Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income (Unaudited)

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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Interest income $ 425,524 $ 397,722 $ 1,212,902 $ 1,162,212
Interest expense 162,806 125,278 421,109 338,664
Net interest income (expense) 262,718 272,444 791,793 823,548
Impairment        
Other-than-temporary impairment (OTTI) on securities 3,889 1,509 23,190 8,736
Valuation and loss provision (reversal) on loans and real estate owned (REO) 5,471 26,700 28,136 65,381
Total Impairment Charges 9,360 28,209 51,326 74,117
Net interest income after impairment 253,358 244,235 740,467 749,431
Servicing revenue, net 175,355 58,014 538,784 269,467
Gain on sale of originated mortgage loans, net 45,732 0 45,732 0
Other Income        
Change in fair value of investments in excess mortgage servicing rights (4,744) (14,291) (55,711) (32,650)
Change in fair value of investments in excess mortgage servicing rights, equity method investees 3,396 2,054 5,624 6,056
Change in fair value of investments in mortgage servicing rights financing receivables (88,345) 70,232 63,628 75,828
Change in fair value of servicer advance investments (5,353) 10,941 (86,581) 70,469
Gain (loss) on settlement of investments, net (11,893) 1,553 106,064 1,250
Earnings from investments in consumer loans, equity method investees 4,555 6,769 12,343 12,649
Other income (loss), net 19,086 9,887 39,047 7,696
Other Income (83,298) 87,145 84,414 141,298
Operating Expenses        
General and administrative expenses 98,587 19,919 139,169 47,788
Management fee to affiliate 15,464 14,187 46,027 41,447
Incentive compensation to affiliate 23,848 19,491 65,169 72,123
Loan servicing expense 11,060 13,690 33,609 40,068
Subservicing expense 43,148 49,773 135,703 123,435
Total Operating Expenses 192,107 117,060 419,677 324,861
Income (Loss) Before Income Taxes 199,040 272,334 989,720 835,335
Income tax expense (benefit) 3,563 32,613 (5,957) 121,053
Net Income (Loss) 195,477 239,721 995,677 714,282
Noncontrolling Interests in Income of Consolidated Subsidiaries 10,869 13,600 32,058 45,051
Net income (loss) attributable to common stockholders $ 184,608 $ 226,121 $ 963,619 $ 669,231
Net Income Per Share of Common Stock        
Basic (in dollars per share) $ 0.54 $ 0.74 $ 2.87 $ 2.23
Diluted (in dollars per share) $ 0.54 $ 0.73 $ 2.86 $ 2.21
Weighted Average Number of Shares of Common Stock Outstanding        
Basic (in shares) 340,044,440 307,361,309 335,615,566 300,511,550
Diluted (in shares) 340,868,403 309,207,345 337,078,824 302,357,147
Dividend declared per Share of Common Stock (in dollars per share) $ 0.5 $ 0.5 $ 1.5 $ 1.48