Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Income (Unaudited)

v3.20.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]    
Interest income $ 402,373 $ 438,867
Interest expense 216,855 212,832
Net interest income 185,518 226,035
Impairment    
Provision (reversal) for credit losses on securities 44,149 7,516
Valuation and credit loss provision (reversal) on loans and real estate owned (“REO”) 100,496 5,280
Total impairment charges 144,645 12,796
Net interest income after impairment 40,873 213,239
Servicing revenue, net of change in fair value of $(649,375) and $(56,910), respectively (289,115) 165,853
Gain on originated mortgage loans, held-for-sale, net 179,698 67,170
Other Income    
Change in fair value of investments in excess mortgage servicing rights (11,024) 4,627
Change in fair value of investments in excess mortgage servicing rights, equity method investees (457) 2,612
Change in fair value of investments in mortgage servicing rights financing receivables (104,111) (36,379)
Change in fair value of servicer advance investments (18,749) 7,903
Change in fair value of investments in real estate and other securities (86,792) 6,679
Change in fair value of investments in residential mortgage loans (265,244) 9,214
Change in fair value of derivative instruments (39,982) (25,760)
Gain (loss) on settlement of investments, net (799,572) (43,168)
Earnings from investments in consumer loans, equity method investees 0 4,311
Other income (loss), net (76,730) 5,995
Total other income (1,402,661) (63,966)
Operating Expenses    
General and administrative expenses 206,363 98,940
Management fee to affiliate 21,721 17,960
Incentive compensation to affiliate 0 12,958
Loan servicing expense 7,853 9,603
Subservicing expense 66,981 40,926
Total operating expenses 302,918 180,387
Income (loss) before income taxes (1,774,123) 201,909
Income tax expense (benefit) (166,868) 45,997
Net income (loss) (1,607,255) 155,912
Noncontrolling Interests in Income of Consolidated Subsidiaries (16,162) 10,318
Dividends on Preferred Stock 11,222 0
Net income (loss) attributable to common stockholders $ (1,602,315) $ 145,594
Net Income (Loss) Per Share of Common Stock    
Basic (in dollars per share) $ (3.86) $ 0.37
Diluted (in dollars per share) $ (3.86) $ 0.37
Weighted Average Number of Shares of Common Stock Outstanding    
Basic (in shares) 415,589,155 388,279,931
Diluted (in shares) 415,589,155 388,601,075
Dividend declared per Share of Common Stock (in dollars per share) $ 0.05 $ 0.50