Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Income
Interest income		$ 6,078	$ 5,188
Interest expense		2,431	1,657
Net interest income		3,647	3,531
Servicing fee income		4,574	1,495
Servicing costs		1,227	402
Net servicing income (loss)		3,347	1,093
Other income (loss)
Realized gain (loss) on RMBS, net		(256)	320
Realized gain (loss) on investments in Excess MSRs, net		6,678	0
Realized gain (loss) on derivatives, net		(1,017)	(1,461)
Unrealized gain (loss) on derivatives, net		1,082	(5,198)
Unrealized gain (loss) on investments in Excess MSRs		0	(2,307)
Unrealized gain (loss) on investments in MSRs		12,312	(2,232)
Total Income		25,793	(6,254)
Expenses
General and administrative expense		975	808
Management fee to affiliate		892	690
Total Expenses		1,867	1,498
Income (Loss) Before Income Taxes		23,926	(7,752)
Provision for corporate business taxes	[1]	1,339	(590)
Net Income (Loss)		22,587	(7,162)
Net (income) loss allocated to noncontrolling interests in Operating Partnership		(409)	99
Net Income (Loss) Applicable to Common Stockholders		$ 22,178	$ (7,063)
Net income (Loss) Per Share of Common Stock
Basic (in dollars per share)		$ 2.91	$ (0.94)
Diluted (in dollars per share)		$ 2.90	$ (0.94)
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)		7,634,038	7,509,543
Diluted (in shares)		7,640,348	7,519,038

[1] The provision for income taxes is recorded at the TRS level.