Three Months Ended September 30, 2019 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 73,829 $ 6,680 $  $ 80,509 Interest expense 43,209 4,855  48,064 Net interest income 30,620 1,825  32,445 Other revenue: Gain on sales, including fee-based services, net  21,298  21,298 Mortgage servicing rights  29,911  29,911 Servicing revenue  25,916  25,916 Amortization of MSRs  (12,126)  (12,126) Property operating income 2,237   2,237 Other income, net 17 (4,695)  (4,678) Total other revenue 2,254 60,304  62,558 Other expenses: Employee compensation and benefits 7,769 25,092  32,861 Selling and administrative 5,352 5,530  10,882 Property operating expenses 2,563   2,563 Depreciation and amortization 503 1,338  1,841 Provision for loss sharing (net of recoveries)  735  735 Total other expenses 16,187 32,695  48,882 Income before income from equity affiliates and income taxes 16,687 29,434  46,121 Income from equity affiliates 3,718   3,718 Provision for income taxes  (6,623)  (6,623) Net income 20,405 22,811  43,216 Preferred stock dividends 1,888   1,888 Net income attributable to noncontrolling interest   7,363 7,363 Net income attributable to common stockholders $ 18,517 $ 22,811 $ (7,363) $ 33,965 Three Months Ended September 30, 2018 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 61,232 $ 6,268 $  $ 67,500 Interest expense 35,508 4,040  39,548 Net interest income 25,724 2,228  27,952 Other revenue: Gain on sales, including fee-based services, net  17,451  17,451 Mortgage servicing rights  25,216  25,216 Servicing revenue  26,082  26,082 Amortization of MSRs  (11,838)  (11,838) Property operating income 2,651   2,651 Other income, net 406 (4,388)  (3,982) Total other revenue 3,057 52,523  55,580 Other expenses: Employee compensation and benefits 6,683 21,092  27,775 Selling and administrative 4,465 5,529  9,994 Property operating expenses 2,437   2,437 Depreciation and amortization 447 1,401  1,848 Provision for loss sharing (net of recoveries)  2,019  2,019 Provision for loan losses (net of recoveries) 836   836 Litigation settlement gain (10,170)   (10,170) Total other expenses 4,698 30,041  34,739 Income before extinguishment of debt, loss from equity affiliates and income taxes 24,083 24,710  48,793 Loss on extinguishment of debt (4,960)   (4,960) Loss from equity affiliates (1,028)   (1,028) Provision for income taxes  (5,381)  (5,381) Net income 18,095 19,329  37,424 Preferred stock dividends 1,888   1,888 Net income attributable to noncontrolling interest   7,799 7,799 Net income attributable to common stockholders $ 16,207 $ 19,329 $ (7,799) $ 27,737 Nine Months Ended September 30, 2019 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 215,782 $ 18,175 $  $ 233,957 Interest expense 126,182 12,031  138,213 Net interest income 89,600 6,144  95,744 Other revenue: Gain on sales, including fee-based services, net  51,897  51,897 Mortgage servicing rights  62,852  62,852 Servicing revenue  76,685  76,685 Amortization of MSRs  (36,731)  (36,731) Property operating income 8,187   8,187 Other income, net 646 (6,058)  (5,412) Total other revenue 8,833 148,645  157,478 Other expenses: Employee compensation and benefits 23,048 70,599  93,647 Selling and administrative 15,101 16,021  31,122 Property operating expenses 7,649   7,649 Depreciation and amortization 1,524 4,139  5,663 Impairment loss on real estate owned 1,000   1,000 Provision for loss sharing (net of recoveries)  1,557  1,557 Total other expenses 48,322 92,316  140,638 Income before extinguishment of debt, income from equity affiliates and income taxes 50,111 62,473  112,584 Loss on extinguishment of debt (128)   (128) Income from equity affiliates 9,133   9,133 Provision for income taxes  (10,963)  (10,963) Net income 59,116 51,510  110,626 Preferred stock dividends 5,665   5,665 Net income attributable to noncontrolling interest   19,429 19,429 Net income attributable to common stockholders $ 53,451 $ 51,510 $ (19,429) $ 85,532 Nine Months Ended September 30, 2018 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 162,645 $ 15,763 $  $ 178,408 Interest expense 100,324 10,166 329 110,819 Net interest income 62,321 5,597 (329) 67,589 Other revenue: Gain on sales, including fee-based services, net  51,266  51,266 Mortgage servicing rights  62,787  62,787 Servicing revenue  70,301  70,301 Amortization of MSRs  (35,639)  (35,639) Property operating income 8,525   8,525 Other income, net 757 (2,331)  (1,574) Total other revenue 9,282 146,384  155,666 Other expenses: Employee compensation and benefits 21,019 63,065  84,084 Selling and administrative 11,500 16,283  27,783 Property operating expenses 8,089   8,089 Depreciation and amortization 1,338 4,201  5,539 Impairment loss on real estate owned 2,000   2,000 Provision for loss sharing (net of recoveries)  2,840  2,840 Provision for loan losses (net of recoveries) (967)   (967) Litigation settlement gain (10,170)   (10,170) Total other expenses 32,809 86,389  119,198 Income before extinguishment of debt, income from equity affiliates and income taxes 38,794 65,592 (329) 104,057 Loss on extinguishment of debt (4,960)   (4,960) Income from equity affiliates 1,104   1,104 Benefit from (provision for) income taxes 500 (1,596)  (1,096) Net income 35,438 63,996 (329) 99,105 Preferred stock dividends 5,665   5,665 Net income attributable to noncontrolling interest   22,347 22,347 Net income attributable to common stockholders $ 29,773 $ 63,996 $ (22,676) $ 71,093 (1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holders. September 30, 2019 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 102,734 $ 32,551 $ 135,285 Restricted cash 188,572 1,474 190,046 Loans and investments, net 3,874,069  3,874,069 Loans held-for-sale, net  537,826 537,826 Capitalized mortgage servicing rights, net  283,688 283,688 Securities held to maturity 20,000 75,181 95,181 Investments in equity affiliates 36,698  36,698 Goodwill and other intangible assets 12,500 99,526 112,026 Other assets 103,541 27,274 130,815 Total assets $ 4,338,114 $ 1,057,520 $ 5,395,634 Liabilities: Debt obligations $ 3,477,005 $ 461,248 $ 3,938,253 Allowance for loss-sharing obligations  35,525 35,525 Other liabilities 166,780 56,680 223,460 Total liabilities $ 3,643,785 $ 553,453 $ 4,197,238 December 31, 2018 Assets: Cash and cash equivalents $ 89,457 $ 70,606 $ 160,063 Restricted cash 180,606  180,606 Loans and investments, net 3,200,145  3,200,145 Loans held-for-sale, net  481,664 481,664 Capitalized mortgage servicing rights, net  273,770 273,770 Securities held-to-maturity, net  76,363 76,363 Investments in equity affiliates 21,580  21,580 Goodwill and other intangible assets 12,500 103,665 116,165 Other assets 81,494 20,325 101,819 Total assets $ 3,585,782 $ 1,026,393 $ 4,612,175 Liabilities: Debt obligations $ 2,842,688 $ 472,181 $ 3,314,869 Allowance for loss-sharing obligations  34,298 34,298 Other liabilities 159,413 38,029 197,442 Total liabilities $ 3,002,101 $ 544,508 $ 3,546,609