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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2017
Segment Information |
Schedule of statement of income and balance sheet by segment |
|  | Three Months Ended September 30, 2017 |
|  | Structured Business |  | Agency Business |  | Other / Eliminations (1) |  | Consolidated |
Interest income |  | $ | 37,258,633 |  | $ | 4,880,943 |  | $ | — |  | $ | 42,139,576 |
Interest expense |  | 19,912,991 |  | 2,974,603 |  | 961,823 |  | 23,849,417 |
Net interest income |  | 17,345,642 |  | 1,906,340 |  | (961,823 | ) | 18,290,159 |
Other revenue: |  |  |  |  |  |  |  |  |
Gain on sales, including fee-based services, net |  | — |  | 17,126,106 |  | — |  | 17,126,106 |
Mortgage servicing rights |  | — |  | 18,897,239 |  | — |  | 18,897,239 |
Servicing revenue |  | — |  | 20,231,489 |  | — |  | 20,231,489 |
Amortization of MSRs |  | — |  | (11,711,378 | ) | — |  | (11,711,378 | )
Property operating income |  | 2,668,055 |  | — |  | — |  | 2,668,055 |
Other income, net |  | 540,241 |  | 237,415 |  | — |  | 777,656 |
Total other revenue |  | 3,208,296 |  | 44,780,871 |  | — |  | 47,989,167 |
Other expenses: |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 5,670,249 |  | 19,524,184 |  | — |  | 25,194,433 |
Selling and administrative |  | 3,014,038 |  | 4,592,898 |  | — |  | 7,606,936 |
Property operating expenses |  | 2,582,745 |  | — |  | — |  | 2,582,745 |
Depreciation and amortization |  | 428,562 |  | 1,400,454 |  | — |  | 1,829,016 |
Provision for loss sharing (net of recoveries) |  | — |  | (2,617,064 | ) | — |  | (2,617,064 | )
Provision for loan losses (net of recoveries) |  | 2,000,000 |  | — |  | — |  | 2,000,000 |
Total other expenses |  | 13,695,594 |  | 22,900,472 |  | — |  | 36,596,066 |
Income before income from equity affiliates and provision for income taxes |  | 6,858,344 |  | 23,786,739 |  | (961,823 | ) | 29,683,260 |
Income from equity affiliates |  | 995,312 |  | — |  | — |  | 995,312 |
Provision for income taxes |  | — |  | (6,708,000 | ) | — |  | (6,708,000 | )
Net income |  | 7,853,656 |  | 17,078,739 |  | (961,823 | ) | 23,970,572 |
Preferred stock dividends |  | 1,888,430 |  | — |  | — |  | 1,888,430 |
Net income attributable to noncontrolling interest |  | — |  | — |  | 5,661,184 |  | 5,661,184 |
Net income attributable to common stockholders |  | $ | 5,965,226 |  | $ | 17,078,739 |  | $ | (6,623,007 | ) | $ | 16,420,958 |
|  | Three Months Ended September 30, 2016 |
|  | Structured Business |  | Agency Business |  | Other / Eliminations (1) |  | Consolidated |
Interest income |  | $ | 26,893,151 |  | $ | 2,743,076 |  | $ | — |  | $ | 29,636,227 |
Interest expense |  | 14,455,058 |  | 1,680,561 |  | 830,609 |  | 16,966,228 |
Net interest income |  | 12,438,093 |  | 1,062,515 |  | (830,609 | ) | 12,669,999 |
Other revenue: |  |  |  |  |  |  |  |  |
Gain on sales, including fee-based services, net |  | — |  | 9,693,822 |  | — |  | 9,693,822 |
Mortgage servicing rights |  | — |  | 15,968,067 |  | — |  | 15,968,067 |
Servicing revenue |  | — |  | 13,472,408 |  | — |  | 13,472,408 |
Amortization of MSRs |  | — |  | (7,586,524 | ) | — |  | (7,586,524 | )
Property operating income |  | 2,960,940 |  | — |  | — |  | 2,960,940 |
Other income, net |  | 111,036 |  | 248,510 |  | — |  | 359,546 |
Total other revenue |  | 3,071,976 |  | 31,796,283 |  | — |  | 34,868,259 |
Other expenses: |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 3,460,745 |  | 10,755,934 |  | — |  | 14,216,679 |
Selling and administrative |  | 2,182,406 |  | 3,720,625 |  | — |  | 5,903,031 |
Acquisition costs |  | — |  | — |  | 6,406,258 |  | 6,406,258 |
Property operating expenses |  | 2,819,004 |  | — |  | — |  | 2,819,004 |
Depreciation and amortization |  | 641,721 |  | 1,167,044 |  | — |  | 1,808,765 |
Provision for loss sharing |  | — |  | 1,316,862 |  | — |  | 1,316,862 |
Provision for loan losses (net of recoveries) |  | (54,000 | ) | — |  | — |  | (54,000 | )
Management fee - related party |  | 1,712,307 |  | 1,612,693 |  | — |  | 3,325,000 |
Total other expenses |  | 10,762,183 |  | 18,573,158 |  | 6,406,258 |  | 35,741,599 |
Income before income from equity affiliates and provision for income taxes |  | 4,747,886 |  | 14,285,640 |  | (7,236,867 | ) | 11,796,659 |
Income from equity affiliates |  | 4,929,375 |  | — |  | — |  | 4,929,375 |
Provision for income taxes |  | — |  | (300,000 | ) | — |  | (300,000 | )
Net income |  | 9,677,261 |  | 13,985,640 |  | (7,236,867 | ) | 16,426,034 |
Preferred stock dividends |  | 1,888,430 |  | — |  | — |  | 1,888,430 |
Net income attributable to noncontrolling interest |  | — |  | — |  | 3,649,432 |  | 3,649,432 |
Net income attributable to common stockholders |  | $ | 7,788,831 |  | $ | 13,985,640 |  | $ | (10,886,299 | ) | $ | 10,888,172 |
|  | Nine Months Ended September 30, 2017 |
|  | Structured Business |  | Agency Business |  | Other / Eliminations (1) |  | Consolidated |
Interest income |  | $ | 95,684,909 |  | $ | 14,447,957 |  | $ | — |  | $ | 110,132,866 |
Interest expense |  | 51,866,274 |  | 8,945,898 |  | 2,885,469 |  | 63,697,641 |
Net interest income |  | 43,818,635 |  | 5,502,059 |  | (2,885,469 | ) | 46,435,225 |
Other revenue: |  |  |  |  |  |  |  |  |
Gain on sales, including fee-based services, net |  | — |  | 55,127,004 |  | — |  | 55,127,004 |
Mortgage servicing rights |  | — |  | 56,181,638 |  | — |  | 56,181,638 |
Servicing revenue |  | — |  | 55,350,118 |  | — |  | 55,350,118 |
Amortization of MSRs |  | — |  | (35,427,217 | ) | — |  | (35,427,217 | )
Property operating income |  | 8,754,518 |  | — |  | — |  | 8,754,518 |
Other income, net |  | 1,381,847 |  | (2,311,740 | ) | — |  | (929,893 | )
Total other revenue |  | 10,136,365 |  | 128,919,803 |  | — |  | 139,056,168 |
Other expenses: |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 13,569,621 |  | 53,290,960 |  | — |  | 66,860,581 |
Selling and administrative |  | 8,993,239 |  | 14,142,511 |  | — |  | 23,135,750 |
Property operating expenses |  | 7,842,571 |  | — |  | — |  | 7,842,571 |
Depreciation and amortization |  | 1,340,629 |  | 4,201,362 |  | — |  | 5,541,991 |
Impairment loss on real estate owned |  | 2,700,000 |  | — |  | — |  | 2,700,000 |
Provision for loss sharing (net of recoveries) |  | — |  | (405,494 | ) | — |  | (405,494 | )
Provision for loan losses (net of recoveries) |  | (455,653 | ) | — |  | — |  | (455,653 | )
Management fee - related party |  | 3,258,772 |  | 3,414,488 |  | — |  | 6,673,260 |
Total other expenses |  | 37,249,179 |  | 74,643,827 |  | — |  | 111,893,006 |
Income before gain on extinguishment of debt, income from equity affiliates and provision for income taxes |  | 16,705,821 |  | 59,778,035 |  | (2,885,469 | ) | 73,598,387 |
Gain on extinguishment of debt |  | 7,116,243 |  | — |  | — |  | 7,116,243 |
Income from equity affiliates |  | 1,755,145 |  | — |  | — |  | 1,755,145 |
Provision for income taxes |  | — |  | (16,244,000 | ) | — |  | (16,244,000 | )
Net income |  | 25,577,209 |  | 43,534,035 |  | (2,885,469 | ) | 66,225,775 |
Preferred stock dividends |  | 5,665,290 |  | — |  | — |  | 5,665,290 |
Net income attributable to noncontrolling interest |  | — |  | — |  | 16,596,415 |  | 16,596,415 |
Net income attributable to common stockholders |  | $ | 19,911,919 |  | $ | 43,534,035 |  | $ | (19,481,884 | ) | $ | 43,964,070 |
|  | Nine Months Ended September 30, 2016 |
|  | Structured Business |  | Agency Business |  | Other / Eliminations (1) |  | Consolidated |
Interest income |  | $ | 80,681,114 |  | $ | 2,743,076 |  | $ | — |  | $ | 83,424,190 |
Other interest income, net |  | 2,539,274 |  | — |  | — |  | 2,539,274 |
Interest expense |  | 40,447,159 |  | 1,680,561 |  | 830,609 |  | 42,958,329 |
Net interest income |  | 42,773,229 |  | 1,062,515 |  | (830,609 | ) | 43,005,135 |
Other revenue: |  |  |  |  |  |  |  |  |
Gain on sales, including fee-based services, net |  | — |  | 9,693,822 |  | — |  | 9,693,822 |
Mortgage servicing rights |  | — |  | 15,968,067 |  | — |  | 15,968,067 |
Servicing revenue |  | — |  | 13,472,408 |  | — |  | 13,472,408 |
Amortization of MSRs |  | — |  | (7,586,524 | ) | — |  | (7,586,524 | )
Property operating income |  | 12,719,027 |  | — |  | — |  | 12,719,027 |
Other income, net |  | 415,467 |  | 248,510 |  | — |  | 663,977 |
Total other revenue |  | 13,134,494 |  | 31,796,283 |  | — |  | 44,930,777 |
Other expenses: |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 12,100,499 |  | 10,755,934 |  | — |  | 22,856,433 |
Selling and administrative |  | 6,557,219 |  | 3,720,625 |  | — |  | 10,277,844 |
Acquisition costs |  | — |  | — |  | 10,261,902 |  | 10,261,902 |
Property operating expenses |  | 10,991,823 |  | — |  | — |  | 10,991,823 |
Depreciation and amortization |  | 1,962,366 |  | 1,167,044 |  | — |  | 3,129,410 |
Impairment loss on real estate owned |  | 11,200,000 |  | — |  | — |  | 11,200,000 |
Provision for loss sharing |  | — |  | 1,316,862 |  | — |  | 1,316,862 |
Provision for loan losses (net of recoveries) |  | (24,995 | ) | — |  | — |  | (24,995 | )
Management fee - related party |  | 7,262,307 |  | 1,612,693 |  | — |  | 8,875,000 |
Total other expenses |  | 50,049,219 |  | 18,573,158 |  | 10,261,902 |  | 78,884,279 |
Income before gain on sale of real estate, income from equity affiliates and provision for income taxes |  | 5,858,504 |  | 14,285,640 |  | (11,092,511 | ) | 9,051,633 |
Gain on sale of real estate |  | 11,630,687 |  | — |  | — |  | 11,630,687 |
Income from equity affiliates |  | 11,193,918 |  | — |  | — |  | 11,193,918 |
Provision for income taxes |  | — |  | (300,000 | ) | — |  | (300,000 | )
Net income |  | 28,683,109 |  | 13,985,640 |  | (11,092,511 | ) | 31,576,238 |
Preferred stock dividends |  | 5,665,290 |  | — |  | — |  | 5,665,290 |
Net income attributable to noncontrolling interest |  | — |  | — |  | 3,649,432 |  | 3,649,432 |
Net income attributable to common stockholders |  | $ | 23,017,819 |  | $ | 13,985,640 |  | $ | (14,741,943 | ) | $ | 22,261,516 |
| (1) |  | Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holder.
|  | September 30, 2017 |
|  | Structured Business |  | Agency Business |  | Other / Eliminations |  | Consolidated |
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 28,874,347 |  | $ | 55,877,050 |  | $ | — |  | $ | 84,751,397 |
Restricted cash |  | 137,126,053 |  | 12,336 |  | — |  | 137,138,389 |
Loans and investments, net |  | 1,997,555,985 |  | — |  | — |  | 1,997,555,985 |
Loans held-for-sale, net |  | — |  | 333,267,976 |  | — |  | 333,267,976 |
Capitalized mortgage servicing rights, net |  | — |  | 247,875,659 |  | — |  | 247,875,659 |
Securities held to maturity |  | — |  | 18,851,089 |  | — |  | 18,851,089 |
Investments in equity affiliates |  | 31,330,740 |  | — |  | — |  | 31,330,740 |
Goodwill and other intangible assets |  | 12,500,000 |  | 110,666,816 |  | — |  | 123,166,816 |
Other assets |  | 71,864,641 |  | 12,375,170 |  | — |  | 84,239,811 |
Total assets |  | $ | 2,279,251,766 |  | $ | 778,926,096 |  | $ | — |  | $ | 3,058,177,862 |
Liabilities: |  |  |  |  |  |  |  |  |
Debt obligations |  | $ | 1,630,457,754 |  | $ | 327,987,187 |  | $ | 50,000,000 |  | $ | 2,008,444,941 |
Allowance for loss-sharing obligations |  | — |  | 30,158,464 |  | — |  | 30,158,464 |
Other liabilities |  | 122,924,302 |  | 49,852,331 |  | 1,054,615 |  | 173,831,248 |
Total liabilities |  | $ | 1,753,382,056 |  | $ | 407,997,982 |  | $ | 51,054,615 |  | $ | 2,212,434,653 |
|  | December 31, 2016 |
|  | Structured Business |  | Agency Business |  | Other / Eliminations |  | Consolidated |
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 103,156,034 |  | $ | 35,489,396 |  | $ | — |  | $ | 138,645,430 |
Restricted cash |  | 16,230,051 |  | 13,084,878 |  | — |  | 29,314,929 |
Loans and investments, net |  | 1,695,732,351 |  | — |  | — |  | 1,695,732,351 |
Loans held-for-sale, net |  | — |  | 673,367,304 |  | — |  | 673,367,304 |
Capitalized mortgage servicing rights, net |  | — |  | 227,742,986 |  | — |  | 227,742,986 |
Investments in equity affiliates |  | 33,948,853 |  | — |  | — |  | 33,948,853 |
Goodwill and other intangible assets |  | — |  | 97,489,884 |  | — |  | 97,489,884 |
Other assets |  | 63,350,947 |  | 11,193,562 |  | — |  | 74,544,509 |
Total assets |  | $ | 1,912,418,236 |  | $ | 1,058,368,010 |  | $ | — |  | $ | 2,970,786,246 |
Liabilities: |  |  |  |  |  |  |  |  |
Debt obligations |  | $ | 1,307,973,936 |  | $ | 660,144,122 |  | $ | 50,000,000 |  | $ | 2,018,118,058 |
Allowance for loss-sharing obligations |  | — |  | 32,407,554 |  | — |  | 32,407,554 |
Other liabilities |  | 133,788,359 |  | 38,216,483 |  | 1,217,864 |  | 173,222,706 |
Total liabilities |  | $ | 1,441,762,295 |  | $ | 730,768,159 |  | $ | 51,217,864 |  | $ | 2,223,748,318 |
Schedule of origination data and loan sales data |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Origination Data: |  |  |  |  |  |  |  |  |
Structured Business |  |  |  |  |  |  |  |  |
New loan originations |  | $ | 473,171,000 |  | $ | 266,599,500 |  | $ | 1,057,003,885 |  | $ | 654,967,500 |
Loan payoffs / paydowns |  | 270,010,000 |  | 118,346,618 |  | 723,976,741 |  | 418,433,132 |
Agency Business |  |  |  |  |  |  |  |  |
Origination Volumes by Investor: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 650,373,500 |  | $ | 668,644,832 |  | $ | 2,216,819,525 |  | $ | 668,644,832 |
Freddie Mac |  | 328,075,000 |  | 157,145,000 |  | 880,597,200 |  | 157,145,000 |
FHA |  | 18,273,300 |  | 24,629,823 |  | 189,086,997 |  | 24,629,823 |
CMBS/Conduit |  | — |  | — |  | 21,370,000 |  | — |
Total |  | $ | 996,721,800 |  | $ | 850,419,655 |  | $ | 3,307,873,722 |  | $ | 850,419,655 |
Total loan commitment volume |  | $ | 928,180,800 |  | $ | 714,820,818 |  | $ | 3,181,367,322 |  | $ | 714,820,818 |
Loan Sales Data: |  |  |  |  |  |  |  |  |
Agency Business |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 665,959,500 |  | $ | 430,371,100 |  | $ | 2,569,821,000 |  | $ | 430,371,100 |
Freddie Mac |  | 342,629,800 |  | 104,448,000 |  | 862,376,636 |  | 104,448,000 |
FHA |  | 43,484,109 |  | 17,015,115 |  | 167,708,801 |  | 17,015,115 |
CMBS/Conduit |  | — |  | — |  | 21,370,000 |  | — |
Total |  | $ | 1,052,073,409 |  | $ | 551,834,215 | * | $ | 3,621,276,437 |  | $ | 551,834,215 | *
Sales margin (fee-based services as a % of loan sales) |  | 1.63 | % | 1.76 | % | 1.52 | % | 1.76 | %
MSR rate (MSR income as a % of loan commitments) |  | 2.04 | % | 2.23 | % | 1.77 | % | 2.23 | %
* Loan sales were $970.0 million for the three and nine months ended September 30, 2016, including loans that were acquired as part of the Acquisition.
Schedule of key servicing metrics for Agency Business |
|  | September 30, 2017 |
Key Servicing Metrics for Agency Business: |  | UPB of Servicing Portfolio |  | Wtd. Avg. Servicing Fee Rate (basis points) |  | Wtd. Avg. Life of Servicing Portfolio (in years) |
Fannie Mae |  | $ | 12,331,135,405 |  | 53.7 |  | 7.2 |
Freddie Mac |  | 2,732,536,579 |  | 28.6 |  | 10.9 |
FHA |  | 537,553,532 |  | 16.5 |  | 20.0 |
Total |  | $ | 15,601,225,516 |  | 48.0 |  | 8.3 |
|  | December 31, 2016 |
Fannie Mae |  | $ | 11,181,152,400 |  | 53.4 |  | 6.6 |
Freddie Mac |  | 1,953,244,541 |  | 22.3 |  | 10.5 |
FHA |  | 420,688,577 |  | 14.4 |  | 19.2 |
Total |  | $ | 13,555,085,518 |  | 47.8 |  | 7.6 |

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