v3.25.1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue    
Servicing and subservicing fees $ 203.3 $ 204.5
Gain on reverse loans held for investment and HMBS-related borrowings, net 23.8 15.4
Gain on loans held for sale, net 11.8 10.9
Other revenue, net 10.9 8.3
Total revenue 249.8 239.1
MSR valuation adjustments, net (38.9) (11.6)
Operating expenses    
Compensation and benefits 57.4 53.6
Servicing and origination 13.0 15.0
Technology and communications 15.0 12.7
Professional Fees (Income) 22.6 12.0
Occupancy, equipment and mailing 8.2 7.7
Other expenses 3.6 3.4
Total operating expenses 119.9 104.4
Other income (expense)    
Interest income 26.2 17.5
Interest expense (67.0) (67.4)
Pledged MSR liability expense ($11.5 and $15.3 on amounts due to related party) (41.9) (44.9)
Gain on extinguishment of debt 0.0 1.4
Earnings of equity method investee 0.0 2.7
Other, net 0.9 (0.6)
Other income (expense), net (81.9) (91.3)
Income before income taxes 9.1 31.8
Income tax expense (benefit) (13.0) 1.7
Net income 22.1 30.1
Preferred stock dividend (1.0) 0.0
Net income attributable to common stockholders $ 21.1 $ 30.1
Earnings per share attributable to common stockholders    
Basic (in USD per share) $ 2.68 $ 3.91
Diluted (in USD per share) $ 2.50 $ 3.74
Weighted average common shares outstanding    
Basic (in shares) 7,873,989 7,711,534
Diluted (in shares) 8,436,874 8,046,188