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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 453,163 $ 390,893 $ 1,379,041 $ 1,095,353
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(141,616), $(287,318), $(522,206), $(924,766), respectively) (17,178) (195,623) 894,778 (421,332)
Servicing revenue, net 435,985 195,270 2,273,819 674,021
Interest income 273,379 190,633 710,440 593,342
Gain on originated residential mortgage loans, held-for-sale, net 203,479 566,761 980,266 1,257,094
Total revenues 912,843 952,664 3,964,525 2,524,457
Expenses        
Interest expense and warehouse line fees 218,089 129,928 507,751 355,372
General and administrative 214,624 237,319 686,133 574,166
Compensation and benefits 290,984 324,545 1,023,261 717,919
Management fee to affiliate 0 24,315 46,174 70,154
Termination fee to affiliate 0 0 400,000 0
Total operating expenses 723,697 716,107 2,663,319 1,717,611
Other Income (Loss)        
Change in fair value of investments, net 968,340 11,112 587,181 1,224
Gain (loss) on settlement of investments, net (1,004,454) (98,317) (848,334) (188,919)
Other income (loss), net 23,242 52,888 134,962 127,333
Total other income (loss) (12,872) (34,317) (126,191) (60,362)
Income Before Income Taxes 176,274 202,240 1,175,015 746,484
Income tax expense (benefit) 22,084 31,559 297,563 128,741
Net income (loss) 154,190 170,681 877,452 617,743
Noncontrolling interests in income of consolidated subsidiaries 7,307 9,001 27,098 28,448
Dividends on preferred stock 22,427 15,533 67,315 44,249
Net income attributable to common stockholders - basic 124,456 146,147 783,039 545,046
Net Income Attributable to Common Stockholders - diluted $ 124,456 $ 146,147 $ 783,039 $ 545,046
Net Income Per Share of Common Stock        
Basic (in dollars per share) $ 0.27 $ 0.31 $ 1.68 $ 1.22
Diluted (in dollars per share) $ 0.26 $ 0.30 $ 1.62 $ 1.18
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 467,974,962 466,579,920 467,192,721 446,085,657
Diluted (in shares) 476,796,757 482,282,695 481,900,129 461,694,481
Dividend declared per Share of Common Stock (in dollars per share) $ 0.25 $ 0.25 $ 0.75 $ 0.65