XML 65 R98.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Segment Information - Statements of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Information                      
Interest income                 $ 315,940 $ 251,768 $ 156,177
Interest expense                 186,399 153,818 90,072
Net interest income $ 33,797 $ 32,445 $ 33,887 $ 29,412 $ 30,361 $ 27,952 $ 21,411 $ 18,225 129,541 97,950 66,105
Other revenue:                      
Gain on sales, including fee-based services, net                 65,652 70,002 72,799
Mortgage servicing rights                 90,761 98,839 76,820
Servicing revenue                 103,223 94,158 76,412
Amortization of MSRs                 (48,681) (48,124) (47,202)
Property operating income                 9,674 10,095 10,973
Other income, net                 (784) 8,161 685
Total other revenue 62,365 62,558 50,072 44,848 77,464 55,580 46,923 53,162 219,845 233,131 190,487
Other expenses:                      
Employee compensation and benefits                 122,102 110,470 92,126
Selling and administrative                 40,329 37,074 30,738
Property operating expenses                 10,220 10,431 10,482
Depreciation and amortization                 7,510 7,453 7,385
Impairment loss on real estate owned                 1,000 2,000 3,200
Provision for loss sharing (net of recoveries)                 1,147 3,843 (259)
Provision for loan losses (net of recoveries)                   8,353 (456)
Litigation settlement gain                   (10,170)  
Management fee - related party                     6,673
Total other expenses 41,670 48,882 45,471 46,287 50,255 34,739 40,610 43,849 182,308 169,454 149,889
Income before extinguishment of debt, income (loss) from equity 54,492 46,121 38,488 27,973 57,570 48,793 27,724 27,538 167,078 161,627 106,703
(Loss) gain on extinguishment of debt (7,311)     (128) (82) (4,960)     (7,439) (5,041) 7,116
Income from equity affiliates 1,502 3,718 3,264 2,151 91 (1,028) 1,387 746 10,635 1,196 (2,951)
Provision for income taxes (4,072) (6,623) (4,350) 10 (8,635) (5,381) (4,499) 8,784 (15,036) (9,731) (13,359)
Net income 44,611 43,216 37,402 30,006 48,944 37,424 24,612 37,068 155,238 148,051 97,509
Preferred stock dividends 1,888 1,888 1,888 1,888 1,888 1,888 1,888 1,888 7,554 7,554 7,554
Net income attributable to noncontrolling interest 7,181 7,363 6,598 5,468 9,838 7,799 5,557 8,991 26,610 32,185 24,120
Net income attributable to common stockholders $ 35,542 $ 33,965 $ 28,916 $ 22,650 $ 37,218 $ 27,737 $ 17,167 $ 26,189 121,074 108,312 65,835
Operating segments | Structured Business                      
Segment Information                      
Interest income                 289,841 226,750 136,526
Interest expense                 169,802 137,719 74,136
Net interest income                 120,039 89,031 62,390
Other revenue:                      
Property operating income                 9,674 10,095 10,973
Other income, net                 903 1,490 2,083
Total other revenue                 10,577 11,585 13,056
Other expenses:                      
Employee compensation and benefits                 31,264 27,456 19,555
Selling and administrative                 18,099 15,642 11,765
Property operating expenses                 10,220 10,431 10,482
Depreciation and amortization                 2,046 1,851 1,784
Impairment loss on real estate owned                 1,000 2,000 3,200
Provision for loan losses (net of recoveries)                   8,353 (456)
Litigation settlement gain                   (10,170)  
Management fee - related party                     3,259
Total other expenses                 62,629 55,563 49,589
Income before extinguishment of debt, income (loss) from equity                 67,987 45,053 25,857
(Loss) gain on extinguishment of debt                 (7,439) (5,041) 7,116
Income from equity affiliates                 10,635 1,196 (2,951)
Provision for income taxes                 (668) 774 (957)
Net income                 70,515 41,982 29,065
Preferred stock dividends                 7,554 7,554 7,554
Net income attributable to common stockholders                 62,961 34,428 21,511
Operating segments | Agency Business                      
Segment Information                      
Interest income                 26,099 25,018 19,651
Interest expense                 16,597 15,770 12,089
Net interest income                 9,502 9,248 7,562
Other revenue:                      
Gain on sales, including fee-based services, net                 65,652 70,002 72,799
Mortgage servicing rights                 90,761 98,839 76,820
Servicing revenue                 103,223 94,158 76,412
Amortization of MSRs                 (48,681) (48,124) (47,202)
Other income, net                 (1,687) 6,671 (1,398)
Total other revenue                 209,268 221,546 177,431
Other expenses:                      
Employee compensation and benefits                 90,838 83,014 72,571
Selling and administrative                 22,230 21,432 18,973
Depreciation and amortization                 5,464 5,602 5,601
Provision for loss sharing (net of recoveries)                 1,147 3,843 (259)
Management fee - related party                     3,414
Total other expenses                 119,679 113,891 100,300
Income before extinguishment of debt, income (loss) from equity                 99,090 116,903 84,693
Provision for income taxes                 (14,368) (10,505) (12,402)
Net income                 84,722 106,398 72,291
Net income attributable to common stockholders                 84,722 106,398 72,291
Other / Eliminations                      
Segment Information                      
Interest expense                   329 3,847
Net interest income                   (329) (3,847)
Other expenses:                      
Income before extinguishment of debt, income (loss) from equity                   (329) (3,847)
Net income                   (329) (3,847)
Net income attributable to noncontrolling interest                 26,610 32,185 24,120
Net income attributable to common stockholders                 $ (26,610) $ (32,514) $ (27,967)