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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue        
Servicing and subservicing fees $ 215,131 $ 184,441 $ 427,754 $ 356,179
Reverse mortgage revenue, net (2,616) 29,301 10,494 51,127
Gain (loss) on loans held for sale, net 940 42,713 (2,266) 48,434
Other revenue, net 8,704 8,990 17,740 17,299
Total revenue 222,159 265,445 453,722 473,039
MSR valuation adjustments, net 33,198 (72,450) 95,830 (51,242)
Operating expenses        
Compensation and benefits 83,879 72,172 151,882 140,453
Servicing and origination 19,099 26,642 33,266 54,112
Technology and communications 14,691 13,170 29,603 26,313
Professional services 8,686 25,544 20,853 42,866
Occupancy and equipment 9,658 7,885 19,725 16,737
Other expenses 8,358 4,395 16,060 8,956
Total operating expenses 144,371 149,808 271,389 289,437
Other income (expense)        
Interest income 9,746 4,188 16,858 8,124
Interest expense ($10,487, $8,748, $20,883 and $11,114 on amounts due to related party) (37,861) (33,516) (75,736) (61,968)
Pledged MSR liability expense ($20,843, $—, $75,356, and $— on amounts due to related party) (74,083) (39,810) (160,980) (77,660)
Earnings of equity method investee 3,932 350 15,935 350
Gain (loss) on extinguishment of debt 947 0 914 (15,458)
Other, net (4,237) 3,364 (4,399) 3,654
Total other income (expense), net (101,556) (65,424) (207,408) (142,958)
Income (loss) before income taxes 9,430 (22,237) 70,755 (10,598)
Income tax expense (benefit) (924) (11,915) 2,319 (8,819)
Net income (loss) $ 10,354 $ (10,322) $ 68,436 $ (1,779)
Earnings (loss) per share        
Basic (in USD per share) $ 1.12 $ (1.15) $ 7.41 $ (0.20)
Diluted (in USD per share) $ 1.11 $ (1.15) $ 7.19 $ (0.20)
Weighted average common shares outstanding        
Basic (in shares) 9,257,089 8,999,544 9,236,221 8,844,637
Diluted (in shares) 9,366,606 8,999,544 9,514,202 8,844,637