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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 398,645 $ 450,859 $ 1,168,431 $ 1,390,042
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(287,318), $(509,624), $(924,766) and $(1,135,515), respectively) (195,623) (415,339) (421,332) (1,731,378)
Servicing revenue, net 203,022 35,520 747,099 (341,336)
Interest income 190,633 169,780 593,342 622,224
Gain on originated mortgage loans, held-for-sale, net 566,761 488,253 1,257,094 966,813
Total revenues 960,416 693,553 2,597,535 1,247,701
Expenses        
Interest expense 129,928 130,528 355,372 463,786
General and administrative expenses 245,071 178,245 647,244 546,939
Compensation and benefits 324,545 167,137 717,919 412,402
Management fee to affiliate 24,315 22,482 70,154 66,682
Total operating expenses 723,859 498,392 1,790,689 1,489,809
Other Income (Loss)        
Change in fair value of investments 11,112 111,082 1,224 (123,314)
Gain (loss) on settlement of investments, net (98,317) (94,457) (188,919) (968,995)
Other income (loss), net 59,266 3,681 79,696 (39,766)
Total other income (loss) (27,939) 20,306 (107,999) (1,132,075)
Impairment        
Provision (reversal) for credit losses on securities (2,370) (3,849) (5,020) 15,166
Valuation and credit loss provision (reversal) on loans and real estate owned 8,748 14,584 (42,617) 118,504
Total impairment charges 6,378 10,735 (47,637) 133,670
Income (Loss) Before Income Taxes 202,240 204,732 746,484 (1,507,853)
Income tax expense (benefit) 31,559 100,812 128,741 (48,647)
Net income (loss) 170,681 103,920 617,743 (1,459,206)
Noncontrolling interests in income of consolidated subsidiaries 9,001 11,640 28,448 34,118
Dividends on preferred stock 15,533 14,359 44,249 39,938
Net income (loss) attributable to common stockholders - diluted 146,147 77,921 545,046 (1,533,262)
Net income (loss) attributable to common stockholders - basic $ 146,147 $ 77,921 $ 545,046 $ (1,533,262)
Net Income (Loss) Per Share of Common Stock        
Basic (in dollars per share) $ 0.31 $ 0.19 $ 1.22 $ (3.69)
Diluted (in dollars per share) $ 0.30 $ 0.19 $ 1.18 $ (3.69)
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 466,579,920 415,744,518 446,085,657 415,665,441
Diluted (in shares) 482,282,695 420,968,626 461,694,481 415,665,441
Dividend declared per Share of Common Stock (in dollars per share) $ 0.25 $ 0.15 $ 0.65 $ 0.30