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 Three Months Ended September 30, 2017 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 37,259 $ 4,881 $  $ 42,140 Interest expense 19,913 2,975 962 23,850 Net interest income 17,346 1,906 (962) 18,290 Other revenue: Gain on sales, including fee-based services, net  17,126  17,126 Mortgage servicing rights  18,897  18,897 Servicing revenue  20,231  20,231 Amortization of MSRs  (11,711)  (11,711) Property operating income 2,668   2,668 Other income, net 540 238  778 Total other revenue 3,208 44,781  47,989 Other expenses: Employee compensation and benefits 5,670 19,524  25,194 Selling and administrative 3,014 4,593  7,607 Property operating expenses 2,583   2,583 Depreciation and amortization 429 1,400  1,829 Provision for loss sharing (net of recoveries)  (2,617)  (2,617) Provision for loan losses (net of recoveries) 2,000   2,000 Total other expenses 13,696 22,900  36,596 Income before income from equity affiliates and income taxes 6,858 23,787 (962) 29,683 Income from equity affiliates 996   996 Provision for income taxes  (6,708)  (6,708) Net income 7,854 17,079 (962) 23,971 Preferred stock dividends 1,888   1,888 Net income attributable to noncontrolling interest   5,662 5,662 Net income attributable to common stockholders $ 5,966 $ 17,079 $ (6,624) $ 16,421 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 Nine Months Ended September 30, 2017 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 95,685 $ 14,448 $  $ 110,133 Interest expense 51,866 8,946 2,886 63,698 Net interest income 43,819 5,502 (2,886) 46,435 Other revenue: Gain on sales, including fee-based services, net  55,127  55,127 Mortgage servicing rights  56,182  56,182 Servicing revenue  55,350  55,350 Amortization of MSRs  (35,427)  (35,427) Property operating income 8,755   8,755 Other income, net 1,381 (2,312)  (931) Total other revenue 10,136 128,920  139,056 Other expenses: Employee compensation and benefits 13,570 53,291  66,861 Selling and administrative 8,993 14,143  23,136 Property operating expenses 7,843   7,843 Depreciation and amortization 1,341 4,201  5,542 Impairment loss on real estate owned 2,700   2,700 Provision for loss sharing (net of recoveries)  (405)  (405) Provision for loan losses (net of recoveries) (457)   (457) Management fee - related party 3,259 3,414  6,673 Total other expenses 37,249 74,644  111,893 Income before extinguishment of debt, income from equity affiliates and income taxes 16,706 59,778 (2,886) 73,598 Gain on extinguishment of debt 7,116   7,116 Income from equity affiliates 1,756   1,756 Provision for income taxes  (16,244)  (16,244) Net income 25,578 43,534 (2,886) 66,226 Preferred stock dividends 5,665   5,665 Net income attributable to noncontrolling interest   16,597 16,597 Net income attributable to common stockholders $ 19,913 $ 43,534 $ (19,483) $ 43,964 (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, 2018 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ 45,001 $ 47,597 $  $ 92,598 Restricted cash 202,736   202,736 Loans and investments, net 3,097,689   3,097,689 Loans held-for-sale, net  500,281  500,281 Capitalized mortgage servicing rights, net  259,401  259,401 Securities held to maturity  50,520  50,520 Investments in equity affiliates 22,101   22,101 Goodwill and other intangible assets 12,500 105,065  117,565 Other assets 172,078 19,291  191,369 Total assets $ 3,552,105 $ 982,155 $  $ 4,534,260 Liabilities: Debt obligations $ 2,863,266 $ 492,603 $  $ 3,355,869 Allowance for loss-sharing obligations  33,405  33,405 Other liabilities 140,662 37,852  178,514 Total liabilities $ 3,003,928 $ 563,860 $  $ 3,567,788 December 31, 2017 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ 37,056 $ 67,318 $  $ 104,374 Restricted cash 139,398   139,398 Loans and investments, net 2,579,127   2,579,127 Loans held-for-sale, net  297,443  297,443 Capitalized mortgage servicing rights, net  252,608  252,608 Securities held-to-maturity, net  27,837  27,837 Investments in equity affiliates 23,653   23,653 Goodwill and other intangible assets 12,500 109,266  121,766 Other assets 66,227 13,512  79,739 Total assets $ 2,857,961 $ 767,984 $  $ 3,625,945 Liabilities: Debt obligations $ 2,189,700 $ 291,536 $ 50,000 $ 2,531,236 Allowance for loss-sharing obligations  30,511  30,511 Other liabilities 155,814 42,819 1,009 199,642 Total liabilities $ 2,345,514 $ 364,866 $ 51,009 $ 2,761,389