Concentration of Risk

12 Months Ended

Dec. 31, 2019

Concentration of Risk

Concentration of Risk

Note 2—Concentration of Risk

A substantial portion of the Company’s activities relate to the Advised Entities. Revenues generated from these entities (generally comprised of gains on mortgage loans held for sale, loan origination fees, fulfillment fees, loan servicing fees, management fees, carried interest, less net interest paid to these entities) totaled 31%,  21%, and 20% of total net revenues for the years ended December 31, 2019, 2018 and 2017, respectively.