v3.19.2
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Interest income $ 416,047 $ 403,805 $ 854,914 $ 787,378
Interest expense 228,004 133,916 440,836 258,303
Net interest income (expense) 188,043 269,889 414,078 529,075
Impairment        
Other-than-temporary impairment (OTTI) on securities 8,859 12,631 16,375 19,301
Valuation and loss provision (reversal) on loans and real estate owned (REO) 13,452 3,658 18,732 22,665
Total impairment charges 22,311 16,289 35,107 41,966
Net interest income after impairment 165,732 253,600 378,971 487,109
Servicing revenue, net of change in fair value of $(334,599), $(12,807), $(391,509), and $61,859, respectively (85,537) 146,193 80,316 363,429
Gain on sale of originated mortgage loans, net 49,504 0 93,488 0
Other Income        
Change in fair value of investments in excess mortgage servicing rights (8,455) (5,276) (3,828) (50,967)
Change in fair value of investments in excess mortgage servicing rights, equity method investees (3,276) 1,705 (664) 2,228
Change in fair value of investments in mortgage servicing rights financing receivables (55,411) (119,103) (91,790) 151,973
Change in fair value of servicer advance investments 1,388 (1,752) 9,291 (81,228)
Change in fair value of investments in residential mortgage loans 95,025 0 109,588 0
Change in fair value of derivative instruments (36,729) 1,240 (60,496) 3,686
Gain (loss) on settlement of investments, net 29,584 14,655 2,261 117,957
Earnings from investments in consumer loans, equity method investees (2,654) 2,982 1,657 7,788
Other income (loss), net 6,095 8,737 18,768 16,275
Total other income 25,567 (96,812) (15,213) 167,712
Operating Expenses        
General and administrative expenses 118,906 20,575 217,846 40,582
Management fee to affiliate 19,623 15,453 37,583 30,563
Incentive compensation to affiliate 0 26,732 12,958 41,321
Loan servicing expense 9,372 11,035 18,975 22,549
Subservicing expense 53,962 45,958 94,888 92,555
Total operating expenses 201,863 119,753 382,250 227,570
Income (Loss) Before Income Taxes (46,597) 183,228 155,312 790,680
Income tax expense (benefit) (21,577) (2,608) 24,420 (9,520)
Net Income (Loss) (25,020) 185,836 130,892 800,200
Noncontrolling Interests in Income of Consolidated Subsidiaries 6,923 11,078 17,241 21,189
Net income (loss) attributable to common stockholders $ (31,943) $ 174,758 $ 113,651 $ 779,011
Net (Loss) Income Per Share of Common Stock        
Basic (in dollars per share) $ (0.08) $ 0.52 $ 0.28 $ 2.34
Diluted (in dollars per share) $ (0.08) $ 0.51 $ 0.28 $ 2.32
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 415,463,757 336,311,253 401,946,938 333,364,426
Diluted (in shares) 415,665,460 339,538,503 402,239,438 336,476,481
Dividend declared per Share of Common Stock (in dollars per share) $ 0.50 $ 0.50 $ 1.00 $ 1.00

Source