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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 442,644 $ 453,163 $ 1,378,045 $ 1,379,041
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(138,993), $(141,616), $(384,094) and $(522,206), respectively) 20,934 (19,174) (99,338) 890,281
Servicing revenue, net 463,578 433,989 1,278,707 2,269,322
Interest income 476,607 273,379 1,222,007 710,440
Gain on originated residential mortgage loans, held-for-sale, net 149,230 203,479 410,320 980,266
Total revenues 1,089,415 910,847 2,911,034 3,960,028
Expenses        
Interest expense and warehouse line fees 382,554 218,089 1,020,780 507,751
General and administrative 190,475 214,624 539,138 686,133
Compensation and benefits 186,149 290,984 564,635 1,023,261
Management fee 0 0 0 46,174
Termination fee to affiliate 0 0 0 400,000
Total operating expenses 759,178 723,697 2,124,553 2,663,319
Other Income (Loss)        
Realized and unrealized gains (losses) on investments, net (127,508) (34,118) (113,732) (256,656)
Other income (loss), net 71,047 23,242 117,385 134,962
Total other income (loss) (56,461) (10,876) 3,653 (121,694)
Income (loss) before income taxes 273,776 176,274 790,134 1,175,015
Income tax expense (benefit) 52,585 22,084 92,309 297,563
Net income (loss) 221,191 154,190 697,825 877,452
Noncontrolling interests in income (loss) of consolidated subsidiaries 4,848 7,307 10,437 27,098
Dividends on preferred stock 22,394 22,427 67,184 67,315
Net Income (Loss) Attributable to Common Stockholders - basic 193,949 124,456 620,204 783,039
Net Income (Loss) Attributable to Common Stockholders - diluted $ 193,949 $ 124,456 $ 620,204 $ 783,039
Net Income (Loss) Per Share of Common Stock        
Basic (in dollars per share) $ 0.40 $ 0.27 $ 1.29 $ 1.68
Diluted (in dollars per share) $ 400 $ 260 $ 1,280 $ 1,620
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 483,214,061 467,974,962 481,503,762 467,192,721
Diluted (in shares) 484,350,288 476,796,757 483,530,227 481,900,129
Dividends Declared per Share of Common Stock (in dollars per share) $ 0.25 $ 0.25 $ 0.75 $ 0.75