Concentration of Risk

9 Months Ended

Sep. 30, 2018

Concentration of Risk

Concentration of Risk

Note 3—Concentration of Risk

A substantial portion of the Company’s activities relate to the Advised Entities. Revenues generated from these entities (generally comprised of mortgage loan servicing fees, gains on mortgage loans held for sale, mortgage loan origination fees, fulfillment fees, change in fair value of excess servicing spread financing (“ESS”), net interest charged to these entities, management fees, Carried Interest, and change in fair value of investment and dividend received from PMT) totaled 25% and 22% of total net revenue for the quarters ended September 30, 2018 and 2017, respectively, and 19% and 20% for the nine months ended September 30, 2018 and 2017, respectively.