UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Revenue | ||||
| Servicing and subservicing fees | $ 229.3 | $ 211.3 | $ 451.7 | $ 414.6 |
| Gain on reverse loans and HMBS-related borrowings, net | 3.8 | 11.9 | 22.5 | 35.7 |
| Gain on loans held for sale, net | 29.4 | 10.4 | 63.5 | 22.2 |
| Other revenue, net | 20.4 | 13.0 | 39.5 | 23.9 |
| Total revenue | 282.9 | 246.6 | 577.2 | 496.4 |
| MSR valuation adjustments, net | (70.5) | (27.3) | (139.5) | (66.2) |
| Operating expenses | ||||
| Compensation and benefits | 69.8 | 60.9 | 139.5 | 118.4 |
| Servicing and origination | 23.1 | 13.0 | 41.6 | 26.0 |
| Technology and communications | 17.9 | 15.5 | 35.4 | 30.5 |
| Professional services | 16.7 | 8.4 | 31.4 | 31.0 |
| Occupancy, equipment and mailing | 8.2 | 8.1 | 16.7 | 16.3 |
| Other expenses | 3.3 | 3.7 | 6.6 | 7.2 |
| Total operating expenses | 139.0 | 109.5 | 271.2 | 229.4 |
| Other income (expense) | ||||
| Interest income | 55.5 | 32.1 | 96.5 | 58.3 |
| Interest expense | (103.1) | (75.6) | (185.7) | (142.7) |
| Pledged MSR liability expense | (38.2) | (43.0) | (80.8) | (84.9) |
| Other, net | (2.7) | (0.4) | (3.6) | 0.4 |
| Other income (expense), net | (88.5) | (87.0) | (173.6) | (168.8) |
| Income (loss) before income taxes | (15.1) | 22.8 | (7.1) | 32.0 |
| Income tax expense (benefit) | (3.2) | 1.3 | (2.9) | (11.7) |
| Net income (loss) | (11.9) | 21.5 | (4.2) | 43.6 |
| Preferred stock dividend | (1.0) | (1.0) | (2.1) | (2.1) |
| Net income (loss) attributable to common stockholders | $ (12.9) | $ 20.5 | $ (6.3) | $ 41.6 |
| Earnings (loss) per share attributable to common stockholders | ||||
| Basic (in USD per share) | $ (1.53) | $ 2.55 | $ (0.74) | $ 5.23 |
| Diluted (in USD per share) | $ (1.53) | $ 2.40 | $ (0.74) | $ 4.90 |
| Weighted average common shares outstanding | ||||
| Basic (in shares) | 8,447,094 | 8,021,182 | 8,470,827 | 7,947,992 |
| Diluted (in shares) | 8,447,094 | 8,534,627 | 8,470,827 | 8,486,158 |
| X | ||||||||||
- Definition Earnings Per Share Basic And Diluted1 No definition available.
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- Definition Fee and Commissions, Reverse Mortgage Banking No definition available.
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- Definition Non-labor costs directly associated with income earned from servicing and originating mortgage loans, excluding amortization of mortgage servicing rights. No definition available.
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- Definition This represents the amount of the fee earned, generally expressed as a percent of UPB, from the borrowers’ payments. Also includes late fees, prepayment penalties, float earnings and other ancillary fees. No definition available.
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- Definition The amount of expense in the period for communications and data processing expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition This element represents interest incurred for borrowed money which was used to produce goods or render services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net gain (loss) resulting from a sale of loans, including adjustments to record loans classified as held-for-sale at the lower-of-cost-or-market and fair value adjustments to loan held for investment purposes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, before tax, of income (loss) attributable to parent. Includes, but is not limited to, income (loss) from continuing operations, discontinued operations and equity method investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business). No definition available.
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- Definition Amount of interest expense classified as nonoperating. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount of increase (decrease) in fair value from changes in the inputs used to calculate the fair value of contract to service financial assets under which the benefits of servicing are expected to more than adequately compensate the servicer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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