
	Three Months Ended September 30, 2018
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	61,232	$	6,268	$	—	$	67,500
Interest expense		35,508		4,040		—		39,548
Net interest income		25,724		2,228		—		27,952
Other revenue:
Gain on sales, including fee-based services, net		—		17,451		—		17,451
Mortgage servicing rights		—		25,216		—		25,216
Servicing revenue		—		26,082		—		26,082
Amortization of MSRs		—		(11,838)		—		(11,838)
Property operating income		2,651		—		—		2,651
Other income, net		406		(4,388)		—		(3,982)
Total other revenue		3,057		52,523		—		55,580
Other expenses:
Employee compensation and benefits		6,683		21,092		—		27,775
Selling and administrative		4,465		5,529		—		9,994
Property operating expenses		2,437		—		—		2,437
Depreciation and amortization		447		1,401		—		1,848
Provision for loss sharing (net of recoveries)		—		2,019		—		2,019
Provision for loan losses (net of recoveries)		836		—		—		836
Litigation settlement gain		(10,170)		—		—		(10,170)
Total other expenses		4,698		30,041		—		34,739
Income before extinguishment of debt, loss from equity affiliates and income taxes		24,083		24,710		—		48,793
Loss on extinguishment of debt		(4,960)		—		—		(4,960)
Loss from equity affiliates		(1,028)		—		—		(1,028)
Provision for income taxes		—		(5,381)		—		(5,381)
Net income		18,095		19,329		—		37,424
Preferred stock dividends		1,888		—		—		1,888
Net income attributable to noncontrolling interest		—		—		7,799		7,799
Net income attributable to common stockholders	$	16,207	$	19,329	$	(7,799)	$	27,737


	Three Months Ended September 30, 2017
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	37,259	$	4,881	$	—	$	42,140
Interest expense		19,913		2,975		962		23,850
Net interest income		17,346		1,906		(962)		18,290
Other revenue:
Gain on sales, including fee-based services, net		—		17,126		—		17,126
Mortgage servicing rights		—		18,897		—		18,897
Servicing revenue		—		20,231		—		20,231
Amortization of MSRs		—		(11,711)		—		(11,711)
Property operating income		2,668		—		—		2,668
Other income, net		540		238		—		778
Total other revenue		3,208		44,781		—		47,989
Other expenses:
Employee compensation and benefits		5,670		19,524		—		25,194
Selling and administrative		3,014		4,593		—		7,607
Property operating expenses		2,583		—		—		2,583
Depreciation and amortization		429		1,400		—		1,829
Provision for loss sharing (net of recoveries)		—		(2,617)		—		(2,617)
Provision for loan losses (net of recoveries)		2,000		—		—		2,000
Total other expenses		13,696		22,900		—		36,596
Income before income from equity affiliates and income taxes		6,858		23,787		(962)		29,683
Income from equity affiliates		996		—		—		996
Provision for income taxes		—		(6,708)		—		(6,708)
Net income		7,854		17,079		(962)		23,971
Preferred stock dividends		1,888		—		—		1,888
Net income attributable to noncontrolling interest		—		—		5,662		5,662
Net income attributable to common stockholders	$	5,966	$	17,079	$	(6,624)	$	16,421


	Nine Months Ended September 30, 2018
		Structured		Agency		Other /
		Business		Business		Eliminations (1)		Consolidated
Interest income	$	162,645	$	15,763	$	—	$	178,408
Interest expense		100,324		10,166		329		110,819
Net interest income		62,321		5,597		(329)		67,589
Other revenue:
Gain on sales, including fee-based services, net		—		51,266		—		51,266
Mortgage servicing rights		—		62,787		—		62,787
Servicing revenue		—		70,301		—		70,301
Amortization of MSRs		—		(35,639)		—		(35,639)
Property operating income		8,525		—		—		8,525
Other income, net		757		(2,331)		—		(1,574)
Total other revenue		9,282		146,384		—		155,666
Other expenses:
Employee compensation and benefits		21,019		63,065		—		84,084
Selling and administrative		11,500		16,283		—		27,783
Property operating expenses		8,089		—		—		8,089
Depreciation and amortization		1,338		4,201		—		5,539
Impairment loss on real estate owned		2,000		—		—		2,000
Provision for loss sharing (net of recoveries)		—		2,840		—		2,840
Provision for loan losses (net of recoveries)		(967)		—		—		(967)
Litigation settlement gain		(10,170)		—		—		(10,170)
Total other expenses		32,809		86,389		—		119,198
Income before extinguishment of debt, income from equity affiliates and income taxes		38,794		65,592		(329)		104,057
Loss on extinguishment of debt		(4,960)		—		—		(4,960)
Income from equity affiliates		1,104		—		—		1,104
Benefit from (provision for) income taxes		500		(1,596)		—		(1,096)
Net income		35,438		63,996		(329)		99,105
Preferred stock dividends		5,665		—		—		5,665
Net income attributable to noncontrolling interest		—		—		22,347		22,347
Net income attributable to common stockholders	$	29,773	$	63,996	$	(22,676)	$	71,093


	Nine Months Ended September 30, 2017
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	95,685	$	14,448	$	—	$	110,133
Interest expense		51,866		8,946		2,886		63,698
Net interest income		43,819		5,502		(2,886)		46,435
Other revenue:
Gain on sales, including fee-based services, net		—		55,127		—		55,127
Mortgage servicing rights		—		56,182		—		56,182
Servicing revenue		—		55,350		—		55,350
Amortization of MSRs		—		(35,427)		—		(35,427)
Property operating income		8,755		—		—		8,755
Other income, net		1,381		(2,312)		—		(931)
Total other revenue		10,136		128,920		—		139,056
Other expenses:
Employee compensation and benefits		13,570		53,291		—		66,861
Selling and administrative		8,993		14,143		—		23,136
Property operating expenses		7,843		—		—		7,843
Depreciation and amortization		1,341		4,201		—		5,542
Impairment loss on real estate owned		2,700		—		—		2,700
Provision for loss sharing (net of recoveries)		—		(405)		—		(405)
Provision for loan losses (net of recoveries)		(457)		—		—		(457)
Management fee - related party		3,259		3,414		—		6,673
Total other expenses		37,249		74,644		—		111,893
Income before extinguishment of debt, income from equity affiliates and income taxes		16,706		59,778		(2,886)		73,598
Gain on extinguishment of debt		7,116		—		—		7,116
Income from equity affiliates		1,756		—		—		1,756
Provision for income taxes		—		(16,244)		—		(16,244)
Net income		25,578		43,534		(2,886)		66,226
Preferred stock dividends		5,665		—		—		5,665
Net income attributable to noncontrolling interest		—		—		16,597		16,597
Net income attributable to common stockholders	$	19,913	$	43,534	$	(19,483)	$	43,964

(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 holders.


	September 30, 2018
	Structured Business		Agency Business		Other / Eliminations		Consolidated
Assets:
Cash and cash equivalents	$	45,001	$	47,597	$	—	$	92,598
Restricted cash		202,736		—		—		202,736
Loans and investments, net		3,097,689		—		—		3,097,689
Loans held-for-sale, net		—		500,281		—		500,281
Capitalized mortgage servicing rights, net		—		259,401		—		259,401
Securities held to maturity		—		50,520		—		50,520
Investments in equity affiliates		22,101		—		—		22,101
Goodwill and other intangible assets		12,500		105,065		—		117,565
Other assets		172,078		19,291		—		191,369
Total assets	$	3,552,105	$	982,155	$	—	$	4,534,260

Liabilities:
Debt obligations	$	2,863,266	$	492,603	$	—	$	3,355,869
Allowance for loss-sharing obligations		—		33,405		—		33,405
Other liabilities		140,662		37,852		—		178,514
Total liabilities	$	3,003,928	$	563,860	$	—	$	3,567,788


	December 31, 2017
	Structured Business		Agency Business		Other / Eliminations		Consolidated
Assets:
Cash and cash equivalents	$	37,056	$	67,318	$	—	$	104,374
Restricted cash		139,398		—		—		139,398
Loans and investments, net		2,579,127		—		—		2,579,127
Loans held-for-sale, net		—		297,443		—		297,443
Capitalized mortgage servicing rights, net		—		252,608		—		252,608
Securities held-to-maturity, net		—		27,837		—		27,837
Investments in equity affiliates		23,653		—		—		23,653
Goodwill and other intangible assets		12,500		109,266		—		121,766
Other assets		66,227		13,512		—		79,739
Total assets	$	2,857,961	$	767,984	$	—	$	3,625,945

Liabilities:
Debt obligations	$	2,189,700	$	291,536	$	50,000	$	2,531,236
Allowance for loss-sharing obligations		—		30,511		—		30,511
Other liabilities		155,814		42,819		1,009		199,642
Total liabilities	$	2,345,514	$	364,866	$	51,009	$	2,761,389


	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Origination Data:
Structured Business
New loan originations	$	287,480		$	473,171		$	1,208,550		$	1,057,004
Loan payoffs / paydowns		255,575			270,010			684,216			723,977

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	995,662		$	650,374		$	2,264,870		$	2,216,820
Freddie Mac		317,516			328,075			1,060,456			880,597
FHA		77,236			18,273			137,973			189,087
CMBS/Conduit		20,650			—			36,883			21,370
Total	$	1,411,064		$	996,722		$	3,500,182		$	3,307,874
Total loan commitment volume	$	1,376,376		$	928,181		$	3,499,569		$	3,181,367

Loan Sales Data:
Agency Business
Fannie Mae	$	867,601		$	665,960		$	2,175,846		$	2,569,821
Freddie Mac		286,423			342,630			974,551			862,376
FHA		15,330			43,483			83,443			167,709
CMBS/Conduit		20,650			—			36,883			21,370
Total	$	1,190,004		$	1,052,073		$	3,270,723		$	3,621,276
Sales margin (fee-based services as a % of loan sales)		1.47	%		1.63	%		1.57	%		1.52	%
MSR rate (MSR income as a % of loan commitments)		1.83	%		2.04	%		1.79	%		1.77	%