v3.19.3
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Interest income $ 448,127 $ 425,524 $ 1,303,041 $ 1,212,902
Interest expense 245,902 162,806 686,738 421,109
Net interest income (expense) 202,225 262,718 616,303 791,793
Impairment        
Other-than-temporary impairment (OTTI) on securities 5,567 3,889 21,942 23,190
Valuation and loss provision (reversal) on loans and real estate owned (REO) (10,690) 5,471 8,042 28,136
Total impairment charges (5,123) 9,360 29,984 51,326
Net interest income after impairment 207,348 253,358 586,319 740,467
Servicing revenue, net of change in fair value of $(228,405), $(26,741), $(619,914), and $35,118, respectively 53,050 175,355 133,366 538,784
Gain on sale of originated mortgage loans, net 100,541 45,732 194,029 45,732
Other Income        
Change in fair value of investments in excess mortgage servicing rights 2,407 (4,744) (1,421) (55,711)
Change in fair value of investments in excess mortgage servicing rights, equity method investees 4,751 3,396 4,087 5,624
Change in fair value of investments in mortgage servicing rights financing receivables (41,410) (88,345) (133,200) 63,628
Change in fair value of servicer advance investments 6,641 (5,353) 15,932 (86,581)
Change in fair value of investments in residential mortgage loans (19,037) 647 90,551 647
Change in fair value of derivative instruments 58,508 24,299 (1,988) 27,985
Gain (loss) on settlement of investments, net 154,752 (11,893) 157,013 106,064
Earnings from investments in consumer loans, equity method investees (2,547) 4,555 (890) 12,343
Other income (loss), net (35,219) (5,860) (16,451) 10,415
Total other income 128,846 (83,298) 113,633 84,414
Operating Expenses        
General and administrative expenses 133,513 98,587 351,359 139,169
Management fee to affiliate 20,678 15,464 58,261 46,027
Incentive compensation to affiliate 36,307 23,848 49,265 65,169
Loan servicing expense 7,192 11,060 26,167 33,609
Subservicing expense 52,875 43,148 147,763 135,703
Total operating expenses 250,565 192,107 632,815 419,677
Income (Loss) Before Income Taxes 239,220 199,040 394,532 989,720
Income tax expense (benefit) (5,440) 3,563 18,980 (5,957)
Net Income (Loss) 244,660 195,477 375,552 995,677
Noncontrolling Interests in Income of Consolidated Subsidiaries 14,738 10,869 31,979 32,058
Dividends on Preferred Stock 5,338 0 5,338 0
Net income (loss) attributable to common stockholders $ 224,584 $ 184,608 $ 338,235 $ 963,619
Net Income (Loss) Per Share of Common Stock        
Basic (in dollars per share) $ 0.54 $ 0.54 $ 0.83 $ 2.87
Diluted (in dollars per share) $ 0.54 $ 0.54 $ 0.83 $ 2.86
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 415,520,780 340,044,440 406,521,273 335,615,566
Diluted (in shares) 415,588,238 340,868,403 406,671,972 337,078,824
Dividend declared per Share of Common Stock (in dollars per share) $ 0.50 $ 0.50 $ 1.50 $ 1.50

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