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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue        
Servicing and subservicing fees $ 215,562 $ 206,585 $ 643,316 $ 562,764
Reverse mortgage revenue, net 6,885 5,035 17,379 56,162
Gain (loss) on loans held for sale, net 18,931 59,702 16,665 108,136
Other revenue, net 8,344 11,779 26,084 29,078
Total revenue 249,722 283,101 703,444 756,140
MSR valuation adjustments, net 95,159 (6,320) 190,989 (57,562)
Operating expenses        
Compensation and benefits 71,320 68,960 223,202 209,413
Servicing and origination 18,998 27,932 52,264 82,044
Technology and communications 14,380 14,737 43,983 41,050
Professional services 17,196 18,379 38,049 61,245
Occupancy and equipment 12,396 8,962 32,121 25,699
Other expenses 7,118 6,466 23,178 15,422
Total operating expenses 141,408 145,436 412,797 434,873
Other income (expense)        
Interest income 13,732 7,869 30,590 15,993
Interest expense ($10,578, $10,238, $31,461 and $21,351 on amounts due to related party) (50,395) (40,623) (126,131) (102,591)
Pledged MSR liability expense ($28,845, $(2,094), $104,202, and $(2,094) on amounts due to related party) (131,635) (91,160) (292,616) (168,820)
Earnings of equity method investee 3,346 932 19,281 1,282
Gain (loss) on extinguishment of debt 0 0 914 (15,458)
Other, net (5,538) 1,900 (9,936) 5,554
Total other income (expense), net (170,490) (121,082) (377,898) (264,040)
Income (loss) before income taxes 32,983 10,263 103,738 (335)
Income tax expense (benefit) (3,956) (11,289) (1,637) (20,108)
Net income $ 36,939 $ 21,552 $ 105,375 $ 19,773
Earnings per share        
Basic (in USD per share) $ 4.33 $ 2.35 $ 11.71 $ 2.21
Diluted (in USD per share) $ 4.17 $ 2.29 $ 11.34 $ 2.13
Weighted average common shares outstanding        
Basic (in shares) 8,530,209 9,189,030 8,998,298 8,960,696
Diluted (in shares) 8,866,925 9,401,858 9,295,857 9,270,751