Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of statement of income and balance sheet by segment


	Year Ended December 31, 2019
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	289,841	$	26,099	$	—	$	315,940
Interest expense		169,802		16,597		—		186,399
Net interest income		120,039		9,502		—		129,541
Other revenue:
Gain on sales, including fee-based services, net		—		65,652		—		65,652
Mortgage servicing rights		—		90,761		—		90,761
Servicing revenue		—		103,223		—		103,223
Amortization of MSRs		—		(48,681)		—		(48,681)
Property operating income		9,674		—		—		9,674
Other income, net		903		(1,687)		—		(784)
Total other revenue		10,577		209,268		—		219,845
Other expenses:
Employee compensation and benefits		31,264		90,838		—		122,102
Selling and administrative		18,099		22,230		—		40,329
Property operating expenses		10,220		—		—		10,220
Depreciation and amortization		2,046		5,464		—		7,510
Impairment loss on real estate owned		1,000		—		—		1,000
Provision for loss sharing (net of recoveries)		—		1,147		—		1,147
Total other expenses		62,629		119,679		—		182,308
Income before extinguishment of debt, income from equity affiliates and income taxes		67,987		99,090		—		167,078
Loss on extinguishment of debt		(7,439)		—		—		(7,439)
Income from equity affiliates		10,635		—		—		10,635
Provision for income taxes		(668)		(14,368)		—		(15,036)
Net income		70,515		84,722		—		155,238
Preferred stock dividends		7,554		—		—		7,554
Net income attributable to noncontrolling interest		—		—		26,610		26,610
Net income attributable to common stockholders	$	62,961	$	84,722	$	(26,610)	$	121,074


	Year Ended December 31, 2018
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	226,750	$	25,018	$	—	$	251,768
Interest expense		137,719		15,770		329		153,818
Net interest income		89,031		9,248		(329)		97,950
Other revenue:
Gain on sales, including fee-based services, net		—		70,002		—		70,002
Mortgage servicing rights		—		98,839		—		98,839
Servicing revenue		—		94,158		—		94,158
Amortization of MSRs		—		(48,124)		—		(48,124)
Property operating income		10,095		—		—		10,095
Other income, net		1,490		6,671		—		8,161
Total other revenue		11,585		221,546		—		233,131
Other expenses:
Employee compensation and benefits		27,456		83,014		—		110,470
Selling and administrative		15,642		21,432		—		37,074
Property operating expenses		10,431		—		—		10,431
Depreciation and amortization		1,851		5,602		—		7,453
Impairment loss on real estae owned		2,000		—		—		2,000
Provision for loss sharing (net of recoveries)		—		3,843		—		3,843
Provision for loan losses (net of recoveries)		8,353		—		—		8,353
Litigation settlement gain		(10,170)		—		—		(10,170)
Total other expenses		55,563		113,891		—		169,454
Income before extinguishment of debt, income from equity affiliates and income taxes		45,053		116,903		(329)		161,627
Loss on extinguishment of debt		(5,041)		—		—		(5,041)
Income from equity affiliates		1,196		—		—		1,196
Benefit from (provision for) income taxes		774		(10,505)		—		(9,731)
Net income		41,982		106,398		(329)		148,051
Preferred stock dividends		7,554		—		—		7,554
Net income attributable to noncontrolling interest		—		—		32,185		32,185
Net income attributable to common stockholders	$	34,428	$	106,398	$	(32,514)	$	108,312


	Year Ended December 31, 2017
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	136,526	$	19,651	$	—	$	156,177
Interest expense		74,136		12,089		3,847		90,072
Net interest income		62,390		7,562		(3,847)		66,105
Other revenue:
Gain on sales, including fee-based services, net		—		72,799		—		72,799
Mortgage servicing rights		—		76,820		—		76,820
Servicing revenue		—		76,412		—		76,412
Amortization of MSRs		—		(47,202)		—		(47,202)
Property operating income		10,973		—		—		10,973
Other income, net		2,083		(1,398)		—		685
Total other revenue		13,056		177,431		—		190,487
Other expenses:
Employee compensation and benefits		19,555		72,571		—		92,126
Selling and administrative		11,765		18,973		—		30,738
Property operating expenses		10,482		—		—		10,482
Depreciation and amortization		1,784		5,601		—		7,385
Impairment loss on real estate owned		3,200		—		—		3,200
Provision for loss sharing (net of recoveries)		—		(259)		—		(259)
Provision for loan losses (net of recoveries)		(456)		—		—		(456)
Management fee-related party		3,259		3,414		—		6,673
Total other expenses		49,589		100,300		—		149,889
Income before extinguishment of debt, loss from equity affiliates
and income taxes		25,857		84,693		(3,847)		106,703
Gain on extinguishment of debt		7,116		—		—		7,116
Loss from equity affiliates		(2,951)		—		—		(2,951)
Provision for income taxes		(957)		(12,402)		—		(13,359)
Net income		29,065		72,291		(3,847)		97,509
Preferred stock dividends		7,554		—		—		7,554
Net income attributable to noncontrolling interest		—		—		24,120		24,120
Net income attributable to common stockholders	$	21,511	$	72,291	$	(27,967)	$	65,835

(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.


	December 31, 2019
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	264,468	$	35,219	$	299,687
Restricted cash		208,926		1,949		210,875
Loans and investments, net		4,189,960		—		4,189,960
Loans held-for-sale, net		—		861,360		861,360
Capitalized mortgage servicing rights, net		—		286,420		286,420
Securities held-to-maturity, net		20,000		68,699		88,699
Investments in equity affiliates		41,800		—		41,800
Goodwill and other intangible assets		12,500		98,200		110,700
Other assets		118,175		31,484		149,659
Total assets	$	4,855,829	$	1,383,331	$	6,239,160
Liabilities:
Debt obligations	$	3,878,343	$	743,595	$	4,621,938
Allowance for loss-sharing obligations		—		34,648		34,648
Other liabilities		171,004		55,543		226,547
Total liabilities	$	4,049,347	$	833,786	$	4,883,133


	December 31, 2018
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	89,457	$	70,606	$	160,063
Restricted cash		180,606		—		180,606
Loans and investments, net		3,200,145		—		3,200,145
Loans held-for-sale, net		—		481,664		481,664
Capitalized mortgage servicing rights, net		—		273,770		273,770
Securities held- to- maturity, net		—		76,363		76,363
Investments in equity affiliates		21,580		—		21,580
Goodwill and other intangible assets		12,500		103,665		116,165
Other assets		81,494		20,325		101,819
Total assets	$	3,585,782	$	1,026,393	$	4,612,175
Liabilities:
Debt obligations	$	2,842,688	$	472,181	$	3,314,869
Allowance for loss-sharing obligations		—		34,298		34,298
Other liabilities		159,413		38,029		197,442
Total liabilities	$	3,002,101	$	544,508	$	3,546,609

Schedule of origination data and loan sales data


	Year Ended December 31,
	2019			2018			2017
Origination Data:
Structured Business
New loan originations	$	2,803,251		$	1,656,020		$	1,842,974
Loan payoffs / paydowns		1,748,387			955,575			924,120

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	3,346,272		$	3,332,100		$	2,929,481
Freddie Mac		728,317			1,587,958			1,322,498
FHA		123,095			153,523			189,087
CMBS/Conduit		211,325			50,908			21,370
Private Label		401,216			—			—
Total	$	4,810,225		$	5,124,489		$	4,462,436
Total loan commitment volume	$	4,829,721		$	5,104,072		$	4,344,328

Loan Sales Data:
Agency Business
Fannie Mae	$	3,296,523		$	3,217,006		$	3,223,953
Freddie Mac		786,993			1,540,483			1,399,029
FHA		106,271			115,747			170,554
CMBS/Conduit		211,325			50,908			21,370
Total	$	4,401,112		$	4,924,144		$	4,814,906
Sales margin (fee-based services as a % of loan sales)		1.49	%		1.42	%		1.51	%
MSR rate (MSR income as a % of loan commitments)		1.88	%		1.94	%		1.77	%

Schedule of key servicing metrics for Agency Business


	December 31, 2019
				Wtd. Avg. Life of
	UPB of Servicing		Wtd. Avg. Servicing	Servicing Portfolio
Key Servicing Metrics for Agency Business:	Portfolio		Fee Rate (basis points)	(in years)
Fannie Mae	$	14,832,844	49.3		7.8
Freddie Mac		4,534,714	30.0		10.6
FHA		691,519	15.4		18.7
Total	$	20,059,077	43.8		8.8

	December 31, 2018
Fannie Mae	$	13,562,667	51.3		7.4
Freddie Mac		4,394,287	30.8		10.8
FHA		644,687	15.5		19.6
Total	$	18,601,641	45.2		8.6