Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Interest income $ 471,952 $ 277,477 $ 764,490 $ 467,513
Interest expense 115,157 100,685 213,386 181,913
Net interest income (expense) 356,795 176,792 551,104 285,600
Impairment        
Other-than-temporary impairment (OTTI) on securities 5,115 2,819 7,227 6,073
Valuation and loss provision on loans and real estate owned 20,771 16,825 38,681 23,570
Total Impairment Charges 25,886 19,644 45,908 29,643
Net interest income after impairment 330,909 157,148 505,196 255,957
Servicing revenue, net 170,851 0 211,453 0
Other Income        
Change in fair value of investments in excess mortgage servicing rights (19,180) (15,263) (18,359) (7,337)
Change in fair value of investments in excess mortgage servicing rights, equity method investees 4,246 (675) 4,002 2,347
Change in fair value of investments in mortgage servicing rights financing receivable 5,596 0 5,596 0
Change in fair value of investments in servicer advances 56,969 13,946 59,528 (17,278)
Gain on consumer loans investment 0 0 0 9,943
Gain on remeasurement of consumer loans investment 0 0 0 71,250
Gain (loss) on settlement of investments, net 13,371 (14,271) (303) (26,517)
Earnings from investments in consumer loans, equity method investees 5,880 0 5,880 0
Other income (loss), net (9,035) (3,460) (2,191) (20,209)
Other Income 57,847 (19,723) 54,153 12,199
Operating Expenses        
General and administrative expenses 16,042 7,224 27,869 19,305
Management fee to affiliate 14,186 10,008 27,260 20,016
Incentive compensation to affiliate 40,172 4,929 52,632 6,125
Loan servicing expense 13,002 14,119 26,378 15,850
Subservicing expense 55,958 0 73,662 0
Total Operating Expenses 139,360 36,280 207,801 61,296
Income (Loss) Before Income Taxes 420,247 101,145 563,001 206,860
Income tax expense (benefit) 82,844 7,518 88,440 (2,705)
Net Income (Loss) 337,403 93,627 474,561 209,565
Noncontrolling Interests in Income of Consolidated Subsidiaries 15,671 24,975 31,451 29,177
Net Income (Loss) Attributable to Common Stockholders $ 321,732 $ 68,652 $ 443,110 $ 180,388
Net Income Per Share of Common Stock        
Basic (in dollars per share) $ 1.05 $ 0.30 $ 1.49 $ 0.78
Diluted (in dollars per share) $ 1.04 $ 0.30 $ 1.48 $ 0.78
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 307,344,874 230,478,390 297,029,904 230,474,796
Diluted (in shares) 309,392,512 230,839,753 298,875,279 230,689,233
Dividend declared per Share of Common Stock (in dollars per share) $ 0.5 $ 0.46 $ 0.98 $ 0.92