Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Information

Schedule of statement of income and balance sheet by segment

	Year Ended December 31, 2017
	Structured Business			Agency Business			Other / 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 gain on extinguishment of debt, loss from equity affiliates and provision for 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

	Year Ended December 31, 2016
	Structured Business			Agency Business			Other / Eliminations(1)			Consolidated
Interest income	$	109,622		$	6,551		$	—		$	116,173
Other interest income, net		2,539			—			—			2,539
Interest expense		57,943			3,887			1,793			63,623
Net interest income		54,218			2,664			(1,793	)		55,089
Other revenue:
Gain on sales, including fee-based services, net		—			24,594			—			24,594
Mortgage servicing rights		—			44,941			—			44,941
Servicing revenue		—			30,759			—			30,759
Amortization of MSRs		—			(21,705	)		—			(21,705	)
Property operating income		14,881			—			—			14,881
Other income, net		542			499			—			1,041
Total other revenue		15,423			79,088			—			94,511
Other expenses:
Employee compensation and benefits		14,884			23,763			—			38,647
Selling and administrative		9,714			7,873			—			17,587
Acquisition costs		—			—			10,262			10,262
Property operating expenses		13,501			—			—			13,501
Depreciation and amortization		2,454			2,568			—			5,022
Impairment loss on real estate owned		11,200			—			—			11,200
Provision for loss sharing		—			2,235			—			2,235
Provision for loan losses (net of recoveries)		(134	)		—			—			(134	)
Management fee—related party		9,044			3,556			—			12,600
Total other expenses		60,663			39,995			10,262			110,920
Income before gain on sale of real estate, income from equity affiliates and provision for income taxes		8,978			41,757			(12,055	)		38,680
Gain on sale of real estate		11,631			—			—			11,631
Income from equity affiliates		12,995			—			—			12,995
Provision for income taxes		—			(825	)		—			(825	)
Net income		33,604			40,932			(12,055	)		62,481
Preferred stock dividends		7,554			—			—			7,554
Net income attributable to noncontrolling interest		—			—			12,131			12,131
Net income attributable to common stockholders	$	26,050		$	40,932		$	(24,186	)	$	42,796

	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

	December 31, 2016
	Structured Business		Agency Business		Other / Eliminations		Consolidated
Assets:
Cash and cash equivalents	$	103,156	$	35,489	$	—	$	138,645
Restricted cash		16,230		13,085		—		29,315
Loans and investments, net		1,695,732		—		—		1,695,732
Loans held-for-sale, net		—		673,367		—		673,367
Capitalized mortgage servicing rights, net		—		227,743		—		227,743
Investments in equity affiliates		33,949		—		—		33,949
Goodwill and other intangible assets		—		97,490		—		97,490
Other assets		63,351		11,194		—		74,545
Total assets	$	1,912,418	$	1,058,368	$	—	$	2,970,786
Liabilities:
Debt obligations	$	1,307,974	$	660,144	$	50,000	$	2,018,118
Allowance for loss-sharing obligations		—		32,408		—		32,408
Other liabilities		133,788		38,216		1,218		173,222
Total liabilities	$	1,441,762	$	730,768	$	51,218	$	2,223,748

Schedule of origination data and loan sales data

	Year Ended December 31,
	2017			2016			2015
Origination Data:
Structured Business
New loan originations	$	1,842,974		$	847,683		$	828,218
Loan payoffs / paydowns		924,120			553,409			828,670
Agency Business
Origination Volumes by Investor:
Fannie Mae	$	2,929,481		$	1,668,581
Freddie Mac		1,322,498			456,422
FHA		189,087			24,630
CMBS/Conduit		21,370			—
Total	$	4,462,436		$	2,149,633
Total loan commitment volume	$	4,344,328		$	2,129,720
Loan Sales Data:
Agency Business
Fannie Mae	$	3,223,953		$	1,130,392
Freddie Mac		1,399,029			332,319
FHA		170,554			29,673
CMBS/Conduit		21,370			—
Total	$	4,814,906		$	1,492,384	(1)
Sales margin (fee-based services as a % of loan sales)		1.51	%		1.65	%
MSR rate (MSR income as a % of loan commitments)		1.77	%		2.11	%

(1)     Loan sales were $1.91 billion for 2016, including loans that were acquired as part of the Acquisition.

Schedule of key servicing metrics for Agency Business

	December 31, 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	$	12,502,699		53.6		6.9
Freddie Mac		3,166,134		29.5		10.5
FHA		537,482		16.5		19.6
Total	$	16,206,315		47.7		8.1
	December 31, 2016
Fannie Mae	$	11,181,152		53.4		6.6
Freddie Mac		1,953,245		22.3		10.5
FHA		420,689		14.4		19.2
Total	$	13,555,086		47.8		7.6