has been the transferor in connection with securitizations or asset-backed financing arrangements with special purpose entities, in which the Company has continuing involvement with the underlying transferred financial assets. The Company’s continuing involvement includes acting as servicer for the mortgage loans transferred and retaining beneficial interests in the special purpose entity (“SPE”) to which the assets were transferred. The Company evaluates its interests in each SPE for classification as a VIE in accordance with ASC 810, Consolidation. When an SPE meets the definition of a VIE and the Company determines that it is the VIE’s primary beneficiary, the Company includes the SPE in its consolidated financial statements. The beneficial interests held consist of residual securities that were retained at the time of securitization. These beneficial interests may obligate the Company to absorb losses of the VIE that could potentially be significant to the VIE, or affords the Company the right to receive benefits from the VIE that could potentially be significant to the VIE. In addition, when the Company acts as servicer of the transferred assets, the Company retains the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE. When it is determined that the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, the assets and liabilities of these VIEs are included in the consolidated financial statements of the Company. The Company reassesses its evaluation of an entity as a VIE upon the occurrence of certain reconsideration events as the primary beneficiary determination may change over time as interest in the VIE changes. The Company elected the fair value option provided for by ASC 825, Financial Instruments. This option was applied for the nonrecourse debt issued by the consolidated VIE. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. These investments are with high quality financial, governmental, or corporate institutions and potentially subject the Company to concentrations of credit risk. Restricted Cash Restricted cash includes amounts specifically designated to repay debt and provide over-collateralization within lines of credit and securitized nonrecourse debt obligations, custodial accounts related to the Company’s portfolio of mortgage loans serviced for investors, and funds deposited from prospective borrowers to cover out-of-pocket expenses incurred by the Company in connection with due diligence activities performed during the loan approval process. Certain funds deposited with the Company may be returned to the borrower at the time the loan funds or if the loan does not close. The Company records a liability for these amounts until the loan has closed or a cost has been incurred. Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value The Company elected the fair value option for all loans held for investment, subject to HMBS obligations. A HECM is a reverse mortgage loan available to homeowners aged 62 and over that allows conversion of a portion of the home’s equity into cash. The HECM loan terms do not have a defined maturity date or a scheduled repayment of principal and interest. Variable interest rates are tied to an index plus a margin that typically ranges up to three percentage points. Interest compounds over the life of the loan and is not paid by the borrower until the loan is repaid. HECM loans include a monthly mortgage insurance premium (“MIP”) that is payable to the FHA. The MIP amount is typically calculated as 1.25% of the mortgage balance for loans originated prior to October 2, 2017 and 0.5% for loans originated after October 2, 2017 and accretes to the borrower’s loan balance over the life of the loan. As the issuer, the Company is responsible for remitting the MIP to the FHA. A maturity event will cause the loan to become due and payable. Maturity events include: borrower has passed away and the property is not the principal residence of at least one surviving borrower; borrower has sold or conveyed title of the property to a third-party; the property is no longer the principal residence of at least one borrower for reasons other than death; the borrower does not maintain the property as principal residence for a period exceeding 12 months; the borrower fails to pay property taxes and/or insurance and all attempts to rectify the situation have been exhausted; and the property is in disrepair and the borrower has refused or is unable to repair the property. Once a loan has become due and payable, unsecuritized borrower advances cannot be placed into a Government National Mortgage Association (“Ginnie Mae”) HMBS. Generally, the Company recovers such advances (referred to as unpoolable tails) from borrowers, from proceeds of liquidation of collateral, or ultimate disposition of the loan, including conveyance of claims to the FHA. If the loan is not paid within six months of the maturity event, the Company may proceed with foreclosure on the property. A loan may be satisfied by borrower repayment, sales or appraisal-based claim submissions to the U.S. Department of Housing and Urban Development (“HUD”), and/or foreclosure sale proceeds. If the Company sells the property within six months, it may file a sales-based claim with HUD to recover any shortfall between the sales price of the property and the outstanding loan balance. If the property is not sold within six months, the Company may file an appraisal-based claim with HUD to recover any shortfall between the appraised value and the outstanding loan balance. Once the appraisal-based claim is paid by HUD, any subsequent expenses or loss in the property’s value exposes the Company to additional losses that may not be eligible to be recouped through the filing of an additional HUD claim. The Company has determined that HECM loans transferred under the current Ginnie Mae HMBS securitization program do not meet the requirements for sale accounting and are not derecognized upon date of transfer. The Ginnie Mae HMBS securitization program includes certain terms that do not meet the participating interest requirements and require or provide an option for the Company to reacquire the loans prior to maturity. Due to these terms, the transfer of the loans does not meet the requirements of sale accounting. As a result, the Company accounts for HECM loans transferred into HMBS securitizations as secured borrowings and continues to recognize the loans as held for investment, subject to HMBS related obligations, along with the corresponding liability for the HMBS related obligations. No gains or losses are recognized on these transfers of HECM loans into HMBS securitizations. Loans are considered nonperforming upon events such as, but not limited to, the death of the mortgagor, the mortgagor no longer occupying the property as their principal residence, or the property taxes or insurance not being paid. In addition to having to fund repurchase of these loans out of Ginnie Mae HMBS, the Company also typically earns a lower interest rate and incurs certain non-reimbursable costs during the process of liquidating nonperforming loans. Loans purchased out of Ginnie Mae HMBS are recorded in Loans held for investment or Loans held for investment, subject to nonrecourse debt, in the Consolidated Statements of Financial Condition at their fair value reflective of proceeds of liquidation of collateral or ultimate disposition of the loan. Loans held for investment, subject to HMBS related obligations, also include claims receivable that have been submitted to HUD awaiting reimbursement. These are recorded based on amounts that the Company expects to recover through outstanding claims. The yield recognized on loans held for investment, subject to HMBS related obligations, is based on the stated interest rates of the loans and is recorded in Interest income in the Consolidated Statements of Operations. Through the servicing of HECM loans, the Company generates tails. Tails consist of subsequent borrower draws, mortgage insurance premiums, service fees, and other advances, which the Company is able to subsequently securitize. The fair value gain recognized on the securitization of tails is recorded in Gain on securitization of HECM tails, net, in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations. Refer to Note 6 - Fair Value for further discussion of valuation of loans held for investment, subject to HMBS related obligations. Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value Loans held for investment, subject to nonrecourse debt, at fair value, are loans that were securitized and serve as collateral for the issued nonrecourse debt, including non-agency reverse mortgages, HECM buyouts, and commercial mortgage loans that were securitized into trusts that meet the definition of a VIE and were consolidated or did not qualify for true sale accounting. The Company has determined that it has both the power to direct the activities that most significantly impact the economic performance of the VIE, and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has elected the fair value option for all loans held for investment, subject to nonrecourse debt. Non-agency reverse mortgage loans are designated for homeowners aged 55 and over, depending on the loan product and state that the homeowner resides in. The maximum non-agency loan amount is $4 million. Non-agency reverse mortgage loans are not insured by the FHA and will not be placed into a Ginnie Mae HMBS; however, the Company may transfer or pledge these assets as collateral for securitized nonrecourse debt obligations and other financing lines of credit. The yield recognized on loans held for investment, subject to nonrecourse debt, is based on the stated interest rates of the loans and is recorded in Interest income in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations. Refer to Note 6 - Fair Value for further discussion of valuation of loans held for investment, subject to nonrecourse debt. Loans Held for Investment, at Fair Value Loans held for investment, at fair value, primarily consists of certain reverse mortgage loans that the Company intends to hold to maturity. The Company has elected the fair value option for all loans held for investment. Reverse mortgage loans held for investment consists of originated or purchased HECM and non-agency reverse mortgage loans not yet securitized, unsecuritized tails, and certain HECM purchased out of Ginnie Mae HMBS, which the Company intends to hold to maturity. HECM loans and tails that have not yet been securitized into HMBS consist primarily of newly-issued HECM that the Company has either originated or purchased, subsequent borrower draws, and amounts paid by the Company on the borrower’s behalf for MIP that have not yet been transferred to a Ginnie Mae securitization. The Company, as an issuer of HMBS, is required to repurchase reverse loans out of the Ginnie Mae securitization pools once the outstanding principal balance of the related HECM is equal to or greater than 98% of the maximum claim amount (“MCA”) (referred to as HECM buyouts). The majority of performing loans are now conveyed to HUD prior to the Company needing to finance the HECM buyouts. Nonperforming repurchased loans are generally liquidated through foreclosure, subsequent sale of the real estate owned, and claim submissions to HUD. The yield recognized on loans held for investment is based on the stated interest rates of the loans and is recorded in Interest income in the Consolidated Statements of Operations. The difference between the cost basis of newly originated or acquired loans and their estimated fair value is recognized in Net origination gains in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations. Refer to Note 6 - Fair Value for further discussion of valuation of loans held for investment. Loan origination fees represent an up-front fee charged to a borrower for processing the HECM or non-agency reverse mortgage application and are recorded in Fee income in the Consolidated Statements of Operations as they are received when a loan is successfully funded. Costs to originate loans are recognized as incurred and recorded in Loan production and portfolio related expenses in the Consolidated Statements of Operations. Certain HECM and non-agency reverse mortgage loans originated or acquired by the Company include broker compensation or correspondent fees. These premiums are remitted to the mortgage broker or correspondent lender who acted as the intermediary for the reverse mortgage. Broker compensation and correspondent fees are recorded as part of Net origination gains in the Consolidated Statements of Operations. Intangible Assets, Net Intangible assets, net, consist of trade names and broker/customer relationships acquired through various acquisitions and business combinations and are recorded at their estimated fair value on the date of acquisition. Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense of definite-lived intangibles is included in Depreciation and amortization in the Consolidated Statements of Operations. Intangible assets deemed to have an indefinite life are not amortized but are instead reviewed annually for impairment of value or when indicators of a potential impairment are present. The Company performs its annual impairment testing as of October 1 and monitors for interim triggering events on an ongoing basis as events occur or circumstances change. The Company estimates the fair value of the indefinite life intangibles for all reporting units utilizing a relief from royalty approach and the significant assumptions used to measure fair value include discount rate, terminal factors, and royalty rate. These valuations result in a Level 3 nonrecurring fair value measurement. Impairment related to intangible assets is recorded in Impairment of intangibles and other assets in the Consolidated Statements of Operations. Refer to Note 10 - Intangible Assets, Net, for additional information. Other Assets, Net Other assets, net, primarily consists of government guaranteed receivables, retained bonds, at fair value, receivables, net of allowance, right-of-use (“ROU”) assets, prepaid expenses, fixed assets, net, loans held for sale, at fair value, MSR, at fair value, and other. Refer to Note 11 - Other Assets, Net, for additional information related to continuing operations. Government Guaranteed Receivables The Company accounts for foreclosed mortgage loans guaranteed by the government as a separate receivable. These are carried at amounts the Company expects to receive from the liquidation of the underlying property and any expected claim proceeds from HUD for shortfall on liquidation proceeds. Outstanding HUD claims associated with HECM loans that are collateral for issued and outstanding HMBS may be retained inside the HMBS while the associated HECM loan remains insured by HUD or a HUD claim is outstanding and the HECM loan has not yet reached 98% of the loan’s MCA. Subsequent to reaching 98% of the MCA, the Company must purchase the loan out of the HMBS. Retained Bonds, at Fair Value We have a residual interest that we retain in certain securitizations related to our unconsolidated VIEs. The yield recognized on retained bonds is based on the stated interest rates of the bonds and is recorded in Interest income in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations. Receivables, Net of Allowance Receivables, net of allowance, are represented by amounts due from investors and other parties and are stated at the amounts management expects to collect. If the Company expects to collect less than 100% of the recorded receivable balances, an allowance for doubtful accounts is recorded based on the current expected credit loss methodology, which includes a combination of historical experience, aging analysis, information on specific balances, and reasonable and supportable forecasts. Fixed Assets, Net Fixed assets primarily consist of computer hardware and software, furniture and fixtures, and leasehold improvements. Fixed assets are depreciated or amortized on a straight-line basis over their estimated useful lives of to seven years, or the term of the related office lease for leasehold improvements, if shorter. The Company capitalizes certain costs associated with the acquisition of internal-use software and amortizes the software over its estimated useful life, commencing at the time the software is placed in service. The gross carrying value of fixed assets was $14.5 million and $16.3 million as of December 31, 2024 and December 31, 2023, respectively, with accumulated depreciation and amortization of $10.7 million and $10.3 million as of December 31, 2024 and December 31, 2023, respectively. Fixed assets, net, were $3.8 million and $6.0 million as of December 31, 2024 and December 31, 2023, respectively. Depreciation and amortization expense was $1.7 million and $5.2 million for the years ended December 31, 2024 and 2023, respectively. In accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”), the Company evaluates fixed assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Impairment related to fixed assets is recorded in Impairment of intangibles and other assets in the Consolidated Statements of Operations. During 2024 and 2023, the Company’s restructuring of the business and certain operating losses triggered impairment analyses and the Company recognized impairment charges of $0.5 million and $1.8 million for fixed assets in the years ended December 31, 2024 and 2023, respectively. Loans Held for Sale, at Fair Value Loans held for sale, at fair value, represent mortgage loans originated by the Company and held until sold to secondary market investors. The Company primarily originated conventional government sponsored entities (“GSE”), government-insured (FHA), and government guaranteed (Department of Veteran Affairs) residential mortgage loans (collectively “residential mortgage loans held for sale”) and commercial mortgage loans to owners and investors of single and multi-family residential rental properties (“commercial mortgage loans held for sale”). The Company has elected the fair value option for all loans held for sale. The yield recognized on all loans held for sale is based on the stated interest rates of the loans and is recorded in Interest income in the Consolidated Statements of Operations. Gains and losses on loans held for sale are recorded in Gain (loss) on sale and other income from loans held for sale, net, in the Consolidated Statements of Operations. Refer to Note 6 - Fair Value for further discussion of valuation of loans held for sale. MSR, at Fair Value MSR represent contractual rights to perform specific administrative functions for the underlying loans including specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance, and otherwise administrating the mortgage loan servicing portfolio. MSR are created through the sale of an originated mortgage loan. The unpaid principal balance (“UPB”) of the loans underlying the MSR is not included in the Consolidated Statements of Financial Condition. For servicing retained in connection with the securitization of reverse mortgage loans accounted for as secured financings, an MSR is not recognized. The fair value of future servicing revenues net of servicing costs related to reverse mortgage loans is included in the fair value of the underlying loan. The Company follows the fair value measurement method to record the value of MSR in accordance with ASC 860, Transfers and Servicing. Under this method, servicing assets are measured at fair value on a recurring basis with changes in fair value recorded through earnings in the period of the change as a component of Fee income in the Consolidated Statements of Operations. Refer to Note 9 - Mortgage Servicing Rights, at Fair Value, for additional information. Leases The Company evaluates all leases at inception under ASC 842, Leases (“ASC 842”), and classifies the lease as either an operating lease or a finance lease. The Company’s lease portfolio is comprised primarily of real estate and equipment agreements. Operating leases in which the Company is the lessee are recorded as operating lease ROU assets and operating lease liabilities, included in Other assets, net, and Payables and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The Company does not currently have any finance leases. Operating lease ROU assets represent the Company’s right to use an underlying asset during the lease term. ROU assets are further adjusted for lease incentives. Operating lease expense is recognized on a straight-line basis over the lease term and is recorded in General and administrative expenses in the Consolidated Statements of Operations. The Company recognizes variable lease payments associated with the Company’s leases when the variability is resolved. Variable lease payments are recorded in General and administrative expenses in the Consolidated Statements of Operations along with expenses arising from fixed lease payments. ASC 842 stipulates that the ROU asset in an operating lease is subject to the impairment guidance in ASC 360, similar to other long-lived assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected to be generated by that asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company estimates the fair value using a discounted cash flow (“DCF”) model with the discount rate being the significant assumption. Impairment related to ROU assets is recorded in Impairment of intangibles and other assets in the Consolidated Statements of Operations. Operating lease liabilities represent the Company’s obligation to make lease payments arising from the terms of the lease. The lease liabilities are initially recognized based on the present value of the remaining lease payments using a discount rate that represents the Company’s incremental borrowing rate as of the lease commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available as of the lease commencement date in determining the present value of the lease payments. This incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment and given similar credit risk. The lease term for all of the Company’s leases includes the noncancellable period of the lease plus any additional periods covered by the option to extend (or not to terminate) the lease. The Company includes these options in the lease term when it is reasonably certain of exercising them. The Company elected not to recognize lease assets and lease liabilities for leases with a term of 12 months or less and not to separate lease components from non-lease components. Refer to Note 16 - Leases for additional information related to continuing operations. HMBS Related Obligations, at Fair Value HMBS related obligations, at fair value, represent the issuance of HMBS, which are guaranteed by Ginnie Mae, to third-party security holders. As the securitizations do not meet the criteria for sale accounting treatment, the Company accounts for the transfers of these advances in the related HECM loans as secured borrowings, retaining the initial HECM loans in the Consolidated Statements of Financial Condition as Loans held for investment, subject to HMBS related obligations, at fair value, and recording the HMBS as HMBS related obligations, at fair value. This liability includes the Company’s obligation to repay the secured borrowing from the FHA-insured HECM cash flows and the obligations as issuer and servicer of the HECM loans and HMBS. Monthly cash flows generated from the HECM loans are used to service the outstanding HMBS. The Company has elected the fair value option for all HMBS related obligations. As an issuer of HMBS, the Company is obligated to service the HECM loan and associated HMBS, which includes funding the repurchase of the HECM loans or pass through of cash due to the holder of the beneficial interests in the Ginnie Mae HMBS upon maturity events and certain funding obligations related to monthly guarantee fees, mortgage insurance proceeds, and partial month interest. As an issuer, the Company is required to repurchase reverse loans out of the Ginnie Mae securitization pools once the outstanding principal balance of the related HECM is equal to or greater than 98% of the MCA. The Company is also required to pay off the outstanding remaining principal balance of secured borrowings if certain triggering events are reached prior to the 98% of MCA limit, such as death of borrower and completion of foreclosure. The majority of performing loans are now conveyed to HUD prior to the Company needing to finance the HECM buyouts. Nonperforming repurchased loans are generally liquidated through foreclosure, subsequent sale of real estate owned, and claim submissions to HUD. Loans are considered nonperforming upon events such as, but not limited to, the death of the mortgagor, the mortgagor no longer occupying the property as their principal residence, or the property taxes or insurance not being paid. The Company relies upon its secured financing facilities (see Note 14 - Other Financing Lines of Credit) and operating cash flows, to the extent necessary, to repurchase loans. The timing and amount of the Company’s obligation to repurchase HECM is uncertain as repurchase is predicated on certain factors such as whether or not a borrower event of default occurs prior to the HECM reaching the mandatory repurchase threshold under which the Company is obligated to repurchase the loan. In addition to having to fund repurchases, the Company may sustain losses during the process of liquidating the loans. The issuer is also required to fund guarantee fees to Ginnie Mae, MIP to the FHA, and is obligated to fund partial month interest resulting from shortfalls in interest received from borrower payoffs to the holders of the HMBS beneficial interests. Estimated cash flows associated with these obligations are included in the HMBS related obligations, at fair value, in the Consolidated Statements of Financial Condition. The interest on HMBS related obligations is based on the stated interest rates of the obligations and is recorded in Interest expense in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations. Refer to Note 6 - Fair Value and Note 12 - HMBS Related Obligations, at Fair Value, for further discussion of valuation and additional information on HMBS related obligations. Nonrecourse Debt, at Fair Value Nonrecourse debt, at fair value, is debt of consolidated VIE securitization trusts or unconsolidated funds that provide nonrecourse financing. The consolidated VIE loans initially transferred to the securitization trust and the assets designated to unconsolidated funds serve as collateral for the nonrecourse debt, and the principal and interest cash flows from these loans serve as the source of repayment. The Company has elected the fair value option for all nonrecourse debt. The interest on nonrecourse debt is based on the stated interest rates of the debt and is recorded in Interest expense in the Consolidated Statements of Operations. Discounts are amortized to Interest expense in the Consolidated Statements of Operations over the expected life of the note using the effective interest method. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations. Refer to Note 6 - Fair Value and Note 13 - Nonrecourse Debt, at Fair Value, for further discussion of valuation and additional information on nonrecourse debt. Other Financing Lines of Credit Other financing lines of credit principally consists of variable-rate, asset-backed facilities, primarily warehouse lines of credit, to support the origination of mortgage loans and operations of the Company, which provide creditors a collateralized interest in specific mortgage loans and other Company assets that meet the eligibility requirements under the terms of the facility. The source of repayment of the facilities is typically from the sale or securitization of the underlying loans into the secondary mortgage market. The Company evaluates its capacity needs for lines of credit and adjusts the amount of available capacity under these facilities in response to the current mortgage environment and origination needs. Refer to Note 14 - Other Financing Lines of Credit for additional information. Interest expense from these financings is recorded in Interest expense in the Consolidated Statements of Operations. Costs incurred in connection with obtaining financing lines of credit are capitalized to Other assets, net, within the Consolidated Statements of Financial Condition and amortized over the term of the related financing as Interest expense within the Consolidated Statements of Operations. Payables and Other Liabilities Payables and other liabilities primarily consist of accrued and other liabilities, lease liabilities, deferred purchase price liabilities, Ginnie Mae reverse mortgage buyout payable, and accrued compensation expense. Refer to Note 15 - Payables and Other Liabilities for additional information related to continuing operations. Deferred Purchase Price Liabilities As a result of asset acquisitions and business combinations, the Company has recorded contingent liabilities based upon expected future payouts. The Company measures any contingent consideration at fair value and adjusts the reported amount each period with the change in fair value recorded in Other, net, in the Consolidated Statements of Operations. The Company has entered into Tax Receivable Agreements (“TRA”) with certain owners of FOA Equity (the “TRA Parties”). Initial measurement of the obligations was at fair value, and it is remeasured at fair value each reporting period, with any changes in fair value recognized in Other, net, in the Consolidated Statements of Operations. The Company records obligations under the TRA resulting from applicable future exchanges as they occur, at the gross undiscounted amount of the expected future payments as an increase to the liability along with the deferred tax asset and valuation allowance (if any) with an offset to additional paid-in capital. If the Company determines that it is no longer probable that a related contingent payment will be required based on expected future cash flows, a reversal of the liability is recorded through Other, net, in the Consolidated Statements of Operations. The Company also has other deferred purchase price liabilities related to the closing of the AAG Transaction. Refer to Note 3 - Acquisitions for additional detail. Ginnie Mae Reverse Mortgage Buyout Payable As an issuer of HMBS, the Company is required to repurchase reverse loans out of the Ginnie Mae securitization pools once the outstanding principal balance of the related HECM is equal to or greater than 98% of the MCA. The Company is also required to pay off the outstanding remaining principal balance of secured borrowings if certain triggering events are reached prior to the 98% of MCA limit, such as death of borrower and completion of foreclosure. Notes Payable, Net Notes payable are carried at amortized cost. The interest recognized on notes payable is based on the stated interest rates of the debt and is recorded in Non-funding interest expense, net, in the Consolidated Statements of Operations. Issuance costs, premiums, and discounts, which are initially capitalized as part of the notes payable balance, are amortized over the expected life of the note using the effective interest method. Refer to Note 17 - Notes Payable, Net, for additional information. Comprehensive Income (Loss) Recognized revenues, expenses, gains, and losses are included in the Consolidated Statements of Operations. Certain changes in assets and liabilities, such as foreign currency translation adjustments, are reported as a separate component in the Consolidated Statements of Equity. Such items, along with net income (loss), are components of comprehensive income (loss). Revenue Recognition The majority of revenues generated by the Company in connection with originations and servicing are not within the scope of ASC 606, Revenue from Contracts with Customers. The primary components of fee income consist of the following: Loan Origination Fees Loan origination fees are recorded in Fee income in the Consolidated Statements of Operations when a loan is successfully funded, with the related costs recognized in loan production and portfolio related expenses when incurred at the date of origination. The Company collects certain fees from the borrower, including underwriting fees, credit reporting fees, loan administration fees, and appraisal fees. The Company has determined that it is primarily responsible for fulfillment and acceptability for these services, and has discretion in setting the price to the borrower, and therefore these fees should be recognized gross as the Company is the principal for the specified goods and services performed. In addition to the fees above, the Company also acts as agent for certain services for its customers. These services include obtaining flood certification and inspection fees. In these transactions, the Company will facilitate the providing of the goods or services to prospective borrowers, and collects these amounts from the borrower prior to the services being provided. Loan origination fees were $28.5 million and $36.6 million for the years ended December 31, 2024 and 2023, respectively. Loan Servicing Fees Loan servicing income represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors. Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments. Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected and are included as a component of Fee income in the Consolidated Statements of Operations. Loan servicing fees were $1.7 million and $8.1 million for the years ended December 31, 2024 and 2023, respectively. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from the Company, put presumptively beyond the reach of the entity, even in bankruptcy, (ii) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and that entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (iii) the Company or its agents does not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. When the Company determines that control over the transfer of financial assets has been surrendered, the transaction will be accounted for as a sale in which the underlying mortgage loans are derecognized, and a corresponding gain is recorded equal to the proceeds of the cash and any other beneficial interest retained by the Company, less the carrying balance of the transferred mortgage loans. Upon completion of the sale, the recorded gains and losses are reflected in Gain (loss) on sale and other income from loans held for sale, net, in the Consolidated Statements of Operations. Whenever the requirements for sale treatment have not been met due to control over the transferred financial assets not being surrendered, the transferred loans will continue to be held as Loans held for investment, subject to nonrecourse debt, at fair value, and an associated liability is recorded in Nonrecourse debt, at fair value, in the Consolidated Statements of Financial Condition. Equity-Based Compensation RSUs with service conditions and options granted to employees are measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). The Company has elected to use a straight-line attribution method for recognizing compensation costs relating to these awards. Forfeitures are recorded as they occur. For RSUs where there are market conditions as well as service conditions to vesting, the grant date fair value of the awards is recognized as compensation expense using the graded-vesting method over the requisite service period for each separately vesting tranche of the award as if they were multiple awards. Equity-based compensation expense is recorded in Salaries, benefits, and related expenses in the Consolidated Statements of Operations. Refer to Note 20 - Equity-Based Compensation for additional information. Defined Contribution Plan The Company sponsors a qualified defined contribution plan and matches certain employee contributions on a discretionary basis. The Company’s expenses for matching contributions to the defined contribution plan related to continuing operations were $2.1 million and $2.5 million for the years ended December 31, 2024 and 2023, respectively. These expenses are included in Salaries, benefits, and related expenses in the Consolidated Statements of Operations. Marketing and Advertising Marketing and advertising costs are expensed as incurred and primarily relate to brand marketing and providing loan product information to our customers. Income Taxes The computation of the effective tax rate and provision (benefit) at each period requires the use of certain estimates and significant judgments including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s U.S. GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the statement of financial condition date. The estimates used to compute the provision (benefit) for income taxes may change throughout the year as new events occur, additional information is obtained, or as tax laws and regulations change. Accordingly, the effective tax rate for future periods may vary materially. The Company accounts for income taxes pursuant to the asset and liability method, which requires it to recognize current tax liabilities or receivables for the amount of taxes it estimates are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities, and the expected benefits of net operating loss (“NOL”) and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The benefit of tax positions taken or expected to be taken in the Company’s income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized tax benefits.” A liability is recognized (or amount of NOL carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. Interest costs and related penalties associated with tax matters are included in General and administrative expenses in the Consolidated Statements of Operations. Refer to Note 23 - Income Taxes for additional information. Contingencies The Company evaluates contingencies based on information currently available and will establish accruals for those matters when a loss contingency is considered probable and the related amount is reasonably estimable. For matters where a loss is believed to be reasonably possible but not probable, no accrual is established, but the nature of the loss contingency and an estimate of the reasonably possible range of loss in excess of amounts accrued, when such estimate can be made, is disclosed. In deriving an estimate, the Company is required to make assumptions about matters that are, by their nature, highly uncertain. The assessment of loss contingencies, including legal contingencies, involves the use of critical estimates, assumptions, and judgments. Whenever practicable, the Company consults with outside experts, including legal counsel and consultants, to assist with the gathering and evaluation of information related to contingent liabilities. It is not possible to predict or determine the outcome of all loss contingencies. Accruals are periodically reviewed and may be adjusted as circumstances change. Refer to Note 18 - Litigation and Note 19 - Commitments and Contingencies for additional information. Seller Earnout Certain equity owners of FOA Equity are entitled to receive an earnout exchangeable for Class A Common Stock if, at any time through April 1, 2027, the volume-weighted average price (the “VWAP”) of Class A Common Stock with respect to a trading day is greater than or equal to $125 for any 20 trading days within a consecutive 30-trading-day period (“First Earnout Achievement Date”), 50% of the earnout units (in conjunction with the Sponsor Earnout below, the “Earnout Securities”) will be issued; and if, at any time through April 1, 2027, the VWAP is greater than or equal to $150 for any 20 trading days within a consecutive 30-trading-day period (“Second Earnout Achievement Date”), the remaining 50% of the Earnout Securities will be issued. The seller earnout is accounted for as contingent consideration and classified as equity. The seller earnout was measured at fair value upon the date of issuance and is not subsequently remeasured. The settlement of the seller earnout will be accounted for within equity if and when the First Earnout Achievement Date or Second Earnout Achievement Date occurs. Sponsor Earnout The Company classified the Sponsor Earnout Agreement as an equity transaction measured at fair value upon the date of issuance and it is not subsequently remeasured. Additionally, the settlement of the Sponsor Earnout will be accounted for within equity if and when the First Earnout Achievement Date or Second Earnout Achievement Date occurs. Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A Common Stock ownership of the Company. Net income (loss) is reduced by the portion of net income (loss) that is attributable to noncontrolling interests as well as special allocations related to the Amended and Restated Long-Term Incentive Plan (“A&R MLTIP”) as defined in the FOA Equity LLC Agreement. Earnings (Loss) Per Share Basic earnings (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the period. Diluted earnings (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive securities as calculated using the if-converted and treasury stock methods, as appropriate. The Company applies the two-class method for participating securities in basic earnings (loss) per share and diluted earnings (loss) per share calculations. Refer to Note 29 - Earnings (Loss) Per Share for additional information. Reclassifications Certain amounts from the prior year consolidated financial statements have been reclassified to conform to the current year financial presentation. Recently Adopted Accounting Guidance
Recently Issued Accounting Guidance, Not Yet Adopted as of December 31, 2024
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Acquisitions |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | 3. Acquisitions Asset Acquisition On March 31, 2023, the Company completed the acquisition of the assets, including the retail loan originations platform, and liabilities associated with the AAG Transaction for a total purchase consideration of $215.4 million. The Company determined that the AAG Transaction should be considered an asset acquisition, because substantially all of the fair value of the acquired assets was concentrated in a single group of similar assets. Under the accounting for asset acquisitions, the acquisition is recorded using a cost accumulation and allocation model under which the cost of the acquisition is allocated on a relative fair value basis to the assets acquired and liabilities assumed. Acquisition-related transaction costs are capitalized as a component of the cost of the assets acquired. Consequently, no goodwill was recognized as part of this transaction. The following table summarizes the fair value of the consideration transferred and the major classes of assets acquired and liabilities assumed (in thousands):
(1) The Seller owns one share of FOA Class B Common Stock. Class B Common Stock has no economic rights but entitles each holder of at least one such share (regardless of the number of shares held) to a number of votes that is equal to the aggregate number of Class A LLC Units held by the holder on all matters on which Class A Common Stockholders are entitled to vote. The fair value of the Class B Common Stock was determined to be negligible as there are no economic rights associated with the Class B Common Stock. (2) Amounts represent the cash portion of the consideration paid to acquire the net assets of AAG/Bloom. Total cash consideration was $140.9 million. (3) At the closing of the AAG Transaction, FOA Equity issued 1,969,299 Class A LLC Units to the Seller, which hold 1:1 conversion rights for Class A Common Stock of FOA. At the closing date, the fair value of these Class A LLC Units were equal to the Class A Common Stock share price of $12.40 per share. (4) The deferred equity consideration is comprised of two forms of issuable Class A LLC Units; 705,841 units with a fair value on the closing date of $8.7 million that are equity classified and indemnity holdback units totaling up to 714,226 units with a fair value on the closing date of $4.4 million that are liability classified. The deferred equity consideration that is liability classified is recorded in Payables and other liabilities in the Consolidated Statements of Financial Condition. On October 29, 2024, FOA Equity issued 705,841 Class A LLC Units to AAG/Bloom in accordance with the terms of the asset purchase agreement relating to the AAG Transaction. The indemnity holdback units to be issued to the Seller are based on set thresholds and, subject to meeting the control condition, are settled and three years following the closing date. The amount of units released to the Seller depends on the dollar amount of indemnified claims FOA pays out on behalf of the Seller related to litigation liabilities and indemnifiable loan losses. Two years following the closing date, FOA Equity will issue to the Seller Class A LLC Units equal to the excess of the remaining indemnity holdback units over the threshold of 357,113. The remaining Class A LLC Units the Seller is entitled to are issued three years following the closing date. Management has included the fair value of indemnity holdback units, reduced for estimated litigation liabilities and indemnifiable loan losses, above in the consideration given to the Seller.
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Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | 4. Discontinued Operations During the fourth quarter of 2022 and calendar year 2023, the Company entered into a series of transactions, discontinuing certain business lines while enhancing our reverse mortgage loan business, as described in further detail below, in order to transform our business from a vertically integrated lending and complementary services platform to a unified modern retirement solutions platform. This transformation included the wind-down of the previously reported Mortgage Originations segment and sale of the previously reported Commercial Originations and Lender Services segments. This constitutes a strategic shift that has had or will have a major effect on our operations and financial results. As such, the results of our previously reported Mortgage Originations, Commercial Originations, and Lender Services segments, as described below, are reported as discontinued operations for all periods presented. Mortgage Originations Segment On October 20, 2022, the Board of the Company authorized a plan to discontinue the operations of the Company’s previously reported Mortgage Originations segment operated by FAM, other than its home improvement lending business, which process commenced in the fourth quarter of 2022 and was completed on February 28, 2023. On August 31, 2023, the Company entered into an agreement to sell certain operational assets of the home improvement lending business. This transaction closed on September 15, 2023 for cash consideration of $0.3 million. In connection with such transaction, the Company began the process of winding down the operations of the home improvement lending business, which was substantially complete as of March 31, 2024. The wind-down of the home improvement lending business was not considered by the Company to be a strategic shift that has had or will have a major effect on our operations and financial results. Therefore, the previous operations of the home improvement lending business are reported as part of the Company’s Retirement Solutions segment rather than as discontinued operations. Lender Services Segment On February 1, 2023, Incenter entered into an agreement to sell one hundred percent of (i) the issued and outstanding shares of capital stock of ANTIC, a direct subsidiary of Incenter and an indirect subsidiary of the Company, and (ii) the issued and outstanding membership interests of BNT, a direct subsidiary of Incenter and an indirect subsidiary of the Company. The closing of the ANTIC and BNT sale was completed on July 3, 2023. Incenter received $92.6 million in cash, which is the base purchase price of $100.0 million adjusted at closing in accordance with the provisions of the agreement, and transferred $27.0 million of cash to the purchaser. The Company has historically included the operations of ANTIC and BNT in its previously reported Lender Services segment. On March 30, 2023, the FOA Equity Board authorized a plan to sell assets making up the remainder of the Company’s previously reported Lender Services segment, with the exception of its Incenter Solutions LLC operating service subsidiary. The Company sold such assets on June 30, 2023 in two separate transactions for an aggregate consideration of $17.5 million, which includes $4.8 million in cash and a $12.7 million note receivable. The note receivable is included in the Consolidated Statements of Cash Flows as a non-cash investing activity. During the quarter ended September 30, 2023, the Company ceased the operations of the Company’s Incenter Solutions LLC operating service subsidiary. The wind-down of Incenter Solutions LLC was substantially complete as of December 31, 2023. The wind-down of Incenter Solutions LLC was not considered by the Company to be a strategic shift that has had or will have a major effect on our operations and financial results. Therefore, the previous operations of Incenter Solutions LLC are reported within Corporate and Other in Note 24 - Business Segment Reporting, rather than as discontinued operations. Commercial Originations Segment On February 19, 2023, the Company entered into an agreement to sell certain commercial originations operational assets of FAM, operating under the brand FACo. This transaction closed on March 14, 2023 for consideration of $2.5 million, of which $0.5 million is cash consideration. The Company historically included the commercial originations operations of FACo in its previously reported Commercial Originations segment. In connection with the transaction, the Company discontinued the operations of and wound-down its Commercial Originations segment. The following table summarizes the major classes of assets and liabilities classified as discontinued operations as of December 31, 2024 and December 31, 2023 (in thousands):
The following table summarizes the major components of net loss from discontinued operations (in thousands):
(1) The Company evaluates the carrying value of long-lived assets, including intangible assets, fixed assets, and ROU assets, when indicators of impairment exist in accordance with ASC 360. Based on the analyses, the Company recognized impairment charges for the year ended December 31, 2023 related to the sales of the previously reported Lender Services and Commercial Originations segments. (2) Amount includes of $0.3 million for the year ended December 31, 2023. The gains on disposals consist of a $12.8 million gain on the sale of the remaining assets of the Lender Services segment, a $11.7 million loss on the sale of our commercial originations operational assets, and a $0.8 million loss on the sale of ANTIC and BNT. There were no material cash flow activities related to discontinued operations for the year ended December 31, 2024. The Consolidated Statement of Cash Flows for the year ended December 31, 2023 included the following material activities related to discontinued operations (in thousands):
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Variable Interest Entities and Securitizations |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities and Securitizations | 5. Variable Interest Entities and Securitizations The Company determined that the special purpose entities created in connection with its securitizations are VIEs. A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is the entity that, through its variable interests, has both the power to direct the activities that significantly impact the VIE’s economic performance and the obligations to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Consolidated VIEs FAR FAR securitizes certain of its interests in non-agency reverse mortgage loans and HECM buyouts. The transactions provide investors with the ability to invest in a pool of reverse mortgage loans secured by residential properties. The transactions provide FAR with access to liquidity for these assets, ongoing servicing fees, and potential residual returns. The principal and interest on the outstanding certificates are paid using the cash flows from the underlying reverse mortgage loans, which serve as collateral for the debt. The securitizations are callable at or following the optional redemption date as defined in the respective indenture agreements. In 2024, the Company entered into a financing agreement which was structured as a securitization. The special purpose entity created for the purposes of the financing is a VIE which the Company has consolidated, as the Company is the primary beneficiary. The non-agency loans included in this securitization are recorded in Loans held for investment, at fair value, in the Consolidated Statements of Financial Condition and the associated debt is recorded in Other financing lines of credit in the Consolidated Statements of Financial Condition. During the year ended December 31, 2024, the Company redeemed outstanding securitized notes related to certain non-agency reverse loan and HECM buyout securitizations. As part of the redemptions, the Company paid off notes with outstanding principal balances of $1.9 billion. The notes were paid off at par. FAM FAM securitized certain of its interests in commercial mortgage loans. The transactions provided debt security holders the ability to invest in a pool of loans secured by an investment in real estate. The transactions provided the Company with access to liquidity for the loans and ongoing management fees. The principal and interest on the outstanding debt securities are paid using the cash flows from the underlying loans, which serve as collateral for the debt. During the year ended December 31, 2024, the Company redeemed outstanding securitized notes related to certain commercial mortgage securitizations. As part of the redemptions, the Company paid off notes with outstanding principal balances of $45.6 million. The notes were paid off at par. The Company also issued a new securitization related to commercial mortgage loans. Refer to Note 13 - Nonrecourse Debt, at Fair Value, for additional information. Servicing-Securitized Loans In their capacity as servicer of the securitized loans, FAR and FAM retain the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance. FAR and FAM also retain certain beneficial interests in these trusts which provide exposure to potential gains and losses based on the performance of the trust. As FAR and FAM have both the power to direct the activities that significantly impact the VIE’s economic performance and the obligations to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the definition of primary beneficiary is met and the trusts are consolidated by the Company through its FAR and FAM subsidiaries. Certain obligations may arise from the agreements associated with transfers of loans. Under these agreements, the Company may be obligated to repurchase the loans or otherwise indemnify or reimburse the investor for losses incurred due to material breach of contractual representations and warranties. There were no charge-offs associated with these transferred mortgage loans related to the standard securitization representations and warranties obligations for the years ended December 31, 2024 and 2023. The following table presents the assets and liabilities of the Company’s consolidated VIEs, which are included in the Consolidated Statements of Financial Condition, and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands):
Unconsolidated VIEs Transfer of loans accounted for as sales The Company securitized certain of its interests in non-agency reverse mortgage loans and in agency-eligible residential mortgage loans. The transactions provided investors with the ability to invest in a pool of mortgage loans secured by residential properties and provided the Company with access to liquidity for these assets and ongoing service fees. The Company’s beneficial interest in the securitizations is limited to a 5% retained interest in the trusts. The Company determined that the securitization structures meet the definition of a VIE and concluded that the Company does not hold a significant variable interest in the securitizations and that the contractual role as servicer is not a variable interest. The transfers of the loans to the VIEs were determined to be sales. The Company derecognized the mortgage loans and did not consolidate the trusts. The Company’s continuing involvement with and exposure to loss from the VIEs includes the carrying value of the retained bonds, the servicing asset recognized in the sale of the loans, servicing advances in the role as servicer, and obligations under representations and warranties contained in the loan sale agreements. Creditors of the VIEs have no recourse to the Company’s assets or general credit. The underlying performance of the mortgage loans transferred has a direct impact on the fair values and cash flows of the beneficial interests held and the servicing asset recognized. Transfer of loans accounted for as secured borrowings The Company securitized certain non-agency reverse mortgage loans and commercial mortgage loans where its beneficial interest in the securitizations is limited to a 5% retained interest in the trusts. The Company determined that these securitization structures meet the definition of a VIE and concluded that the Company does not hold a significant variable interest in the securitizations and the Company does not have the power to direct the activities that most significantly affect the economic performance of the VIEs. However, the transfers of the loans to the VIEs were determined not to be sales. As such, the Company continues to recognize the loans and recognized a nonrecourse liability for the proceeds received from third parties for the transfer of the loans. Bonds issued in the securitization that were retained by the Company are not recognized. The Company’s continuing involvement with and exposure to loss from the VIEs includes the carrying value of the retained bonds, servicing advances in the role as servicer, and obligations under representations and warranties contained in the loan sale agreements. Creditors of the VIEs have no recourse to the Company’s assets or general credit. The underlying performance of the mortgage loans held has a direct impact on the fair values and cash flows of the beneficial interests held. The tables below present a summary of the unconsolidated VIEs for which the Company holds variable interests (in thousands):
As of December 31, 2024 and December 31, 2023, there were $0.2 million and $0.7 million, respectively, of mortgage loans transferred by the Company to unconsolidated securitization trusts that are 90 days or more past due.
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Fair Value |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | 6. Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions market participants would use when pricing an asset or liability and follows a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. All aspects of nonperformance risk, including the Company’s own credit standing, are considered when measuring the fair value of a liability. Following is a description of the three levels of the fair value hierarchy: Level 1 Inputs: Quoted prices for identical instruments in active markets. Level 2 Inputs: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Inputs: Instruments with unobservable inputs that are significant to the fair value measurement. The Company classifies assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers into or out of Level 3 within the fair value hierarchy during the years ended December 31, 2024 and 2023. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and the details of the valuation models, key inputs to those models, and significant assumptions utilized. Within the assumption tables presented, not meaningful (“NM”) refers to a range of inputs that is too broad to provide meaningful information to the user or to an input that has no range and consists of a single data point. Weighted averages are calculated by weighting each input by the relative outstanding balance of the related financial instrument.
Fair Value of Assets and Liabilities The following table provides a summary of the recognized assets and liabilities that are measured at fair value on a recurring basis (in thousands):
Level 3 assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
Fair Value Option The Company has elected to measure its loans held for investment, loans held for sale, HMBS related obligations, and nonrecourse debt at fair value under the fair value option. The Company elected to apply the provisions of the fair value option to these assets and liabilities in order to align financial reporting presentation with the Company’s operational and risk management strategies. Presented in the tables below are the fair value and the UPB, at December 31, 2024 and December 31, 2023, of financial assets and liabilities for which the Company has elected the fair value option (in thousands):
Fair Value of Other Financial Instruments As of December 31, 2024 and December 31, 2023, all financial instruments were either recorded at fair value or the carrying value approximated fair value with the exception of notes payable, net. Notes payable, net, includes our senior notes and working capital promissory notes, recorded at the carrying value of $374.5 million and $410.9 million as of December 31, 2024 and December 31, 2023, respectively, and have a fair value of $467.9 million and $345.6 million as of December 31, 2024 and December 31, 2023, respectively. The senior secured notes and the exchangeable senior secured notes have a fair value of $185.6 million and $191.1 million as of December 31, 2024, respectively. The fair value for notes payable, net, was determined using quoted market prices adjusted for accrued interest, which is considered to be a Level 2 input. Refer to Note 17 - Notes Payable, Net, for additional information. For other financial instruments that were not recorded at fair value, such as cash and cash equivalents including restricted cash, promissory notes receivable, and other financing lines of credit, the carrying value approximates fair value due to the short-term nature of such instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 3 inputs, with the exception of cash and cash equivalents, including restricted cash, which are Level 1 inputs.
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Reverse Mortgages Portfolio Composition |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reverse Mortgage Portfolio Composition | 7. Reverse Mortgage Portfolio Composition The table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
(1) Loans not securitized primarily represent newly originated loans and poolable tails. (2) Unpoolable loans primarily represent loans that have reached 98% of their MCA. The table below summarizes the reverse mortgage portfolio owned by the Company by product type (in thousands):
As of December 31, 2024 and December 31, 2023, there were $497.6 million and $478.8 million, respectively, of foreclosure proceedings in process, which are included in Loans held for investment, subject to HMBS related obligations, at fair value, Loans held for investment, subject to nonrecourse debt, at fair value, or Loans held for investment, at fair value, in the Consolidated Statements of Financial Condition, and $7.1 million and $46.2 million, respectively, of foreclosure proceedings in process, which are included in loans serviced for others in the table above.
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Loans, at Fair Value |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans, at Fair Value | 8. Loans, at Fair Value Loans held for investment and held for sale consisted of the following (in thousands):
(1) As of December 31, 2024, there was $451.3 million in UPB in loans held for investment pledged as collateral for financing lines of credit.
(1) As of December 31, 2023, there was $487.9 million in UPB in loans held for investment pledged as collateral for financing lines of credit. The tables below show the total amount of loans held for investment and held for sale that were greater than 90 days past due and on non-accrual status (in thousands):
The table below shows a reconciliation of the changes in loans held for sale (in thousands):
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Mortgage Servicing Rights, at Fair Value |
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| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Servicing Rights, at Fair Value | 9. Mortgage Servicing Rights, at Fair Value The servicing portfolio associated with capitalized servicing rights consists of the following (in thousands):
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
The activity in the MSR asset consisted of the following (in thousands):
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Intangible Assets, Net |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net | 10. Intangible Assets, Net Intangible assets, net, consisted of the following (in thousands):
There was no intangible asset impairment for the year ended December 31, 2024. Based on the annual impairment testing in the fourth quarter of 2023, the Company recognized an indefinite-lived intangible asset impairment of $6.4 million for the year ended December 31, 2023 at the Portfolio Management reporting unit. Amortization expense was $37.2 million for each of the years ended December 31, 2024 and 2023. As of December 31, 2024, the estimated amortization expense for the next five years and thereafter is as follows (in thousands):
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Other Assets, Net |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets, Net | 11. Other Assets, Net Other assets, net, related to continuing operations consisted of the following (in thousands):
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HMBS Related Obligations, at Fair Value |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HMBS Related Obligations, at Fair Value | 12. HMBS Related Obligations, at Fair Value HMBS related obligations, at fair value, consisted of the following (in thousands):
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Nonrecourse Debt, at Fair Value |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nonrecourse Debt, at Fair Value | 13. Nonrecourse Debt, at Fair Value Nonrecourse debt, at fair value, consisted of the following (in thousands):
(1) In October 2024, the Company redeemed outstanding securitized notes related to performing/nonperforming HECM loans held at December 31, 2023. The Company also issued a new securitization related to performing/nonperforming HECM loans. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information. (2) In May 2024, the Company redeemed outstanding securitized notes related to commercial mortgage loans held at December 31, 2023. The Company also issued a new securitization related to commercial mortgage loans. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information. (3) Nonrecourse reverse loan financing liability is comprised of the balance of the nonrecourse debt associated with a non-agency securitization. As the securitization was determined to be an unconsolidated VIE and failed sale treatment, the associated nonrecourse debt is accounted for by the Company and presented separately from the other nonrecourse debts. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information. (4) Nonrecourse commercial loan financing liability is comprised of the balance of the nonrecourse debt associated with a commercial mortgage securitization. As the securitization was determined to be an unconsolidated VIE and failed sale treatment, the associated nonrecourse debt is accounted for by the Company and presented separately from the other nonrecourse debts. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information. Future repayment of nonrecourse debt issued by securitization trusts is dependent on the receipt of cash flows from the corresponding encumbered loans receivable. As of December 31, 2024, estimated maturities for nonrecourse debt for the next five years and thereafter are as follows (in thousands):
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Other Financing Lines of Credit |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Financing Lines of Credit | 14. Other Financing Lines of Credit These facilities are generally structured as master repurchase agreements under which ownership of the related eligible loans is temporarily transferred to a lender, as participation arrangements pursuant to which the lender acquires a participation interest in the related eligible loans, or as loan and security agreements under which eligible loans are pledged to the lender as collateral. The funds advanced to us are generally repaid using the proceeds from the sale or securitization of the loans to, or pursuant to, programs sponsored by Ginnie Mae or private secondary market investors, although prior payment may be required based on, among other things, certain breaches of representations and warranties or other events of default. When we draw on these facilities, we generally must transfer and/or pledge eligible loans to the lender and comply with various financial and other covenants. Under the facilities, loans are generally transferred and/or pledged at an advance rate less than the principal balance of the loans, which serves as the primary credit enhancement for the lender. Since the advances to us are generally for less than 100% of the principal balance of the loans, we are required to use working capital to fund the remaining portion of the principal balance of the loans. The amount of the advance that is provided under the various facilities typically ranges from 50% to 100% of the principal balance of the loans. Upon expiration, management believes it will either renew its existing facilities or obtain sufficient additional lines of credit. The following summarizes the components of other financing lines of credit (in thousands):
(1)Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions, and covenants of the respective agreements, including asset-eligibility requirements. Capacity amounts presented are as of December 31, 2024. The lines of credit with no capacity are terminated as of December 31, 2024. (2)These lines of credit are tied to the maturity date of the underlying mortgage related assets that have been pledged as collateral. As of December 31, 2024 and December 31, 2023, the weighted average interest rate on outstanding financing lines of credit of the Company was 7.14% and 6.90%, respectively. The Company’s financing arrangements and credit facilities contain various financial covenants, which primarily relate to required tangible net worth amounts, liquidity reserves, leverage ratios, and profitability. As of December 31, 2024, the Company was in compliance with its financial covenants related to required liquidity reserves, debt service coverage ratio, and tangible net worth amounts. With respect to one of its lines of credit, the Company obtained a fourth quarter profitability financial covenant waiver effective as of December 31, 2024 in order to avoid breaching the covenant. The terms of the Company’s financing arrangements and credit facilities contain covenants, and the terms of the Company’s GSE/seller servicer contracts contain requirements that may restrict FOA Equity and its subsidiaries from paying distributions to its members. These restrictions include restrictions on paying distributions whenever the payment of such distributions would cause FOA Equity or its subsidiaries to no longer be in compliance with any of its financial covenants or GSE requirements. Further, FOA Equity is generally prohibited under Delaware law from making a distribution to a member to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of FOA Equity (with certain exceptions) exceed the fair value of its assets. Subsidiaries of FOA Equity are generally subject to similar legal limitations on their ability to make distributions to FOA Equity. The maximum allowable distributions available to the Company are based on the most restrictive financial covenant ratios and are presented in the tables below (in thousands, except for ratios):
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Payables and Other Liabilities |
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| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Other Liabilities | 15. Payables and Other Liabilities Payables and other liabilities related to continuing operations consisted of the following (in thousands):
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 16. Leases The table below summarizes the Company’s operating lease portfolio related to continuing operations (dollars in thousands).
During 2024 and 2023, the Company’s restructuring of the business and certain operating losses triggered impairment analyses and the Company recognized impairment charges of $0.4 million and $1.1 million for the ROU asset in the years ended December 31, 2024 and 2023, respectively. The table below summarizes the Company’s net operating lease cost related to continuing operations (in thousands):
The table below summarizes other information related to the Company’s operating leases in continuing operations (in thousands):
The following table presents a maturity analysis of operating leases and a reconciliation of the undiscounted cash flows to lease liabilities as of December 31, 2024 (in thousands):
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Notes Payable, Net |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Payable, Net | 17. Notes Payable, Net Senior Notes Exchange On November 5, 2020, FOAF issued $350 million aggregate principal amount of senior unsecured notes due November 15, 2025 (the “2025 Unsecured Notes”). On October 31, 2024 (the “Issue Date”), FOAF completed an exchange with certain existing noteholders of the 2025 Unsecured Notes. Existing noteholders, representing 97.892% of the aggregate principal amount outstanding of the 2025 Unsecured Notes, exchanged their respective 2025 Unsecured Notes in consideration for (i) the issuance of (a) $195,783,947 of FOAF’s new 7.875% Senior Secured Notes due November 30, 2026 (the “Senior Secured Notes”), with FOAF’s option to extend until November 30, 2027, (b) $146,793,000 of FOAF’s new 10.000% Exchangeable Senior Secured Notes due November 30, 2029 (the “Exchangeable Secured Notes”) (collectively, the “Secured Notes”), and (ii) cash consideration of $856,555. We concluded that the exchanged 2025 Unsecured Notes and Secured Notes had substantially different terms, and accordingly, we accounted for the exchange as an extinguishment of the 2025 Unsecured Notes and the issuance of the Secured Notes. As a result, the Company initially recorded the Secured Notes at fair value and recognized an extinguishment gain of $56.2 million for the year ended December 31, 2024, which is included in Gain on extinguishment of debt in the Consolidated Statements of Operations. The Secured Notes are subsequently being carried at amortized cost. Senior Secured Notes FOAF issued the Senior Secured Notes pursuant to an indenture (the “Senior Secured Notes Indenture”) among FOAF, FOA Equity and certain of its respective direct and indirect subsidiaries who act as guarantors (the “Guarantors”), and the Company and U.S. Bank Trust Company, National Association, as trustee (the “Senior Secured Notes Trustee”) and collateral trustee (the “Collateral Trustee”). The Senior Secured Notes are fully and unconditionally guaranteed on a senior basis by the Guarantors and are secured by the collateral as described below. The Senior Secured Notes will mature on November 30, 2026 (the “Scheduled Maturity Date”), provided that such Scheduled Maturity Date may be extended at the election of FOAF until November 30, 2027 (the “Extended Maturity Date”), subject to an increase in the applicable interest rate as described below, payment of a fee to the holders of the Senior Secured Notes equal to 0.25% of the principal amount of the Senior Secured Notes prior to the effectiveness of any such extension, and other customary provisions as described in the Senior Secured Notes Indenture. The Senior Secured Notes bear interest at a rate of 7.875% per year until the first anniversary of the Issue Date and 8.875% per year from the first anniversary of the Issue Date to the Scheduled Maturity Date. If FOAF elects the extension, the Senior Secured Notes will bear interest at a rate of 9.875% per year from the Scheduled Maturity Date until the Extended Maturity Date. FOAF will pay interest semi-annually in arrears on May 30 and November 30 of each year, beginning on November 30, 2024. FOAF is required to partially prepay in cash, by means of a redemption, a portion of the outstanding principal amount of the Senior Secured Notes on November 15, 2025 in an amount equal to $0.23 per $1.00 principal amount of Senior Secured Notes outstanding. After the two Revolving Working Capital Promissory Note Agreements (the “Working Capital Promissory Notes”) are paid off and terminated (refer to Note 27 - Related Party Transactions for additional detail), FOAF will be required to partially or fully redeem the Senior Secured Notes at a redemption price of par plus accrued and unpaid interest, upon the occurrence of certain specified events including, but not limited to (i) if amounts on deposit in a specified controlled account at month end and certain other additional determination dates, exceed, by at least $10.0 million, the amount of interest expected to be due and payable on the Secured Notes on the next two scheduled interest payment dates (based on the then outstanding principal amount of the Secured Notes and the then applicable interest rate) and (ii) there are excess net cash proceeds from certain collateral dispositions to the extent not applied in accordance with the collateral disposition requirements of the Senior Secured Notes Indenture, in an amount equal to such net cash proceeds. The Senior Secured Notes will not be redeemable at FOAF’s option at any time. If certain events constituting a Change of Control occur, as defined in the Senior Secured Notes Indenture, FOAF will be required to make an offer to repurchase all of the Senior Secured Notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest. The Senior Secured Notes Indenture contains restrictive covenants that limit, among other things, the ability of FOAF and certain of its subsidiaries, including the Guarantors, to incur additional indebtedness, repay indebtedness before its respective stated maturity, make restricted payments (including investments), sell or dispose of assets, incur liens, and enter into certain transactions with affiliates. These incurrence-based covenants are subject to exceptions and qualifications. The Company was in compliance with all required covenants related to the Senior Secured Notes as of December 31, 2024. Exchangeable Secured Notes FOAF issued the Exchangeable Secured Notes pursuant to an indenture (the “Exchangeable Secured Notes Indenture”) among FOAF, the Company, the Guarantors, and U.S. Bank Trust Company, National Association, as trustee (the “Exchangeable Notes Trustee”) and Collateral Trustee. The Exchangeable Secured Notes are fully and unconditionally guaranteed on a senior basis by the Guarantors and are secured by the collateral as described below. The Exchangeable Secured Notes will mature on November 30, 2029 and bear interest at a rate of 10.000% per year, payable semi-annually in arrears on May 30 and November 30 of each year, beginning on November 30, 2024. The Exchangeable Secured Notes are exchangeable on the terms set forth in the Exchangeable Secured Notes Indenture into shares of the Company’s Class A Common Stock. The exchange rate is initially 36.36364 shares of Class A Common Stock per $1,000 principal amount of Exchangeable Secured Notes (the “Exchange Rate”), which is equivalent to an initial exchange price of $27.50 per share of Class A Common Stock. The Exchange Rate will be subject to adjustment as provided in the Exchangeable Secured Notes Indenture. Holders of the Exchangeable Secured Notes have the right to exchange all or any portion of their Exchangeable Secured Notes at their option, at any time prior to the close of business on the second scheduled trading day immediately preceding November 30, 2029, subject to certain limitations as further described in the Exchangeable Secured Notes Indenture. To the extent that the Company, however, determines in good faith that it would be in the best interest of the Company to do so in order to preserve the benefit of tax attributes of the Company and/or its subsidiaries, including net operating losses, FOAF, in its discretion, may elect to settle any exchange in part or in whole by delivering the cash value of the shares of Class A Common Stock otherwise deliverable upon such exchange. The Exchangeable Secured Notes will not be redeemable at FOAF’s option at any time, except in certain limited circumstances as provided for in the Exchangeable Secured Notes Indenture. In certain circumstances, FOAF may be required to offer to repurchase, partially or fully, the Exchangeable Secured Notes. If the Company or FOAF undergoes a Fundamental Change (as defined in the Exchangeable Secured Notes Indenture), subject to certain conditions, holders of the Exchangeable Secured Notes may require FOAF to repurchase all or part of their Exchangeable Secured Notes at a repurchase price equal to 101% of the principal amount of the Exchangeable Secured Notes to be repurchased, plus the applicable premium and accrued and unpaid interest. The Exchangeable Secured Notes Indenture contains certain covenants and events of default similar to, but less restrictive than, those contained in the Senior Secured Notes Indenture. The Company was in compliance with all required covenants related to the Exchangeable Secured Notes as of December 31, 2024. Collateral for the Secured Notes Prior to the pay off and termination of FOA Equity’s Working Capital Promissory Notes, the Secured Notes will be secured, on a pari passu basis pursuant to the Pledge and Security Agreement (as defined below), and subject to a collateral trust agreement among the grantors party thereto, the Senior Secured Notes Trustee, the Exchangeable Notes Trustee, and the Collateral Trustee (which governs the relative rights among the holders of the Senior Secured Notes and the Exchangeable Secured Notes) (the “Collateral Trust Agreement”), and on a junior basis to the Working Capital Promissory Notes, subject to a junior lien intercreditor agreement among the grantors party thereto, the Collateral Trustee, the administrative agent for the Working Capital Promissory Notes, and the other parties named therein (which governs the relative rights among the holders of the Working Capital Promissory Notes and the Secured Notes), by a second priority lien granted by the grantors in the Initial Collateral (as defined below). From and after the pay off and termination of the Working Capital Promissory Notes, the Secured Notes will be secured on a pari passu basis, pursuant to the Collateral Trust Agreement, by a first priority lien granted by the grantors in the Permanent Collateral (as defined below). The Initial Collateral includes, subject to permitted liens, (i) substantially all of the unencumbered assets owned by FOA Equity and each of the Guarantors (except for FAR and FAM) (collectively, the “All Assets Collateral”), including pledges of the equity interests of each Guarantor and the equity instruments required to be retained by a subsidiary of FOA Equity (presently and in the future) in connection with the issuance of non-agency reverse loan asset-backed securitizations (the “Pledged Risk Retention Securities”), (ii) pledges of the equity interests of the directly owned subsidiaries of FAR and FAM, subject to certain exceptions (together with the All Assets Collateral, the “Initial Collateral”), and (iii) certain other residual proceeds of FAR. The Permanent Collateral includes, subject to permitted liens, the Pledged Risk Retention Securities and the equity interests in certain subsidiaries of FOA Equity (the “Permanent Collateral” and together with the Initial Collateral, the “Collateral”). FOAF and the Guarantors, as applicable, are required to enter into certain deposit account and securities account control agreements with respect to the Collateral, including under certain circumstances and threshold amounts with respect to unrestricted cash, subject to certain permitted uses. On the Issue Date, in connection with the issuance of the Secured Notes, FOAF entered into a pledge and security agreement (the “Pledge and Security Agreement”) with the Collateral Trustee (appointed as such thereunder for purposes of the holding and perfecting the liens securing the Secured Notes) and the grantors party thereto, pursuant to which the Collateral securing the Secured Notes’ obligations was granted. 2025 Unsecured Notes The 2025 Unsecured Notes bear interest at a rate of 7.875% per year, payable semi-annually in arrears on May 15 and November 15. As of December 31, 2024 and December 31, 2023, the effective interest rate for our 2025 Unsecured Notes was 7.7% and 7.8%, respectively. Working Capital Promissory Notes The Company also has related party working capital promissory notes, which are further discussed in Note 27 - Related Party Transactions. Notes payable, net, consisted of the following (in thousands):
(1) At the election of the Company, the maturity date may be extended to November 2027, as discussed in the Senior Secured Notes section above. (2) In conjunction with a previous business combination, the Company was required to adjust the liabilities assumed to fair value, resulting in a premium on the 2025 Unsecured Notes and the elimination of the previously recognized debt issuance costs. (3) In conjunction with the exchange of the 2025 Unsecured Notes and Secured Notes, the Company initially recorded the Secured Notes at fair value, which resulted in a debt discount of $56.2 million. As of December 31, 2024, the Senior Secured Notes and Exchangeable Secured Notes, respectively, had $39.7 million and $20.7 million of unamortized debt discount and issuance costs. Non-funding interest expense consisted of the following (in thousands):
As of December 31, 2024, the effective interest rate for our Senior Secured Notes and Exchangeable Secured Notes was 19.1% and 13.7%, respectively, which includes amortization of debt discount and issuance costs. As of December 31, 2024, the maturities of notes payable are as follows (in thousands):
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Litigation |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Litigation | 18. Litigation The Company’s business is subject to legal proceedings, examinations, investigations, and reviews by various federal, state, and local regulatory and enforcement agencies as well as private litigants such as the Company’s borrowers or former employees. At any point in time, the Company may have open investigations with regulators or enforcement agencies, including examinations and inquiries related to its loan servicing and origination practices. These matters and other pending or potential future investigations, examinations, inquiries, or lawsuits may lead to administrative or legal proceedings, and possibly result in remedies, including fines, penalties, restitution, alterations in business practices, or additional expenses and collateral costs. As a litigation or regulatory matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and reasonably estimable. If, at the time of evaluation, the loss contingency is not both probable and reasonably estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and reasonably estimable. Once the matter is deemed to be both probable and reasonably estimable, the Company establishes an accrued liability and records a corresponding amount to litigation related expense. The Company will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. For certain matters, the Company may determine that a loss is not probable but is reasonably possible or may consider a loss to be probable but cannot calculate a precise estimate of losses. For these matters, the Company may be able to estimate a range of possible loss. In determining whether it is possible to provide an estimate of loss or range of possible loss, the Company reviews and evaluates its material litigation and regulatory matters on an ongoing basis, in conjunction with any outside counsel handling the matter. Based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, or cash flows in a future period. The Company is a defendant in three representative lawsuits alleging violations of the California Labor Code and brought pursuant to the California Private Attorneys General Act (“PAGA”). The cases have been coordinated. On November 4, 2022, the court ordered that each of the plaintiffs’ individual PAGA claims must be arbitrated and that their representative PAGA claims will be stayed pending a ruling by the California Supreme Court in the third-party case Adolph v. Uber Technologies, Inc. On July 17, 2023, the California Supreme Court issued its decision in Adolph, ruling that an order compelling arbitration of individual claims does not strip the plaintiff of standing to litigate the representative portion of the PAGA claim. The Company has settled two of the three individual arbitration claims for a de minimis amount and is in different stages of the remaining individual arbitration claim and the representative PAGA claims. Generally, the representative PAGA claims remain stayed until the individual claims are resolved. Due to the unpredictable nature of litigation generally, and the wide discretion afforded the Court in awarding civil penalties in PAGA actions, the outcome of these matters cannot be presently determined, and a range of possible losses cannot be reasonably estimated. Although the actions are being vigorously defended, the Company could, in the future, incur judgments or enter into settlements of claims that could have a negative effect on its results of operations in any particular period. Legal expenses, which include, among other things, settlements and the fees paid to external legal service providers, were $2.0 million and $3.5 million for the years ended December 31, 2024 and 2023, respectively. These expenses are included in General and administrative expenses in the Consolidated Statements of Operations.
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Commitment and Contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 19. Commitments and Contingencies Servicing of Mortgage Loans The Company has contracted with third-party providers to perform specified servicing functions on its behalf. These services include maintaining borrower contact, facilitating borrower advances, generating borrower statements, collecting and processing payments of interest and principal, and facilitating loss-mitigation strategies in an attempt to keep defaulted borrowers in their homes. The contracts are generally fixed-term arrangements, with standard notification and transition terms governing termination of such contracts. For reverse mortgages, defaults on loans leading to foreclosures may occur if borrowers fail to meet maintenance obligations, such as payment of taxes or home insurance premiums. When a default cannot be cured, the sub-servicers manage the foreclosure process and the filing of any insurance claims with HUD. The sub-servicers have responsibility for remitting timely advances and statements to borrowers and timely and accurate claims to HUD, including compliance with local, state, and federal regulatory requirements. Although the Company has outsourced its servicing function, as the issuer, the Company has responsibility for all aspects of servicing of the HECM loans and related HMBS beneficial interests under the terms of the servicing contracts, state laws, and regulations. Additionally, the sub-servicers are responsible for remitting payments to investors, including interest accrued, interest shortfalls, and funding advances such as taxes and home insurance premiums. Advances are typically remitted by the Company to the sub-servicers on a daily basis. Contractual sub-servicing fees related to sub-servicer arrangements are generally based on a fixed dollar amount per loan and are included in Loan servicing expenses in the Consolidated Statements of Operations. Unfunded Commitments The Company is required to fund further borrower advances (where the borrower has not fully drawn down the HECM or non-agency reverse mortgage loan proceeds available) and fund the payment of the borrower’s obligation to pay FHA monthly insurance premiums for HECM loans. The outstanding unfunded commitments available to borrowers related to agency and non-agency reverse mortgage loans were $4.5 billion as of both December 31, 2024 and December 31, 2023. This additional borrowing capacity is primarily in the form of undrawn lines of credit. The Company also has commitments to purchase loans totaling $1.7 million as of December 31, 2024, compared to $4.7 million as of December 31, 2023. Mandatory Repurchase Obligation The Company is required to repurchase reverse loans out of the Ginnie Mae securitization pools once the outstanding principal balance of the related HECM is equal to or greater than 98% of the MCA. Performing repurchased loans are typically conveyed to HUD and nonperforming repurchased loans are generally liquidated in accordance with program requirements. Loans are considered nonperforming upon events including, but not limited to, the death of the mortgagor, the mortgagor no longer occupying the property as their principal residence, or the property taxes or insurance are not being paid. As an issuer of HMBS, the Company also has the option to repurchase reverse loans out of the Ginnie Mae securitization pools without prior approval from Ginnie Mae in certain instances. These situations include the borrower requesting an additional advance that causes the outstanding principal balance to be equal to or greater than 98% of the MCA; the borrower’s loan becoming due and payable under certain circumstances; the borrower not occupying the home for greater than twelve consecutive months for physical or mental illness, and the home is not the residence of another borrower; or the borrower failing to perform in accordance with the terms of the loan. For each HECM loan that the Company securitizes into agency HMBS, the Company is required to covenant and warrant to Ginnie Mae, among other things, that the HECM loans related to each participation included in the agency HMBS are eligible under the requirements of the National Housing Act and the Ginnie Mae MBS Guide, and that the Company will take all actions necessary to ensure the HECM loan’s continued eligibility. The Ginnie Mae HMBS program requires that the Company removes the participation related to any HECM loan that does not meet the requirements of the Ginnie Mae MBS Guide. In addition to securitizing HECM loans into agency HMBS, the Company may sell HECM loans to third parties, and the agreements with such third parties include standard representations and warranties related to such loans, which if breached, may require the Company to repurchase the HECM loan and/or indemnify the purchaser for losses related to such HECM loans. In the case where the Company repurchases the loan, the Company bears any subsequent credit loss on the loan. To the extent that the Company is required to remove a loan from an agency HMBS, purchase a loan from a third-party, or indemnify a third-party, the potential losses suffered by the Company may be reduced by any recourse the Company has to the originating broker and/or correspondent lender, if applicable, to the extent such entity breached similar or other representations and warranties. Under most circumstances, the Company has the right to require the originating broker/correspondent to repurchase the related loan from the Company and/or indemnify the Company for losses incurred. The Company seeks to manage the risk of repurchase and associated credit exposure through the Company’s underwriting and quality assurance practices.
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Equity-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation | 20. Equity-Based Compensation Restricted Stock Units Pursuant to the terms of the A&R MLTIP, there were two types of equity-based compensation granted to employees, henceforth referred to as Replacement Restricted Stock Units (“Replacement RSUs”) and Earnout Right Restricted Stock Units (“Earnout Right RSUs”). The issuance of the Replacement RSUs and Earnout Right RSUs to employees under the A&R MLTIP are funded by the exchange of outstanding Class A Common Stock and Class A LLC Units. Therefore, the shares issued to employees under the A&R MLTIP do not result in incremental share ownership in the Company, and the total compensation costs associated with the vesting of the Replacement RSUs and Earnout Right RSUs are directly allocated to the noncontrolling interest and to FOA in proportion to their sharing percentages of exchanged units. Additionally, pursuant to the terms of the 2021 Omnibus Incentive Plan, the Company grants equity-based compensation to certain employees and non-employee Board members, henceforth referred to as Non-LTIP Restricted Stock Units (“Non-LTIP RSUs”). Vested Non-LTIP RSUs are settled with issuance of shares of Class A Common Stock of FOA to the participant and a respective count of Class A LLC units of FOA Equity to FOA. There are 1,198,726 shares authorized and available for award as of December 31, 2024. Each type of RSU is classified as equity and FOA accounts for the RSUs following the fair value method. Each type of RSU’s fair value is fixed on the grant date and not remeasured unless the award is subsequently modified. Replacement RSUs Pursuant to the terms of the A&R MLTIP executed on October 28, 2020, in consideration for the cancellation of their Phantom Units in FOA Equity, the Company granted Replacement RSUs to each employee who held Phantom Units and remained employed as of the Replacement RSU grant date, April 1, 2021. Following the terms of the A&R MLTIP, 25% of the Replacement RSUs vested on the Replacement RSU grant date, and the remaining 75% vested in equal installments on each of the first three anniversaries of April 1, 2021, subject to each holder’s continued employment. The Replacement RSUs vested into shares of Class A Common Stock. Earnout Right RSUs In addition to the Replacement RSUs, participants in the A&R MLTIP are entitled to receive additional Earnout Right RSUs depending on whether the Company achieves certain market-based conditions. The market-based vesting conditions have been factored into the grant date fair value measurement of the Earnout Right RSUs using a Monte Carlo simulation. The assumptions used in the Monte Carlo simulation model included a volatility rate of 60%, risk free rate of 1.14%, and a weighted average expected term of 1.06 years for the first tranche of Earnout Right RSUs and 1.52 years for the second tranche of Earnout Right RSUs. Earnout Right RSUs have the same service-based vesting conditions listed above for the Replacement RSUs along with market-based vesting conditions. The first tranche of Earnout Right RSUs vest upon satisfaction of the service-based vesting conditions and if, at any time through April 1, 2027, the VWAP of FOA’s Class A Common Stock is greater than or equal to $125 for any out of consecutive trading days. The second tranche of Earnout Right RSUs vest upon satisfaction of the service-based vesting conditions and if, at any time through April 1, 2027, the VWAP of FOA’s Class A Common Stock is greater than or equal to $150 for any out of consecutive trading days. Non-LTIP RSUs Pursuant to the terms of the 2021 Omnibus Incentive Plan and the form of Restricted Stock Unit Award Agreement adopted on November 18, 2021, the Company grants Non-LTIP RSUs to certain employees and non-employee Board members. The RSUs granted have various grant dates and vesting schedules. All vesting is subject to each holder’s continued employment and is subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plan. On January 1, 2022, FOA opened an initial offering period for our Employee Stock Purchase Plan (the “ESPP”) for the benefit of Company employees. Participation in the ESPP is voluntary and is open to any Company employee who satisfies the eligibility requirements under the ESPP other than the Company’s “officers” (as defined in Rule 16a-1 under the Exchange Act). The ESPP allows for shares of the Company’s Class A Common Stock to be purchased on behalf of participants, using funds contributed by participants through payroll deductions. Participants can contribute up to the lesser of 15% of the participant’s Base Earnings (as defined in the ESPP) or $50,000 per participant in any calendar year. The ESPP includes a matching component pursuant to which participating employees will be eligible to receive a grant of restricted stock units (“Match RSUs”) pursuant to and in accordance with the Company’s 2021 Omnibus Incentive Plan. The number of Match RSUs to be granted to participants with respect to each offering period will equal 20% of the shares purchased by participants under the ESPP with respect to such offering period. A summary of each classification of RSU activity is presented below:
Equity-based compensation expense for the Replacement RSUs was $2.7 million and $18.9 million for the years ended December 31, 2024 and 2023, respectively. As of April 1, 2024, there is no further compensation expense associated with the Replacement RSUs.
Equity-based compensation expense for the Earnout Right RSUs was $0.1 million and $0.8 million for the years ended December 31, 2024 and 2023, respectively. As of April 1, 2024, there is no further compensation expense associated with the Earnout Right RSUs.
Equity-based compensation expense for the Non-LTIP RSUs was $5.7 million and $5.0 million for the years ended December 31, 2024 and 2023, respectively. Unrecognized equity-based compensation expense for the Non-LTIP RSUs totaled $8.0 million as of December 31, 2024 and is expected to be recognized over 1.8 years. Options On November 7, 2024, pursuant to the terms of the 2021 Omnibus Incentive Plan, the Company granted options to certain officers of the Company. The options vest on the second anniversary from the date of grant, subject to the officer’s continued employment on the vesting date. The options are exercisable for a period of five years from the date of grant on a one-for-one basis for Class A LLC Units of FOA Equity, which are exchangeable for shares of Class A Common Stock of the Company on a one-for-one basis. A summary of the option award activity is presented below:
The weighted average grant date fair value of the options granted during the year ended December 31, 2024 was $7.30 per option. Equity-based compensation expense for the options was $0.4 million for the year ended December 31, 2024. Unrecognized equity-based compensation expense for the options totaled $4.9 million as of December 31, 2024 and is expected to be recognized over 1.8 years. The Company estimates the fair value of the options at the date of grant using the Black-Scholes option pricing model based on the following inputs:
Expected volatility - This measure is based on the historical volatility of the Company’s common stock price. Expected dividend yield - The Company estimates the expected dividend yield to be zero as the Company does not currently expect to pay dividends on its common stock for the foreseeable future. Risk-free interest rate - This rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected term assumption. Expected term - The period of time over which the awards are expected to remain outstanding.
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Interest Income and Interest Expense |
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| Banking and Thrift, Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income and Interest Expense | 21. Interest Income and Interest Expense Interest income and interest expense from continuing operations consisted of the following (in thousands):
(1) Amounts include interest income and expense on all loans held for investment, subject to HMBS related obligations, loans held for investment, subject to nonrecourse debt, other loans held for investment, HMBS related obligations, and nonrecourse debt.
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General and Administrative Expenses |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General and Administrative Expenses | 22. General and Administrative Expenses General and administrative expenses related to continuing operations consisted of the following (in thousands):
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 23. Income Taxes The provision (benefit) for income taxes related to continuing operations consisted of the following (in thousands):
The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate (dollars in thousands):
The effective tax rate is calculated by dividing the provision (benefit) for income taxes by net income (loss) from continuing operations before income taxes. The Company’s effective tax rate on continuing operations for the year ended December 31, 2024 differs from the U.S. federal statutory rate primarily due to income attributable to noncontrolling interests, state statutory income tax rates, and the impact of discrete tax items, which includes a $2.5 million benefit associated with a valuation allowance previously recorded against deferred tax assets, including NOL carryforwards and other deferred tax assets. The Company’s effective tax rate on continuing operations for the year ended December 31, 2023 differs from the U.S. federal statutory rate primarily due to income attributable to noncontrolling interests, state statutory income tax rates, and the impact of discrete tax items, which includes a $13.0 million charge associated with the recording of a valuation allowance against deferred tax assets, including NOL carryforwards and other deferred tax assets. FOA is taxed as a corporation and is subject to U.S. federal, state, and local taxes on the income allocated to it from FOA Equity based upon FOA’s economic interest in FOA Equity as well as any stand-alone income it generates. FOA Equity and its disregarded subsidiaries, collectively, are treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, FOA Equity is not subject to U.S. federal and certain state and local income taxes. FOA Equity’s members, including FOA, are liable for U.S. federal, state, and local income taxes based on their allocable share of FOA Equity’s pass-through taxable income. In 2023, there were certain FOA Equity wholly-owned corporate subsidiaries that were regarded entities for tax purposes and subject to U.S. federal, state, and local taxes on income they generated. As such, the consolidated tax provision of FOA included corporate taxes that it incurred based on its flow-through income from FOA Equity, as well as corporate taxes that were incurred by its regarded subsidiaries. Deferred income taxes reflect the net tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and the amounts reported for income tax purposes. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences attributable to those temporary differences and the expected benefits of net operating losses and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):
The federal and state NOL carryforwards amount to $164.1 million and $145.6 million at December 31, 2024 and December 31, 2023, respectively. It is expected that these NOL’s will not expire. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent results of operations. As of December 31, 2024, due to current year operating results and forecasted taxable income or losses, management has maintained their assessment that the existing taxable temporary differences that will reverse through the course of ordinary business will not more-likely-than-not generate sufficient taxable income to utilize the current attributes. Therefore, a valuation allowance for the deferred tax asset in excess of deferred tax liabilities has been maintained. Management also determined that the future sources of taxable income from reversing temporary differences that comprise the investment in FOA Equity deferred tax liability would only be fully realized upon sale of FOA’s interest in FOA Equity. Accordingly, the deferred tax liability from investment in FOA Equity has been treated as an indefinite-lived intangible and is limited by the federal net operating loss utilization rules. The net change in the valuation allowance was $3.9 million and $17.7 million for the years ended December 31, 2024 and 2023, respectively. Furthermore, $1.2 million and $3.3 million of decreases in the valuation allowance associated with transactions with noncontrolling interests in the years ended December 31, 2024 and 2023, respectively, are offset to additional paid-in capital. Net deferred tax liabilities are included in accrued and other liabilities, which is part of Payables and other liabilities in the Consolidated Statements of Financial Condition. Tax positions taken in tax years that remain open under the statute of limitations will be subject to examinations by tax authorities. With few exceptions, the Company is no longer subject to state or local examinations by tax authorities for tax years ended December 31, 2020 or prior. The Company’s unrecognized tax benefits, excluding related interest and penalties, were (in thousands):
If recognized, the entire amount of the tax benefits disclosed above would reduce the Company’s annual effective tax rate. FOA does not believe that it will have a material increase or decrease in its unrecognized tax benefits during the coming year.
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Business Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segment Reporting | 24. Business Segment Reporting The following tables are a presentation of financial information by segment (in thousands):
The Company has identified two reportable segments: Retirement Solutions and Portfolio Management. The 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 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. The Company sold the operational assets of its home improvement lending business and substantially completed the process of winding down the operations of the home improvement lending business as of March 31, 2024. For reporting purposes, the previous operations of the home improvement lending business are reported as part of the Company’s Retirement Solutions segment rather than as discontinued operations as the wind-down of the home improvement lending business was not considered by the Company to be a strategic shift that has had or will have a major effect on our operations and financial results. 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 by our Financial Industry Regulatory Authority (“FINRA”) registered broker-dealer, allows 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.
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Liquidity and Capital Requirements |
12 Months Ended |
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Dec. 31, 2024 | |
| Regulatory Capital Requirements under Banking Regulations [Abstract] | |
| Liquidity and Capital Requirements | 25. Liquidity and Capital Requirements Compliance Requirements FAR As an issuer of HMBS, FAR is subject to minimum net worth, liquidity, and leverage requirements as well as minimum insurance coverage established by Ginnie Mae. The net worth required is $5.0 million plus 1% of FAR’s outstanding HMBS and unused commitment authority from Ginnie Mae. The liquidity requirement is for 20% of FAR’s required net worth to be in the form of cash or cash equivalent assets. The leverage requirement is to maintain a ratio of net worth to total assets of not less than 6%. As of December 31, 2024, FAR was in compliance with the minimum net worth, liquidity, capitalization levels, and insurance requirements of Ginnie Mae. The minimum net worth required of FAR by Ginnie Mae was $182.4 million as of December 31, 2024. FAR’s actual net worth calculated based on Ginnie Mae guidance was $493.4 million as of December 31, 2024. The minimum liquidity required of FAR by Ginnie Mae was $36.5 million as of December 31, 2024. FAR’s actual cash and cash equivalents were $45.5 million as of December 31, 2024. FAR’s actual ratio of net worth to total assets was below the Ginnie Mae requirement due to the Company’s determination that HECM loans transferred into HMBS securitizations as well as its HECM buyout and non-agency reverse mortgage securitizations do not meet the requirements of sale accounting and are not derecognized upon date of transfer. Based on this, FAR requested and received a waiver for the minimum outstanding capital requirements from Ginnie Mae. Therefore, FAR was in compliance with all Ginnie Mae requirements. In addition, FAR is required to maintain both fidelity bond and errors and omissions insurance coverage at tiered levels based on the aggregate UPB of the loans serviced by FAR throughout the year. FAR is required to conduct compliance testing at least quarterly to ensure compliance with the foregoing requirements. As of December 31, 2024, FAR was in compliance with applicable requirements. FOA Securities Finance of America Securities LLC (“FOA Securities”), one of the operating service subsidiaries of Incenter, operates in a highly regulated environment and is subject to federal and state laws, SEC rules, and FINRA rules and guidance. Applicable laws and regulations restrict permissible activities and require compliance with a wide range of financial and customer-related protections. The consequences of noncompliance can include substantial monetary and nonmonetary sanctions. In addition, FOA Securities is subject to comprehensive examination by its regulators. These regulators have broad discretion to impose restrictions and limitations on the operations of the Company and to impose sanctions for noncompliance. FOA Securities is subject to the SEC’s Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net capital. FOA Securities computes net capital under the alternative method. Under this method, the required minimum net capital is equal to $250 thousand. As of December 31, 2024, FOA Securities was in compliance with the minimum net capital requirement. Additionally, FOA Securities claims the exemption provision of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because FOA Securities’ other business activities are limited to (1) proprietary trading; (2) receiving transaction-based compensation for referring securities transactions to other broker-dealers; and (3) participating in distributions of securities (other than firm commitment underwritings) in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4. FAM In connection with the discontinued operations of the Company’s previously reported Mortgage Originations segment, FAM has surrendered all its GSE/agency mortgage origination licenses and approvals as of June 30, 2024 and is therefore no longer subject to the GSE/agency compliance requirements that were applicable to FAM prior to the surrender of its licenses and approvals.
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Concentrations of Risk |
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| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentrations of Risk | 26. Concentrations of Risk The Company’s activities are subject to significant risks and uncertainties, including the ability of management to adequately develop its service lines, acquire adequate customer and revenue bases, and overall market demand for its services. In addition, the Company engages in various trading and brokerage activities in which counterparties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty. Financial instruments, which potentially subject the Company to credit risk, primarily consist of cash and cash equivalents, loans held for investment, and retained bonds. The Company invests its excess cash balances that may exceed federal insured limits with creditworthy financial institutions, primarily in accounts that are exposed to minimal interest rate and credit risk. The Company maintains multiple banking relationships with both national and regional banks and actively monitors the financial stability of such institutions to ensure they have sufficient capital to meet the Company’s funding needs and can withstand a sudden liquidity stress event or an unexpected significant amount of withdrawal requests submitted at the same time by multiple customers. Credit risk is reduced by the Company’s underwriting standards, monitoring pledged collateral, and other in-house monitoring procedures performed by management. The Company’s credit exposure for amounts due from investors is minimized since its policy is to sell mortgages only to highly reputable and financially sound financial institutions. FAR originates, purchases, sells, securitizes, and services HECM. FAR is subject to approval of, and is heavily regulated by, federal and state regulatory agencies as a mortgage lender, Ginnie Mae issuer, broker, and servicer. The secondary market for the FHA-insured HECM loans is not assured; to the extent the program requires Congressional appropriations in future years, which are not forthcoming, the program could be jeopardized; and/or, consumer demand could be reduced if FHA actions result in a reduction of initial principal limit available to borrowers. FAR also originates non-agency reverse mortgages. Non-agency reverse mortgage loans are not insured by the FHA. FAR depends on its ability to securitize reverse mortgages, subsequent borrower draws, mortgage insurance premiums, service fees, and other advances, and would be adversely affected if the ability to access the secondary market were to be limited. Reverse mortgage loans are sold or financed through one of the following methods: (i) sales or financing securitizations to or pursuant to programs sponsored by Ginnie Mae or (ii) sales or financing securitizations issued to private investors. The Company sold to or securitized with Ginnie Mae $1.0 billion and $1.1 billion of HECM for the years ended December 31, 2024 and 2023, respectively. The Company sold to or securitized with private investors $1.1 billion of reverse mortgage loans for each of the years ended December 31, 2024 and 2023. For the year ended December 31, 2024, the reverse mortgage loan sales or financing securitizations issued to private investors consisted of 90.7% non-agency reverse mortgage loans and 9.3% HECM buyouts. For the year ended December 31, 2023, the reverse mortgage loan sales or financing securitizations issued to private investors consisted of 87.3% non-agency reverse mortgage loans and 12.7% HECM buyouts. Concentrations of credit risk associated with reverse mortgage loans are limited due to the large number of customers and their dispersion across many geographic areas. The table below provides the percentage of all reverse loans in the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located, and is based on remaining UPB. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB.
A significant portion of the Company’s non-agency reverse mortgages are originated within the state of California. The Company’s non-agency reverse mortgage loan concentration, based on remaining UPB, is presented in the following table. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB.
The following table provides the percentage of reverse mortgage loans in the Consolidated Statements of Financial Condition that are insured by the FHA compared to non-agency reverse mortgages.
Loans previously repurchased out of a HMBS that were subsequently securitized contain limited concentrations of credit risk due to the dispersion across many geographic areas. The table below provides the percentage of securitized HECM buyouts in the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located, and is based on remaining UPB. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB.
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Related Party Transactions |
12 Months Ended |
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Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 27. Related Party Transactions Working Capital Promissory Notes The Company has two Working Capital Promissory Notes outstanding with BTO Urban Holdings L.L.C. and Libman Family Holdings, LLC, which are deemed affiliates of the Company. Amounts under the Working Capital Promissory Notes may be re-borrowed and repaid from time to time until the related maturity date. The Working Capital Promissory Notes accrue interest monthly at a rate of 15.0% per annum and mature in May 2025. These notes had outstanding amounts of $85.0 million and $59.1 million as of December 31, 2024 and December 31, 2023, respectively, recorded within Notes payable, net, in the Consolidated Statements of Financial Condition. Additionally, the Company paid $11.7 million and $2.3 million of interest related to the Working Capital Promissory Notes for the years ended December 31, 2024 and 2023, respectively. Secured Notes and 2025 Unsecured Notes In November 2020, Libman Family Holdings, LLC, purchased a portion of the 2025 Unsecured Notes. In October 2024, the related party exchanged all of their 2025 Unsecured Notes for Secured Notes. The Company recognized a $12.7 million gain on extinguishment for the notes exchanged with Libman Family Holdings, LLC, which is included in Gain on extinguishment of debt in the Consolidated Statements of Operations. The Company had $77.3 million of Secured Notes and 2025 Unsecured Notes due to Libman Family Holdings, LLC, as of both December 31, 2024 and December 31, 2023, recorded within Notes payable, net, in the Consolidated Statements of Financial Condition. Additionally, the Company paid $6.7 million and $6.1 million of interest to the related party for the Secured Notes and 2025 Unsecured Notes for the years ended December 31, 2024 and 2023, respectively. Refer to Note 17 - Notes Payable, Net, for additional information. Equity Investment On December 6, 2022, the Company entered into separate Stock Purchase Agreements (each, a “Stock Purchase Agreement”) with each of (i) BTO Urban Holdings L.L.C., Blackstone Family Tactical Opportunities Investment Partnership – NQ ESC L.P. and BTO Urban Holdings II L.P. (collectively, the “Blackstone Investor”) and (ii) Libman Family Holdings, LLC (the “BL Investor” and together with the Blackstone Investor, the “Investors”). Pursuant to each such Investor’s respective Stock Purchase Agreement, on the terms and subject to the conditions set forth therein, each of the Investors will purchase 1,086,956 shares of Company Class A Common Stock for an aggregate purchase price of $15.0 million, representing a price per share of Company Class A Common Stock equal to the VWAP per share of Company Class A Common Stock on the New York Stock Exchange over the fifteen consecutive trading days ending on December 6, 2022. On March 31, 2023, in conjunction with the closing of the AAG Transaction, the 2,173,912 shares of Company Class A Common Stock were issued to the Investors for $30.0 million.
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Condensed Financial Information of Registrant |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information of Registrant | 28. Condensed Financial Information of Registrant
As disclosed in Note 1 - Organization and Description of Business, FOA is a holding company and has a controlling interest in FOA Equity. FOA did not have any cash as of December 31, 2024 or December 31, 2023. Therefore, Condensed Statements of Cash Flows have not been presented. Management determined which assets and liabilities were to be used by the operating subsidiaries, and these amounts have been appropriately excluded from the parent company Condensed Statements of Financial Condition of FOA presented above. Changes in these balances are reflected as additional contributions and distributions from FOA Equity in the period in which they occur, and had no impact on any cash balances that may have otherwise been maintained at FOA. Basis of Presentation The parent company financial statements should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes thereto. The parent company follows the same accounting policies as disclosed in Note 2 - Summary of Significant Accounting Policies to the Company’s consolidated financial statements. For purposes of this condensed financial information, the Company’s consolidated subsidiaries are recorded based upon its proportionate share of the subsidiaries net assets (similar to presenting them on the equity method). Since restricted net assets of FOA and its subsidiaries exceed 25% of the consolidated net assets of the Company and its subsidiaries, the accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04 Schedule 1 of Regulation S-X. Dividends from Subsidiaries There were no cash dividends paid to the parent from the Company’s consolidated subsidiaries during the years ended December 31, 2024 and 2023.
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Earnings (Loss) Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) Per Share | 29. Earnings (Loss) Per Share The following tables reconcile the numerators and denominators used in the computations of both basic and diluted earnings (loss) per share (in thousands, except share data):
(1) The Class A LLC Units of FOA Equity, held by the Continuing Unitholders and AAG/Bloom (collectively “Equity Capital Unitholders”), which comprise the noncontrolling interest in the Company, represents a participating security. Therefore, the numerator was adjusted to reduce net income (loss) by the amount of net income (loss) attributable to noncontrolling interest. Additionally, the Class B Common Stock does not participate in earnings or losses of the Company and, therefore, is not a participating security. The Class B Common Stock has not been included in either the basic or diluted earnings (loss) per share calculations. Net income (loss) attributable to noncontrolling interest includes an allocation of expense related to the A&R MLTIP subject to special allocation terms per the Amended and Restated Limited Liability Company Agreement (“A&R LLC Agreement”). Refer to Note 20 - Equity-Based Compensation for additional information.
(1) For the year ended December 31, 2024, this adjustment assumes the reallocation of noncontrolling interest income (loss), on an after-tax basis, due to the assumed exchange of all Class A LLC Units outstanding for shares of Class A Common Stock in FOA as of the beginning of the period following the if-converted method for calculating diluted earnings (loss) per share. For the year ended December 31, 2023, the effect of the elimination of the noncontrolling interest due to the assumed exchange of all Class A LLC Units outstanding for shares of Class A Common Stock in FOA was determined to be anti-dilutive under the if-converted method. As such, the effect has been excluded from the calculation of diluted loss per share. Following the terms of the A&R LLC Agreement, the Class A LLC unitholders bear approximately 85% of the cost of any vesting associated with the Replacement RSUs and Earnout Right RSUs prior to any distribution by the Company to such Class A LLC unitholders. The remaining compensation cost associated with the Replacement RSUs and Earnout Right RSUs was borne by FOA. As a result of the application of the if-converted method in arriving at diluted earnings (loss) per share, the entirety of the compensation cost associated with vesting of the Replacement RSUs and Earnout Right RSUs is assumed to be included in the net income (loss) attributable to holders of the Company’s Class A Common Stock. As of April 1, 2024, there is no further compensation cost associated with the Replacement RSUs and Earnout Right RSUs. (2) As the Exchangeable Secured Notes are considered participating securities, the Company calculates diluted earnings per share for the assumed exchange of Exchangeable Secured Notes for shares of Class A Common Stock in FOA using the more dilutive of either the if-converted method or the two-class method. Interest expense for the Exchangeable Secured Notes, including amortization of debt discount and issuance costs, and net of income tax effects, is added back to the continuing operations numerator in calculating diluted earnings per share, if dilutive. The Company in its discretion may elect to settle any exchange of the Exchangeable Secured Notes in part or in whole by delivering the cash value of the shares of Class A Common Stock otherwise deliverable upon such exchange. If dilutive, the denominator in the diluted earnings per share calculation assumes that all of the Exchangeable Secured Notes were converted into Class A Common Stock in FOA on the date of issuance of the Exchangeable Secured Notes. The Company had 904,239 potentially dilutive shares from the Exchangeable Secured Notes for the year ended December 31, 2024. The potentially dilutive shares from the Exchangeable Secured Notes were determined to be anti-dilutive for the year ended December 31, 2024 and have been excluded from the computation of diluted earnings per share. As such, the $2.1 million of interest expense for the Exchangeable Secured Notes, including amortization of debt discount and issuance costs, and net of income tax effects, was not added back to the numerator in calculating diluted earnings per share. Refer to Note 17 - Notes Payable, Net, for additional information. (3) The Exchange Agreement allows for the exchange of Class A LLC Units held by Equity Capital Unitholders, representing the noncontrolling interest, on a one-for-one basis for shares of Class A Common Stock in FOA. For the year ended December 31, 2024, the diluted weighted average shares outstanding of Class A Common Stock includes the effects of the if-converted method to reflect the provisions of the Exchange Agreement and assumes the Class A LLC Units held by Equity Capital Unitholders, representing the noncontrolling interest, exchange their units on a one-for-one basis for shares of Class A Common Stock in FOA. The 13,707,372 weighted average Class A LLC Units outstanding for the year ended December 31, 2023 were determined to be anti-dilutive under the if-converted method and have been excluded from the computation of diluted loss per share. (4) The Company had 218,893 potentially dilutive shares, under the treasury stock method, from RSUs for the year ended December 31, 2024, and 108,841 potentially dilutive shares, under the treasury stock method, from RSUs for the year ended December 31, 2023. The potentially dilutive shares from RSUs were determined to be anti-dilutive for the year ended December 31, 2023 and have been excluded from the computation of diluted loss per share. The Company had no potentially dilutive shares, under the treasury stock method, from forward sale share contracts for the year ended December 31, 2024, and 52,377 potentially dilutive shares, under the treasury stock method, from forward sale share contracts for the year ended December 31, 2023. The potentially dilutive shares from forward sale share contracts were determined to be anti-dilutive for the year ended December 31, 2023 and have been excluded from the computation of diluted loss per share. (5) As part of the AAG Transaction, there are two forms of contingently issuable Class A LLC Units: 705,841 Units that are equity classified and indemnity holdback units totaling up to 714,226 Units that are liability classified. Refer to Note 3 - Acquisitions for additional information. On October 29, 2024, FOA Equity issued 705,841 Class A LLC Units to AAG/Bloom in accordance with the terms of the asset purchase agreement relating to the AAG Transaction. The diluted weighted average shares outstanding of Class A Common Stock includes the effects of the if-converted method and assumes the Class A LLC Units held by AAG/Bloom exchanged their units on a one-for-one basis for shares of Class A Common Stock in FOA at the beginning of the reporting period. In accordance with ASC 260, Earnings Per Share, the indemnity holdback units are not included in the diluted weighted average shares outstanding of Class A Common Stock for the years ended December 31, 2024 and 2023.
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Equity |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Equity [Abstract] | |
| Equity | 30. Equity Class A Common Stock As of December 31, 2024, there were 10,360,299 shares of Class A Common Stock issued, consisting of 9,934,449 shares issued and outstanding and 425,850 unvested shares that are subject to vesting and forfeiture. The 425,850 unvested shares of Class A Common Stock relate to the Sponsor Earnout. The 425,850 unvested shares of Class A Common Stock are not entitled to receive any dividends or other distributions, do not have any other economic rights until such shares are vested, and will not be entitled to receive back dividends or other distributions or any other form of economic “catch-up” if, and when, they become vested. The holders of the 9,934,449 issued and outstanding shares of Class A Common Stock represent the controlling interest of the Company. Pursuant to the A&R MLTIP, certain equity holders of FOA and FOA Equity are obligated to deliver a number of shares of Class A Common Stock and Class A LLC Units for restricted stock unit awards granted by the Company. During the years ended December 31, 2024 and 2023, in connection with FOA’s settlement of restricted stock units into shares of Class A Common Stock and pursuant to the A&R MLTIP, these equity holders delivered 18,739 and 47,571 shares, respectively, of Class A Common Stock and 110,949 and 281,637 Class A LLC Units, respectively, to the Company in satisfaction of such settlement. The delivery of shares of Class A Common Stock and Class A LLC Units to the Company offset the gross award of RSUs settled. During the years ended December 31, 2024 and 2023, the Company elected to retire 141,093 and 169,238 shares, respectively, offsetting RSUs withheld to fund employee payroll taxes and instead funded those taxes with operating cash. The potential future settlement of the Earnout Right RSUs outstanding as of December 31, 2024 (see Note 20 - Equity-Based Compensation) will also be funded by the delivery of Class A Common Stock and Class A LLC Units from certain equity holders of FOA and FOA Equity pursuant to the A&R MLTIP. Pursuant to the Exchange Agreement, which AAG/Bloom became a party to on March 31, 2023, the Equity Capital Unitholders may elect to exchange their Class A LLC Units for shares of Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications. During the years ended December 31, 2024 and 2023, in connection with FOA’s settlement of the exchange of Class A LLC Units for shares of Class A Common Stock and pursuant to the Exchange Agreement, certain equity holders delivered 205 and 835,911 Class A LLC Units, respectively, to the Company in exchange for the same number of shares of Class A Common Stock, respectively, in satisfaction of such settlement. Class B Common Stock As of December 31, 2024, there are 15 shares of Class B Common Stock outstanding, all holders of which are Class A LLC Unit holders. The Class B Common Stock, par value $0.0001 per share, has no economic rights but entitles each holder of at least one such share (regardless of the number of shares so held) to a number of votes that is equal to the aggregate number of Class A LLC Units held by such holder on all matters on which Class A Common Stock holders are entitled to vote. In consideration for the assets acquired on March 31, 2023, the Company issued to the Seller one share of Class B Common Stock (see Note 3 - Acquisitions). Class A LLC Units The Exchange Agreement sets forth the terms and conditions upon which holders of Class A LLC Units may exchange their Class A LLC Units for shares of Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications. The Equity Capital Unitholders’ ownership of Class A LLC Units represents the noncontrolling interest of the Company, which is accounted for as permanent equity in the Consolidated Statements of Financial Condition. As of December 31, 2024, there were 23,826,217 Class A LLC Units outstanding. Of the 23,826,217 Class A LLC Units outstanding, 9,934,449 are held by the Class A Common Stock shareholders and 13,891,768 are held by the noncontrolling interest of the Company. Of the 1,969,299 Class A LLC Units issued to AAG/Bloom in consideration for the assets acquired on March 31, 2023, AAG/Bloom delivered 800,000 Class A LLC Units to the Company in exchange for the same number of shares of Class A Common Stock during the year ended December 31, 2023. On October 29, 2024, FOA Equity issued 705,841 Class A LLC Units to AAG/Bloom in accordance with the terms of the asset purchase agreement relating to the AAG Transaction. Additionally, AAG/Bloom is entitled to 714,226 contingently issuable Class A LLC Units that are liability classified. Refer to Note 3 - Acquisitions for additional information.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Pay vs Performance Disclosure | ||
| Net Income (Loss) | $ 15,488 | $ (80,088) |
Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
|---|---|---|
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Dec. 31, 2024
shares
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Dec. 31, 2024
shares
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| Trading Arrangements, by Individual | ||
| Non-Rule 10b5-1 Arrangement Adopted | false | |
| Rule 10b5-1 Arrangement Terminated | false | |
| Non-Rule 10b5-1 Arrangement Terminated | false | |
| Tai A. Thornock [Member] | ||
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | On December 4, 2024, Tai A. Thornock, Chief Accounting Officer of FOA, adopted a trading plan intended to satisfy the affirmative defenses of Rule 10b5-1(c), which trading plan was amended on December 13, 2024. The trading plan, as amended, provides for the sale of 12,100 shares of Company Class A Common Stock over a period ending on March 31, 2026. | |
| Name | Tai A. Thornock | |
| Title | Chief Accounting Officer | |
| Rule 10b5-1 Arrangement Adopted | true | |
| Adoption Date | December 4, 2024 | |
| Expiration Date | March 31, 2026 | |
| Arrangement Duration | 482 days | |
| Aggregate Available | 12,100 | 12,100 |
| Kristen N. Sieffert [Member] | ||
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | On December 13, 2024, Kristen N. Sieffert, President of FOA, adopted a trading plan intended to satisfy the affirmative defenses of Rule 10b5-1(c). The trading plan provides for the sale of 18,000 shares of Company Class A Common Stock over a period ending on March 12, 2027. | |
| Name | Kristen N. Sieffert | |
| Title | President | |
| Rule 10b5-1 Arrangement Adopted | true | |
| Adoption Date | December 13, 2024 | |
| Expiration Date | March 12, 2027 | |
| Arrangement Duration | 482 days | |
| Aggregate Available | 18,000 | 18,000 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Our Company maintains a comprehensive information technology security program based on the National Institute of Standards (NIST) Cyber Security Framework. The information technology security program aims to protect our Company from cybersecurity threats and ensure the confidentiality, integrity, and availability of our data and systems. To provide such protection, our program implements a significant number of controls, including but not limited to physical and digital access controls, data protection controls, system development controls, acceptable use controls, and monitoring controls. We deploy technical and administrative safeguards, such as firewalls, intrusion prevention and detection systems, anti-malware functionality, and security awareness and phishing prevention training programs, which are regularly evaluated and improved. Further, in the event of a cybersecurity incident, our Company has a Cybersecurity Incident Response Team (the “CSIRT”), consisting of stakeholders from across the Company, to respond appropriately. The CSIRT provides a proactive approach to managing cybersecurity incidents and ensures incidents are controlled as quickly as possible to avoid and minimize the damage to systems, limit impact to client information, protect the Company’s reputation and integrity, and prevent future incidents. The Company also has a data incident response plan in place that outlines expected actions in the event of a data security incident. The Company prioritizes protecting and informing customers, clients, and employees in the event of a data security incident, as is appropriate. The Company leverages both internal resources and third-party suppliers as needed for technology assets, systems, and development to support its information technology security program. The Company uses third-party rather than internal resources when the Company determines that using a third-party better meets the needs of the business. Before contracting with a third-party supplier, the Company determines if the vended resource is compliant with Company policies. Formal approval for a third-party supplier is obtained through the appropriate Company processes according to the type of resource provided by the third-party supplier. Third-party vendors can present cybersecurity risks to the Company’s technology resources. The Company has a vendor management team that provides oversight of third-party vendors and engages with the enterprise security team to assess potential cybersecurity risks related to a third-party vendor’s services, both at the time of initial engagement and as part of an annual review process. The enterprise security team considers a number of factors in assessing such risks, including the types of services provided by the third-party vendor, the data and systems the third-party vendor needs to access to provide the services, and the policies and controls the third-party vendor has in place to mitigate cybersecurity risks. Some third-party vendors present a higher risk and require additional approval before a contract is signed or renewed. This ensures leadership is aware of risks posed by third-party vendors and can consider this information when evaluating contracts. The Company has processes in place to assess the effectiveness of its information technology security program. The Company applies cybersecurity assessment tools that analyze the Company’s ability to identify, protect from, detect, respond to, and recover from cybersecurity threats and that analyze the various controls put into place by the Company’s information security program. The Company also conducts an annual cybersecurity assessment to identify risks and issues and may conduct more frequent assessments as required by a material change to the Company’s cybersecurity risk. Further, the Company engages third parties to conduct penetration tests to assess the performance of the information technology security program. The results of these assessments and tests are reviewed by the Company’s enterprise security team and senior management and are used to identify areas of vulnerability, which the Company then works to address. To date, risks from cybersecurity threats have not materially affected our Company or our business strategy, results of operations, or financial condition. However, if we were the subject of a significant cyber-attack or security breach in the future, it could materially affect our Company, as discussed in further detail under “Item 1A. Risk Factors— Risks Related to the Business of the Company—A security breach or a cyber-attack could adversely affect our results of operations and financial condition.”
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Our Company maintains a comprehensive information technology security program based on the National Institute of Standards (NIST) Cyber Security Framework. The information technology security program aims to protect our Company from cybersecurity threats and ensure the confidentiality, integrity, and availability of our data and systems. To provide such protection, our program implements a significant number of controls, including but not limited to physical and digital access controls, data protection controls, system development controls, acceptable use controls, and monitoring controls. We deploy technical and administrative safeguards, such as firewalls, intrusion prevention and detection systems, anti-malware functionality, and security awareness and phishing prevention training programs, which are regularly evaluated and improved. Further, in the event of a cybersecurity incident, our Company has a Cybersecurity Incident Response Team (the “CSIRT”), consisting of stakeholders from across the Company, to respond appropriately. The CSIRT provides a proactive approach to managing cybersecurity incidents and ensures incidents are controlled as quickly as possible to avoid and minimize the damage to systems, limit impact to client information, protect the Company’s reputation and integrity, and prevent future incidents. The Company also has a data incident response plan in place that outlines expected actions in the event of a data security incident. The Company prioritizes protecting and informing customers, clients, and employees in the event of a data security incident, as is appropriate. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Board of Directors Oversight The Board of Directors oversees the risks to the Company from cybersecurity threats by periodically reviewing information technology security reports from management, including our Chief Information Security Officer (“CISO”), as well as reports from the Audit Committee of the Board of Directors. These reports also include, as applicable, an overview of any cybersecurity incidents. The Audit Committee provides assistance to the Board of Directors with respect to its oversight of the Company’s technology security and data privacy programs. The Audit Committee is responsible for reviewing the Company’s information technology security controls with the CISO and evaluating the adequacy of the Company’s information technology security program, compliance, and controls with the CISO, which evaluation would include a consideration of any applicable cybersecurity incidents.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee provides assistance to the Board of Directors with respect to its oversight of the Company’s technology security and data privacy programs. The Audit Committee is responsible for reviewing the Company’s information technology security controls with the CISO and evaluating the adequacy of the Company’s information technology security program, compliance, and controls with the CISO, which evaluation would include a consideration of any applicable cybersecurity incidents. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board of Directors oversees the risks to the Company from cybersecurity threats by periodically reviewing information technology security reports from management, including our Chief Information Security Officer (“CISO”), as well as reports from the Audit Committee of the Board of Directors. These reports also include, as applicable, an overview of any cybersecurity incidents. |
| Cybersecurity Risk Role of Management [Text Block] | Management Oversight We have a dedicated enterprise security team responsible for assessing and managing our material risks from cybersecurity threats. Our enterprise security team is led by our CISO, Drew Robertson, who has extensive experience in cybersecurity. In addition to acting as our CISO, Mr. Robertson currently advises several companies in the Cyber Security Industry and is active in a number of information security communities and groups. Prior to his appointment as CISO in October 2021, he served as our Deputy CISO. Before joining the Company, Mr. Robertson worked for the National Security Agency and the U.S. Army, where he held various leadership positions in computer network defense, computer network exploitation, and intelligence oversight. Mr. Robertson holds a BA in Organizational Management, an MS in Cybersecurity Policy, and an MBA. Our enterprise security team works closely with our senior management, information technology, legal, and compliance teams to develop, implement, assess, and improve our information technology security program, compliance, and controls, as described in more detail above under “—Cybersecurity Risk Management and Strategy.” By engaging in the development, implementation, assessment, and improvement of our information technology security program, compliance, and controls, the enterprise security team is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. As described in more detail above under “—Board of Directors Oversight,” our CISO reports to the Board of Directors regarding cybersecurity risks and cybersecurity incidents and also works with the Audit Committee to evaluate the program, compliance, and controls in place to address cybersecurity risks and cybersecurity incidents.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Board of Directors oversees the risks to the Company from cybersecurity threats by periodically reviewing information technology security reports from management, including our Chief Information Security Officer (“CISO”), as well as reports from the Audit Committee of the Board of Directors. These reports also include, as applicable, an overview of any cybersecurity incidents. The Audit Committee provides assistance to the Board of Directors with respect to its oversight of the Company’s technology security and data privacy programs. The Audit Committee is responsible for reviewing the Company’s information technology security controls with the CISO and evaluating the adequacy of the Company’s information technology security program, compliance, and controls with the CISO, which evaluation would include a consideration of any applicable cybersecurity incidents.
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| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our enterprise security team is led by our CISO, Drew Robertson, who has extensive experience in cybersecurity. In addition to acting as our CISO, Mr. Robertson currently advises several companies in the Cyber Security Industry and is active in a number of information security communities and groups. Prior to his appointment as CISO in October 2021, he served as our Deputy CISO. Before joining the Company, Mr. Robertson worked for the National Security Agency and the U.S. Army, where he held various leadership positions in computer network defense, computer network exploitation, and intelligence oversight. Mr. Robertson holds a BA in Organizational Management, an MS in Cybersecurity Policy, and an MBA.
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| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our enterprise security team works closely with our senior management, information technology, legal, and compliance teams to develop, implement, assess, and improve our information technology security program, compliance, and controls, as described in more detail above under “—Cybersecurity Risk Management and Strategy.” By engaging in the development, implementation, assessment, and improvement of our information technology security program, compliance, and controls, the enterprise security team is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. As described in more detail above under “—Board of Directors Oversight,” our CISO reports to the Board of Directors regarding cybersecurity risks and cybersecurity incidents and also works with the Audit Committee to evaluate the program, compliance, and controls in place to address cybersecurity risks and cybersecurity incidents.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
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| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements comprise the financial statements of FOA and its controlled subsidiaries. The consolidated financial statements have been prepared in accordance with United States of America (the “U.S.”) generally accepted accounting principles (“GAAP”) pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, such financial information reflects all normal and recurring adjustments necessary for a fair presentation of the consolidated financial statements in accordance with U.S. GAAP. The significant accounting policies, together with the other Notes to Consolidated Financial Statements, are an integral part of the consolidated financial statements. On July 25, 2024, the Company completed a 1-for-10 reverse stock split (the “Reverse Stock Split”) of its shares of Class A Common Stock. FOA Equity completed a corresponding 1-for-10 reverse split of its units (“Class A LLC Units”) to maintain the 1-for-1 parity of its Class A LLC Units with the Company’s adjusted number of Class A Common Stock shares. All references in this Annual Report on Form 10-K to numbers of Class A Common Stock shares, weighted average shares outstanding, earnings (loss) per share, FOA Class A Common Stock share price, and number of Class A LLC Units have been adjusted to reflect the Reverse Stock Split on a retroactive basis. As a result of the Reverse Stock Split, an immaterial amount was reclassified from Class A Common Stock to Additional paid-in capital in the Consolidated Statements of Financial Condition.
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| Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates regarding loans held for investment, subject to HMBS related obligations, loans held for investment, subject to nonrecourse debt, other loans held for investment, HMBS related obligations, and nonrecourse debt are particularly subject to change. Actual results may differ from those estimates and assumptions due to factors such as changes in the economy, interest rates, secondary market pricing, prepayment assumptions, home prices, or discrete events affecting specific borrowers, and such differences could be material.
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| Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, its controlled subsidiaries, and certain VIEs where the Company is the primary beneficiary. The Company is deemed to be the primary beneficiary of a VIE when it has both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (2) exposure to benefits and/or losses that could potentially be significant to the entity. Assets and liabilities of VIEs and their respective results of operations are consolidated from the date that the Company became the primary beneficiary through the date that the Company ceases to be the primary beneficiary.
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| Asset Acquisitions and Business Combinations | Asset Acquisitions and Business Combinations In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”), as of the acquisition date, the Company evaluates acquisitions to determine whether the Company has acquired a business or a group of assets. The evaluation includes a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The results of this evaluation impacts whether the Company accounts for an acquisition under business combination or asset acquisition guidance. If the screen test is met, the acquisition is not considered to be a business, and is instead accounted for as an asset acquisition. Under ASC 805, asset acquisitions are measured following a cost accumulation and allocation model, whereby the costs to acquire the assets, including transaction costs, are accumulated and then allocated to the individual assets and liabilities acquired based upon their estimated fair values. No goodwill or bargain purchase gain is recognized in an asset acquisition.
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| Discontinued Operations And Assets Held For Sale | Discontinued Operations and Assets Held for Sale The Company classifies assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. In accordance with ASC 205, Presentation of Financial Statements, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that has had or will have a major effect on our operations and financial results. The Company considers a component of the entity that is being exited to be discontinued operations when all operations, including wind-down operations, cease.
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| VIEs | VIEs The Company has been the transferor in connection with securitizations or asset-backed financing arrangements with special purpose entities, in which the Company has continuing involvement with the underlying transferred financial assets. The Company’s continuing involvement includes acting as servicer for the mortgage loans transferred and retaining beneficial interests in the special purpose entity (“SPE”) to which the assets were transferred. The Company evaluates its interests in each SPE for classification as a VIE in accordance with ASC 810, Consolidation. When an SPE meets the definition of a VIE and the Company determines that it is the VIE’s primary beneficiary, the Company includes the SPE in its consolidated financial statements. The beneficial interests held consist of residual securities that were retained at the time of securitization. These beneficial interests may obligate the Company to absorb losses of the VIE that could potentially be significant to the VIE, or affords the Company the right to receive benefits from the VIE that could potentially be significant to the VIE. In addition, when the Company acts as servicer of the transferred assets, the Company retains the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE. When it is determined that the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, the assets and liabilities of these VIEs are included in the consolidated financial statements of the Company. The Company reassesses its evaluation of an entity as a VIE upon the occurrence of certain reconsideration events as the primary beneficiary determination may change over time as interest in the VIE changes. The Company elected the fair value option provided for by ASC 825, Financial Instruments. This option was applied for the nonrecourse debt issued by the consolidated VIE.
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| Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. These investments are with high quality financial, governmental, or corporate institutions and potentially subject the Company to concentrations of credit risk.
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| Restricted Cash | Restricted Cash Restricted cash includes amounts specifically designated to repay debt and provide over-collateralization within lines of credit and securitized nonrecourse debt obligations, custodial accounts related to the Company’s portfolio of mortgage loans serviced for investors, and funds deposited from prospective borrowers to cover out-of-pocket expenses incurred by the Company in connection with due diligence activities performed during the loan approval process. Certain funds deposited with the Company may be returned to the borrower at the time the loan funds or if the loan does not close. The Company records a liability for these amounts until the loan has closed or a cost has been incurred.
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| Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value | Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value The Company elected the fair value option for all loans held for investment, subject to HMBS obligations. A HECM is a reverse mortgage loan available to homeowners aged 62 and over that allows conversion of a portion of the home’s equity into cash. The HECM loan terms do not have a defined maturity date or a scheduled repayment of principal and interest. Variable interest rates are tied to an index plus a margin that typically ranges up to three percentage points. Interest compounds over the life of the loan and is not paid by the borrower until the loan is repaid. HECM loans include a monthly mortgage insurance premium (“MIP”) that is payable to the FHA. The MIP amount is typically calculated as 1.25% of the mortgage balance for loans originated prior to October 2, 2017 and 0.5% for loans originated after October 2, 2017 and accretes to the borrower’s loan balance over the life of the loan. As the issuer, the Company is responsible for remitting the MIP to the FHA. A maturity event will cause the loan to become due and payable. Maturity events include: borrower has passed away and the property is not the principal residence of at least one surviving borrower; borrower has sold or conveyed title of the property to a third-party; the property is no longer the principal residence of at least one borrower for reasons other than death; the borrower does not maintain the property as principal residence for a period exceeding 12 months; the borrower fails to pay property taxes and/or insurance and all attempts to rectify the situation have been exhausted; and the property is in disrepair and the borrower has refused or is unable to repair the property. Once a loan has become due and payable, unsecuritized borrower advances cannot be placed into a Government National Mortgage Association (“Ginnie Mae”) HMBS. Generally, the Company recovers such advances (referred to as unpoolable tails) from borrowers, from proceeds of liquidation of collateral, or ultimate disposition of the loan, including conveyance of claims to the FHA. If the loan is not paid within six months of the maturity event, the Company may proceed with foreclosure on the property. A loan may be satisfied by borrower repayment, sales or appraisal-based claim submissions to the U.S. Department of Housing and Urban Development (“HUD”), and/or foreclosure sale proceeds. If the Company sells the property within six months, it may file a sales-based claim with HUD to recover any shortfall between the sales price of the property and the outstanding loan balance. If the property is not sold within six months, the Company may file an appraisal-based claim with HUD to recover any shortfall between the appraised value and the outstanding loan balance. Once the appraisal-based claim is paid by HUD, any subsequent expenses or loss in the property’s value exposes the Company to additional losses that may not be eligible to be recouped through the filing of an additional HUD claim. The Company has determined that HECM loans transferred under the current Ginnie Mae HMBS securitization program do not meet the requirements for sale accounting and are not derecognized upon date of transfer. The Ginnie Mae HMBS securitization program includes certain terms that do not meet the participating interest requirements and require or provide an option for the Company to reacquire the loans prior to maturity. Due to these terms, the transfer of the loans does not meet the requirements of sale accounting. As a result, the Company accounts for HECM loans transferred into HMBS securitizations as secured borrowings and continues to recognize the loans as held for investment, subject to HMBS related obligations, along with the corresponding liability for the HMBS related obligations. No gains or losses are recognized on these transfers of HECM loans into HMBS securitizations. Loans are considered nonperforming upon events such as, but not limited to, the death of the mortgagor, the mortgagor no longer occupying the property as their principal residence, or the property taxes or insurance not being paid. In addition to having to fund repurchase of these loans out of Ginnie Mae HMBS, the Company also typically earns a lower interest rate and incurs certain non-reimbursable costs during the process of liquidating nonperforming loans. Loans purchased out of Ginnie Mae HMBS are recorded in Loans held for investment or Loans held for investment, subject to nonrecourse debt, in the Consolidated Statements of Financial Condition at their fair value reflective of proceeds of liquidation of collateral or ultimate disposition of the loan. Loans held for investment, subject to HMBS related obligations, also include claims receivable that have been submitted to HUD awaiting reimbursement. These are recorded based on amounts that the Company expects to recover through outstanding claims. The yield recognized on loans held for investment, subject to HMBS related obligations, is based on the stated interest rates of the loans and is recorded in Interest income in the Consolidated Statements of Operations. Through the servicing of HECM loans, the Company generates tails. Tails consist of subsequent borrower draws, mortgage insurance premiums, service fees, and other advances, which the Company is able to subsequently securitize. The fair value gain recognized on the securitization of tails is recorded in Gain on securitization of HECM tails, net, in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations.
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| Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value | Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value Loans held for investment, subject to nonrecourse debt, at fair value, are loans that were securitized and serve as collateral for the issued nonrecourse debt, including non-agency reverse mortgages, HECM buyouts, and commercial mortgage loans that were securitized into trusts that meet the definition of a VIE and were consolidated or did not qualify for true sale accounting. The Company has determined that it has both the power to direct the activities that most significantly impact the economic performance of the VIE, and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has elected the fair value option for all loans held for investment, subject to nonrecourse debt. Non-agency reverse mortgage loans are designated for homeowners aged 55 and over, depending on the loan product and state that the homeowner resides in. The maximum non-agency loan amount is $4 million. Non-agency reverse mortgage loans are not insured by the FHA and will not be placed into a Ginnie Mae HMBS; however, the Company may transfer or pledge these assets as collateral for securitized nonrecourse debt obligations and other financing lines of credit. The yield recognized on loans held for investment, subject to nonrecourse debt, is based on the stated interest rates of the loans and is recorded in Interest income in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations.
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| Loans Held for Investment, at Fair Value | Loans Held for Investment, at Fair Value Loans held for investment, at fair value, primarily consists of certain reverse mortgage loans that the Company intends to hold to maturity. The Company has elected the fair value option for all loans held for investment. Reverse mortgage loans held for investment consists of originated or purchased HECM and non-agency reverse mortgage loans not yet securitized, unsecuritized tails, and certain HECM purchased out of Ginnie Mae HMBS, which the Company intends to hold to maturity. HECM loans and tails that have not yet been securitized into HMBS consist primarily of newly-issued HECM that the Company has either originated or purchased, subsequent borrower draws, and amounts paid by the Company on the borrower’s behalf for MIP that have not yet been transferred to a Ginnie Mae securitization. The Company, as an issuer of HMBS, is required to repurchase reverse loans out of the Ginnie Mae securitization pools once the outstanding principal balance of the related HECM is equal to or greater than 98% of the maximum claim amount (“MCA”) (referred to as HECM buyouts). The majority of performing loans are now conveyed to HUD prior to the Company needing to finance the HECM buyouts. Nonperforming repurchased loans are generally liquidated through foreclosure, subsequent sale of the real estate owned, and claim submissions to HUD. The yield recognized on loans held for investment is based on the stated interest rates of the loans and is recorded in Interest income in the Consolidated Statements of Operations. The difference between the cost basis of newly originated or acquired loans and their estimated fair value is recognized in Net origination gains in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations. Refer to Note 6 - Fair Value for further discussion of valuation of loans held for investment. Loan origination fees represent an up-front fee charged to a borrower for processing the HECM or non-agency reverse mortgage application and are recorded in Fee income in the Consolidated Statements of Operations as they are received when a loan is successfully funded. Costs to originate loans are recognized as incurred and recorded in Loan production and portfolio related expenses in the Consolidated Statements of Operations. Certain HECM and non-agency reverse mortgage loans originated or acquired by the Company include broker compensation or correspondent fees. These premiums are remitted to the mortgage broker or correspondent lender who acted as the intermediary for the reverse mortgage. Broker compensation and correspondent fees are recorded as part of Net origination gains in the Consolidated Statements of Operations.
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| Intangible Assets, Net | Intangible Assets, Net Intangible assets, net, consist of trade names and broker/customer relationships acquired through various acquisitions and business combinations and are recorded at their estimated fair value on the date of acquisition. Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense of definite-lived intangibles is included in Depreciation and amortization in the Consolidated Statements of Operations. Intangible assets deemed to have an indefinite life are not amortized but are instead reviewed annually for impairment of value or when indicators of a potential impairment are present. The Company performs its annual impairment testing as of October 1 and monitors for interim triggering events on an ongoing basis as events occur or circumstances change. The Company estimates the fair value of the indefinite life intangibles for all reporting units utilizing a relief from royalty approach and the significant assumptions used to measure fair value include discount rate, terminal factors, and royalty rate. These valuations result in a Level 3 nonrecurring fair value measurement. Impairment related to intangible assets is recorded in Impairment of intangibles and other assets in the Consolidated Statements of Operations.
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| Other Assets, Net | Other Assets, Net Other assets, net, primarily consists of government guaranteed receivables, retained bonds, at fair value, receivables, net of allowance, right-of-use (“ROU”) assets, prepaid expenses, fixed assets, net, loans held for sale, at fair value, MSR, at fair value, and other. Refer to Note 11 - Other Assets, Net, for additional information related to continuing operations. Government Guaranteed Receivables The Company accounts for foreclosed mortgage loans guaranteed by the government as a separate receivable. These are carried at amounts the Company expects to receive from the liquidation of the underlying property and any expected claim proceeds from HUD for shortfall on liquidation proceeds. Outstanding HUD claims associated with HECM loans that are collateral for issued and outstanding HMBS may be retained inside the HMBS while the associated HECM loan remains insured by HUD or a HUD claim is outstanding and the HECM loan has not yet reached 98% of the loan’s MCA. Subsequent to reaching 98% of the MCA, the Company must purchase the loan out of the HMBS. Retained Bonds, at Fair Value We have a residual interest that we retain in certain securitizations related to our unconsolidated VIEs. The yield recognized on retained bonds is based on the stated interest rates of the bonds and is recorded in Interest income in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations. Receivables, Net of Allowance Receivables, net of allowance, are represented by amounts due from investors and other parties and are stated at the amounts management expects to collect. If the Company expects to collect less than 100% of the recorded receivable balances, an allowance for doubtful accounts is recorded based on the current expected credit loss methodology, which includes a combination of historical experience, aging analysis, information on specific balances, and reasonable and supportable forecasts. Fixed Assets, Net Fixed assets primarily consist of computer hardware and software, furniture and fixtures, and leasehold improvements. Fixed assets are depreciated or amortized on a straight-line basis over their estimated useful lives of to seven years, or the term of the related office lease for leasehold improvements, if shorter. The Company capitalizes certain costs associated with the acquisition of internal-use software and amortizes the software over its estimated useful life, commencing at the time the software is placed in service. The gross carrying value of fixed assets was $14.5 million and $16.3 million as of December 31, 2024 and December 31, 2023, respectively, with accumulated depreciation and amortization of $10.7 million and $10.3 million as of December 31, 2024 and December 31, 2023, respectively. Fixed assets, net, were $3.8 million and $6.0 million as of December 31, 2024 and December 31, 2023, respectively. Depreciation and amortization expense was $1.7 million and $5.2 million for the years ended December 31, 2024 and 2023, respectively. In accordance with ASC 360, Property, Plant, and Equipment (“ASC 360”), the Company evaluates fixed assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Impairment related to fixed assets is recorded in Impairment of intangibles and other assets in the Consolidated Statements of Operations. During 2024 and 2023, the Company’s restructuring of the business and certain operating losses triggered impairment analyses and the Company recognized impairment charges of $0.5 million and $1.8 million for fixed assets in the years ended December 31, 2024 and 2023, respectively. Loans Held for Sale, at Fair Value Loans held for sale, at fair value, represent mortgage loans originated by the Company and held until sold to secondary market investors. The Company primarily originated conventional government sponsored entities (“GSE”), government-insured (FHA), and government guaranteed (Department of Veteran Affairs) residential mortgage loans (collectively “residential mortgage loans held for sale”) and commercial mortgage loans to owners and investors of single and multi-family residential rental properties (“commercial mortgage loans held for sale”). The Company has elected the fair value option for all loans held for sale. The yield recognized on all loans held for sale is based on the stated interest rates of the loans and is recorded in Interest income in the Consolidated Statements of Operations. Gains and losses on loans held for sale are recorded in Gain (loss) on sale and other income from loans held for sale, net, in the Consolidated Statements of Operations. Refer to Note 6 - Fair Value for further discussion of valuation of loans held for sale. MSR, at Fair Value MSR represent contractual rights to perform specific administrative functions for the underlying loans including specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance, and otherwise administrating the mortgage loan servicing portfolio. MSR are created through the sale of an originated mortgage loan. The unpaid principal balance (“UPB”) of the loans underlying the MSR is not included in the Consolidated Statements of Financial Condition. For servicing retained in connection with the securitization of reverse mortgage loans accounted for as secured financings, an MSR is not recognized. The fair value of future servicing revenues net of servicing costs related to reverse mortgage loans is included in the fair value of the underlying loan. The Company follows the fair value measurement method to record the value of MSR in accordance with ASC 860, Transfers and Servicing. Under this method, servicing assets are measured at fair value on a recurring basis with changes in fair value recorded through earnings in the period of the change as a component of Fee income in the Consolidated Statements of Operations.
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| Leases | Leases The Company evaluates all leases at inception under ASC 842, Leases (“ASC 842”), and classifies the lease as either an operating lease or a finance lease. The Company’s lease portfolio is comprised primarily of real estate and equipment agreements. Operating leases in which the Company is the lessee are recorded as operating lease ROU assets and operating lease liabilities, included in Other assets, net, and Payables and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The Company does not currently have any finance leases. Operating lease ROU assets represent the Company’s right to use an underlying asset during the lease term. ROU assets are further adjusted for lease incentives. Operating lease expense is recognized on a straight-line basis over the lease term and is recorded in General and administrative expenses in the Consolidated Statements of Operations. The Company recognizes variable lease payments associated with the Company’s leases when the variability is resolved. Variable lease payments are recorded in General and administrative expenses in the Consolidated Statements of Operations along with expenses arising from fixed lease payments. ASC 842 stipulates that the ROU asset in an operating lease is subject to the impairment guidance in ASC 360, similar to other long-lived assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected to be generated by that asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company estimates the fair value using a discounted cash flow (“DCF”) model with the discount rate being the significant assumption. Impairment related to ROU assets is recorded in Impairment of intangibles and other assets in the Consolidated Statements of Operations. Operating lease liabilities represent the Company’s obligation to make lease payments arising from the terms of the lease. The lease liabilities are initially recognized based on the present value of the remaining lease payments using a discount rate that represents the Company’s incremental borrowing rate as of the lease commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available as of the lease commencement date in determining the present value of the lease payments. This incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment and given similar credit risk. The lease term for all of the Company’s leases includes the noncancellable period of the lease plus any additional periods covered by the option to extend (or not to terminate) the lease. The Company includes these options in the lease term when it is reasonably certain of exercising them. The Company elected not to recognize lease assets and lease liabilities for leases with a term of 12 months or less and not to separate lease components from non-lease components.
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| HMBS Related Obligations, at Fair Value | HMBS Related Obligations, at Fair Value HMBS related obligations, at fair value, represent the issuance of HMBS, which are guaranteed by Ginnie Mae, to third-party security holders. As the securitizations do not meet the criteria for sale accounting treatment, the Company accounts for the transfers of these advances in the related HECM loans as secured borrowings, retaining the initial HECM loans in the Consolidated Statements of Financial Condition as Loans held for investment, subject to HMBS related obligations, at fair value, and recording the HMBS as HMBS related obligations, at fair value. This liability includes the Company’s obligation to repay the secured borrowing from the FHA-insured HECM cash flows and the obligations as issuer and servicer of the HECM loans and HMBS. Monthly cash flows generated from the HECM loans are used to service the outstanding HMBS. The Company has elected the fair value option for all HMBS related obligations. As an issuer of HMBS, the Company is obligated to service the HECM loan and associated HMBS, which includes funding the repurchase of the HECM loans or pass through of cash due to the holder of the beneficial interests in the Ginnie Mae HMBS upon maturity events and certain funding obligations related to monthly guarantee fees, mortgage insurance proceeds, and partial month interest. As an issuer, the Company is required to repurchase reverse loans out of the Ginnie Mae securitization pools once the outstanding principal balance of the related HECM is equal to or greater than 98% of the MCA. The Company is also required to pay off the outstanding remaining principal balance of secured borrowings if certain triggering events are reached prior to the 98% of MCA limit, such as death of borrower and completion of foreclosure. The majority of performing loans are now conveyed to HUD prior to the Company needing to finance the HECM buyouts. Nonperforming repurchased loans are generally liquidated through foreclosure, subsequent sale of real estate owned, and claim submissions to HUD. Loans are considered nonperforming upon events such as, but not limited to, the death of the mortgagor, the mortgagor no longer occupying the property as their principal residence, or the property taxes or insurance not being paid. The Company relies upon its secured financing facilities (see Note 14 - Other Financing Lines of Credit) and operating cash flows, to the extent necessary, to repurchase loans. The timing and amount of the Company’s obligation to repurchase HECM is uncertain as repurchase is predicated on certain factors such as whether or not a borrower event of default occurs prior to the HECM reaching the mandatory repurchase threshold under which the Company is obligated to repurchase the loan. In addition to having to fund repurchases, the Company may sustain losses during the process of liquidating the loans. The issuer is also required to fund guarantee fees to Ginnie Mae, MIP to the FHA, and is obligated to fund partial month interest resulting from shortfalls in interest received from borrower payoffs to the holders of the HMBS beneficial interests. Estimated cash flows associated with these obligations are included in the HMBS related obligations, at fair value, in the Consolidated Statements of Financial Condition. The interest on HMBS related obligations is based on the stated interest rates of the obligations and is recorded in Interest expense in the Consolidated Statements of Operations. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations.
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| Nonrecourse Debt, at Fair Value | Nonrecourse Debt, at Fair Value Nonrecourse debt, at fair value, is debt of consolidated VIE securitization trusts or unconsolidated funds that provide nonrecourse financing. The consolidated VIE loans initially transferred to the securitization trust and the assets designated to unconsolidated funds serve as collateral for the nonrecourse debt, and the principal and interest cash flows from these loans serve as the source of repayment. The Company has elected the fair value option for all nonrecourse debt. The interest on nonrecourse debt is based on the stated interest rates of the debt and is recorded in Interest expense in the Consolidated Statements of Operations. Discounts are amortized to Interest expense in the Consolidated Statements of Operations over the expected life of the note using the effective interest method. The changes in fair value due to portfolio runoff and realization of modeled income and expenses are recorded in Fair value changes from model amortization in the Consolidated Statements of Operations, and other fair value changes are recorded in Fair value changes from market inputs or model assumptions in the Consolidated Statements of Operations.
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| Other Financing Lines of Credit | Other Financing Lines of Credit Other financing lines of credit principally consists of variable-rate, asset-backed facilities, primarily warehouse lines of credit, to support the origination of mortgage loans and operations of the Company, which provide creditors a collateralized interest in specific mortgage loans and other Company assets that meet the eligibility requirements under the terms of the facility. The source of repayment of the facilities is typically from the sale or securitization of the underlying loans into the secondary mortgage market. The Company evaluates its capacity needs for lines of credit and adjusts the amount of available capacity under these facilities in response to the current mortgage environment and origination needs. Refer to Note 14 - Other Financing Lines of Credit for additional information. Interest expense from these financings is recorded in Interest expense in the Consolidated Statements of Operations. Costs incurred in connection with obtaining financing lines of credit are capitalized to Other assets, net, within the Consolidated Statements of Financial Condition and amortized over the term of the related financing as Interest expense within the Consolidated Statements of Operations.
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| Payables and Other Liabilities | Payables and Other Liabilities Payables and other liabilities primarily consist of accrued and other liabilities, lease liabilities, deferred purchase price liabilities, Ginnie Mae reverse mortgage buyout payable, and accrued compensation expense. Refer to Note 15 - Payables and Other Liabilities for additional information related to continuing operations. Deferred Purchase Price Liabilities As a result of asset acquisitions and business combinations, the Company has recorded contingent liabilities based upon expected future payouts. The Company measures any contingent consideration at fair value and adjusts the reported amount each period with the change in fair value recorded in Other, net, in the Consolidated Statements of Operations. The Company has entered into Tax Receivable Agreements (“TRA”) with certain owners of FOA Equity (the “TRA Parties”). Initial measurement of the obligations was at fair value, and it is remeasured at fair value each reporting period, with any changes in fair value recognized in Other, net, in the Consolidated Statements of Operations. The Company records obligations under the TRA resulting from applicable future exchanges as they occur, at the gross undiscounted amount of the expected future payments as an increase to the liability along with the deferred tax asset and valuation allowance (if any) with an offset to additional paid-in capital. If the Company determines that it is no longer probable that a related contingent payment will be required based on expected future cash flows, a reversal of the liability is recorded through Other, net, in the Consolidated Statements of Operations. The Company also has other deferred purchase price liabilities related to the closing of the AAG Transaction. Refer to Note 3 - Acquisitions for additional detail. Ginnie Mae Reverse Mortgage Buyout Payable As an issuer of HMBS, the Company is required to repurchase reverse loans out of the Ginnie Mae securitization pools once the outstanding principal balance of the related HECM is equal to or greater than 98% of the MCA. The Company is also required to pay off the outstanding remaining principal balance of secured borrowings if certain triggering events are reached prior to the 98% of MCA limit, such as death of borrower and completion of foreclosure.
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| Notes Payable, Net | Notes Payable, Net Notes payable are carried at amortized cost. The interest recognized on notes payable is based on the stated interest rates of the debt and is recorded in Non-funding interest expense, net, in the Consolidated Statements of Operations. Issuance costs, premiums, and discounts, which are initially capitalized as part of the notes payable balance, are amortized over the expected life of the note using the effective interest method.
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| Comprehensive Income (Loss) | Comprehensive Income (Loss) Recognized revenues, expenses, gains, and losses are included in the Consolidated Statements of Operations. Certain changes in assets and liabilities, such as foreign currency translation adjustments, are reported as a separate component in the Consolidated Statements of Equity. Such items, along with net income (loss), are components of comprehensive income (loss).
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| Revenue Recognition | Revenue Recognition The majority of revenues generated by the Company in connection with originations and servicing are not within the scope of ASC 606, Revenue from Contracts with Customers. The primary components of fee income consist of the following: Loan Origination Fees Loan origination fees are recorded in Fee income in the Consolidated Statements of Operations when a loan is successfully funded, with the related costs recognized in loan production and portfolio related expenses when incurred at the date of origination. The Company collects certain fees from the borrower, including underwriting fees, credit reporting fees, loan administration fees, and appraisal fees. The Company has determined that it is primarily responsible for fulfillment and acceptability for these services, and has discretion in setting the price to the borrower, and therefore these fees should be recognized gross as the Company is the principal for the specified goods and services performed. In addition to the fees above, the Company also acts as agent for certain services for its customers. These services include obtaining flood certification and inspection fees. In these transactions, the Company will facilitate the providing of the goods or services to prospective borrowers, and collects these amounts from the borrower prior to the services being provided. Loan origination fees were $28.5 million and $36.6 million for the years ended December 31, 2024 and 2023, respectively. Loan Servicing Fees Loan servicing income represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors. Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments. Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected and are included as a component of Fee income in the Consolidated Statements of Operations. Loan servicing fees were $1.7 million and $8.1 million for the years ended December 31, 2024 and 2023, respectively.
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| Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from the Company, put presumptively beyond the reach of the entity, even in bankruptcy, (ii) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and that entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (iii) the Company or its agents does not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. When the Company determines that control over the transfer of financial assets has been surrendered, the transaction will be accounted for as a sale in which the underlying mortgage loans are derecognized, and a corresponding gain is recorded equal to the proceeds of the cash and any other beneficial interest retained by the Company, less the carrying balance of the transferred mortgage loans. Upon completion of the sale, the recorded gains and losses are reflected in Gain (loss) on sale and other income from loans held for sale, net, in the Consolidated Statements of Operations. Whenever the requirements for sale treatment have not been met due to control over the transferred financial assets not being surrendered, the transferred loans will continue to be held as Loans held for investment, subject to nonrecourse debt, at fair value, and an associated liability is recorded in Nonrecourse debt, at fair value, in the Consolidated Statements of Financial Condition.
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| Equity Based Compensation | Equity-Based Compensation RSUs with service conditions and options granted to employees are measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). The Company has elected to use a straight-line attribution method for recognizing compensation costs relating to these awards. Forfeitures are recorded as they occur. For RSUs where there are market conditions as well as service conditions to vesting, the grant date fair value of the awards is recognized as compensation expense using the graded-vesting method over the requisite service period for each separately vesting tranche of the award as if they were multiple awards. Equity-based compensation expense is recorded in Salaries, benefits, and related expenses in the Consolidated Statements of Operations.
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| Defined Contribution Plan | Defined Contribution Plan The Company sponsors a qualified defined contribution plan and matches certain employee contributions on a discretionary basis. The Company’s expenses for matching contributions to the defined contribution plan related to continuing operations were $2.1 million and $2.5 million for the years ended December 31, 2024 and 2023, respectively. These expenses are included in Salaries, benefits, and related expenses in the Consolidated Statements of Operations.
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| Marketing and Advertising | Marketing and Advertising Marketing and advertising costs are expensed as incurred and primarily relate to brand marketing and providing loan product information to our customers.
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| Income Taxes | Income Taxes The computation of the effective tax rate and provision (benefit) at each period requires the use of certain estimates and significant judgments including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s U.S. GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the statement of financial condition date. The estimates used to compute the provision (benefit) for income taxes may change throughout the year as new events occur, additional information is obtained, or as tax laws and regulations change. Accordingly, the effective tax rate for future periods may vary materially. The Company accounts for income taxes pursuant to the asset and liability method, which requires it to recognize current tax liabilities or receivables for the amount of taxes it estimates are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities, and the expected benefits of net operating loss (“NOL”) and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The benefit of tax positions taken or expected to be taken in the Company’s income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized tax benefits.” A liability is recognized (or amount of NOL carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. Interest costs and related penalties associated with tax matters are included in General and administrative expenses in the Consolidated Statements of Operations.
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| Contingencies | Contingencies The Company evaluates contingencies based on information currently available and will establish accruals for those matters when a loss contingency is considered probable and the related amount is reasonably estimable. For matters where a loss is believed to be reasonably possible but not probable, no accrual is established, but the nature of the loss contingency and an estimate of the reasonably possible range of loss in excess of amounts accrued, when such estimate can be made, is disclosed. In deriving an estimate, the Company is required to make assumptions about matters that are, by their nature, highly uncertain. The assessment of loss contingencies, including legal contingencies, involves the use of critical estimates, assumptions, and judgments. Whenever practicable, the Company consults with outside experts, including legal counsel and consultants, to assist with the gathering and evaluation of information related to contingent liabilities. It is not possible to predict or determine the outcome of all loss contingencies. Accruals are periodically reviewed and may be adjusted as circumstances change.
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| Seller Earnout | Seller Earnout Certain equity owners of FOA Equity are entitled to receive an earnout exchangeable for Class A Common Stock if, at any time through April 1, 2027, the volume-weighted average price (the “VWAP”) of Class A Common Stock with respect to a trading day is greater than or equal to $125 for any 20 trading days within a consecutive 30-trading-day period (“First Earnout Achievement Date”), 50% of the earnout units (in conjunction with the Sponsor Earnout below, the “Earnout Securities”) will be issued; and if, at any time through April 1, 2027, the VWAP is greater than or equal to $150 for any 20 trading days within a consecutive 30-trading-day period (“Second Earnout Achievement Date”), the remaining 50% of the Earnout Securities will be issued. The seller earnout is accounted for as contingent consideration and classified as equity. The seller earnout was measured at fair value upon the date of issuance and is not subsequently remeasured. The settlement of the seller earnout will be accounted for within equity if and when the First Earnout Achievement Date or Second Earnout Achievement Date occurs.
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| Sponsor Earnout | Sponsor Earnout The Company classified the Sponsor Earnout Agreement as an equity transaction measured at fair value upon the date of issuance and it is not subsequently remeasured. Additionally, the settlement of the Sponsor Earnout will be accounted for within equity if and when the First Earnout Achievement Date or Second Earnout Achievement Date occurs.
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| Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A Common Stock ownership of the Company. Net income (loss) is reduced by the portion of net income (loss) that is attributable to noncontrolling interests as well as special allocations related to the Amended and Restated Long-Term Incentive Plan (“A&R MLTIP”) as defined in the FOA Equity LLC Agreement.
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| Earnings Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the period. Diluted earnings (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive securities as calculated using the if-converted and treasury stock methods, as appropriate. The Company applies the two-class method for participating securities in basic earnings (loss) per share and diluted earnings (loss) per share calculations.
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| Reclassifications | Reclassifications Certain amounts from the prior year consolidated financial statements have been reclassified to conform to the current year financial presentation.
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| Recently Adopted Accounting Guidance And Recently Issued Accounting Guidance, Not Yet Adopted | Recently Adopted Accounting Guidance
Recently Issued Accounting Guidance, Not Yet Adopted as of December 31, 2024
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| Business Segment Reporting | The Company has identified two reportable segments: Retirement Solutions and Portfolio Management. The 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 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. The Company sold the operational assets of its home improvement lending business and substantially completed the process of winding down the operations of the home improvement lending business as of March 31, 2024. For reporting purposes, the previous operations of the home improvement lending business are reported as part of the Company’s Retirement Solutions segment rather than as discontinued operations as the wind-down of the home improvement lending business was not considered by the Company to be a strategic shift that has had or will have a major effect on our operations and financial results. 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 by our Financial Industry Regulatory Authority (“FINRA”) registered broker-dealer, allows 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.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Change in Presentation | As a result of the change, the Company’s previously reported revenues have been reclassified to reflect the updated presentation as follows: Reconciliation of the previously reported Consolidated Statements of Operations captions to the current presentation:
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Acquisitions (Tables) |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the consideration transferred and the major classes of assets acquired and liabilities assumed (in thousands):
(1) The Seller owns one share of FOA Class B Common Stock. Class B Common Stock has no economic rights but entitles each holder of at least one such share (regardless of the number of shares held) to a number of votes that is equal to the aggregate number of Class A LLC Units held by the holder on all matters on which Class A Common Stockholders are entitled to vote. The fair value of the Class B Common Stock was determined to be negligible as there are no economic rights associated with the Class B Common Stock. (2) Amounts represent the cash portion of the consideration paid to acquire the net assets of AAG/Bloom. Total cash consideration was $140.9 million. (3) At the closing of the AAG Transaction, FOA Equity issued 1,969,299 Class A LLC Units to the Seller, which hold 1:1 conversion rights for Class A Common Stock of FOA. At the closing date, the fair value of these Class A LLC Units were equal to the Class A Common Stock share price of $12.40 per share. (4) The deferred equity consideration is comprised of two forms of issuable Class A LLC Units; 705,841 units with a fair value on the closing date of $8.7 million that are equity classified and indemnity holdback units totaling up to 714,226 units with a fair value on the closing date of $4.4 million that are liability classified. The deferred equity consideration that is liability classified is recorded in Payables and other liabilities in the Consolidated Statements of Financial Condition. On October 29, 2024, FOA Equity issued 705,841 Class A LLC Units to AAG/Bloom in accordance with the terms of the asset purchase agreement relating to the AAG Transaction. The indemnity holdback units to be issued to the Seller are based on set thresholds and, subject to meeting the control condition, are settled and three years following the closing date. The amount of units released to the Seller depends on the dollar amount of indemnified claims FOA pays out on behalf of the Seller related to litigation liabilities and indemnifiable loan losses. Two years following the closing date, FOA Equity will issue to the Seller Class A LLC Units equal to the excess of the remaining indemnity holdback units over the threshold of 357,113. The remaining Class A LLC Units the Seller is entitled to are issued three years following the closing date. Management has included the fair value of indemnity holdback units, reduced for estimated litigation liabilities and indemnifiable loan losses, above in the consideration given to the Seller.
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Discontinued Operations (Tables) |
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| Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposal Groups, Including Discontinued Operations | The following table summarizes the major classes of assets and liabilities classified as discontinued operations as of December 31, 2024 and December 31, 2023 (in thousands):
The following table summarizes the major components of net loss from discontinued operations (in thousands):
(1) The Company evaluates the carrying value of long-lived assets, including intangible assets, fixed assets, and ROU assets, when indicators of impairment exist in accordance with ASC 360. Based on the analyses, the Company recognized impairment charges for the year ended December 31, 2023 related to the sales of the previously reported Lender Services and Commercial Originations segments. (2) Amount includes of $0.3 million for the year ended December 31, 2023. The gains on disposals consist of a $12.8 million gain on the sale of the remaining assets of the Lender Services segment, a $11.7 million loss on the sale of our commercial originations operational assets, and a $0.8 million loss on the sale of ANTIC and BNT. There were no material cash flow activities related to discontinued operations for the year ended December 31, 2024. The Consolidated Statement of Cash Flows for the year ended December 31, 2023 included the following material activities related to discontinued operations (in thousands):
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Variable Interest Entities and Securitizations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Variable Interest Entities | The following table presents the assets and liabilities of the Company’s consolidated VIEs, which are included in the Consolidated Statements of Financial Condition, and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands):
The tables below present a summary of the unconsolidated VIEs for which the Company holds variable interests (in thousands):
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Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurement inputs and valuation techniques | Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and the details of the valuation models, key inputs to those models, and significant assumptions utilized. Within the assumption tables presented, not meaningful (“NM”) refers to a range of inputs that is too broad to provide meaningful information to the user or to an input that has no range and consists of a single data point. Weighted averages are calculated by weighting each input by the relative outstanding balance of the related financial instrument.
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| Summary of the recognized assets and liabilities that are measured at fair value on a recurring basis | The following table provides a summary of the recognized assets and liabilities that are measured at fair value on a recurring basis (in thousands):
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| Fair value, assets measured on recurring basis, unobservable input reconciliation | Level 3 assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
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| Fair value, liabilities measured on recurring basis, unobservable input reconciliation | Level 3 assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (in thousands):
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| Summary of the fair value and unpaid principal balance ("UPB") | Presented in the tables below are the fair value and the UPB, at December 31, 2024 and December 31, 2023, of financial assets and liabilities for which the Company has elected the fair value option (in thousands):
Loans held for investment and held for sale consisted of the following (in thousands):
(1) As of December 31, 2024, there was $451.3 million in UPB in loans held for investment pledged as collateral for financing lines of credit.
(1) As of December 31, 2023, there was $487.9 million in UPB in loans held for investment pledged as collateral for financing lines of credit. The tables below show the total amount of loans held for investment and held for sale that were greater than 90 days past due and on non-accrual status (in thousands):
The table below shows a reconciliation of the changes in loans held for sale (in thousands):
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Reverse Mortgage Portfolio Composition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the Company's Serviced Reverse Mortgage Portfolio Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio | The table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
(1) Loans not securitized primarily represent newly originated loans and poolable tails. (2) Unpoolable loans primarily represent loans that have reached 98% of their MCA.
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| Summarizes the Owned Reverse Mortgage Portfolio by Product Type | The table below summarizes the reverse mortgage portfolio owned by the Company by product type (in thousands):
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Loans, at Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loans, At Fair Value | Presented in the tables below are the fair value and the UPB, at December 31, 2024 and December 31, 2023, of financial assets and liabilities for which the Company has elected the fair value option (in thousands):
Loans held for investment and held for sale consisted of the following (in thousands):
(1) As of December 31, 2024, there was $451.3 million in UPB in loans held for investment pledged as collateral for financing lines of credit.
(1) As of December 31, 2023, there was $487.9 million in UPB in loans held for investment pledged as collateral for financing lines of credit. The tables below show the total amount of loans held for investment and held for sale that were greater than 90 days past due and on non-accrual status (in thousands):
The table below shows a reconciliation of the changes in loans held for sale (in thousands):
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Mortgage Servicing Rights, at Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of servicing portfolio and its activities | The servicing portfolio associated with capitalized servicing rights consists of the following (in thousands):
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
The activity in the MSR asset consisted of the following (in thousands):
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Intangible Assets, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Intangible Assets, Net | Intangible assets, net, consisted of the following (in thousands):
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| Schedule of Indefinite-Lived Intangible Assets | Intangible assets, net, consisted of the following (in thousands):
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| Schedule of Estimated Amortization Expense | As of December 31, 2024, the estimated amortization expense for the next five years and thereafter is as follows (in thousands):
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Other Assets, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets, Net | Other assets, net, related to continuing operations consisted of the following (in thousands):
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HMBS Related Obligations, at Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of HMBS related obligations, at fair value | HMBS related obligations, at fair value, consisted of the following (in thousands):
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Nonrecourse Debt, at Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Nonrecourse Debt At Fair Value | Nonrecourse debt, at fair value, consisted of the following (in thousands):
(1) In October 2024, the Company redeemed outstanding securitized notes related to performing/nonperforming HECM loans held at December 31, 2023. The Company also issued a new securitization related to performing/nonperforming HECM loans. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information. (2) In May 2024, the Company redeemed outstanding securitized notes related to commercial mortgage loans held at December 31, 2023. The Company also issued a new securitization related to commercial mortgage loans. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information. (3) Nonrecourse reverse loan financing liability is comprised of the balance of the nonrecourse debt associated with a non-agency securitization. As the securitization was determined to be an unconsolidated VIE and failed sale treatment, the associated nonrecourse debt is accounted for by the Company and presented separately from the other nonrecourse debts. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information. (4) Nonrecourse commercial loan financing liability is comprised of the balance of the nonrecourse debt associated with a commercial mortgage securitization. As the securitization was determined to be an unconsolidated VIE and failed sale treatment, the associated nonrecourse debt is accounted for by the Company and presented separately from the other nonrecourse debts. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information.
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| Summary Of Estimated Maturities For Nonrecourse Debt Fair Value | As of December 31, 2024, estimated maturities for nonrecourse debt for the next five years and thereafter are as follows (in thousands):
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Other Financing Lines of Credit (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of components of other financing lines of credit | The following summarizes the components of other financing lines of credit (in thousands):
(1)Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions, and covenants of the respective agreements, including asset-eligibility requirements. Capacity amounts presented are as of December 31, 2024. The lines of credit with no capacity are terminated as of December 31, 2024. (2)These lines of credit are tied to the maturity date of the underlying mortgage related assets that have been pledged as collateral.
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| Summary of maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios | The maximum allowable distributions available to the Company are based on the most restrictive financial covenant ratios and are presented in the tables below (in thousands, except for ratios):
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Payables and Other Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Payables and Other Liabilities | Payables and other liabilities related to continuing operations consisted of the following (in thousands):
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Operating Lease Information | The table below summarizes the Company’s operating lease portfolio related to continuing operations (dollars in thousands).
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| Summary of Lease Cost and Other Information | The table below summarizes the Company’s net operating lease cost related to continuing operations (in thousands):
The table below summarizes other information related to the Company’s operating leases in continuing operations (in thousands):
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| Maturity Analysis of Operating Leases | The following table presents a maturity analysis of operating leases and a reconciliation of the undiscounted cash flows to lease liabilities as of December 31, 2024 (in thousands):
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Notes Payable, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Outstanding Notes Payable | Notes payable, net, consisted of the following (in thousands):
(1) At the election of the Company, the maturity date may be extended to November 2027, as discussed in the Senior Secured Notes section above. (2) In conjunction with a previous business combination, the Company was required to adjust the liabilities assumed to fair value, resulting in a premium on the 2025 Unsecured Notes and the elimination of the previously recognized debt issuance costs. (3) In conjunction with the exchange of the 2025 Unsecured Notes and Secured Notes, the Company initially recorded the Secured Notes at fair value, which resulted in a debt discount of $56.2 million. As of December 31, 2024, the Senior Secured Notes and Exchangeable Secured Notes, respectively, had $39.7 million and $20.7 million of unamortized debt discount and issuance costs. Non-funding interest expense consisted of the following (in thousands):
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| Schedule of Maturities of Notes Payable | As of December 31, 2024, the maturities of notes payable are as follows (in thousands):
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Equity-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | A summary of each classification of RSU activity is presented below:
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| Share-Based Payment Arrangement, Option, Activity | A summary of the option award activity is presented below:
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The Company estimates the fair value of the options at the date of grant using the Black-Scholes option pricing model based on the following inputs:
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Interest Income and Interest Expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Banking and Thrift, Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Interest Income and Interest Expense | Interest income and interest expense from continuing operations consisted of the following (in thousands):
(1) Amounts include interest income and expense on all loans held for investment, subject to HMBS related obligations, loans held for investment, subject to nonrecourse debt, other loans held for investment, HMBS related obligations, and nonrecourse debt.
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General and Administrative Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of General and Administrative Expenses | General and administrative expenses related to continuing operations consisted of the following (in thousands):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes related to continuing operations consisted of the following (in thousands):
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| Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate (dollars in thousands):
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| Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):
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| Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward | The Company’s unrecognized tax benefits, excluding related interest and penalties, were (in thousands):
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Business Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Information By Segment | The following tables are a presentation of financial information by segment (in thousands):
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Concentrations of Risk (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedules of Concentration of Risk | The table below provides the percentage of all reverse loans in the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located, and is based on remaining UPB. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB.
The following table provides the percentage of reverse mortgage loans in the Consolidated Statements of Financial Condition that are insured by the FHA compared to non-agency reverse mortgages.
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Condensed Financial Information of Registrant (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Balance Sheet |
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| Condensed Income Statement |
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| Condensed Statement of Comprehensive Income |
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Earnings (Loss) Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of basic earnings (loss) per share | The following tables reconcile the numerators and denominators used in the computations of both basic and diluted earnings (loss) per share (in thousands, except share data):
(1) The Class A LLC Units of FOA Equity, held by the Continuing Unitholders and AAG/Bloom (collectively “Equity Capital Unitholders”), which comprise the noncontrolling interest in the Company, represents a participating security. Therefore, the numerator was adjusted to reduce net income (loss) by the amount of net income (loss) attributable to noncontrolling interest. Additionally, the Class B Common Stock does not participate in earnings or losses of the Company and, therefore, is not a participating security. The Class B Common Stock has not been included in either the basic or diluted earnings (loss) per share calculations. Net income (loss) attributable to noncontrolling interest includes an allocation of expense related to the A&R MLTIP subject to special allocation terms per the Amended and Restated Limited Liability Company Agreement (“A&R LLC Agreement”). Refer to Note 20 - Equity-Based Compensation for additional information.
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| Summary of diluted earnings (loss) per share |
(1) For the year ended December 31, 2024, this adjustment assumes the reallocation of noncontrolling interest income (loss), on an after-tax basis, due to the assumed exchange of all Class A LLC Units outstanding for shares of Class A Common Stock in FOA as of the beginning of the period following the if-converted method for calculating diluted earnings (loss) per share. For the year ended December 31, 2023, the effect of the elimination of the noncontrolling interest due to the assumed exchange of all Class A LLC Units outstanding for shares of Class A Common Stock in FOA was determined to be anti-dilutive under the if-converted method. As such, the effect has been excluded from the calculation of diluted loss per share. Following the terms of the A&R LLC Agreement, the Class A LLC unitholders bear approximately 85% of the cost of any vesting associated with the Replacement RSUs and Earnout Right RSUs prior to any distribution by the Company to such Class A LLC unitholders. The remaining compensation cost associated with the Replacement RSUs and Earnout Right RSUs was borne by FOA. As a result of the application of the if-converted method in arriving at diluted earnings (loss) per share, the entirety of the compensation cost associated with vesting of the Replacement RSUs and Earnout Right RSUs is assumed to be included in the net income (loss) attributable to holders of the Company’s Class A Common Stock. As of April 1, 2024, there is no further compensation cost associated with the Replacement RSUs and Earnout Right RSUs. (2) As the Exchangeable Secured Notes are considered participating securities, the Company calculates diluted earnings per share for the assumed exchange of Exchangeable Secured Notes for shares of Class A Common Stock in FOA using the more dilutive of either the if-converted method or the two-class method. Interest expense for the Exchangeable Secured Notes, including amortization of debt discount and issuance costs, and net of income tax effects, is added back to the continuing operations numerator in calculating diluted earnings per share, if dilutive. The Company in its discretion may elect to settle any exchange of the Exchangeable Secured Notes in part or in whole by delivering the cash value of the shares of Class A Common Stock otherwise deliverable upon such exchange. If dilutive, the denominator in the diluted earnings per share calculation assumes that all of the Exchangeable Secured Notes were converted into Class A Common Stock in FOA on the date of issuance of the Exchangeable Secured Notes. The Company had 904,239 potentially dilutive shares from the Exchangeable Secured Notes for the year ended December 31, 2024. The potentially dilutive shares from the Exchangeable Secured Notes were determined to be anti-dilutive for the year ended December 31, 2024 and have been excluded from the computation of diluted earnings per share. As such, the $2.1 million of interest expense for the Exchangeable Secured Notes, including amortization of debt discount and issuance costs, and net of income tax effects, was not added back to the numerator in calculating diluted earnings per share. Refer to Note 17 - Notes Payable, Net, for additional information. (3) The Exchange Agreement allows for the exchange of Class A LLC Units held by Equity Capital Unitholders, representing the noncontrolling interest, on a one-for-one basis for shares of Class A Common Stock in FOA. For the year ended December 31, 2024, the diluted weighted average shares outstanding of Class A Common Stock includes the effects of the if-converted method to reflect the provisions of the Exchange Agreement and assumes the Class A LLC Units held by Equity Capital Unitholders, representing the noncontrolling interest, exchange their units on a one-for-one basis for shares of Class A Common Stock in FOA. The 13,707,372 weighted average Class A LLC Units outstanding for the year ended December 31, 2023 were determined to be anti-dilutive under the if-converted method and have been excluded from the computation of diluted loss per share. (4) The Company had 218,893 potentially dilutive shares, under the treasury stock method, from RSUs for the year ended December 31, 2024, and 108,841 potentially dilutive shares, under the treasury stock method, from RSUs for the year ended December 31, 2023. The potentially dilutive shares from RSUs were determined to be anti-dilutive for the year ended December 31, 2023 and have been excluded from the computation of diluted loss per share. The Company had no potentially dilutive shares, under the treasury stock method, from forward sale share contracts for the year ended December 31, 2024, and 52,377 potentially dilutive shares, under the treasury stock method, from forward sale share contracts for the year ended December 31, 2023. The potentially dilutive shares from forward sale share contracts were determined to be anti-dilutive for the year ended December 31, 2023 and have been excluded from the computation of diluted loss per share. (5) As part of the AAG Transaction, there are two forms of contingently issuable Class A LLC Units: 705,841 Units that are equity classified and indemnity holdback units totaling up to 714,226 Units that are liability classified. Refer to Note 3 - Acquisitions for additional information. On October 29, 2024, FOA Equity issued 705,841 Class A LLC Units to AAG/Bloom in accordance with the terms of the asset purchase agreement relating to the AAG Transaction. The diluted weighted average shares outstanding of Class A Common Stock includes the effects of the if-converted method and assumes the Class A LLC Units held by AAG/Bloom exchanged their units on a one-for-one basis for shares of Class A Common Stock in FOA at the beginning of the reporting period. In accordance with ASC 260, Earnings Per Share, the indemnity holdback units are not included in the diluted weighted average shares outstanding of Class A Common Stock for the years ended December 31, 2024 and 2023.
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Organization and Description of Business (Details) |
Feb. 01, 2023 |
|---|---|
| ANTIC Capital Stock | Incenter | Lender Services Segment | |
| Segment Reporting Information [Line Items] | |
| Sale of stock, percentage of ownership before transaction | 100.00% |
Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jul. 25, 2024 |
Dec. 31, 2024
USD ($)
$ / shares
|
Dec. 31, 2023
USD ($)
|
|
| Subsequent Event [Line Items] | |||
| Reverse mortgage loans held for investment, subject to nonrecourse debt | $ 9,186,447 | $ 8,257,750 | |
| Receivables due from investors (in percent) | 100.00% | ||
| Gross carrying value of fixed assets | $ 14,500 | 16,300 | |
| Acccumulated depreciation and amortization | 10,700 | 10,300 | |
| Fixed assets, net | 3,824 | 5,967 | |
| Depreciation expense | 1,700 | 5,200 | |
| Impairment charges | 500 | 1,800 | |
| Loan origination fees | 28,500 | 36,600 | |
| Loan servicing fees | 1,700 | 8,100 | |
| Employer contributions | $ 2,100 | 2,500 | |
| Class A Common Stock | |||
| Subsequent Event [Line Items] | |||
| Reverse Stock Split - conversion ratio | 0.1 | ||
| Class A LLC Units | |||
| Subsequent Event [Line Items] | |||
| Reverse Stock Split - conversion ratio | 0.1 | ||
| Earnout Shares, Tranche One | |||
| Subsequent Event [Line Items] | |||
| Volume weighted average price (in dollars per share) | $ / shares | $ 125 | ||
| Number of trading days for determining the volume weighted average share price | 20 days | ||
| Number of consecutive trading days for determining the volume weighted average share price | 30 days | ||
| Earnout shares to be issued (in percent) | 50.00% | ||
| Earnout Shares, Tranche Two | |||
| Subsequent Event [Line Items] | |||
| Volume weighted average price (in dollars per share) | $ / shares | $ 150 | ||
| Number of trading days for determining the volume weighted average share price | 20 days | ||
| Number of consecutive trading days for determining the volume weighted average share price | 30 days | ||
| Earnout shares to be issued (in percent) | 50.00% | ||
| Maximum | |||
| Subsequent Event [Line Items] | |||
| Maximum claim amount (in percent) | 98.00% | ||
| Estimated Useful Life | 7 years | ||
| Minimum | |||
| Subsequent Event [Line Items] | |||
| Estimated Useful Life | 3 years | ||
| Non-agency reverse mortgages | |||
| Subsequent Event [Line Items] | |||
| Reverse mortgage loans held for investment, subject to nonrecourse debt | $ 8,567,792 | $ 7,631,601 | |
| Non-agency reverse mortgages | Maximum | |||
| Subsequent Event [Line Items] | |||
| Reverse mortgage loans held for investment, subject to nonrecourse debt | $ 4,000 | ||
| After October Two Twenty Seventeen | |||
| Subsequent Event [Line Items] | |||
| Rate of MIP amount on mortgage balance for loans | 1.25% | ||
| Before October Two Twenty Seventeen | |||
| Subsequent Event [Line Items] | |||
| Rate of MIP amount on mortgage balance for loans | 0.50% | ||
Summary of Significant Accounting Policies - Change in Presentation (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| PORTFOLIO INTEREST INCOME | ||
| Interest income | $ 1,905,214 | $ 1,628,877 |
| Interest expense | (1,637,286) | (1,360,998) |
| NET PORTFOLIO INTEREST INCOME | 267,928 | 267,879 |
| OTHER INCOME (EXPENSE) | ||
| Net origination gains | 179,837 | 121,646 |
| Gain on securitization of HECM tails, net | 45,535 | 25,583 |
| Fair value changes from model amortization | (201,101) | (228,391) |
| Fair value changes from market inputs or model assumptions | 55,924 | 58,696 |
| Net fair value changes on loans and related obligations | 80,195 | (22,466) |
| Fee income | 29,244 | 43,450 |
| Loss on sale and other income from loans held for sale, net | 302 | (24,994) |
| Non-funding interest expense, net | (39,498) | (29,619) |
| NET OTHER INCOME (EXPENSE) | 70,243 | (33,629) |
| TOTAL REVENUES | $ 338,171 | 234,250 |
| Previously Reported | ||
| PORTFOLIO INTEREST INCOME | ||
| Interest income | 12,193 | |
| Interest expense | (118,728) | |
| OTHER INCOME (EXPENSE) | ||
| Net fair value changes on loans and related obligations | 322,329 | |
| Fee income | 43,450 | |
| Loss on sale and other income from loans held for sale, net | (24,994) | |
| TOTAL REVENUES | 234,250 | |
| Revision of Prior Period, Adjustment | ||
| PORTFOLIO INTEREST INCOME | ||
| Interest income | 12,193 | |
| Interest expense | (118,728) | |
| OTHER INCOME (EXPENSE) | ||
| Net fair value changes on loans and related obligations | 322,329 | |
| Fee income | 43,450 | |
| Loss on sale and other income from loans held for sale, net | (24,994) | |
| Net fair value gains on loans and related obligations | ||
| PORTFOLIO INTEREST INCOME | ||
| Interest income | 1,617,954 | |
| Interest expense | (1,273,159) | |
| NET PORTFOLIO INTEREST INCOME | 344,795 | |
| OTHER INCOME (EXPENSE) | ||
| Net origination gains | 121,646 | |
| Gain on securitization of HECM tails, net | 25,583 | |
| Fair value changes from model amortization | (228,391) | |
| Fair value changes from market inputs or model assumptions | 58,696 | |
| Net fair value changes on loans and related obligations | (22,466) | |
| Fee income | 0 | |
| Loss on sale and other income from loans held for sale, net | 0 | |
| Non-funding interest expense, net | 0 | |
| NET OTHER INCOME (EXPENSE) | (22,466) | |
| Fee income | ||
| PORTFOLIO INTEREST INCOME | ||
| Interest income | 0 | |
| Interest expense | 0 | |
| NET PORTFOLIO INTEREST INCOME | 0 | |
| OTHER INCOME (EXPENSE) | ||
| Net origination gains | 0 | |
| Gain on securitization of HECM tails, net | 0 | |
| Fair value changes from model amortization | 0 | |
| Fair value changes from market inputs or model assumptions | 0 | |
| Net fair value changes on loans and related obligations | 0 | |
| Fee income | 43,450 | |
| Loss on sale and other income from loans held for sale, net | 0 | |
| Non-funding interest expense, net | 0 | |
| NET OTHER INCOME (EXPENSE) | 43,450 | |
| Loss on sale and other income from loans held for sale, net | ||
| PORTFOLIO INTEREST INCOME | ||
| Interest income | 0 | |
| Interest expense | 0 | |
| NET PORTFOLIO INTEREST INCOME | 0 | |
| OTHER INCOME (EXPENSE) | ||
| Net origination gains | 0 | |
| Gain on securitization of HECM tails, net | 0 | |
| Fair value changes from model amortization | 0 | |
| Fair value changes from market inputs or model assumptions | 0 | |
| Net fair value changes on loans and related obligations | 0 | |
| Fee income | 0 | |
| Loss on sale and other income from loans held for sale, net | (24,994) | |
| Non-funding interest expense, net | 0 | |
| NET OTHER INCOME (EXPENSE) | (24,994) | |
| Interest income | ||
| PORTFOLIO INTEREST INCOME | ||
| Interest income | 10,923 | |
| Interest expense | 0 | |
| NET PORTFOLIO INTEREST INCOME | 10,923 | |
| OTHER INCOME (EXPENSE) | ||
| Net origination gains | 0 | |
| Gain on securitization of HECM tails, net | 0 | |
| Fair value changes from model amortization | 0 | |
| Fair value changes from market inputs or model assumptions | 0 | |
| Net fair value changes on loans and related obligations | 0 | |
| Fee income | 0 | |
| Loss on sale and other income from loans held for sale, net | 0 | |
| Non-funding interest expense, net | 1,270 | |
| NET OTHER INCOME (EXPENSE) | 1,270 | |
| Interest expense | ||
| PORTFOLIO INTEREST INCOME | ||
| Interest income | 0 | |
| Interest expense | (87,839) | |
| NET PORTFOLIO INTEREST INCOME | (87,839) | |
| OTHER INCOME (EXPENSE) | ||
| Net origination gains | 0 | |
| Gain on securitization of HECM tails, net | 0 | |
| Fair value changes from model amortization | 0 | |
| Fair value changes from market inputs or model assumptions | 0 | |
| Net fair value changes on loans and related obligations | 0 | |
| Fee income | 0 | |
| Loss on sale and other income from loans held for sale, net | 0 | |
| Non-funding interest expense, net | (30,889) | |
| NET OTHER INCOME (EXPENSE) | $ (30,889) | |
Acquisitions - Narrative (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
|---|---|
| American Advisors Group (AAG) | |
| Business Acquisition [Line Items] | |
| Total purchase consideration | $ 215,373 |
Acquisitions - Fair Value of Consideration Transferred and Assets Acquired and Liabilities Assumed (Details) - American Advisors Group (AAG) $ / shares in Units, $ in Thousands |
Oct. 29, 2024
shares
|
Mar. 31, 2023
USD ($)
units
$ / shares
shares
|
|---|---|---|
| Consideration transferred: | ||
| Cash consideration | $ 3,100 | |
| Notes payable to Seller | 4,500 | |
| Pay off indebtedness | 136,984 | |
| Other liabilities assumed | 8,429 | |
| Buyer transaction expenses | 770 | |
| Forgiveness of bridge working capital notes payable | 24,034 | |
| Total cost | 215,373 | |
| Assets acquired: | ||
| Fixed assets and leasehold improvements | 2,400 | |
| Right-of-use leased assets | 491 | |
| Other assets | 6,270 | |
| Total assets acquired | 5,596,143 | |
| Liabilities assumed: | ||
| Operating lease liabilities | 492 | |
| Payables and other liabilities | 25,906 | |
| Total liabilities assumed | 5,380,770 | |
| Net identifiable assets acquired | $ 215,373 | |
| Minimum | ||
| Liabilities assumed: | ||
| Business combination, contingent consideration, period (in years) | 2 years | |
| Maximum | ||
| Liabilities assumed: | ||
| Business combination, contingent consideration, period (in years) | 3 years | |
| Class A LLC Units | ||
| Consideration transferred: | ||
| Initial equity consideration – Class A LLC Units (Note 30 - Equity) | $ 24,419 | |
| Deferred equity consideration – Class A LLC Units (Note 30 - Equity) | $ 13,137 | |
| Liabilities assumed: | ||
| Shares issued at closing of transaction | shares | 1,969,299 | |
| Conversion rights | 1 | |
| Price per share (in dollars per share) | $ / shares | $ 12.40 | |
| Contingent equity consideration, number of types | units | 2 | |
| Class A LLC Units, Equity Classified, Indemnity Holdback | ||
| Consideration transferred: | ||
| Deferred equity consideration – Class A LLC Units (Note 30 - Equity) | $ 4,400 | |
| Total cost | $ 140,900 | |
| Liabilities assumed: | ||
| Contingent equity consideration (in shares) | shares | 714,226 | |
| Contingent equity consideration, threshold (in shares) | shares | 357,113 | |
| Class A LLC Units, Liability Classified | ||
| Consideration transferred: | ||
| Deferred equity consideration – Class A LLC Units (Note 30 - Equity) | $ 8,700 | |
| Liabilities assumed: | ||
| Shares issued at closing of transaction | shares | 705,841 | |
| Contingent equity consideration (in shares) | shares | 705,841 | |
| Class B Common Stock | ||
| Consideration transferred: | ||
| FoA Class B Common Stock (Note 30 - Equity) | $ 0 | |
| Liabilities assumed: | ||
| Shares issued at closing of transaction | shares | 1 | |
| Loans held for investment, subject to HMBS related obligations | ||
| Assets acquired: | ||
| Loans held for investment | $ 5,448,712 | |
| Loans held for investment | ||
| Assets acquired: | ||
| Loans held for investment | 138,270 | |
| HMBS related obligations | ||
| Liabilities assumed: | ||
| HMBS related obligations | $ 5,354,372 |
Discontinued Operations - Narrative (Details) $ in Millions |
Aug. 31, 2023
USD ($)
|
Jul. 03, 2023
USD ($)
|
Feb. 19, 2023
USD ($)
|
Feb. 01, 2023 |
Jun. 30, 2023 |
|---|---|---|---|---|---|
| Mortgage Originations Segment | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Proceeds from sale of productive assets | $ 0.3 | ||||
| Lender Services Segment | Incenter Investments LLC | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Proceeds from sale of productive assets | $ 4.8 | ||||
| Number of transactions | 2 | ||||
| Sale of productive assets, consideration received | 17.5 | ||||
| Notes receivable from sale of productive assets | 12.7 | ||||
| Lender Services Segment | ANTIC Capital Stock | Incenter | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Sale of stock, percentage of ownership before transaction | 100.00% | ||||
| Aggregate purchase price of shares purchased by investors | 92.6 | ||||
| Sale of stock, purchase price | 100.0 | ||||
| Sale of stock, consideration transferred | $ 27.0 | ||||
| Commercial Originations Segment | Discontinued Operations | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Proceeds from sale of productive assets | $ 0.5 | ||||
| Consideration on sale | $ 2.5 |
Discontinued Operations - Balance Sheet Disclosures (Details) - Discontinued Operations - Mortgage Originations, Commercial Originations and Lenders Services Segments - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets | ||
| Other assets, net | $ 2,451 | $ 6,721 |
| Liabilities | ||
| Payables and other liabilities | $ 11,677 | $ 18,304 |
Discontinued Operations - Income Statement Disclosures (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Expenses | ||
| Net loss from discontinued operations | $ (4,727) | $ (51,909) |
| Net loss from discontinued operations attributable to noncontrolling interest | (2,719) | (33,108) |
| NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST | (2,008) | (18,801) |
| Gain (loss) on disposal | $ 300 | |
| Gain (loss) on disposal, location | NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST | |
| ANTIC and BNT | ||
| Expenses | ||
| Gain (loss) on disposal | $ 12,800 | |
| Lender Services Segment | ||
| Expenses | ||
| Gain (loss) on disposal | 11,700 | |
| Commercial Originations Segment | ||
| Expenses | ||
| Gain (loss) on disposal | (800) | |
| Discontinued Operations | Mortgage Originations, Commercial Originations and Lenders Services Segments | ||
| Portfolio interest income | ||
| Interest income | 0 | 824 |
| Interest expense | 0 | (966) |
| Net portfolio interest income (expense) | 0 | (142) |
| Other income (expense) | ||
| Net origination gains | 0 | 308 |
| Net fair value changes on loans and related obligations | 0 | 308 |
| Fee income | 0 | 68,138 |
| Loss on sale and other income from loans held for sale, net | 0 | (2,222) |
| Net other income (expense) | 0 | 66,224 |
| Total revenues | 0 | 66,082 |
| Expenses | ||
| Salaries, benefits, and related expenses | 0 | 51,780 |
| Loan production and portfolio related expenses | 0 | 1,224 |
| Marketing and advertising expenses | 0 | 1,042 |
| Depreciation and amortization | 0 | 5,176 |
| General and administrative expenses | 1,622 | 54,070 |
| Total expenses | 1,622 | 113,292 |
| Impairment of intangibles and other assets | 0 | (4,455) |
| Other, net | (3,105) | (1,444) |
| Net loss from discontinued operations before income taxes | (4,727) | (53,109) |
| Benefit for income taxes from discontinued operations | 0 | (1,200) |
| Net loss from discontinued operations | (4,727) | (51,909) |
| Net loss from discontinued operations attributable to noncontrolling interest | (2,719) | (33,108) |
| NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST | $ (2,008) | $ (18,801) |
Discontinued Operations - Cash Flows Disclosures (Details) - Discontinued Operations - Mortgage Originations, Commercial Originations and Lenders Services Segments $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| (Gain) loss on sale and other income from loans held for sale, net | $ (2,222) |
| Unrealized fair value changes on loans, related obligations, and derivatives | 308 |
| Impairment of intangibles and other assets | 4,455 |
| Depreciation and amortization | 5,176 |
| Acquisition of fixed assets | $ 1,815 |
Variable Interest Entities and Securitizations - Narrative (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| HAWT Two Thousand And Twenty One Inv One Securitization | ||
| Variable Interest Entity [Line Items] | ||
| Beneficial interest in securitized trust (in percent) | 5.00% | |
| Mortgage Loan | ||
| Variable Interest Entity [Line Items] | ||
| Charge-off expenses on transferred mortgage loan | $ 0 | $ 0 |
| Mortgage Loan | FAR | ||
| Variable Interest Entity [Line Items] | ||
| Repayments of debt | 1,900,000,000 | |
| Mortgage Loan | FAM | ||
| Variable Interest Entity [Line Items] | ||
| Repayments of debt | 45,600,000 | |
| Mortgage Loan | Financial Asset 60 Days Or Less Past Due | ||
| Variable Interest Entity [Line Items] | ||
| Mortgage loans transferred to unconsolidated securitization trusts amount | $ 200,000 | $ 700,000 |
Variable Interest Entities and Securitizations - Summary of the Assets and Liabilities of the Company's Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| ASSETS | ||
| Restricted cash | $ 254,585 | $ 178,319 |
| Loans held for investment, subject to nonrecourse debt, at fair value | 9,288,403 | 8,272,393 |
| Loans held for investment, at fair value | 520,103 | 575,228 |
| TOTAL ASSETS | 29,156,490 | 27,107,590 |
| LIABILITIES | ||
| Nonrecourse debt, at fair value | 8,954,068 | 7,904,200 |
| Other financing lines of credit | 918,247 | 928,479 |
| TOTAL LIABILITIES | 28,840,826 | 26,835,183 |
| Variable Interest Entity, Primary Beneficiary | ||
| ASSETS | ||
| Restricted cash | 248,905 | 168,010 |
| Loans held for investment, subject to nonrecourse debt, at fair value | 8,904,303 | 7,881,566 |
| Loans held for investment, at fair value | 168,641 | 0 |
| Other assets, net | 53,400 | 68,178 |
| TOTAL ASSETS | 9,375,249 | 8,117,754 |
| LIABILITIES | ||
| Nonrecourse debt, at fair value | 8,588,301 | 7,531,412 |
| Other financing lines of credit | 136,157 | 0 |
| Payables and other liabilities | 1,277 | 546 |
| TOTAL LIABILITIES | 8,725,735 | 7,531,958 |
| Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||
| ASSETS | ||
| Restricted cash | 248,905 | 168,010 |
| Loans held for investment, subject to nonrecourse debt, at fair value | 8,904,303 | 7,881,566 |
| Loans held for investment, at fair value | 168,641 | 0 |
| Other assets, net | 53,400 | 68,178 |
| TOTAL ASSETS | 9,375,249 | 8,117,754 |
| LIABILITIES | ||
| Nonrecourse debt, at fair value | 8,947,378 | 7,859,065 |
| Other financing lines of credit | 136,157 | 0 |
| Payables and other liabilities | 1,277 | 546 |
| TOTAL LIABILITIES | 9,084,812 | 7,859,611 |
| Retained bonds and beneficial interests eliminated in consolidation | (359,077) | (327,653) |
| TOTAL CONSOLIDATED LIABILITIES | $ 8,725,735 | $ 7,531,958 |
Variable Interest Entities and Securitizations - Summary Of Unconsolidated VIEs (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Assets | $ 29,156,490 | $ 27,107,590 |
| Liabilities | 28,840,826 | 26,835,183 |
| Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 440,973 | 440,331 |
| Liabilities | 374,071 | 368,343 |
| Maximum exposure to loss | 66,902 | 71,988 |
| Total assets in VIEs | 1,341,769 | 1,397,709 |
| Variable Interest Entity, Not Primary Beneficiary | Retained interests | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 47,568 | 50,774 |
| Liabilities | 0 | 0 |
| Maximum exposure to loss | 47,568 | 50,774 |
| Total assets in VIEs | 948,364 | 1,008,152 |
| Variable Interest Entity, Not Primary Beneficiary | Loans and nonrecourse liability | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 393,405 | 389,557 |
| Liabilities | 374,071 | 368,343 |
| Maximum exposure to loss | 19,334 | 21,214 |
| Total assets in VIEs | $ 393,405 | $ 389,557 |
Fair Value - Weighted Average Unobservable Assumptions Used In The Fair Value Measurements (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Weighted Average | WAL (in years) | ||
| Unobservable Assumptions | ||
| Retained bonds, measurement input | 3.5 | 4.9 |
| Weighted Average | Discount rate | ||
| Unobservable Assumptions | ||
| Retained bonds, measurement input | 0.073 | 0.067 |
| Weighted Average | Discount rate | TRA obligation | ||
| Unobservable Assumptions | ||
| Deferred purchase price liabilities, measurement input | 0.281 | 0.330 |
| Weighted Average | Loans held for investment, subject to HMBS related obligations | WAL (in years) | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 3.0 | 3.4 |
| Weighted Average | Loans held for investment, subject to HMBS related obligations | CPR | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.216 | 0.201 |
| Weighted Average | Loans held for investment, subject to HMBS related obligations | Loss frequency | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.044 | 0.045 |
| Weighted Average | Loans held for investment, subject to HMBS related obligations | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.035 | 0.035 |
| Weighted Average | Loans held for investment, subject to HMBS related obligations | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.053 | 0.050 |
| Weighted Average | Loans held for investment, subject to HMBS related obligations | Average draw rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.011 | 0.011 |
| Weighted Average | Non-agency reverse mortgage loans - securitized | WAL (in years) | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 10.1 | 9.7 |
| Weighted Average | Non-agency reverse mortgage loans - securitized | CPR | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.148 | 0.147 |
| Weighted Average | Non-agency reverse mortgage loans - securitized | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.100 | 0.100 |
| Weighted Average | Non-agency reverse mortgage loans - securitized | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.070 | 0.069 |
| Weighted Average | Non-agency reverse mortgage loans - securitized | LTV | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.472 | 0.459 |
| Weighted Average | Non-agency reverse mortgage loans - securitized | HPA | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.036 | 0.033 |
| Weighted Average | HECM buyouts - securitized (performing) | WAL (in years) | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 7.1 | 7.4 |
| Weighted Average | HECM buyouts - securitized (performing) | CPR | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.151 | 0.151 |
| Weighted Average | HECM buyouts - securitized (performing) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.047 | 0.069 |
| Weighted Average | HECM buyouts - securitized (performing) | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.080 | 0.082 |
| Weighted Average | HECM buyouts - securitized (nonperforming) | WAL (in years) | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 1.5 | 1.6 |
| Weighted Average | HECM buyouts - securitized (nonperforming) | CPR | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.400 | 0.398 |
| Weighted Average | HECM buyouts - securitized (nonperforming) | Loss frequency | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.456 | 0.510 |
| Weighted Average | HECM buyouts - securitized (nonperforming) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.052 | 0.064 |
| Weighted Average | HECM buyouts - securitized (nonperforming) | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.080 | 0.086 |
| Weighted Average | Commercial mortgage loans - securitized | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.207 | 0.165 |
| Weighted Average | Commercial mortgage loans - securitized | SMM | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.082 | 0.107 |
| Weighted Average | Commercial mortgage loans - securitized | Loss rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.075 | 0.010 |
| Weighted Average | Non-agency reverse mortgage loans | WAL (in years) | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 10.5 | 12.1 |
| Weighted Average | Non-agency reverse mortgage loans | CPR | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.162 | 0.144 |
| Weighted Average | Non-agency reverse mortgage loans | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.100 | 0.100 |
| Weighted Average | Non-agency reverse mortgage loans | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.071 | 0.069 |
| Weighted Average | Non-agency reverse mortgage loans | LTV | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.351 | 0.338 |
| Weighted Average | Non-agency reverse mortgage loans | HPA | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.035 | 0.031 |
| Weighted Average | HECM buyouts (nonperforming) | WAL (in years) | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 1.5 | 1.5 |
| Weighted Average | HECM buyouts (nonperforming) | CPR | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.438 | 0.415 |
| Weighted Average | HECM buyouts (nonperforming) | Loss frequency | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.479 | 0.482 |
| Weighted Average | HECM buyouts (nonperforming) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.105 | 0.051 |
| Weighted Average | HECM buyouts (nonperforming) | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.080 | 0.086 |
| Weighted Average | Commercial mortgage loans | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.132 | |
| Weighted Average | Commercial mortgage loans | SMM | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.736 | |
| Weighted Average | Commercial mortgage loans | CDR | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.256 | |
| Weighted Average | HMBS related obligations | WAL (in years) | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 3.8 | 4.1 |
| Weighted Average | HMBS related obligations | CPR | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.248 | 0.238 |
| Weighted Average | HMBS related obligations | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.052 | 0.050 |
| Weighted Average | Securitized non-agency reverse | WAL (in years) | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 3.7 | 4.5 |
| Weighted Average | Securitized non-agency reverse | CPR | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.173 | 0.147 |
| Weighted Average | Securitized non-agency reverse | Discount rate | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.067 | 0.070 |
| Weighted Average | Performing/Nonperforming HECM securitizations | WAL (in years) | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 1.0 | 0.9 |
| Weighted Average | Performing/Nonperforming HECM securitizations | CPR | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.186 | 0.219 |
| Weighted Average | Performing/Nonperforming HECM securitizations | Discount rate | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.075 | 0.100 |
| Weighted Average | Nonrecourse commercial loan financing liability | Discount rate | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.086 | 0.091 |
| Weighted Average | Nonrecourse commercial loan financing liability | Weighted average SMM | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.654 | 0.333 |
| Minimum | WAL (in years) | ||
| Unobservable Assumptions | ||
| Retained bonds, measurement input | 2.3 | |
| Minimum | Discount rate | ||
| Unobservable Assumptions | ||
| Retained bonds, measurement input | (0.013) | (0.312) |
| Minimum | Loans held for investment, subject to HMBS related obligations | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.034 | 0.034 |
| Minimum | Non-agency reverse mortgage loans - securitized | LTV | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.000 | 0.000 |
| Minimum | Non-agency reverse mortgage loans - securitized | HPA | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | (0.056) | (0.098) |
| Minimum | HECM buyouts - securitized (performing) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.034 | 0.034 |
| Minimum | HECM buyouts - securitized (nonperforming) | Loss frequency | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.231 | 0.231 |
| Minimum | HECM buyouts - securitized (nonperforming) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.034 | 0.034 |
| Minimum | Non-agency reverse mortgage loans | LTV | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.059 | 0.039 |
| Minimum | Non-agency reverse mortgage loans | HPA | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | (0.056) | (0.098) |
| Minimum | HECM buyouts (nonperforming) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.034 | 0.034 |
| Minimum | Commercial mortgage loans | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.096 | |
| Minimum | Securitized non-agency reverse | WAL (in years) | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.1 | 0.8 |
| Minimum | Securitized non-agency reverse | CPR | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.106 | |
| Minimum | Performing/Nonperforming HECM securitizations | CPR | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.215 | |
| Maximum | WAL (in years) | ||
| Unobservable Assumptions | ||
| Retained bonds, measurement input | 23.4 | |
| Maximum | Discount rate | ||
| Unobservable Assumptions | ||
| Retained bonds, measurement input | 0.153 | 0.123 |
| Maximum | Loans held for investment, subject to HMBS related obligations | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.159 | 0.129 |
| Maximum | Non-agency reverse mortgage loans - securitized | LTV | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.980 | 0.796 |
| Maximum | Non-agency reverse mortgage loans - securitized | HPA | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.083 | 0.076 |
| Maximum | HECM buyouts - securitized (performing) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.159 | 0.128 |
| Maximum | HECM buyouts - securitized (nonperforming) | Loss frequency | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 1.000 | 1.000 |
| Maximum | HECM buyouts - securitized (nonperforming) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.159 | 0.128 |
| Maximum | Non-agency reverse mortgage loans | LTV | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.706 | 0.538 |
| Maximum | Non-agency reverse mortgage loans | HPA | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.083 | 0.076 |
| Maximum | HECM buyouts (nonperforming) | Loss severity | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.159 | 0.128 |
| Maximum | Commercial mortgage loans | Discount rate | ||
| Unobservable Assumptions | ||
| Loans held-for-investment, measurement input | 0.200 | |
| Maximum | Securitized non-agency reverse | WAL (in years) | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 10.9 | 11.2 |
| Maximum | Securitized non-agency reverse | CPR | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.223 | |
| Maximum | Performing/Nonperforming HECM securitizations | CPR | ||
| Unobservable Assumptions | ||
| Long-term debt, measurement input | 0.223 |
Fair Value - Summary Of Recognized Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets | ||
| Retained bonds | $ 40,407 | $ 44,297 |
| Loans held for sale - residential mortgage loans | 3,454 | 4,246 |
| Fair Value, Recurring | ||
| Assets | ||
| Retained bonds | 40,407 | 44,297 |
| Total assets | 28,522,329 | 26,451,993 |
| Liabilities | ||
| HMBS related obligations | 18,444,370 | 17,353,720 |
| Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability | 8,950,445 | 7,876,932 |
| Nonrecourse commercial loan financing liability | 3,623 | 27,268 |
| Deferred purchase price liabilities | 13,370 | 4,318 |
| TRA obligation | 3,314 | 4,537 |
| Total liabilities | 27,415,122 | 25,267,925 |
| Fair Value, Recurring | Level 1 | ||
| Assets | ||
| Retained bonds | 0 | 0 |
| Total assets | 0 | 0 |
| Liabilities | ||
| HMBS related obligations | 0 | 0 |
| Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability | 0 | 0 |
| Nonrecourse commercial loan financing liability | 0 | 0 |
| Deferred purchase price liabilities | 0 | 0 |
| TRA obligation | 0 | 0 |
| Total liabilities | 0 | 1,150 |
| Fair Value, Recurring | Level 2 | ||
| Assets | ||
| Retained bonds | 0 | 0 |
| Total assets | 3,454 | 4,876 |
| Liabilities | ||
| HMBS related obligations | 0 | 0 |
| Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability | 0 | 0 |
| Nonrecourse commercial loan financing liability | 0 | 0 |
| Deferred purchase price liabilities | 0 | 0 |
| TRA obligation | 0 | 0 |
| Total liabilities | 0 | 0 |
| Fair Value, Recurring | Level 3 | ||
| Assets | ||
| Retained bonds | 40,407 | 44,297 |
| Total assets | 28,518,875 | 26,447,117 |
| Liabilities | ||
| HMBS related obligations | 18,444,370 | 17,353,720 |
| Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability | 8,950,445 | 7,876,932 |
| Nonrecourse commercial loan financing liability | 3,623 | 27,268 |
| Deferred purchase price liabilities | 13,370 | 4,318 |
| TRA obligation | 3,314 | 4,537 |
| Total liabilities | 27,415,122 | 25,266,775 |
| Fair Value, Recurring | Loans held for investment, subject to HMBS related obligations | ||
| Assets | ||
| Loans held for investment, at fair value | 18,669,962 | 17,548,763 |
| Fair Value, Recurring | Loans held for investment, subject to HMBS related obligations | Level 1 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Loans held for investment, subject to HMBS related obligations | Level 2 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Loans held for investment, subject to HMBS related obligations | Level 3 | ||
| Assets | ||
| Loans held for investment, at fair value | 18,669,962 | 17,548,763 |
| Fair Value, Recurring | Reverse mortgage loans | ||
| Assets | ||
| Loans held for investment, at fair value | 9,268,866 | 8,138,403 |
| Fair Value, Recurring | Reverse mortgage loans | Level 1 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Reverse mortgage loans | Level 2 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Reverse mortgage loans | Level 3 | ||
| Assets | ||
| Loans held for investment, at fair value | 9,268,866 | 8,138,403 |
| Fair Value, Recurring | Commercial mortgage loans | ||
| Assets | ||
| Loans held for investment, at fair value | 19,537 | 133,990 |
| Fair Value, Recurring | Commercial mortgage loans | Level 1 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Commercial mortgage loans | Level 2 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Commercial mortgage loans | Level 3 | ||
| Assets | ||
| Loans held for investment, at fair value | 19,537 | 133,990 |
| Fair Value, Recurring | Reverse mortgage loans | ||
| Assets | ||
| Loans held for investment, at fair value | 519,948 | 574,271 |
| Fair Value, Recurring | Reverse mortgage loans | Level 1 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Reverse mortgage loans | Level 2 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Reverse mortgage loans | Level 3 | ||
| Assets | ||
| Loans held for investment, at fair value | 519,948 | 574,271 |
| Fair Value, Recurring | Commercial mortgage loans | ||
| Assets | ||
| Loans held for investment, at fair value | 155 | 957 |
| Fair Value, Recurring | Commercial mortgage loans | Level 1 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Commercial mortgage loans | Level 2 | ||
| Assets | ||
| Loans held for investment, at fair value | 0 | 0 |
| Fair Value, Recurring | Commercial mortgage loans | Level 3 | ||
| Assets | ||
| Loans held for investment, at fair value | 155 | 957 |
| Fair Value, Recurring | Loans held for sale - residential mortgage loans | ||
| Assets | ||
| Loans held for sale - residential mortgage loans | 3,454 | 4,246 |
| Fair Value, Recurring | Loans held for sale - residential mortgage loans | Level 1 | ||
| Assets | ||
| Loans held for sale - residential mortgage loans | 0 | 0 |
| Fair Value, Recurring | Loans held for sale - residential mortgage loans | Level 2 | ||
| Assets | ||
| Loans held for sale - residential mortgage loans | 3,454 | 4,246 |
| Fair Value, Recurring | Loans held for sale - residential mortgage loans | Level 3 | ||
| Assets | ||
| Loans held for sale - residential mortgage loans | $ 0 | 0 |
| Fair Value, Recurring | MSR | ||
| Assets | ||
| MSR | 6,436 | |
| Fair Value, Recurring | MSR | Level 1 | ||
| Assets | ||
| MSR | 0 | |
| Fair Value, Recurring | MSR | Level 2 | ||
| Assets | ||
| MSR | 0 | |
| Fair Value, Recurring | MSR | Level 3 | ||
| Assets | ||
| MSR | 6,436 | |
| Fair Value, Recurring | Loan purchase commitments | ||
| Assets | ||
| Loan purchase commitments | 630 | |
| Fair Value, Recurring | Loan purchase commitments | Level 1 | ||
| Assets | ||
| Loan purchase commitments | 0 | |
| Fair Value, Recurring | Loan purchase commitments | Level 2 | ||
| Assets | ||
| Loan purchase commitments | 630 | |
| Fair Value, Recurring | Loan purchase commitments | Level 3 | ||
| Assets | ||
| Loan purchase commitments | 0 | |
| Fair Value, Recurring | Warrant liability | ||
| Liabilities | ||
| Warrant liability | 1,150 | |
| Fair Value, Recurring | Warrant liability | Level 1 | ||
| Liabilities | ||
| Warrant liability | 1,150 | |
| Fair Value, Recurring | Warrant liability | Level 2 | ||
| Liabilities | ||
| Warrant liability | 0 | |
| Fair Value, Recurring | Warrant liability | Level 3 | ||
| Liabilities | ||
| Warrant liability | $ 0 |
Fair Value - Assets and Liabilities Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Details) - Level 3 - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Loans held for investment | ||
| Assets | ||
| Beginning balance | $ 18,123,991 | $ 12,022,098 |
| Total gain (loss) included in earnings | 1,592,998 | 1,003,208 |
| Purchases and additions | 2,894,673 | 8,640,881 |
| Sales and settlements | (2,120,036) | (1,927,773) |
| Transfers in (out) between categories | (1,301,561) | (1,614,423) |
| Ending balance | 19,190,065 | 18,123,991 |
| Loans held for investment, subject to nonrecourse debt | ||
| Assets | ||
| Beginning balance | 8,272,393 | 7,454,638 |
| Total gain (loss) included in earnings | 573,140 | 506,993 |
| Purchases and additions | 41,134 | 76,031 |
| Sales and settlements | (922,355) | (1,349,682) |
| Transfers in (out) between categories | 1,324,091 | 1,584,413 |
| Ending balance | 9,288,403 | 8,272,393 |
| Loans held for sale | ||
| Assets | ||
| Beginning balance | 0 | 161,861 |
| Total gain (loss) included in earnings | (2,253) | |
| Purchases and additions | 40,468 | |
| Sales and settlements | (218,238) | |
| Transfers in (out) between categories | 18,162 | |
| Ending balance | 0 | |
| MSR | ||
| Assets | ||
| Beginning balance | 6,436 | 95,096 |
| Total gain (loss) included in earnings | (920) | (2,582) |
| Purchases and additions | 0 | 405 |
| Sales and settlements | (5,516) | (86,483) |
| Transfers in (out) between categories | 0 | 0 |
| Ending balance | 0 | 6,436 |
| Retained bonds | ||
| Assets | ||
| Beginning balance | 44,297 | 46,439 |
| Total gain (loss) included in earnings | (684) | 847 |
| Purchases and additions | 0 | 0 |
| Sales and settlements | (3,206) | (2,989) |
| Transfers in (out) between categories | 0 | 0 |
| Ending balance | 40,407 | 44,297 |
| Purchase commitments | ||
| Assets | ||
| Beginning balance | 0 | 9,356 |
| Total gain (loss) included in earnings | 0 | |
| Purchases and additions | 0 | |
| Sales and settlements | (9,356) | |
| Transfers in (out) between categories | 0 | |
| Ending balance | 0 | |
| HMBS related obligations | ||
| Liabilities | ||
| Beginning balance | (17,353,720) | (10,996,755) |
| Total gain (loss) included in earnings | (1,340,956) | (785,928) |
| Purchases and additions | (2,003,170) | (7,495,167) |
| Settlements | 2,253,476 | 1,924,130 |
| Ending balance | (18,444,370) | (17,353,720) |
| Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability | ||
| Liabilities | ||
| Beginning balance | (7,876,932) | (7,175,857) |
| Total gain (loss) included in earnings | (428,840) | (431,248) |
| Purchases and additions | (1,462,646) | (1,701,349) |
| Settlements | 817,973 | 1,431,522 |
| Ending balance | (8,950,445) | (7,876,932) |
| Nonrecourse commercial loan financing liability | ||
| Liabilities | ||
| Beginning balance | (27,268) | (106,758) |
| Total gain (loss) included in earnings | 10,245 | 860 |
| Purchases and additions | 0 | (27,565) |
| Settlements | 13,400 | 106,195 |
| Ending balance | (3,623) | (27,268) |
| Nonrecourse MSR financing liability | ||
| Liabilities | ||
| Beginning balance | 0 | (60,562) |
| Total gain (loss) included in earnings | 748 | |
| Purchases and additions | 0 | |
| Settlements | 59,814 | |
| Ending balance | 0 | |
| Deferred purchase price liabilities | ||
| Liabilities | ||
| Beginning balance | (4,318) | (137) |
| Total gain (loss) included in earnings | (9,189) | 69 |
| Purchases and additions | 0 | (4,385) |
| Settlements | 137 | 135 |
| Ending balance | (13,370) | (4,318) |
| TRA obligation | ||
| Liabilities | ||
| Beginning balance | (4,537) | (3,781) |
| Total gain (loss) included in earnings | 1,223 | (756) |
| Purchases and additions | 0 | 0 |
| Settlements | 0 | 0 |
| Ending balance | $ (3,314) | $ (4,537) |
Fair Value - Summary of Fair Value and Unpaid Principal Balance ("UPB") of Financial Assets and Liabilities With Elected Fair Value Option (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Estimated Fair Value | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | $ 18,669,962 | $ 17,548,763 |
| Estimated Fair Value | Loans held for investment | Reverse mortgage loans | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 519,948 | 574,271 |
| Estimated Fair Value | Loans held for investment | Commercial mortgage loans | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 155 | 957 |
| Estimated Fair Value | Loans held for sale | Loans held for sale - residential mortgage loans | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 3,454 | 4,246 |
| Estimated Fair Value | HMBS related obligations | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Liabilities at fair value under the fair value option | 18,444,370 | 17,353,720 |
| Estimated Fair Value | Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Liabilities at fair value under the fair value option | 8,950,445 | 7,876,932 |
| Estimated Fair Value | Nonrecourse commercial loan financing liability | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Liabilities at fair value under the fair value option | 3,623 | 27,268 |
| Estimated Fair Value | Reverse mortgage loans | Loans held for investment, subject to nonrecourse debt, at fair value | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 9,268,866 | 8,138,403 |
| Estimated Fair Value | Commercial mortgage loans | Loans held for investment, subject to nonrecourse debt, at fair value | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 19,537 | 133,990 |
| Unpaid Principal Balance | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 17,652,495 | 16,875,437 |
| Unpaid Principal Balance | Loans held for investment | Reverse mortgage loans | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 503,727 | 558,577 |
| Unpaid Principal Balance | Loans held for investment | Commercial mortgage loans | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 222 | 1,044 |
| Unpaid Principal Balance | Loans held for sale | Loans held for sale - residential mortgage loans | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 4,331 | 9,247 |
| Unpaid Principal Balance | HMBS related obligations | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Liabilities at fair value under the fair value option | 17,652,495 | 16,875,437 |
| Unpaid Principal Balance | Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Liabilities at fair value under the fair value option | 9,351,132 | 8,429,135 |
| Unpaid Principal Balance | Nonrecourse commercial loan financing liability | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Liabilities at fair value under the fair value option | 12,787 | 26,661 |
| Unpaid Principal Balance | Reverse mortgage loans | Loans held for investment, subject to nonrecourse debt, at fair value | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | 9,186,447 | 8,257,750 |
| Unpaid Principal Balance | Commercial mortgage loans | Loans held for investment, subject to nonrecourse debt, at fair value | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Assets at fair value under the fair value option | $ 32,250 | $ 136,622 |
Fair Value - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Notes payable, related party | $ 374,511 | $ 410,911 |
| Notes payable, fair value | 467,900 | $ 345,600 |
| Senior Notes | Senior Secured Notes | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Notes payable, fair value | 185,600 | |
| Senior Notes | Exchangeable Secured Notes | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Notes payable, fair value | $ 191,100 |
Reverse Mortgage Portfolio Composition - Summary of the Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Reverse mortgage loans held for investment, subject to HMBS related obligations | $ 17,652,495 | $ 16,875,437 |
| Reverse mortgage loans held for investment, subject to nonrecourse debt | 9,186,447 | 8,257,750 |
| Reverse mortgage loans held for investment | 503,727 | 558,577 |
| Serviced reverse mortgage loan portfolio | $ 27,476,567 | 25,951,142 |
| Maximum | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Percentage of unpoolable loan | 98.00% | |
| Total owned reverse mortgage portfolio | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Serviced reverse mortgage loan portfolio | $ 27,342,669 | 25,691,764 |
| Loans reclassified as government guaranteed receivable | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Serviced reverse mortgage loan portfolio | 45,773 | 94,636 |
| Loans serviced for others | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Serviced reverse mortgage loan portfolio | 88,125 | 164,742 |
| Nonperforming HECM buyouts | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Nonperforming HECM buyouts | 408,614 | 409,965 |
| Non-agency reverse mortgages | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Reverse mortgage loans held for investment, subject to nonrecourse debt | 8,567,792 | 7,631,601 |
| Non-agency reverse mortgages | Maximum | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Reverse mortgage loans held for investment, subject to nonrecourse debt | 4,000 | |
| Performing HECM buyouts | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Reverse mortgage loans held for investment, subject to nonrecourse debt | 210,041 | 216,184 |
| Non-agency reverse mortgages | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Reverse mortgage loans held for investment | 270,956 | 241,424 |
| HECM loans not securitized | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Reverse mortgage loans held for investment | 101,100 | 101,820 |
| Unpoolable HECM loans | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Reverse mortgage loans held for investment | $ 131,671 | $ 215,333 |
Reverse Mortgage Portfolio Composition - Summarizes the Owned Reverse Mortgage Portfolio by Product Type (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Owned reverse mortgage portfolio | $ 27,342,669 | $ 25,691,764 |
| Adjustable rate loans | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Owned reverse mortgage portfolio | 19,966,185 | 18,874,588 |
| Fixed rate loans | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Owned reverse mortgage portfolio | $ 7,376,484 | $ 6,817,176 |
Reverse Mortgage Portfolio Composition - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Foreclosure proceedings in process, amount | $ 497.6 | $ 478.8 |
| Loans serviced for others | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Foreclosure proceedings in process, amount | $ 7.1 | $ 46.2 |
Loans, at Fair Value - Loans Held For Investment And Held For Sale (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loans held for investment, subject to HMBS related obligations | ||
| Unpaid Principal Balance | $ 17,652,495 | $ 16,875,437 |
| Fair Value Adjustments | 1,017,467 | 673,326 |
| Estimated Fair Value | 18,669,962 | 17,548,763 |
| Loans held for investment, subject to nonrecourse debt: | ||
| Unpaid Principal Balance | 9,218,697 | 8,394,372 |
| Fair Value Adjustments | 69,706 | (121,979) |
| Estimated Fair Value | 9,288,403 | 8,272,393 |
| Loans held for investment | ||
| Unpaid Principal Balance | 503,949 | 559,621 |
| Fair Value Adjustments | 16,154 | 15,607 |
| Estimated Fair Value | 520,103 | 575,228 |
| Loans held for sale | ||
| Total loan portfolio, Unpaid Principal Balance | 27,379,472 | 25,838,677 |
| Total loan portfolio, Fair Value Adjustments | 1,102,450 | 561,953 |
| Total loan portfolio, Estimated Fair Value | 28,481,922 | 26,400,630 |
| Reverse mortgage loans | ||
| Loans held for investment, subject to nonrecourse debt: | ||
| Unpaid Principal Balance | 9,186,447 | 8,257,750 |
| Fair Value Adjustments | 82,419 | (119,347) |
| Estimated Fair Value | 9,268,866 | 8,138,403 |
| Loans held for investment | ||
| Unpaid Principal Balance | 503,727 | 558,577 |
| Fair Value Adjustments | 16,221 | 15,694 |
| Estimated Fair Value | 519,948 | 574,271 |
| Commercial mortgage loans | ||
| Loans held for investment, subject to nonrecourse debt: | ||
| Unpaid Principal Balance | 32,250 | 136,622 |
| Fair Value Adjustments | (12,713) | (2,632) |
| Estimated Fair Value | 19,537 | 133,990 |
| Loans held for investment | ||
| Unpaid Principal Balance | 222 | 1,044 |
| Fair Value Adjustments | (67) | (87) |
| Estimated Fair Value | 155 | 957 |
| Loans held for sale - residential mortgage loans | ||
| Loans held for sale | ||
| Unpaid Principal Balance | 4,331 | 9,247 |
| Fair Value Adjustments | (877) | (5,001) |
| Estimated Fair Value | 3,454 | 4,246 |
| Pledged As Collateral, Financing Lines Of Credit | ||
| Loans held for investment | ||
| Unpaid Principal Balance | $ 451,300 | $ 487,900 |
Loans, at Fair Value - Loans That Were Greater Than 90 Days Past Due And On Non-Accrual Status (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loans held for sale | ||
| Total loans 90 days or more past due and on non-accrual status, Unpaid Principal Balance | $ 33,894 | $ 38,439 |
| Total loans 90 days or more past due and on non-accrual status, Estimated Fair Value | 20,801 | 31,672 |
| Total loans 90 days or more past due and on non-accrual status, Difference | (13,093) | (6,767) |
| Commercial mortgage loans | ||
| Loans held for investment, subject to nonrecourse debt: | ||
| Unpaid Principal Balance | 32,067 | 34,115 |
| Estimated Fair Value | 19,362 | 31,244 |
| Difference | (12,705) | (2,871) |
| Loans held for investment | ||
| Unpaid Principal Balance | 222 | |
| Estimated Fair Value | 155 | |
| Difference | (67) | |
| Loans held for sale - residential mortgage loans | ||
| Loans held for sale | ||
| Unpaid Principal Balance | 1,605 | 4,324 |
| Estimated Fair Value | 1,284 | 428 |
| Difference | $ (321) | $ (3,896) |
Loans, at Fair Value - Summary Of Reconciliation Of Changes In Loans Held For Sale (Detail) - Loans Held-For-Sale - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Fair Value, Option, Loans Held As Assets [Roll Forward] | ||
| Beginning balance | $ 4,246 | $ 173,984 |
| Originations/purchases/repurchases | 9,877 | 192,789 |
| Proceeds from sales | (10,971) | (376,056) |
| Net transfers related to loans held for sale | 0 | 15,580 |
| Net transfers related to discontinued operations | 0 | 12,525 |
| Gain (loss) on loans held for sale, net | 302 | (24,542) |
| Net fair value changes on loans held for sale | 0 | 9,966 |
| Ending balance | $ 3,454 | $ 4,246 |
Mortgage Servicing Rights, at Fair Value - Summary of Servicing Portfolio and its Activities (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2024 |
|
| Servicing Assets at Fair Value [Line Items] | ||
| Servicing rights | $ 1,056,660 | $ 0 |
| Weighted average interest rate | 3.71% | |
| Fannie Mae/Freddie Mac | ||
| Servicing Assets at Fair Value [Line Items] | ||
| Servicing rights | $ 124,435 | 0 |
| Ginnie Mae | ||
| Servicing Assets at Fair Value [Line Items] | ||
| Servicing rights | 285 | 0 |
| Private investors | ||
| Servicing Assets at Fair Value [Line Items] | ||
| Servicing rights | $ 931,940 | $ 0 |
Mortgage Servicing Rights, at Fair Value - Rollforward Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Servicing Asset at Fair Value, Amount [Roll Forward] | ||
| Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration] | Fee income | |
| Changes in fair value due to: | ||
| Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration] | Fee income | |
| Capitalized servicing rights | ||
| Servicing Asset at Fair Value, Amount [Roll Forward] | ||
| Beginning balance | $ 1,056,660 | $ 8,602,338 |
| Originations | 0 | 42,011 |
| Sales | (1,044,708) | (7,416,568) |
| Payoffs MSR | (4,925) | (75,527) |
| Other | (7,027) | (95,594) |
| Changes in fair value due to: | ||
| Changes in fair value due to portfolio runoff and other | (7,027) | (95,594) |
| Ending balance | 0 | 1,056,660 |
| MSR | ||
| Servicing Asset at Fair Value, Amount [Roll Forward] | ||
| Beginning balance | 6,436 | 95,096 |
| Originations | 0 | 405 |
| Sales | (5,516) | (86,483) |
| Other | (68) | (1,568) |
| Changes in fair value due to: | ||
| Changes in market inputs or assumptions used in valuation model | (852) | (1,014) |
| Changes in fair value due to portfolio runoff and other | (68) | (1,568) |
| Ending balance | $ 0 | $ 6,436 |
Mortgage Servicing Rights, at Fair Value - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Transfers and Servicing [Abstract] | ||
| Contractually specified servicing fees, late fees, and other ancillary servicing revenue | $ 0.3 | $ 2.9 |
Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Finite-Lived Intangible Assets [Line Items] | ||
| Accumulated Amortization | $ (139,458) | $ (102,269) |
| Total future amortization expense | 195,242 | |
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
| Intangible assets, gross | 355,800 | 362,200 |
| Accumulated Amortization | (139,458) | (102,269) |
| Impairment | $ 0 | $ (6,400) |
| Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment Of Intangible Assets And Other Assets | Impairment Of Intangible Assets And Other Assets |
| Intangible assets, net | $ 216,342 | $ 253,531 |
| Trade name | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Intangible assets | 21,100 | 27,500 |
| Impairment | 0 | (6,400) |
| Intangible assets, net | $ 21,100 | $ 21,100 |
| Broker/customer relationships | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization Period (Years) | 9 years | 9 years |
| Intangible assets, cost | $ 334,700 | $ 334,700 |
| Accumulated Amortization | (139,458) | (102,269) |
| Impairment | 0 | 0 |
| Total future amortization expense | 195,242 | 232,431 |
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
| Accumulated Amortization | $ (139,458) | $ (102,269) |
Intangible Assets, Net - Narrative (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Indefinite-lived Intangible Assets [Line Items] | ||
| Amortization expense | $ 37,200,000 | $ 37,200,000 |
| Portfolio Management | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 0 | $ 6,400,000 |
Intangible Assets, Net - Schedule of Estimated Amortization (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2025 | $ 37,189 |
| 2026 | 37,189 |
| 2027 | 37,189 |
| 2028 | 37,189 |
| 2029 | 37,189 |
| Thereafter | 9,297 |
| Total future amortization expense | $ 195,242 |
Other Assets, Net - Summary Of Other Assets, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Other Assets, Net [Line Items] | |||
| Government guaranteed receivables | $ 41,948 | $ 76,646 | |
| Retained bonds, at fair value (Note 6 - Fair Value) | 40,407 | 44,297 | |
| Receivables, net of allowance of $3,135 and $4,615, respectively | 20,935 | 27,494 | |
| ROU assets (Note 16 - Leases) | 20,533 | 23,399 | |
| Prepaid expenses | 11,998 | 12,245 | |
| Fixed assets, net | 3,824 | 5,967 | |
| Loans held for sale, at fair value (Note 6 - Fair Value) | 3,454 | 4,246 | |
| Other | 14,162 | 25,423 | |
| Total other assets, net | 157,261 | 226,153 | |
| Accounts receivable, allowance for credit loss | 3,135 | 4,615 | |
| MSR | |||
| Other Assets, Net [Line Items] | |||
| MSR, at fair value (Note 9 - Mortgage Servicing Rights, at Fair Value) | $ 0 | $ 6,436 | $ 95,096 |
HMBS Related Obligations, at Fair Value - Summary of HMBS Related Obligations, At Fair Value (Detail) - Home Equity Conversion Mortgage Backed Security - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Home Equity Conversion Mortgage Backed Security Related to Obligations At Fair Value [Line Items] | ||
| Ginnie Mae loan pools - UPB | $ 17,652,495 | $ 16,875,437 |
| Fair value adjustments | 791,875 | 478,283 |
| Total HMBS related obligations, at fair value | $ 18,444,370 | $ 17,353,720 |
| WAL (in years) | 3 years 9 months 18 days | 4 years 1 month 6 days |
| Weighted average interest rate (in percent) | 6.20% | 6.60% |
HMBS Related Obligations, at Fair Value - Narrative (Details) - loanPool |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| Ginnie Mae loan pools | 2,835 | 2,552 |
Nonrecourse Debt, at Fair Value - Summary of Nonrecourse Debt at Fair Value (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Debt Instrument [Line Items] | ||
| Nonrecourse debt, at fair value | $ 8,954,068 | $ 7,904,200 |
| Nonrecourse | ||
| Debt Instrument [Line Items] | ||
| Unpaid Principal Balance | 8,989,848 | 8,087,453 |
| Nonrecourse reverse loan financing liability | 361,284 | 341,682 |
| Nonrecourse commercial loan financing liability | 12,787 | 26,661 |
| Fair value adjustments | $ (409,851) | (551,596) |
| Securitization of non-agency reverse loans | ||
| Debt Instrument [Line Items] | ||
| Issue Date | May 2018 - December 2024 | |
| Final Maturity Date | May 2050 - December 2074 | |
| Original Issue Amount | $ 10,124,527 | |
| Securitization of non-agency reverse loans | Nonrecourse | ||
| Debt Instrument [Line Items] | ||
| Unpaid Principal Balance | $ 8,304,568 | 7,331,305 |
| Securitization of non-agency reverse loans | Minimum | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 1.25% | |
| Securitization of non-agency reverse loans | Maximum | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 4.50% | |
| Securitization of performing/nonperforming HECM loans | ||
| Debt Instrument [Line Items] | ||
| Issue Date | October 2024 | |
| Final Maturity Date | October 2034 | |
| Original Issue Amount | $ 705,400 | |
| Securitization of performing/nonperforming HECM loans | Nonrecourse | ||
| Debt Instrument [Line Items] | ||
| Unpaid Principal Balance | $ 677,035 | 672,911 |
| Securitization of performing/nonperforming HECM loans | Minimum | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 4.00% | |
| Securitization of performing/nonperforming HECM loans | Maximum | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 6.00% | |
| Securitization of commercial loans | ||
| Debt Instrument [Line Items] | ||
| Issue Date | May 2024 | |
| Final Maturity Date | May 2026 | |
| Original Issue Amount | $ 39,016 | |
| Securitization of commercial loans | Nonrecourse | ||
| Debt Instrument [Line Items] | ||
| Unpaid Principal Balance | $ 8,245 | $ 83,237 |
| Securitization of commercial loans | Minimum | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 9.49% |
Nonrecourse Debt, at Fair Value - Summary Of Estimated Maturities For Nonrecourse Debt Fair Value (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| 2025 | $ 137,408 | |
| 2026 | 150,754 | |
| 2027 | 0 | |
| 2028 | 0 | |
| 2029 | 146,793 | |
| Total | 374,511 | $ 410,911 |
| Nonrecourse | ||
| Debt Instrument [Line Items] | ||
| 2025 | 1,894,677 | |
| 2026 | 3,275,588 | |
| 2027 | 1,910,275 | |
| 2028 | 524,703 | |
| 2029 | 202,745 | |
| Thereafter | 1,555,931 | |
| Total | $ 9,363,919 |
Other Financing Lines of Credit - Narrative (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Line of credit | ||
| Line of Credit Facility [Line Items] | ||
| Financing line of credit outstanding, weighted average interest rate | 7.14% | 6.90% |
| Reverse Mortgage Facilities | Maximum | ||
| Line of Credit Facility [Line Items] | ||
| Advances, threshold limit (in percent) | 100.00% | |
| Advance provided under various facilities (in percent) | 100.00% | |
| Reverse Mortgage Facilities | Minimum | ||
| Line of Credit Facility [Line Items] | ||
| Advance provided under various facilities (in percent) | 50.00% |
Other Financing Lines of Credit - Summary Of Components of Other Financing Lines of Credit (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Line of Credit Facility [Line Items] | ||
| Total Capacity | $ 1,604,860 | |
| Outstanding borrowings | 918,247 | $ 928,479 |
| Reverse Lines | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 1,571,034 | |
| Outstanding borrowings | 884,421 | 870,136 |
| Reverse Lines | April 2025 - October 2026, First And Second Lien Mortgages | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 1,080,000 | |
| Outstanding borrowings | 438,328 | 432,918 |
| Reverse Lines | Various Maturities, Mortgage Related Assets | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 381,034 | |
| Outstanding borrowings | 356,915 | 344,367 |
| Reverse Lines | October 2027, MSR | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 70,000 | |
| Outstanding borrowings | 69,231 | 69,231 |
| Reverse Lines | October 2025, Unsecuritized Tails | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 40,000 | |
| Outstanding borrowings | 19,947 | 23,620 |
| Mortgage Lines | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 33,826 | |
| Outstanding borrowings | 33,826 | 38,343 |
| Mortgage Lines | Various Maturities, Mortgage Related Assets | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 33,826 | |
| Outstanding borrowings | 33,826 | 36,208 |
| Mortgage Lines | First Lien Mortgages | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 0 | |
| Outstanding borrowings | 0 | 2,135 |
| Commercial Lines | Mortgage Related Assets | ||
| Line of Credit Facility [Line Items] | ||
| Total Capacity | 0 | |
| Outstanding borrowings | $ 0 | $ 20,000 |
Other Financing Lines of Credit - Summary Of Maximum Allowable Distributions Available To The Company Based On The Most Restrictive Of Such Financial Covenant Ratios (Details) - Related Party $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| FAM | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 15,264 | |
| Liquidity | 2,254 | |
| FAR | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 501,883 | 447,571 |
| Liquidity | $ 45,512 | $ 41,656 |
| Leverage Ratio | 2.7 | 3.0 |
| FAH | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 502,744 | $ 446,321 |
| Liquidity | $ 47,794 | $ 45,282 |
| Leverage Ratio | 2.9 | 3.3 |
| Requirement | FAM | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 10,000 | |
| Liquidity | 1,000 | |
| Requirement | FAR | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 250,000 | 250,000 |
| Liquidity | $ 40,129 | $ 40,000 |
| Leverage Ratio | 6 | 6 |
| Requirement | FAH | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 200,000 | $ 220,000 |
| Liquidity | $ 40,000 | $ 40,000 |
| Leverage Ratio | 10 | 10 |
| Maximum Allowable Distribution | FAM | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 5,264 | |
| Liquidity | 1,254 | |
| Maximum Allowable Distribution | FAR | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 251,883 | 197,571 |
| Liquidity | $ 5,383 | $ 1,656 |
| Leverage Ratio | 276,823 | 223,460,000 |
| Maximum Allowable Distribution | FAH | ||
| Debt Instrument Covenant Description [Line Items] | ||
| Adjusted Tangible Net Worth | $ 302,744 | $ 226,321 |
| Liquidity | $ 7,794 | $ 5,282 |
| Leverage Ratio | 355,886 | 297,445,000 |
Payables and Other Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Payables And Accruals [Line Items] | ||
| Accrued and other liabilities | $ 63,898 | $ 94,468 |
| Lease liabilities | 28,474 | 31,250 |
| Deferred purchase price liabilities | 18,354 | 12,780 |
| Ginnie Mae reverse mortgage buyout payable | 14,005 | 67,991 |
| Accrued compensation expense | 13,222 | 13,080 |
| Total payables and other liabilities | 137,953 | 219,569 |
| American Advisors Group (AAG) | ||
| Payables And Accruals [Line Items] | ||
| Deferred purchase price liabilities | $ 15,000 | $ 8,100 |
Leases - Operating Lease information (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| ROU assets | $ 20,533 | $ 23,399 |
| Operating lease, Right-of-use asset, Statement of Financial Position classification [Extensible List] | Other assets, net | Other assets, net |
| Lease liabilities | $ 28,474 | $ 31,250 |
| Operating lease liability, Statement of Financial Position classification [Extensible List] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
| Weighted average remaining lease term (in years) | 7 years 10 months 28 days | 8 years 6 months 14 days |
| Weighted average discount rate | 6.41% | 6.46% |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | ||
| Impairment charges | $ 0.4 | $ 1.1 |
Leases - Lease Cost and Other information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | ||
| Operating lease cost | $ 6,084 | $ 6,777 |
| Short-term lease cost | 171 | 607 |
| Total operating and short-term lease cost | 6,255 | 7,384 |
| Variable lease cost | 649 | 694 |
| Sublease income | (2,150) | (546) |
| Net lease cost | 4,754 | 7,532 |
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows from operating leases | 5,796 | 6,297 |
| Leased assets obtained in exchange for new operating lease liabilities | $ 1,322 | $ 388 |
Leases - Lease Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
| 2025 | $ 5,312 | |
| 2026 | 5,149 | |
| 2027 | 4,814 | |
| 2028 | 3,505 | |
| 2029 | 3,278 | |
| Thereafter | 14,863 | |
| Total undiscounted lease payments | 36,921 | |
| Less: Amounts representing interest | (8,447) | |
| Total lease liabilities | $ 28,474 | $ 31,250 |
Notes Payable, Net - Narrative (Details) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Oct. 31, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
note
$ / shares
|
Dec. 31, 2023
USD ($)
|
Nov. 20, 2020
USD ($)
|
|||
| Debt Instrument [Line Items] | ||||||
| Cash consideration | $ 856,555 | |||||
| Gain on extinguishment of debt | [1] | $ 56,193,000 | $ 0 | |||
| Working Capital Notes | Affiliated Entity | ||||||
| Debt Instrument [Line Items] | ||||||
| Number of promissory notes | note | 2 | |||||
| Senior Notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Gain on extinguishment of debt | $ 56,200,000 | |||||
| 2025 Unsecured Notes | Senior Notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Notes payable, gross | $ 7,378,000 | $ 350,000,000 | $ 350,000,000 | |||
| Percentage of outstanding principal amount | 0.97892 | |||||
| Interest rate (in percent) | 7.875% | |||||
| Effective interest rate (in percent) | 7.70% | 7.80% | ||||
| Senior Secured Notes | Senior Notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Notes payable, gross | $ 195,784,000 | $ 0 | ||||
| Aggregate principal amount | $ 195,783,947 | |||||
| Interest rate (in percent) | 7.875% | 7.875% | ||||
| Fee payment, percentage of principal amount of notes | 0.25% | |||||
| Redemption price as amount of notes outstanding (in dollars per share) | $ / shares | $ 0.23 | |||||
| Minimum available deposit threshold for redemption | $ 10,000,000.0 | |||||
| Redemption price (in percent) | 101.00% | |||||
| Effective interest rate (in percent) | 19.10% | |||||
| Senior Secured Notes | Senior Notes | Debt Instrument, Interest Rate, Period One | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest rate (in percent) | 7.875% | |||||
| Senior Secured Notes | Senior Notes | Debt Instrument, Interest Rate, Period Two | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest rate (in percent) | 8.875% | |||||
| Senior Secured Notes | Senior Notes | Debt Instrument, Interest Rate, Period Three | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest rate (in percent) | 9.875% | |||||
| Exchangeable Secured Notes | Senior Notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Notes payable, gross | $ 146,793,000 | $ 0 | ||||
| Aggregate principal amount | $ 146,793,000 | |||||
| Interest rate (in percent) | 10.00% | 10.00% | ||||
| Exchange rate | 0.3636364 | |||||
| Redemption price (in percent) | 101.00% | |||||
| Effective interest rate (in percent) | 13.70% | |||||
| Exchangeable Secured Notes | Senior Notes | Class A Common Stock | ||||||
| Debt Instrument [Line Items] | ||||||
| Exchange price (in dollars per share) | $ / shares | $ 27.50 | |||||
| ||||||
Notes Payable, Net - Outstanding Notes Payable (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Oct. 31, 2024 |
Dec. 31, 2023 |
Nov. 20, 2020 |
|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||
| Fair value adjustment, net of amortization | $ 0 | $ 1,781 | ||
| Less unamortized debt discount and issuance costs | (60,444) | 0 | ||
| Total | $ 374,511 | 410,911 | ||
| Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Debt discount | $ 56,200 | |||
| Senior Secured Notes | Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Interest Rate | 7.875% | 7.875% | ||
| Notes payable, gross | $ 195,784 | 0 | ||
| Less unamortized debt discount and issuance costs | $ (39,700) | |||
| Exchangeable Secured Notes | Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Interest Rate | 10.00% | 10.00% | ||
| Notes payable, gross | $ 146,793 | 0 | ||
| Less unamortized debt discount and issuance costs | $ (20,700) | |||
| Working Capital Notes | Notes Payable, Other Payables | ||||
| Debt Instrument [Line Items] | ||||
| Interest Rate | 15.00% | |||
| Notes payable, gross | $ 85,000 | 59,130 | ||
| 2025 Unsecured Notes | Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Interest Rate | 7.875% | |||
| Notes payable, gross | $ 7,378 | $ 350,000 | $ 350,000 |
Notes Payable, Net - Non-Funding Interest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Debt Instrument [Line Items] | ||
| Non-funding interest expense | $ 41,411 | $ 30,889 |
| Senior Secured Notes | Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Contractually stated | 2,543 | 0 |
| Amortization of debt discount and issuance costs | 2,360 | 0 |
| Non-funding interest expense | 4,903 | 0 |
| Exchangeable Secured Notes | Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Contractually stated | 2,231 | 0 |
| Amortization of debt discount and issuance costs | 639 | 0 |
| Non-funding interest expense | 2,870 | 0 |
| Working Capital Notes | Notes Payable, Other Payables | ||
| Debt Instrument [Line Items] | ||
| Non-funding interest expense | 11,319 | 4,158 |
| 2025 Unsecured Notes | Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Non-funding interest expense | $ 22,319 | $ 26,731 |
Notes Payable, Net - Schedule of Maturities of Notes Payable (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| 2025 | $ 137,408 | |
| 2026 | 150,754 | |
| 2027 | 0 | |
| 2028 | 0 | |
| 2029 | 146,793 | |
| Less unamortized debt discount and issuance costs | (60,444) | $ 0 |
| Total | $ 374,511 | $ 410,911 |
Litigation (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
lawsuit
|
Dec. 31, 2023
USD ($)
|
|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Number of claims | 3 | |
| Number of claims settled | 2 | |
| Legal expenses | $ | $ 2.0 | $ 3.5 |
Commitment and Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Equal or greater than | ||
| Commitments and Contingencies [Line Items] | ||
| Outstanding principal balance of HECM is equal to or greater than MCA (in percent) | 98.00% | |
| Outstanding principal balance is equal to or greater than MCA (in percent) | 98.00% | |
| Loan origination commitments | ||
| Commitments and Contingencies [Line Items] | ||
| Long-term purchase commitment | $ 1.7 | $ 4.7 |
| HECM loans | ||
| Commitments and Contingencies [Line Items] | ||
| Unfunded loan commitments | $ 4,500.0 | $ 4,500.0 |
Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Jan. 01, 2022
USD ($)
|
Oct. 28, 2020 |
Dec. 31, 2024
USD ($)
Award
$ / shares
shares
|
Dec. 31, 2023
USD ($)
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Number of award types | Award | 2 | |||
| Unrecognized equity based compensation expense for options | $ 4,900 | |||
| Weighted average grant date fair value of options granted (in dollars per share) | $ / shares | $ 7.30 | |||
| Non-LTIP Restricted Stock Units (“Non-LTIP RSUs”) | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Number of shares authorized and available for award | shares | 1,198,726 | |||
| Replacement RSUs | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Equity based compensation expense | $ 2,700 | $ 18,900 | ||
| Earnout Right RSUs | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Equity based compensation expense | 100 | 800 | ||
| Employee Stock | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Fixed contribution rate | 15.00% | |||
| Maximum contribution amount | $ 50 | |||
| Restricted stock units granted (in percent) | 20.00% | |||
| Non-LTIP RSUs | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Equity based compensation expense | 5,700 | $ 5,000 | ||
| Unrecognized equity based compensation expense | $ 8,000 | |||
| Unrecognized equity based compensation expense, period for recognition (in years) | 1 year 9 months 18 days | |||
| Employee Stock Option | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Expected volatility (in percent) | 75.00% | |||
| Risk-free interest rate (in percent) | 4.20% | |||
| Expected term (in years) | 5 years | |||
| Equity based compensation expense | $ 400 | |||
| Unrecognized equity based compensation expense, period for recognition (in years) | 1 year 9 months 18 days | |||
| Share-Based Payment Arrangement, Tranche One | Share Price Greater Than Or Equal To $12.50 | Class A Common Stock | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Share price (in dollars per share) | $ / shares | $ 125 | |||
| Number of trading days determining common stock share price | 20 days | |||
| Number of consecutive trading days for determining common stock share price | 30 days | |||
| Share-Based Payment Arrangement, Tranche Two | Share Price Greater Than Or Equal To $15.00 | Class A Common Stock | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Share price (in dollars per share) | $ / shares | $ 150 | |||
| Number of trading days determining common stock share price | 20 days | |||
| Number of consecutive trading days for determining common stock share price | 30 days | |||
| Amended And Restated Long Term Incentive Plan | Earnout Right RSUs | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Expected volatility (in percent) | 60.00% | |||
| Risk-free interest rate (in percent) | 1.14% | |||
| Amended And Restated Long Term Incentive Plan | Maximum | Replacement RSUs | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Vested awards under share-based payment arrangement (in percent) | 75.00% | |||
| Amended And Restated Long Term Incentive Plan | Share-Based Payment Arrangement, Tranche Three | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Vested awards under share-based payment arrangement (in percent) | 25.00% | |||
| Amended And Restated Long Term Incentive Plan | Share-Based Payment Arrangement, Tranche One | Earnout Right RSUs | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Expected term (in years) | 1 year 21 days | |||
| Amended And Restated Long Term Incentive Plan | Share-Based Payment Arrangement, Tranche Two | Earnout Right RSUs | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Expected term (in years) | 1 year 6 months 7 days | |||
Equity-Based Compensation - RSU Activity (Details) $ / shares in Units, $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
$ / shares
shares
| |
| Replacement RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 133,129 |
| Vested (in shares) | 0 |
| Forfeited (in shares) | (3,441) |
| Settled (in shares) | (129,688) |
| Ending balance (in shares) | 0 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |
| Beginning balance (in dollars per share) | $ / shares | $ 94.80 |
| Vested (in dollars per share) | $ / shares | 0 |
| Forfeited (in dollars per share) | $ / shares | 94.80 |
| Settled (in dollars per share) | $ / shares | 94.80 |
| Ending balance (in dollars per share) | $ / shares | $ 0 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Fair Value [Roll Forward] | |
| Beginning Balance | $ | $ 12,620 |
| Vested | $ | 0 |
| Forfeited | $ | (326) |
| Settled | $ | (12,294) |
| Ending Balance | $ | $ 0 |
| Earnout Right RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 146,160 |
| Forfeited (in shares) | (360) |
| Ending balance (in shares) | 145,800 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |
| Beginning balance (in dollars per share) | $ / shares | $ 89.05 |
| Forfeited (in dollars per share) | $ / shares | 89.05 |
| Ending balance (in dollars per share) | $ / shares | $ 89.05 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Fair Value [Roll Forward] | |
| Beginning Balance | $ | $ 13,016 |
| Forfeited | $ | (32) |
| Ending Balance | $ | $ 12,984 |
| Non-LTIP RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 831,563 |
| Granted (in shares) | 929,946 |
| Vested (in shares) | 0 |
| Forfeited (in shares) | (132,318) |
| Settled (in shares) | (330,314) |
| Ending balance (in shares) | 1,298,877 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |
| Beginning balance (in dollars per share) | $ / shares | $ 14.89 |
| Granted (in dollars per share) | $ / shares | 7.39 |
| Vested (in dollars per share) | $ / shares | 0 |
| Forfeited (in dollars per share) | $ / shares | 11.43 |
| Settled (in dollars per share) | $ / shares | 11.55 |
| Ending balance (in dollars per share) | $ / shares | $ 10.72 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Fair Value [Roll Forward] | |
| Beginning Balance | $ | $ 12,381 |
| Granted | $ | 6,869 |
| Vested | $ | 0 |
| Forfeited | $ | (1,512) |
| Settled | $ | (3,816) |
| Ending Balance | $ | $ 13,922 |
| Unvested Awards | Replacement RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 112,489 |
| Vested (in shares) | 109,048 |
| Forfeited (in shares) | (3,441) |
| Settled (in shares) | 0 |
| Ending balance (in shares) | 0 |
| Unvested Awards | Earnout Right RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 146,160 |
| Forfeited (in shares) | (360) |
| Ending balance (in shares) | 145,800 |
| Unvested Awards | Non-LTIP RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 818,378 |
| Granted (in shares) | 929,946 |
| Vested (in shares) | 317,129 |
| Forfeited (in shares) | (132,318) |
| Settled (in shares) | 0 |
| Ending balance (in shares) | 1,298,877 |
| Vested Awards | Replacement RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 20,640 |
| Vested (in shares) | 109,048 |
| Forfeited (in shares) | 0 |
| Settled (in shares) | (129,688) |
| Ending balance (in shares) | 0 |
| Vested Awards | Earnout Right RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 0 |
| Forfeited (in shares) | 0 |
| Ending balance (in shares) | 0 |
| Vested Awards | Non-LTIP RSUs | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
| Beginning balance (in shares) | 13,185 |
| Granted (in shares) | 0 |
| Vested (in shares) | 317,129 |
| Forfeited (in shares) | 0 |
| Settled (in shares) | (330,314) |
| Ending balance (in shares) | 0 |
Equity-Based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Number of Options | ||
| Beginning balance (in shares) | 0 | |
| Granted (in shares) | 720,000 | |
| Ending balance (in shares) | 720,000 | |
| Weighted Average Exercise Price | ||
| Beginning balance (in dollars per share) | $ 0 | |
| Grants (in dollars per share) | 25.00 | |
| Ending balance (in dollars per share) | $ 25.00 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | ||
| Weighted Average Remaining Contractual Term (in years) | 4 years 9 months 18 days | |
| Aggregate Intrinsic Value | $ 2,246 | $ 0 |
Equity-Based Compensation - Option Valuation Assumptions (Details) - Employee Stock Option |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Expected volatility (in percent) | 75.00% |
| Expected dividend yield (in percent) | 0.00% |
| Risk-free interest rate (in percent) | 4.20% |
| Expected term (in years) | 5 years |
Interest Income and Interest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Interest income: | ||
| Interest income on mortgage loans | $ 1,890,700 | $ 1,617,954 |
| Other interest income | 14,514 | 10,923 |
| Interest income | 1,905,214 | 1,628,877 |
| Interest expense: | ||
| Interest expense on HMBS and nonrecourse obligations | (1,559,341) | (1,273,159) |
| Interest expense on other financing lines of credit | (77,945) | (87,839) |
| Interest expense | (1,637,286) | (1,360,998) |
| NET PORTFOLIO INTEREST INCOME | 267,928 | 267,879 |
| Non-portfolio interest income | 1,913 | 1,270 |
| Non-funding interest expense (Note 17 - Notes Payable, Net) | (41,411) | (30,889) |
| Non-funding interest expense, net | (39,498) | (29,619) |
| Net interest income | $ 228,430 | $ 238,260 |
General and Administrative Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Other Income and Expenses [Abstract] | ||
| Communications and data processing | $ 22,745 | $ 32,947 |
| Professional and consulting fees | 20,480 | 24,790 |
| Depreciation and amortization | 4,904 | 8,743 |
| Other expenses | 11,333 | 15,724 |
| Total general and administrative expenses | $ 59,462 | $ 82,204 |
Income Taxes - Provision (Benefit) For Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current expense (benefit) | ||
| Federal | $ (13) | $ 85 |
| Deferred expense (benefit) | ||
| Federal | 2,010 | (508) |
| State | 401 | (170) |
| Subtotal | 2,411 | (678) |
| Provision (benefit) for income taxes from continuing operations | $ 2,398 | $ (593) |
Income Taxes - Reconciliation Of Effective Incomes Tax Rates (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | ||
| Tax provision (benefit) at federal statutory rate | $ 8,991 | $ (35,037) |
| Effect of: | ||
| Noncontrolling interest | (4,373) | 21,834 |
| Permanent differences | 513 | 1,036 |
| State taxes | 401 | (225) |
| Valuation allowance | (2,458) | 13,042 |
| Other tax adjustments | (676) | (1,243) |
| Provision (benefit) for income taxes from continuing operations | $ 2,398 | $ (593) |
| Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
| Effective tax rate | 5.60% | 0.36% |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | ||
| Valuation allowance, net change, increase (decrease), including offset to additional-paid-in capital | $ 2.5 | $ 13.0 |
| Operating loss carryforwards, net | 164.1 | 145.6 |
| Valuation allowance, net change, increase (decrease) | 3.9 | 17.7 |
| Valuation allowance, net change, increase (decrease), offset to additional-paid-in capital | $ (1.2) | $ (3.3) |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets | ||
| Loss carryforwards | $ 41,410 | $ 37,272 |
| Research and development tax credits | 1,482 | 1,446 |
| Earnout awards | 5,025 | 5,099 |
| TRA | 836 | 1,161 |
| Other | 177 | 316 |
| Gross deferred tax assets | 48,930 | 45,294 |
| Valuation allowance | (38,454) | (42,365) |
| Deferred tax assets, net of valuation allowance | 10,476 | 2,929 |
| Deferred tax liabilities | ||
| Investment in FOA Equity | 13,095 | 3,137 |
| Gross deferred tax liabilities | 13,095 | 3,137 |
| Net deferred tax liability | $ (2,619) | $ (208) |
Income Taxes - Unrecognized Tax Benefits Excluding Related Interest And Penalties (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
| Unrecognized tax benefits—beginning of period | $ 421 | $ 307 |
| Increases on tax positions related to the current period | 47 | 114 |
| Decreases on tax positions related to prior periods | (31) | 0 |
| Unrecognized tax benefits—end of period | $ 437 | $ 421 |
Business Segment Reporting (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| PORTFOLIO INTEREST INCOME | ||||
| Interest income | $ 1,905,214 | $ 1,628,877 | ||
| Interest expense | (1,637,286) | (1,360,998) | ||
| NET PORTFOLIO INTEREST INCOME | 267,928 | 267,879 | ||
| OTHER INCOME (EXPENSE) | ||||
| Net origination gains | 179,837 | 121,646 | ||
| Gain on securitization of HECM tails, net | 45,535 | 25,583 | ||
| Fair value changes from model amortization | (201,101) | (228,391) | ||
| Fair value changes from market inputs or model assumptions | 55,924 | 58,696 | ||
| Net fair value changes on loans and related obligations | 80,195 | (22,466) | ||
| Fee income | 29,244 | 43,450 | ||
| Gain (loss) on sale and other income from loans held for sale, net | 302 | (24,994) | ||
| Non-funding interest expense, net | (39,498) | (29,619) | ||
| NET OTHER INCOME (EXPENSE) | 70,243 | (33,629) | ||
| Total revenues | 338,171 | 234,250 | ||
| EXPENSES | ||||
| Salaries, benefits, and related expenses | 138,360 | 178,319 | ||
| Loan production and portfolio related expenses | 36,205 | 26,490 | ||
| Loan servicing expenses | 31,323 | 30,729 | ||
| Marketing and advertising expenses | 39,429 | 31,896 | ||
| Depreciation and amortization | 38,947 | 42,369 | ||
| General and administrative expenses | 59,462 | 82,204 | ||
| TOTAL EXPENSES | 343,726 | 392,007 | ||
| Impairment of intangibles and other assets | (891) | (9,296) | ||
| Gain on extinguishment of debt | [1] | 56,193 | 0 | |
| Other, net | (6,931) | 211 | ||
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 42,816 | (166,842) | ||
| Total assets | 29,156,490 | 27,107,590 | ||
| Continuing Operations | ||||
| PORTFOLIO INTEREST INCOME | ||||
| Interest income | 1,905,214 | 1,628,877 | ||
| Interest expense | (1,637,286) | (1,360,998) | ||
| NET PORTFOLIO INTEREST INCOME | 267,928 | 267,879 | ||
| OTHER INCOME (EXPENSE) | ||||
| Net origination gains | 179,837 | 121,646 | ||
| Gain on securitization of HECM tails, net | 45,535 | 25,583 | ||
| Fair value changes from model amortization | (201,101) | (228,391) | ||
| Fair value changes from market inputs or model assumptions | 55,924 | 58,696 | ||
| Net fair value changes on loans and related obligations | 80,195 | (22,466) | ||
| Fee income | 29,244 | 43,450 | ||
| Gain (loss) on sale and other income from loans held for sale, net | 302 | (24,994) | ||
| Non-funding interest expense, net | (39,498) | (29,619) | ||
| NET OTHER INCOME (EXPENSE) | 70,243 | (33,629) | ||
| Total revenues | 338,171 | 234,250 | ||
| EXPENSES | ||||
| Salaries, benefits, and related expenses | 138,360 | 178,319 | ||
| Loan production and portfolio related expenses | 36,205 | 26,490 | ||
| Loan servicing expenses | 31,323 | 30,729 | ||
| Marketing and advertising expenses | 39,429 | 31,896 | ||
| Depreciation and amortization | 38,947 | 42,369 | ||
| General and administrative expenses | 59,462 | 82,204 | ||
| TOTAL EXPENSES | 343,726 | 392,007 | ||
| Impairment of intangibles and other assets | (9,296) | |||
| Impairment of other assets | (891) | |||
| Gain on extinguishment of debt | 56,193 | |||
| Other, net | (6,931) | 211 | ||
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 42,816 | (166,842) | ||
| Total assets | 29,154,039 | 27,100,869 | ||
| Operating segments | Continuing Operations | ||||
| PORTFOLIO INTEREST INCOME | ||||
| Interest income | 1,905,214 | 1,628,877 | ||
| Interest expense | (1,637,286) | (1,360,998) | ||
| NET PORTFOLIO INTEREST INCOME | 267,928 | 267,879 | ||
| OTHER INCOME (EXPENSE) | ||||
| Net origination gains | 179,837 | 121,646 | ||
| Gain on securitization of HECM tails, net | 45,535 | 25,583 | ||
| Fair value changes from model amortization | (201,101) | (228,391) | ||
| Fair value changes from market inputs or model assumptions | 55,924 | 58,696 | ||
| Net fair value changes on loans and related obligations | 80,195 | (22,466) | ||
| Fee income | 29,736 | 43,450 | ||
| Gain (loss) on sale and other income from loans held for sale, net | 302 | (24,994) | ||
| Non-funding interest expense, net | 0 | 0 | ||
| NET OTHER INCOME (EXPENSE) | 110,233 | (4,010) | ||
| Total revenues | 378,161 | 263,869 | ||
| EXPENSES | ||||
| Salaries, benefits, and related expenses | 98,961 | 116,448 | ||
| Loan production and portfolio related expenses | 36,205 | 26,490 | ||
| Loan servicing expenses | 31,323 | 30,729 | ||
| Marketing and advertising expenses | 39,378 | 31,692 | ||
| Depreciation and amortization | 37,828 | 40,678 | ||
| General and administrative expenses | 38,698 | 46,822 | ||
| TOTAL EXPENSES | 282,393 | 292,859 | ||
| Impairment of intangibles and other assets | (6,400) | |||
| Impairment of other assets | (291) | |||
| Gain on extinguishment of debt | 0 | |||
| Other, net | (174) | 75 | ||
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 95,303 | (35,315) | ||
| Total assets | 29,127,797 | 27,049,706 | ||
| Operating segments | Retirement Solutions | Continuing Operations | ||||
| PORTFOLIO INTEREST INCOME | ||||
| Interest income | 0 | 0 | ||
| Interest expense | 0 | 0 | ||
| NET PORTFOLIO INTEREST INCOME | 0 | 0 | ||
| OTHER INCOME (EXPENSE) | ||||
| Net origination gains | 179,837 | 121,646 | ||
| Gain on securitization of HECM tails, net | 0 | 0 | ||
| Fair value changes from model amortization | 0 | 0 | ||
| Fair value changes from market inputs or model assumptions | 0 | 0 | ||
| Net fair value changes on loans and related obligations | 179,837 | 121,646 | ||
| Fee income | 26,553 | 33,167 | ||
| Gain (loss) on sale and other income from loans held for sale, net | (76) | (6,303) | ||
| Non-funding interest expense, net | 0 | 0 | ||
| NET OTHER INCOME (EXPENSE) | 206,314 | 148,510 | ||
| Total revenues | 206,314 | 148,510 | ||
| EXPENSES | ||||
| Salaries, benefits, and related expenses | 83,448 | 96,574 | ||
| Loan production and portfolio related expenses | 7,887 | 9,555 | ||
| Loan servicing expenses | 0 | 0 | ||
| Marketing and advertising expenses | 39,337 | 31,668 | ||
| Depreciation and amortization | 37,751 | 40,571 | ||
| General and administrative expenses | 26,521 | 30,468 | ||
| TOTAL EXPENSES | 194,944 | 208,836 | ||
| Impairment of intangibles and other assets | 0 | |||
| Impairment of other assets | (291) | |||
| Gain on extinguishment of debt | 0 | |||
| Other, net | (174) | 75 | ||
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 10,905 | (60,251) | ||
| Total assets | 250,519 | 276,605 | ||
| Operating segments | Portfolio Management | Continuing Operations | ||||
| PORTFOLIO INTEREST INCOME | ||||
| Interest income | 1,905,214 | 1,628,877 | ||
| Interest expense | (1,637,286) | (1,360,998) | ||
| NET PORTFOLIO INTEREST INCOME | 267,928 | 267,879 | ||
| OTHER INCOME (EXPENSE) | ||||
| Net origination gains | 0 | 0 | ||
| Gain on securitization of HECM tails, net | 45,535 | 25,583 | ||
| Fair value changes from model amortization | (201,101) | (228,391) | ||
| Fair value changes from market inputs or model assumptions | 55,924 | 58,696 | ||
| Net fair value changes on loans and related obligations | (99,642) | (144,112) | ||
| Fee income | 3,183 | 10,283 | ||
| Gain (loss) on sale and other income from loans held for sale, net | 378 | (18,691) | ||
| Non-funding interest expense, net | 0 | 0 | ||
| NET OTHER INCOME (EXPENSE) | (96,081) | (152,520) | ||
| Total revenues | 171,847 | 115,359 | ||
| EXPENSES | ||||
| Salaries, benefits, and related expenses | 15,513 | 19,874 | ||
| Loan production and portfolio related expenses | 28,318 | 16,935 | ||
| Loan servicing expenses | 31,323 | 30,729 | ||
| Marketing and advertising expenses | 41 | 24 | ||
| Depreciation and amortization | 77 | 107 | ||
| General and administrative expenses | 12,177 | 16,354 | ||
| TOTAL EXPENSES | 87,449 | 84,023 | ||
| Impairment of intangibles and other assets | (6,400) | |||
| Impairment of other assets | 0 | |||
| Gain on extinguishment of debt | 0 | |||
| Other, net | 0 | 0 | ||
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 84,398 | 24,936 | ||
| Total assets | 28,877,278 | 26,773,101 | ||
| Corporate and Other | Continuing Operations | ||||
| PORTFOLIO INTEREST INCOME | ||||
| Interest income | 0 | 0 | ||
| Interest expense | 0 | 0 | ||
| NET PORTFOLIO INTEREST INCOME | 0 | 0 | ||
| OTHER INCOME (EXPENSE) | ||||
| Net origination gains | 0 | 0 | ||
| Gain on securitization of HECM tails, net | 0 | 0 | ||
| Fair value changes from model amortization | 0 | 0 | ||
| Fair value changes from market inputs or model assumptions | 0 | 0 | ||
| Net fair value changes on loans and related obligations | 0 | 0 | ||
| Fee income | 0 | 8,125 | ||
| Gain (loss) on sale and other income from loans held for sale, net | 0 | 0 | ||
| Non-funding interest expense, net | (39,498) | (29,619) | ||
| NET OTHER INCOME (EXPENSE) | (39,498) | (21,494) | ||
| Total revenues | (39,498) | (21,494) | ||
| EXPENSES | ||||
| Salaries, benefits, and related expenses | 39,399 | 61,871 | ||
| Loan production and portfolio related expenses | 0 | 0 | ||
| Loan servicing expenses | 0 | 0 | ||
| Marketing and advertising expenses | 51 | 204 | ||
| Depreciation and amortization | 1,119 | 1,691 | ||
| General and administrative expenses | 21,256 | 43,507 | ||
| TOTAL EXPENSES | 61,825 | 107,273 | ||
| Impairment of intangibles and other assets | (2,896) | |||
| Impairment of other assets | (600) | |||
| Gain on extinguishment of debt | 56,193 | |||
| Other, net | (6,757) | 136 | ||
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (52,487) | (131,527) | ||
| Total assets | 1,343,803 | 1,521,058 | ||
| Eliminations | Continuing Operations | ||||
| PORTFOLIO INTEREST INCOME | ||||
| Interest income | 0 | 0 | ||
| Interest expense | 0 | 0 | ||
| NET PORTFOLIO INTEREST INCOME | 0 | 0 | ||
| OTHER INCOME (EXPENSE) | ||||
| Net origination gains | 0 | 0 | ||
| Gain on securitization of HECM tails, net | 0 | 0 | ||
| Fair value changes from model amortization | 0 | 0 | ||
| Fair value changes from market inputs or model assumptions | 0 | 0 | ||
| Net fair value changes on loans and related obligations | 0 | 0 | ||
| Fee income | (492) | (8,125) | ||
| Gain (loss) on sale and other income from loans held for sale, net | 0 | 0 | ||
| Non-funding interest expense, net | 0 | 0 | ||
| NET OTHER INCOME (EXPENSE) | (492) | (8,125) | ||
| Total revenues | (492) | (8,125) | ||
| EXPENSES | ||||
| Salaries, benefits, and related expenses | 0 | 0 | ||
| Loan production and portfolio related expenses | 0 | 0 | ||
| Loan servicing expenses | 0 | 0 | ||
| Marketing and advertising expenses | 0 | 0 | ||
| Depreciation and amortization | 0 | 0 | ||
| General and administrative expenses | (492) | (8,125) | ||
| TOTAL EXPENSES | (492) | (8,125) | ||
| Impairment of intangibles and other assets | 0 | |||
| Impairment of other assets | 0 | |||
| Gain on extinguishment of debt | 0 | |||
| Other, net | 0 | 0 | ||
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 0 | 0 | ||
| Total assets | $ (1,317,561) | $ (1,469,895) | ||
| ||||
Business Segment Reporting - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 2 |
Liquidity and Capital Requirements (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Liquidity And Capital Requirements [Line Items] | ||
| Cash and cash equivalents | $ 47,383 | $ 46,482 |
| Minimum net capital requirement | 250 | |
| Related Party | FAR | ||
| Liquidity And Capital Requirements [Line Items] | ||
| Net worth | $ 5,000 | |
| FAR commitment with addition to net worth (in percent) | 1.00% | |
| Liquidity (in percent) | 20.00% | |
| Net worth to total assets (in percent) | 6.00% | |
| Minimum tangible net worth required | $ 182,400 | |
| Tangible capital, actual | 493,400 | |
| Cash | 36,500 | |
| Cash and cash equivalents | $ 45,500 |
Concentrations of Risk - Narrative (Details) - USD ($) $ in Billions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Private investors | ||
| Concentration Risk [Line Items] | ||
| Transfer of loans held-for-sale to portfolio loans | $ 1.1 | $ 1.1 |
| Private investors | Non-agency reverse mortgage loans | Credit Concentration Risk | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 90.70% | 87.30% |
| Private investors | Loans held for sale - residential mortgage loans | Credit Concentration Risk | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 9.30% | 12.70% |
| FNMA, FHLMC, and Ginnie Mae | ||
| Concentration Risk [Line Items] | ||
| Transfer of loans held-for-sale to portfolio loans | $ 1.0 | $ 1.1 |
Concentrations of Risk - Geographic Risk (Details) - Mortgage Loans Customer - Mortgage Loans Benchmark - Credit Concentration Risk |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 100.00% | 100.00% |
| Reverse Mortgage | Agency | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 68.00% | 70.00% |
| Reverse Mortgage | Non-agency | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 32.00% | 30.00% |
| Reverse Mortgage | Minimum | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 5.00% | |
| Non-Agency Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 100.00% | 100.00% |
| Non-Agency Reverse Mortgage | Minimum | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 5.00% | |
| Nonperforming HECM buyouts | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 100.00% | 100.00% |
| Nonperforming HECM buyouts | Minimum | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 5.00% | |
| California | Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 44.00% | 43.00% |
| California | Non-Agency Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 74.00% | 75.00% |
| California | Nonperforming HECM buyouts | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 9.00% | 9.00% |
| Florida | Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 6.00% | 6.00% |
| Florida | Nonperforming HECM buyouts | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 7.00% | 6.00% |
| New York | Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 5.00% | 6.00% |
| New York | Nonperforming HECM buyouts | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 23.00% | 22.00% |
| Texas | Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 5.00% | 5.00% |
| Texas | Nonperforming HECM buyouts | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 10.00% | 9.00% |
| Colorado | Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 5.00% | 4.00% |
| Puerto Rico | Nonperforming HECM buyouts | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 6.00% | 12.00% |
| Pennsylvania | Nonperforming HECM buyouts | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 5.00% | 4.00% |
| Other | Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 35.00% | 36.00% |
| Other | Non-Agency Reverse Mortgage | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 26.00% | 25.00% |
| Other | Nonperforming HECM buyouts | ||
| Concentration Risk [Line Items] | ||
| Concentration risk (in percent) | 40.00% | 38.00% |
Related Party Transactions (Details) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Mar. 31, 2023
USD ($)
shares
|
Dec. 06, 2022
USD ($)
day
shares
|
Dec. 31, 2024
USD ($)
note
|
Dec. 31, 2023
USD ($)
|
|||
| Related Party Transaction [Line Items] | ||||||
| Notes payable, related party | $ 374,511 | $ 410,911 | ||||
| Interest expense | 39,498 | 29,619 | ||||
| Gain on extinguishment of debt | [1] | $ 56,193 | 0 | |||
| Working Capital Notes | Affiliated Entity | ||||||
| Related Party Transaction [Line Items] | ||||||
| Number of promissory notes | note | 2 | |||||
| Interest rate (in percent) | 15.00% | |||||
| Notes payable, related party | $ 85,000 | 59,100 | ||||
| Interest expense | 11,700 | 2,300 | ||||
| Working Capital Notes | Related Party | ||||||
| Related Party Transaction [Line Items] | ||||||
| Notes payable, related party | 162,283 | 136,414 | ||||
| Secured Notes and 2025 Unsecured Notes | Affiliated Entity | ||||||
| Related Party Transaction [Line Items] | ||||||
| Notes payable, related party | 77,300 | 77,300 | ||||
| Interest expense | 6,700 | $ 6,100 | ||||
| Gain on extinguishment of debt | $ 12,700 | |||||
| Stock Purchase Agreement | Related Party | Class A Common Stock | ||||||
| Related Party Transaction [Line Items] | ||||||
| Share price, volume weighted average price, number of consecutive trading days | day | 15 | |||||
| Stock Purchase Agreement | Related Party | BL Investor | Class A Common Stock | ||||||
| Related Party Transaction [Line Items] | ||||||
| Numbers of shares purchased by investors | shares | 1,086,956 | |||||
| Aggregate purchase price of shares purchased by investors | $ 15,000 | |||||
| Stock Purchase Agreement | Related Party | Blackstone Investor | Class A Common Stock | ||||||
| Related Party Transaction [Line Items] | ||||||
| Numbers of shares purchased by investors | shares | 1,086,956 | |||||
| Aggregate purchase price of shares purchased by investors | $ 15,000 | |||||
| Stock Purchase Agreement | Related Party | Blackstone Investor and BL Investor | Class A Common Stock | ||||||
| Related Party Transaction [Line Items] | ||||||
| Numbers of shares purchased by investors | shares | 2,173,912 | |||||
| Aggregate purchase price of shares purchased by investors | $ 30,000 | |||||
| ||||||
Condensed Financial Information of Registrant - Condensed Statements of Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| ASSETS | ||
| TOTAL ASSETS | $ 29,156,490 | $ 27,107,590 |
| LIABILITIES AND EQUITY | ||
| Payables and other liabilities | 137,953 | 219,569 |
| TOTAL LIABILITIES | 28,840,826 | 26,835,183 |
| EQUITY | ||
| Additional paid-in capital | 954,469 | 946,938 |
| Accumulated deficit | (698,895) | (714,383) |
| Accumulated other comprehensive loss | (276) | (249) |
| TOTAL LIABILITIES AND EQUITY | 29,156,490 | 27,107,590 |
| Class A Common Stock | ||
| EQUITY | ||
| Common stock, value | $ 1 | $ 1 |
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 6,000,000,000 | 6,000,000,000 |
| Common stock, shares issued (in shares) | 10,360,299 | 10,059,924 |
| Common stock, shares outstanding (in shares) | 9,934,449 | 9,634,074 |
| Parent Company | ||
| ASSETS | ||
| Investment in subsidiaries | $ 262,137 | $ 238,372 |
| TOTAL ASSETS | 262,137 | 238,372 |
| LIABILITIES AND EQUITY | ||
| Payables and other liabilities | 6,652 | 5,895 |
| TOTAL LIABILITIES | 6,652 | 5,895 |
| EQUITY | ||
| Additional paid-in capital | 954,469 | 946,938 |
| Accumulated deficit | (698,895) | (714,383) |
| Accumulated other comprehensive loss | (90) | (79) |
| TOTAL EQUITY | 255,485 | 232,477 |
| TOTAL LIABILITIES AND EQUITY | 262,137 | 238,372 |
| Parent Company | Class A Common Stock | ||
| EQUITY | ||
| Common stock, value | $ 1 | $ 1 |
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 6,000,000,000 | 6,000,000,000 |
| Common stock, shares issued (in shares) | 10,360,299 | 10,059,924 |
| Common stock, shares outstanding (in shares) | 9,934,449 | 9,634,074 |
Condensed Financial Information of Registrant - Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| EXPENSES | ||
| OTHER, NET | $ (6,931) | $ 211 |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 42,816 | (166,842) |
| Benefit for income taxes applicable to parent | 2,398 | (593) |
| NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | 15,488 | (80,088) |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | 15,477 | (80,079) |
| Parent Company | ||
| EXPENSES | ||
| OTHER, NET | 1,654 | (788) |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,654 | (788) |
| Benefit for income taxes applicable to parent | 2,411 | (677) |
| NET INCOME (LOSS) | (757) | (111) |
| Equity (deficit) in undistributed income from subsidiaries | 16,245 | (79,977) |
| NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | 15,488 | (80,088) |
| Other comprehensive income (loss) | (11) | 9 |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ 15,477 | $ (80,079) |
Condensed Financial Information of Registrant - Narrative (Details) - Parent Company - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Condensed Financial Statements, Captions [Line Items] | ||
| Dividends | $ 0 | $ 0 |
| FoA | ||
| Condensed Financial Statements, Captions [Line Items] | ||
| Percentage of restricted net assets to consolidated net assets | 25.00% | |
Earnings (Loss) Per Share - Schedule of Basic Earnings (Loss) Per Share by Common Class (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Numerator | ||
| Net income (loss) from continuing operations | $ 40,418 | $ (166,249) |
| Less: Income (loss) from continuing operations attributable to noncontrolling interest | 22,922 | (104,962) |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST | 17,496 | (61,287) |
| Net loss from discontinued operations | (4,727) | (51,909) |
| Less: Loss from discontinued operations attributable to noncontrolling interest | (2,719) | (33,108) |
| NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST | $ (2,008) | $ (18,801) |
| Denominator | ||
| Weighted average shares of Class A Common Stock outstanding - basic (in shares) | 9,850,903 | 8,197,753 |
| Basic earnings (loss) per share | ||
| Continuing operations (in USD per share) | $ 1.78 | $ (7.48) |
| Discontinued operations (in USD per share) | (0.21) | (2.29) |
| Basic earnings (loss) per share (in usd per share) | $ 1.57 | $ (9.77) |
Earnings (Loss) Per Share - Schedule of Diluted Earnings (Loss) Per Share by Common Class (Detail) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Oct. 29, 2024
shares
|
Mar. 31, 2023
units
shares
|
Dec. 31, 2023
shares
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
|
| Numerator | |||||
| Net loss from discontinued operations attributable to holders of Class A Common Stock - basic | $ | $ (2,008) | $ (18,801) | |||
| Reallocation of net loss from discontinued operations assuming exchange of Class A LLC Units | $ | (2,033) | 0 | |||
| Net loss from discontinued operations attributable to holders of Class A Common Stock - diluted | $ | $ (4,041) | $ (18,801) | |||
| Denominator | |||||
| Weighted average shares of Class A Common Stock outstanding - basic (in shares) | 9,850,903 | 8,197,753 | |||
| Additional dilutive shares under the treasury stock method (in shares) | 218,893 | 0 | |||
| Weighted average shares of Class A Common Stock outstanding - diluted (in shares) | 23,406,233 | 8,197,753 | |||
| Diluted earnings (loss) per share | |||||
| Continuing operations (in USD per shares) | $ / shares | $ 1.36 | $ (7.48) | |||
| Discontinued operations (in usd per share) | $ / shares | (0.18) | (2.29) | |||
| Diluted earnings (loss) per share (in USD per share) | $ / shares | $ 1.18 | $ (9.77) | |||
| Exchange ratio | 1 | ||||
| Senior Notes | Exchangeable Secured Notes | |||||
| Diluted earnings (loss) per share | |||||
| including amortization of debt discount and issuance costs, and net of income tax effects | $ | $ 2,100 | ||||
| Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share (in shares) | 904,239 | ||||
| Exchange Agreement | |||||
| Diluted earnings (loss) per share | |||||
| Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share (in shares) | 13,707,372 | ||||
| Restricted Stock Units (RSUs) | |||||
| Diluted earnings (loss) per share | |||||
| Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share (in shares) | 218,893 | 108,841 | |||
| Forward Contracts | |||||
| Diluted earnings (loss) per share | |||||
| Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share (in shares) | 0 | 52,377 | |||
| American Advisors Group (AAG) | Class A LLC Units | |||||
| Diluted earnings (loss) per share | |||||
| Contingent equity consideration, number of types | units | 2 | ||||
| Shares issued at closing of transaction | 1,969,299 | ||||
| American Advisors Group (AAG) | Class A LLC Units, Liability Classified | |||||
| Diluted earnings (loss) per share | |||||
| Contingent equity consideration (in shares) | 705,841 | ||||
| Shares issued at closing of transaction | 705,841 | ||||
| American Advisors Group (AAG) | Class A LLC Units, Equity Classified, Indemnity Holdback | |||||
| Diluted earnings (loss) per share | |||||
| Contingent equity consideration (in shares) | 714,226 | ||||
| Class A Common Stock | |||||
| Numerator | |||||
| Net income (loss) from continuing operations attributable to holders of Class A Common Stock - basic | $ | $ 17,496 | $ (61,287) | |||
| Reallocation of net income (loss) from continuing operations assuming exchange of Class A LLC Units | $ | 14,260 | 0 | |||
| Exchangeable Secured Notes interest expense, net | $ | 0 | 0 | |||
| Net income (loss) from continuing operations attributable to holders of Class A Common Stock - diluted | $ | $ 31,756 | $ (61,287) | |||
| Denominator | |||||
| Weighted average shares of Class A Common Stock outstanding - basic (in shares) | 9,850,903 | 8,197,753 | |||
| Assumed exchange of weighted average Class A LLC Units for shares of Class A Common Stock (in shares) | 13,336,437 | 0 | |||
| Assumed exchange of Exchangeable Secured Notes for shares of Class A Common Stock (in shares) | 0 | 0 | |||
| Weighted average shares of Class A Common Stock outstanding - diluted (in shares) | 23,406,233 | 8,197,753 | |||
| Diluted earnings (loss) per share | |||||
| Diluted earnings (loss) per share (in USD per share) | $ / shares | $ 1.18 | $ (9.77) | |||
| Award vesting cost responsibility (in percent) | 85.00% | ||||
Equity (Detail) |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Oct. 29, 2024
shares
|
Mar. 31, 2023
units
shares
|
Dec. 31, 2024
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Mar. 31, 2023
shares
|
Dec. 31, 2024
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
|
| Class of Stock [Line Items] | |||||||
| Exchange ratio | 1 | ||||||
| Class A Common Stock | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, shares issued (in shares) | 10,360,299 | 10,059,924 | 10,360,299 | 10,059,924 | |||
| Common stock, shares outstanding (in shares) | 9,934,449 | 9,634,074 | 9,934,449 | 9,634,074 | |||
| Common stock shares outstanding unvested portion (in shares) | 425,850 | ||||||
| Stocks delivered (in shares) | 18,739 | 47,571 | |||||
| Class B share retirement (in shares) | 141,093 | 169,238 | |||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
| Class A LLC Units | |||||||
| Class of Stock [Line Items] | |||||||
| Stocks delivered (in shares) | 110,949 | 281,637 | |||||
| Class B Common Stock | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, shares issued (in shares) | 15 | 15 | 15 | 15 | |||
| Common stock, shares outstanding (in shares) | 15 | 15 | 15 | 15 | |||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
| Class B Common Stock | American Advisors Group (AAG) | |||||||
| Class of Stock [Line Items] | |||||||
| Shares issued at closing of transaction | 1 | ||||||
| Capital Unit, Class A | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, shares issued (in shares) | 10,360,299 | 10,360,299 | |||||
| Conversion of stock, shares converted (in shares) | 205 | 835,911 | |||||
| Class A LLC Units | |||||||
| Class of Stock [Line Items] | |||||||
| Common units outstanding (in shares) | 23,826,217 | 23,826,217 | |||||
| Class A LLC Units | American Advisors Group (AAG) | |||||||
| Class of Stock [Line Items] | |||||||
| Shares issued at closing of transaction | 1,969,299 | ||||||
| Contingent equity consideration, number of types | units | 2 | ||||||
| Class A LLC Units | Noncontrolling Interest | |||||||
| Class of Stock [Line Items] | |||||||
| Common units outstanding (in shares) | 13,891,768 | 13,891,768 | |||||
| Class A LLC Units | Noncontrolling Interest | American Advisors Group (AAG) | |||||||
| Class of Stock [Line Items] | |||||||
| Conversion of stock, shares converted (in shares) | 800,000 | ||||||
| Class A LLC Units | Class A Common Stock Shareholders | |||||||
| Class of Stock [Line Items] | |||||||
| Common units outstanding (in shares) | 9,934,449 | 9,934,449 | |||||
| Class A LLC Units, Liability Classified | American Advisors Group (AAG) | |||||||
| Class of Stock [Line Items] | |||||||
| Shares issued at closing of transaction | 705,841 | ||||||
| Contingent equity consideration (in shares) | 705,841 | ||||||
| Class A LLC Units, Equity Classified, Indemnity Holdback | American Advisors Group (AAG) | |||||||
| Class of Stock [Line Items] | |||||||
| Contingent equity consideration (in shares) | 714,226 | ||||||