Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018
Income
Interest income	$ 19,383	$ 15,323	$ 53,568		$ 40,757
Interest expense	12,635	9,257	35,086		24,124
Net interest income	6,748	6,066	18,482		16,633
Servicing fee income	18,687	14,017	54,237		34,202
Servicing costs	4,102	2,981	12,026		7,087
Net servicing income	14,585	11,036	42,211		27,115
Other income (loss)
Realized gain (loss) on RMBS, available-for-sale, net	275	(428)	275		(5,430)
Realized gain (loss) on derivatives, net	12,627	(707)	4,786		(2,727)
Realized gain on acquired assets, net	54	0	54		0
Unrealized gain (loss) on derivatives, net	(2,133)	8,807	(14,224)		34,442
Unrealized gain (loss) on investments in Servicing Related Assets	(37,514)	6,218	(108,731)		18,351
Total Income	(5,358)	30,992	(57,147)		88,384
Expenses
General and administrative expense	1,194	1,165	3,295		2,979
Management fee to affiliate	2,042	1,599	5,785		4,297
Total Expenses	3,236	2,764	9,080		7,276
Income (Loss) Before Income Taxes	(8,594)	28,228	(66,227)		81,108
Provision for (Benefit from) corporate business taxes	(5,643)	729	(14,980)	[1]	4,525	[1]
Net Income (Loss)	(2,951)	27,499	(51,247)		76,583
Net (income) loss allocated to noncontrolling interests in Operating Partnership	43	(364)	830		(993)
Dividends on preferred stock	2,459	1,372	6,893		3,902
Net Income (Loss) Applicable to Common Stockholders	$ (5,367)	$ 25,763	$ (57,310)		$ 71,688
Net Income (Loss) Per Share of Common Stock
Basic (in dollars per share)	$ (0.32)	$ 1.62	$ (3.42)		$ 5.10
Diluted (in dollars per share)	$ (0.32)	$ 1.62	$ (3.42)		$ 5.09
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	16,883,816	15,864,774	16,767,562		14,065,000
Diluted (in shares)	16,896,605	15,873,030	16,780,351		14,073,256

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