XML 32 R4.htm IDEA: XBRL DOCUMENT v3.25.3
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue        
Servicing and subservicing fees $ 217.5 $ 211.1 $ 632.1 $ 626.5
Gain on reverse loans held for investment and HMBS-related borrowings, net 13.0 18.0 48.7 41.9
Gain on loans held for sale, net 34.1 25.8 56.3 53.2
Other revenue, net 15.7 10.8 39.6 29.6
Total revenue 280.3 265.7 776.7 751.2
MSR valuation adjustments, net (45.0) (31.5) (111.1) (75.8)
Operating expenses        
Compensation and benefits 63.3 59.5 181.7 168.1
Servicing and origination 15.6 11.1 41.6 40.0
Technology and communications 15.9 13.2 46.4 38.9
Professional services 18.3 17.3 49.3 40.1
Occupancy, equipment and mailing 9.1 7.9 25.4 23.1
Other expenses 3.6 3.4 10.8 10.6
Total operating expenses 125.8 112.4 355.2 320.8
Other income (expense)        
Interest income 37.6 24.5 96.0 64.5
Interest expense (82.9) (74.2) (225.6) (214.6)
Pledged MSR liability expense ($11.0, $11.4, $33.9, and $42.1 on amounts due to related party) (41.7) (42.3) (126.6) (133.3)
Gain on extinguishment of debt 0.0 0.3 0.0 1.8
Earnings of equity method investee 0.0 0.8 0.0 6.7
Other, net 0.5 (3.3) 0.9 (6.7)
Other income (expense), net (86.5) (94.1) (255.3) (281.7)
Income before income taxes 23.1 27.6 55.0 72.9
Income tax expense (benefit) 4.4 6.3 (7.3) 10.9
Net income 18.7 21.4 62.3 62.0
Preferred stock dividend (1.0) 0.0 (3.1) 0.0
Net income attributable to common stockholders $ 17.7 $ 21.4 $ 59.2 $ 62.0
Earnings per share attributable to common stockholders        
Basic (in USD per share) $ 2.19 $ 2.72 $ 7.42 $ 7.95
Diluted (in USD per share) $ 2.03 $ 2.65 $ 6.92 $ 7.74
Weighted average common shares outstanding        
Basic (in shares) 8,055,262 7,860,572 7,984,142 7,797,974
Diluted (in shares) 8,717,597 8,055,393 8,563,697 8,006,981