Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019		Jun. 30, 2018
Income
Interest income	$ 17,216	$ 12,019	$ 34,185		$ 25,434
Interest expense	11,707	7,324	22,451		14,867
Net interest income	5,509	4,695	11,734		10,567
Servicing fee income	18,362	11,535	35,550		20,185
Servicing costs	4,103	2,394	7,924		4,106
Net servicing income	14,259	9,141	27,626		16,079
Other income (loss)
Realized loss on RMBS, available-for-sale, net	0	(121)	0		(5,002)
Realized loss on derivatives, net	(365)	(2,033)	(7,841)		(2,020)
Unrealized gain (loss) on derivatives, net	(3,819)	6,009	(12,091)		25,635
Unrealized gain (loss) on investments in Servicing Related Assets	(44,042)	(365)	(71,217)		12,133
Total Income	(28,458)	17,326	(51,789)		57,392
Expenses
General and administrative expense	1,138	937	2,101		1,814
Management fee to affiliate	1,934	1,383	3,743		2,698
Total Expenses	3,072	2,320	5,844		4,512
Income (Loss) Before Income Taxes	(31,530)	15,006	(57,633)		52,880
Provision for (Benefit from) corporate business taxes	(4,372)	1,161	(9,337)	[1]	3,796	[1]
Net Income (Loss)	(27,158)	13,845	(48,296)		49,084
Net (income) loss allocated to noncontrolling interests in Operating Partnership	438	(173)	787		(629)
Dividends on preferred stock	2,593	1,317	4,434		2,530
Net Income (Loss) Applicable to Common Stockholders	$ (29,313)	$ 12,355	$ (51,943)		$ 45,925
Net Income (Loss) Per Share of Common Stock
Basic (in dollars per share)	$ (1.75)	$ 0.91	$ (3.11)		$ 3.49
Diluted (in dollars per share)	$ (1.75)	$ 0.91	$ (3.11)		$ 3.49
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	16,776,472	13,616,461	16,708,471		13,164,863
Diluted (in shares)	16,789,261	13,624,676	16,721,260		13,173,070

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