Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Information

Schedule of statement of income and balance sheet by segment

	Three Months Ended March 31, 2018
	Structured Business		Agency Business			Other /  Eliminations (1)			Consolidated
Interest income	$	47,236	$	4,376		$	—		$	51,612
Interest expense	30,205		2,853			329			33,387
Net interest income	17,031		1,523			(329		)	18,225
Other revenue:
Gain on sales, including fee-based services, net	—		18,193			—			18,193
Mortgage servicing rights	—		19,634			—			19,634
Servicing revenue	—		21,412			—			21,412
Amortization of MSRs	—		(11,865		)	—			(11,865		)
Property operating income	2,910		—			—			2,910
Other income, net	233		2,645			—			2,878
Total other revenue	3,143		50,019			—			53,162
Other expenses:
Employee compensation and benefits	7,586		21,908			—			29,494
Selling and administrative	3,538		5,377			—			8,915
Property operating expenses	2,796		—			—			2,796
Depreciation and amortization	446		1,400			—			1,846
Provision for loss sharing (net of recoveries)	—		473			—			473
Provision for loan losses (net of recoveries)	325		—			—			325
Total other expenses	14,691		29,158			—			43,849
Income before income from equity affiliates and income taxes	5,483		22,384			(329		)	27,538
Income from equity affiliates	746		—			—			746
Benefit from income taxes	—		8,784			—			8,784
Net income	6,229		31,168			(329		)	37,068
Preferred stock dividends	1,888		—			—			1,888
Net income attributable to noncontrolling interest	—		—			8,991			8,991
Net income attributable to common stockholders	$	4,341	$	31,168		$	(9,320	)	$	26,189

	Three Months Ended March 31, 2017
	Structured Business			Agency Business			Other / Eliminations (1)			Consolidated
Interest income	$	28,509		$	5,016		$	—		$	33,525
Interest expense	15,241			3,234			962			19,437
Net interest income	13,268			1,782			(962		)	14,088
Other revenue:
Gain on sales, including fee-based services, net	—			19,171			—			19,171
Mortgage servicing rights	—			20,030			—			20,030
Servicing revenue	—			16,682			—			16,682
Amortization of MSRs	—			(11,888		)	—			(11,888		)
Property operating income	3,223			—			—			3,223
Other income, net	111			(997		)	—			(886		)
Total other revenue	3,334			42,998			—			46,332
Other expenses:
Employee compensation and benefits	3,832			16,009			—			19,841
Selling and administrative	3,082			4,613			—			7,695
Property operating expenses	2,638			—			—			2,638
Depreciation and amortization	497			1,400			—			1,897
Impairment loss on real estate owned	1,200			—						1,200
Provision for loss sharing (net of recoveries)	—			1,679			—			1,679
Provision for loan losses (net of recoveries)	(696		)	—			—			(696		)
Management fee - related party	1,975			2,025			—			4,000
Total other expenses	12,528			25,726			—			38,254
Income before gain on extinguishment of debt income from equity affiliates and income taxes	4,074			19,054			(962		)	22,166
Gain on extinguishment of debt	7,116			—			—			7,116
Income from equity affiliates	763			—			—			763
Provision for income taxes	—			(6,101		)	—			(6,101		)
Net income	11,953			12,953			(962		)	23,944
Preferred stock dividends	1,888			—			—			1,888
Net income attributable to noncontrolling interest	—			—			6,442			6,442
Net income attributable to common stockholders	$	10,065		$	12,953		$	(7,404	)	$	15,614

(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.

	March 31, 2018
	Structured Business		Agency Business		Other / Eliminations		Consolidated
Assets:
Cash and cash equivalents	$	82,051	$	20,497	$	—	$	102,548
Restricted cash	131,264		395		—		131,659
Loans and investments, net	2,702,097		—		—		2,702,097
Loans held-for-sale, net	—		286,325		—		286,325
Capitalized mortgage servicing rights, net	—		255,732		—		255,732
Securities held to maturity	—		36,764		—		36,764
Investments in equity affiliates	23,625		—		—		23,625
Goodwill and other intangible assets	12,500		107,866		—		120,366
Other assets	72,593		17,059		—		89,652
Total assets	$	3,024,130	$	724,638	$	—	$	3,748,768
Liabilities:
Debt obligations	$	2,401,166	$	281,338	$	—	$	2,682,504
Allowance for loss-sharing obligations	—		31,097		—		31,097
Other liabilities	120,095		27,202		—		147,297
Total liabilities	$	2,521,261	$	339,637	$	—	$	2,860,898

	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

Schedule of origination data and loan sales data

	Three Months Ended March 31,
	2018			2017
Origination Data:
Structured Business
New loan originations	$	314,215		$	145,918
Loan payoffs / paydowns	190,615			190,409
Agency Business
Origination Volumes by Investor:
Fannie Mae	$	662,921		$	896,549
Freddie Mac	308,151			235,032
FHA	60,738			137,936
CMBS/Conduit	16,233			21,370
Total	$	1,048,043		$	1,290,887
Total loan commitment volume	$	1,043,715		$	1,151,944
Loan Sales Data:
Agency Business
Fannie Mae	$	728,395		$	1,073,347
Freddie Mac	278,516			210,238
FHA	39,293			59,895
CMBS/Conduit	16,233			21,370
Total	$	1,062,437		$	1,364,850
Sales margin (fee-based services as a % of loan sales)	1.71		%	1.40		%
MSR rate (MSR income as a % of loan commitments)	1.88		%	1.74		%

Schedule of key servicing metrics for Agency Business

	March 31, 2018
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	$	12,700,635	53.5	7.2
Freddie Mac	3,397,535		30.4	10.7
FHA	591,836		16.2	20.0
Total	$	16,690,006	47.5	8.4

	December 31, 2017
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