Concentration of Risk	9 Months Ended
Concentration of Risk	Sep. 30, 2013
Concentration of Risk
Concentration of Risk	Note 2—Concentration of Risk A substantial portion of the Company’s activities relate to the Advised Entities. Fees charged to these entities (comprised of management fees, loan servicing fees and loan servicing rebates, Carried Interest and fulfillment fees from PMT) totaled 50% and 45% of total net revenues for the quarters ended September 30, 2013 and 2012, respectively, and 48% for both the nine month periods ended September 30, 2013 and 2012.

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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