Ready Capital (RC) 8-K/A 23 Nov 16 Financial Statements and Exhibits Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2016
Document and Entity Information
Entity Registrant Name	Sutherland Asset Management Corp
Entity Central Index Key	1,527,590
Document Type	8-K
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 38,458	$ 41,569
Short term investments	249,997	249,989
Loans, held for sale, at fair value	23,314
Loans, held at fair value	233,618	155,134
Loans, held-for-investment	1,467,322	1,560,938
Mortgage backed securities, at fair value	34,812	213,504
Real estate acquired in settlement of loans	10,009	13,481
Derivative instruments, at fair value	363	723
Servicing rights	23,351	27,250
Intangible assets	1,000	1,000
Deferred financing costs	3,645	4,788
Due from servicers	18,400	20,300
Receivable from related parties	2	4
Receivable from third parties	7,285	608
Other assets	12,896	5,179
Assets of discontinued operations held for sale		11,325
Total assets	2,148,678	2,329,781
Liabilities:
Borrowings under credit facilities	228,000	175,306
Promissory note payable	9,040
Borrowings under repurchase agreements	581,773	644,137
Guaranteed loan financing	415,417	499,187
Repair and denial reserve	6,849	8,071
Liability under subservicing agreements	7,576	8,827
Liability under participation agreements	2,803	3,700
Accrued salaries, wages and commissions	5,503	7,067
Payable to related parties	2,592	2,305
Derivative instruments, at fair value	3,415	1,499
Dividends payable		13,366
Accounts payable and other accrued liabilities	26,265	17,695
Liabilities of discontinued operations held for sale		6,886
Total liabilities	1,664,049	1,849,568
Stockholders' Equity
Common stock, $0.01 par value, 450,000,000 share authorized, 30,960,370 and 30,804,029 shares issued and outstanding, respectively	309	308
Preferred stock, $1,000 par value, 125 shares authorized, 125 shares issued and outstanding	125	125
Additional paid-in capital	449,075	446,787
Retained earnings (deficit)	(4,276)	(5,899)
Total Sutherland Asset Management Corporation equity	445,233	441,321
Non-controlling interests	39,396	38,892
Total Stockholders' Equity	484,629	480,213
Total Liability and Stockholders' Equity	2,148,678	2,329,781
VIEs
Assets:
Cash and cash equivalents	77	26
Restricted cash	904	1,362
Loans, held-for-investment	543,857	633,720
Real estate acquired in settlement of loans	3,734	5,257
Accrued interest	2,252	2,557
Due from servicers	3,508	6,121
Total assets	554,332	649,043
Liabilities:
Securitized debt obligations of consolidated VIEs	374,816	461,522
Accounts payable and other accrued liabilities	844	996
Total liabilities	375,660	462,518
Stockholders' Equity
Total Sutherland Asset Management Corporation equity	178,672	186,525
Sutherland
Assets:
Cash and cash equivalents	38,458	41,569
Restricted cash	15,935	14,757
Loans, held-for-investment	923,465	927,218
Real estate acquired in settlement of loans	6,275	8,224
Accrued interest	5,037	5,258
Due from servicers	$ 14,893	$ 14,208

UNAUDITED CONSOLIDATED BALANCE3

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Parenthetical information
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized capital	450,000,000	450,000,000
Common stock, issued	30,960,370	30,804,029
Common stock, outstanding	30,960,370	30,804,029
Preferred stock, par value	$ 1,000	$ 1,000
Preferred stock, authorized capital	125	125
Preferred stock, issued	125	125
Preferred stock, outstanding	125	125
VIEs
Parenthetical information
Loan receivable allowance	$ 3,352	$ 4,867
Sutherland
Parenthetical information
Loan receivable allowance	$ 11,629	$ 12,255

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest income
Loans, held-for-investment	$ 27,009	$ 31,623	$ 90,118	$ 88,710
Loans, held at fair value	3,950	4,947	9,784	12,287
Loans, held for sale, at fair value	164	94	352	148
Mortgage backed securities, at fair value	767	2,981	4,028	8,998
Total interest income	31,890	39,645	104,282	110,143
Interest expense
Borrowings under credit facilities	(2,367)	(1,350)	(6,397)	(6,869)
Promissory note payable	(18)		(85)
Securitized debt obligations	(4,233)	(2,996)	(13,174)	(7,261)
Borrowings under repurchase agreements	(4,141)	(4,355)	(11,686)	(12,372)
Guaranteed loan financing	(3,338)	(4,923)	(10,701)	(8,210)
Total interest expense	(14,097)	(13,624)	(42,043)	(34,712)
Net interest income before provision for loan losses	17,793	26,021	62,239	75,431
Provision for loan losses	(488)	(4,112)	(4,689)	(15,859)
Net interest income after provision for loan losses	17,305	21,909	57,550	59,572
Other income (expense)
Other income	1,729	3,999	5,335	9,985
Servicing income, net of amortization and impairment of $1,850 and $6,079 for the three and nine months ended September 30, 2016, and $2,855 and $6,439 for the three and nine months ended September 30, 2015, respectively	1,661	994	4,420	5,377
Employee compensation and benefits	(4,822)	(4,934)	(14,005)	(14,015)
Allocated employee compensation and benefits from related party	(900)	(596)	(2,700)	(1,808)
Professional fees	(3,120)	(1,567)	(8,573)	(5,827)
Management fees - related party	(1,793)	(1,841)	(5,464)	(5,424)
Incentive fees - related party		(681)		(1,073)
Loan servicing expense	(1,830)	(771)	(3,889)	(3,640)
Operating expenses	(3,373)	(3,448)	(11,185)	(8,349)
Total other income (expense)	(12,448)	(8,845)	(36,061)	(24,774)
Net realized gain on financial instruments	2,454	2,989	3,720	2,368
Net unrealized gain (loss) on financial instruments	3,557	(325)	5,800	2,855
Net income from continued operations before income tax provisions	10,868	15,728	31,009	40,021
Provision for income taxes	(1,297)	(2,682)	(3,326)	(5,179)
Net income (loss) from continuing operations	9,571	13,046	27,683	34,842
Discontinued operations
Loss from discontinued operations (including gain on disposal of $267 for the nine months ended September 30, 2016)		(857)	(576)	(2,683)
Income tax benefit		1,243	225	3,740
Income (loss) from discontinued operations		386	(351)	1,057
Net income	9,571	13,432	27,332	35,899
Less: Net income attributable to non-controlling interest	777	1,118	2,217	2,871
Net income attributable to Sutherland Asset Management Corporation	$ 8,794	$ 12,314	$ 25,115	$ 33,028
Earnings (loss) per share:
Continuing operations	$ 0.28	$ 0.39	$ 0.82	$ 1.05
Discontinued operations		$ 0.01	$ (0.01)	$ 0.03
Basic weighted average shares outstanding	30,960,370	30,539,376	30,960,370	30,539,376

UNAUDITED CONSOLIDATED STATEME5

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Amortization and impairment of servicing rights	$ 1,850	$ 2,855	$ 6,079	$ 6,439
Gain on disposal of discontinued operations			$ 267

UNAUDITED CONSOLIDATED STATEME6

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock	Preferred stock	Additional Paid-in-Capital	Retained Earnings (Deficit)	Non-Controlling Interests	Total
Balance at January 1, at Dec. 31, 2014	$ 294	$ 125	$ 425,979	$ (838)	$ 49,131	$ 474,691
Balance (in shares) January 1, at Dec. 31, 2014	29,434,178	125
Increase (Decrease) in Stockholders' Equity
Offering costs allocated to Additional Paid-In Capital			(110)		(11)	(121)
Dividend declared on common stock ($0.38 and $0.32 per share for nine months ended September 30, 2016 and 2015, respectively)				(19,435)		(19,435)
Dividend reinvestment in common stock	$ 2		3,502			3,504
Dividend reinvestment in common stock (shares)	236,796
Dividend declared on operating partnership units					(1,632)	(1,632)
Dividend reinvestment in operating partnership units					1,152	1,152
Conversion of Operating Partnership units into REIT shares	$ 9		12,599		(12,608)
Conversion of Operating Partnership units into REIT shares (in shares)	868,402
Net Income				33,028	2,871	35,899
Balance at September 30, at Sep. 30, 2015	$ 305	$ 125	441,970	12,755	38,903	494,058
Balance (in shares) at September 30 at Sep. 30, 2015	30,539,376	125
Balance at January 1, at Dec. 31, 2015	$ 308	$ 125	446,787	(5,899)	38,892	480,213
Balance (in shares) January 1, at Dec. 31, 2015	30,804,029	125
Increase (Decrease) in Stockholders' Equity
Dividend declared on preferred stock				(8)		(8)
Dividend declared on common stock ($0.38 and $0.32 per share for nine months ended September 30, 2016 and 2015, respectively)				(23,484)		(23,484)
Dividend reinvestment in common stock	$ 1		1,806			1,807
Dividend reinvestment in common stock (shares)	123,791
Dividend declared on operating partnership units					(2,072)	(2,072)
Dividend reinvestment in operating partnership units					359	359
Incentive shares issued			482			482
Incentive shares issued (in shares)	32,550
Net Income				25,115	2,217	27,332
Balance at September 30, at Sep. 30, 2016	$ 309	$ 125	$ 449,075	$ (4,276)	$ 39,396	$ 484,629
Balance (in shares) at September 30 at Sep. 30, 2016	30,960,370	125

UNAUDITED CONSOLIDATED STATEME7

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity
Dividend per share	$ 0.38	$ 0.32

UNAUDITED CONSOLIDATED STATEME8

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities:
Net income	$ 27,332	$ 35,899
Less: Net loss from discontinuing operations	(351)	1,057
Net income (loss) from continuing operations	27,683	34,842
Adjustments to reconcile net income to net cash provided
Accretion of discount on loans, held-for-investment	(22,260)	(39,727)
Amortization of premium on loans, held-for-investment	1,545	716
Accretion of discount on mortgage backed securities, at fair value	(158)	(25)
Amortization of premium on mortgage backed securities, at fair value	13	81
Amortization and impairment of servicing rights	6,079	6,439
Capitalization of originated mortgage servicing rights	(2,180)
Accretion of discount and impairment, net, on liability under participation agreements	(27)	(328)
Amortization of guaranteed loan financing	10,701	2,635
Amortization of deferred financing costs	4,048	6,837
Provision for loan losses	4,689	15,859
Charge off of real estate acquired in settlement of loans	912	680
Purchase of trading securities, at fair value		(3,764)
Increase (decrease) in repair and denial reserve	(1,222)	(5,227)
Purchase of short term investments	(749,805)	(1,000,000)
Proceeds from sale of short term investments	749,995	1,000,000
Proceeds from sale of trading securities		398
Net settlement of derivative instruments	(1,428)	(2,510)
Origination of loans, held for sale, at fair value	(200,574)
Proceeds from disposition and principal payment of loans, held for sale, at fair value	192,854
Realized (gains) losses	(3,720)	(2,368)
Unrealized (gains) losses	(5,800)	(2,855)
Net changes in operating assets and liabilities
Receivable from related parties	2	1,934
Receivable from third parties	801	(7)
Other assets	(7,717)	(4,321)
Liability under subservicing agreements	(1,251)	(158)
Accrued salaries, wages and commissions	(1,564)	(768)
Payable to related parties	769	402
Accounts payable and other accrued liabilities	8,570	4,464
Net cash provided by (used in) operating activities	13,561	(4,243)
Net cash (used in) provided by operating activities of discontinued operations	(3,190)	290
Cash Flow From Investing Activities:
Origination of loans, held at fair value	(88,272)	(268,067)
Purchase of loans, held-for-investment	(89,011)	(119,836)
Origination of loans, held-for-investment	(126,932)	(27,672)
Purchase of mortgage backed securities, at fair value	(17,388)	(62,666)
Payment of liability under participation agreements	(1,155)	(2,334)
Proceeds from disposition and principal payment of loans, held at fair value	1,434	85,942
Proceeds from disposition and principal payment of loans, held-for-investment	328,572	268,650
Proceeds from sale and principal payment of mortgage backed securities, at fair value	197,147	14,837
Proceeds from sale of real estate	4,724	4,998
Proceeds from liabilities under participation agreements		140
Proceeds from sale of intangible assets		2,500
(Increase)/decrease in restricted cash	(720)	(11,244)
Net cash provided by (used in) investing activities	208,399	(114,752)
Net cash provided by (used in) investing activities of discontinued operations		(1,060)
Cash Flows From Financing Activities:
Proceeds from borrowings under credit facilities	102,222	17,933
Proceeds from borrowings under repurchase agreements	4,092,266	7,579,603
Proceeds from promissory note payable	9,164
Payment of borrowings under credit facilities	(49,528)	(112,150)
Payment of borrowings under repurchase agreements	(4,154,630)	(7,438,371)
Payment of guaranteed loan financing	(94,471)	(56,257)
Payment of promissory note payable	(124)
Payment of deferred financing costs	(1,050)	(4,279)
Dividend payments on preferred stock	(8)
Dividend payments on common stock	(36,756)	(26,256)
Payment of offering costs		(121)
Net cash provided by (used in) financing activities	(221,881)	142,296
Net increase (decrease) in cash and cash equivalents	(3,111)	22,531
Cash and cash equivalents at beginning of period	41,569	56,740
Cash and cash equivalents at end of period	38,458	79,271
Supplemental disclosure of operating cash flow
Cash paid for interest	38,667	4,298
Cash paid for taxes	5,918	665
Supplemental disclosure of non-cash investing activities
Loans and borrowings brought on books as a result of the ReadyCap Lending Small Business Trust 2015-1 securitization		474,198
Supplemental disclosure of non-cash financing activities
Dividend reinvestment in common stock	1,807	3,504
Dividend reinvestment in operating partnership units	359	1,152
VIEs
Adjustments to reconcile net income to net cash provided
Accretion of discount on securitized debt obligations of consolidated VIE's	152	76
Provision for loan losses	1,966	1,597
Realized (gains) losses	65	85
Net changes in operating assets and liabilities
Accrued interest	305	(260)
Due from servicers	(2,613)	19,131
Cash Flows From Financing Activities:
Proceeds from issuance of securitized debt obligations of consolidated VIEs		217,787
Payments of securitized debt obligations of consolidated VIEs	(88,966)	(35,593)
Cash and cash equivalents at beginning of period	26
Cash and cash equivalents at end of period	77
Sutherland
Net changes in operating assets and liabilities
Accrued interest	221	2,889
Due from servicers	(685)	$ (1,046)
Cash Flows From Financing Activities:
Cash and cash equivalents at beginning of period	41,569
Cash and cash equivalents at end of period	$ 38,458

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization
Organization	SUTHERLAND ASSET MANAGEMENT CORPORATION NOTES TO the CONS OLIDATED FINANCIAL STATEMENTS ( Unaudited) Note 1 – Organization Sutherland Asset Management Corporation (the “Company” or “Sutherland” and together with its subsidiaries “we,” “us” and “our”) is a Maryland corporation formed on November 4, 2013. The Company is externally managed and advised by Waterfall Asset Management, LLC (“Waterfall” or the “Manager”), an investment advisor registered with the United States Securities and Exchange Commission under the Investment Advisors Act of 1940, as amended (the “Advisors Act”). Sutherland Partners, LP (the “Operating Partnership”) holds substantially all of our assets and conducts substantially all of our business. As of September 30, 2016 and December 31, 2015, the Company owned approximately 91.9% of the operating partnership units (“OP units”) of the Operating Partnership. The Company, as sole general partner of the Operating Partnership, has responsibility and discretion in the management and control of the Operating Partnership, and the limited partners of the Operating Partnership, in such capacity, have no authority to transact business for, or participate in the management activities of the Operating Partnership. Therefore, the Company consolidates the Operating Partnership. The Company, together with its consolidated subsidiaries and variable interest entities (“VIEs”), is a specialty finance company which acquires, originates, manages, services and finances small balance commercial (“SBC”) loans, Small Business Administration (“SBA”) loans and to a lesser extent, mortgage backed securities (“MBS”) collateralized primarily by SBC loans, or other real estate-related investments. SBC loans represent a special category of commercial loans, sharing both commercial and residential loan characteristics. SBC loans are generally secured by first mortgages on commercial properties, but because SBC loans are also often accompanied by collateralization of personal assets and subordinate lien positions, aspects of residential mortgage credit analysis are utilized in the underwriting process. The Company operates in three reportable segments: investment activities, new SBC loan originations, and SBA loan origination and servicing. The investment activities segment represents the Company’s investments in SBC loans, real estate acquired in settlement of loans (“REO”), MBS and equity securities traded on public exchanges. Management seeks to maximize the value of the SBC loans acquired by the Company through proprietary loan modification programs, special servicing and other initiatives focused on keeping borrowers in their properties. Where this is not possible, such as in the case of many nonperforming loans, the Company seeks to effect property resolution in a timely, orderly and economically efficient manner, including through the use of resolution alternatives to foreclosure. The SBC loan originations segment is operated through a wholly-owned subsidiary, ReadyCap Commercial, LLC, a wholly owned subsidiary of ReadyCap Holdings, LLC (collectively, “ReadyCap”). ReadyCap originates SBC loans through multiple loan origination channels. These loans may be financed though borrowings under credit facilities, borrowings under repurchase agreements and securitization transactions. The SBA loan origination and servicing segment is operated through ReadyCap Lending, LLC (“Lending”), a wholly owned subsidiary of ReadyCap Holdings, LLC. Lending acquires, originates and services loans guaranteed by the SBA under the SBA loan program. Lending holds a SBA license as a Small Business Lending Company and has been granted Preferred Lender Status by the SBA. The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), commencing with its first taxable year ended December 31, 2013. To maintain its tax status as a REIT, the Company distributes at least 90% of its taxable income in the form of qualifying distributions to shareholders. In the fourth quarter of 2015, the Company determined “Silverthread”, a brokerage subsidiary, was classified as held-for-sale due to management’s intent to sell the business, and the Company has included Silverthread in discontinued operations. The economic cut off of the Silverthread sale was February 28, 2016 and the closing occurred in May of 2016.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Basis of Presentation
Basis of Presentation	Note 2 – Basis of Presentation The unaudited consolidated financial statements presented herein are as of September 30, 2016 and December 31, 2015 and for three and nine months ended September 30, 2016 and 2015. These unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”)—as prescribed by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). The accompanying unaudited consolidated financial statements do not include all information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These interim unaudited consolidated financial statements and related notes should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2015 disclosed within the most recent filed Form S-4/A. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3 – Summary of Significant Accounting Policies Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basis of Consolidation The accompanying consolidated financial statements of the Company include the accounts and results of operations of the Operating Partnership and other consolidated subsidiaries and VIEs in which we are the primary beneficiary. The consolidated financial statements are prepared in accordance with ASC 810, Consolidations. Intercompany accounts and transactions have been eliminated. Reclassifications Certain amounts reported for the prior periods in the accompanying consolidated financial statements have been reclassified in order to conform to the current period’s presentation. The historical results of Silverthread been reflected in the accompanying consolidated statements of income for three and nine months ended September 30, 2016 and 2015 as discontinued operations and financial information related to discontinued operations has been excluded from the notes to these financial statements for all periods presented. Cash and Cash Equivalents The Company has accounted for cash and cash equivalents in accordance with ASC 305, Cash and Cash Equivalents. The Company defines cash and cash equivalents as cash, demand deposits, and short-term, highly liquid investments with original maturities of 90 days or less when purchased to be cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. We deposit our cash with institutions which we believe to have highly valuable and defensible business franchises, strong financial fundamentals and predictable and stable operating environments. As of September 30, 2016 and December 31, 2015, the Company had $0.6 million and $0.6 million, respectively, in money market mutual funds. The investment in money market mutual funds is categorized as a Level 1 input of the fair value hierarchy. At September 30, 2016 and December 31, 2015, substantially all of the Company’s cash and cash equivalents not held in money market funds were comprised of cash balances with banks that are in excess of the Federal Deposit Insurance Corporation insurance limits. Restricted Cash Restricted cash represents cash held by the Company’s counterparties as collateral against its derivatives, borrowings under repurchase agreements, borrowings under credit facilities as well as cash held for remittance on loans serviced for third parties. Restricted cash is not available for general corporate purposes, but may be applied against amounts due to counterparties under existing swaps and repurchase agreement borrowings, or returned to the Company when the collateral requirements are exceeded or at the maturity of the swap or repurchase agreement. Restricted cash is returned to the Company when our collateral requirements are exceeded or at the maturity or termination of the derivative, borrowings under repurchase agreements and borrowings under credit facilities. Trading securities, at fair value The Company may own securities traded on major U.S. Exchanges. Investments are valued at the closing exchange price at month end. Short term investments The Company accounts for short term investments under ASC 320, Investments-Debt and Equity Securities . Short term investments consist of U.S. Treasury Bills with original maturities of less than a year but greater than three months. The Company holds short term investments at fair value. Interest received and accrued as well as the accretion of purchase discount in connection with short term investments is recorded as interest income on the consolidated statements of income. Changes in the fair value of short term investments are recorded as unrealized gain (loss) on the consolidated statements of income. Loans, held for sale, at fair value Loans, held for sale, at fair value are loans originated by ReadyCap that are expected to be sold to third parties in the near term. Interest is recognized as interest income on the consolidated statements of income when earned and deemed collectible. Changes in fair value are recurring and are reported as unrealized gain (loss) on the consolidated statements of income. Loans, held at fair value Loans, held at fair value are loans originated by ReadyCap. The Company has elected the fair value option because of the intent to transfer to securitizations in the near term. Interest is recognized as interest income on the consolidated statements of income when earned and deemed collectible. Changes in fair value are recurring and are reported as unrealized gain (loss) on the consolidated statements of income. The Company transfers loans held at fair value to loans, held-for-investment on the date of securitization, and such loans are included as Loans, held-for-investment on the consolidated balance sheet. The securitized loans remain on the Company’s balance sheet because the securitization vehicles are consolidated under ASC 810. These loans are accounted for under ASC 310-10 and are referred to as "Non-credit Impaired Loans". Loans, held-for-investment Loans, held-for-investment are loans acquired from third parties, loans originated by ReadyCap that we do not intend to securitize or sell, or securitized loans that were previously originated at ReadyCap. Acquired loans are recorded at cost at the time they are acquired and any related allowance for loan losses is not carried over at the acquisition date. These acquired loans are segmented into two groups at time of purchase, loans with evidence of credit deterioration, and loans without evidence of credit deterioration. Acquired loans without evidence of credit deterioration and loans originated by ReadyCap that we do not intend to securitize are accounted for under ASC 310-10, Receivables- Overall , and are referred to as "Non-credit Impaired Loans". Acquired loans with evidence of credit deterioration where the Company estimates that it will not receive all contractual payments are accounted for as purchased credit impaired loans in accordance with ASC 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) and are referred to as "Credit Impaired Loans". Non-credit Impaired Loans Loans purchased where the Company determines that there is no evidence of credit deterioration and that it is probable that all contractual loan payments are collectable are accounted for under ASC 310-10. The Company uses the interest method to recognize, as a level-yield adjustment, the difference between the initial recorded investment in the loan and the principal amount of the loan. The calculation of the constant effective yield necessary to apply the interest method uses the payment terms required by the loan contract, and prepayments of principal are not anticipated to shorten the loan term. For Non-credit Impaired Loans, revenue recognition is suspended when any loans are placed on nonaccrual status. Generally, all classes of loans are placed on nonaccrual status when principal or interest has been delinquent for 90 days or when full collection is determined not to be probable. Revenue accrued, but not collected, at the date finance receivables and loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status only when contractually current and the collection of future payments is reasonably assured. Credit Impaired Loans Loans purchased at a discount due to deteriorated credit quality at the time of purchase are accounted for under ASC 310-30. These loans are accounted for under ASC 310-30 if both of the following conditions are met as of the acquisition date: (i) there is evidence of deterioration in credit quality of the loan since its inception and (ii) it is probable that we will not collect all contractual cash flows on the loan. The estimated cash flows expected for each loan is estimated at the time the loan is acquired. The excess of the cash flows expected to be collected on Credit Impaired Loans, measured as of the acquisition date, over the initial investment is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan using a level yield method of accretion. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected is referred to as the non-accretable difference and is not accreted over time. The Company estimates expected cash flows to be collected over the life of Credit Impaired Loans on a quarterly basis. If the Company determines that discounted expected cash flows have decreased, the Credit Impaired Loans would be considered further impaired which would result in a provision for loan loss and a corresponding increase in valuation allowance included in the allowance for loan losses. However, if expected discounted cash flows have increased, or improved, in subsequent evaluations, the increase in cash flows is first used to reverse the amount of any related allowance for loan losses before the yield is adjusted. Additionally the Company will increase the accretable yield to account for the significant increase in expected cash flows. The estimate of the amount and timing of cash flows for our Credit Impaired Loans is based on historical information available and expected future performance of the loans, and may include the timing of expected future cash flows, prepayment speed, default rates, loss severities, delinquency rates, percentage of non-performing loans, extent of credit support available, Fair Isaac Corporation (“FICO”) scores at loan origination, year of origination, loan-to-value ratios, geographic concentrations, as well as reports by credit rating agencies, such as Moody's, Standard & Poor's Corporation (“S&P”), or Fitch, general market assessments and dialogue with market participants. As a result, substantial judgment is used in the analysis to determine the expected cash flows. The determination of whether an allowance for loan loss is necessary if there is a decrease in cash flows based on consideration of factual information available at the time of assessment as well as management’s estimates of the future performance and projected amount and timing of cash flows expected to be collected on the loan. Allowance for loan losses The allowance for loan losses is intended to provide for credit losses inherent in the loans, held-for-investment portfolio and is reviewed quarterly for adequacy considering credit quality indicators, including probable and historical losses, collateral values, loan-to-value ratio and economic conditions. The reserve is increased through provisions for loan losses charged to earnings and reduced by charge-offs, net of recoveries. For Non-credit Impaired Loans, we determine the allowance for loan losses by measuring credit impairment on (1) an individual basis for nonaccrual status loans, and (2) on a collective basis for all other loans since they have similar risk characteristics. The allowance of loan losses on an individual basis is assessed when a loan is on nonaccrual and the recoverability of the loan is less than its carrying value. The Company considers the loans to be collateral dependent and relies on the current fair value of the collateral as the basis for determining impairment. Loans that are not assessed individually for impairment are assessed on a collective basis, and the calculation of the allowance for loan losses considers our probability of default, based on a default curve and time since origination, as well as the underlying loan to value of the non-credit impaired assets. For Credit Impaired Loans, we determine the allowance for loan losses based on a discounted cash flow model. Credit Impaired Loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected measured at acquisition date. The Company estimates expected cash flows to be collected over the life of Credit Impaired Loans on a quarterly basis. If the Company determines that expected cash flows have decreased, the Credit Impaired Loans would be considered further impaired which would result in a provision for loan losses and a corresponding increase in valuation allowance included in the allowance for loan losses. However, if expected cash flows have increased in subsequent evaluations, the Company will reduce any remaining allowance for loan loss. If an allowance for loan loss does not exist, the accretable yield will increase to the extent the yield of the reprojected cash flows is greater than the existing yield. While we have a formal methodology to determine the adequate and appropriate level of the allowance for loan losses, estimates of inherent loan losses involve judgment and assumptions as to various factors, including current economic conditions. Our determination of adequacy of the allowance for loan losses is based on quarterly evaluations of the above factors. Accordingly, the provision for loan losses will vary from period to period based on management's ongoing assessment of the adequacy of the allowance for loan losses. Non-accrual loans Non-accrual loans are the loans for which we are not accruing or accreting interest income. Non-accrual loans include non-credit impaired loans when principal or interest has been delinquent for 90 days or when it is determined that full collection of contractual cash flows is not probable. Additionally, credit impaired loans for which the Company is unable to reasonably estimate the timing and amount of expected cash flows are considered to be non-accrual loans. Income on credit impaired loans is recognized as described above under— Loans, held for investment—Credit Impaired Loans . Troubled Debt Restructurings In situations where, for economic or legal reasons related to the borrower’s financial difficulties, we grant concessions for other than an insignificant period of time to the borrower that we would not otherwise consider, the related loans are classified as a troubled debt restructuring (“TDR”). These modified terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize our economic loss and to avoid foreclosure or repossession of collateral. For modifications where we forgive principal, the entire amount of such principal forgiveness is immediately charged off. Loans classified as TDRs, are considered impaired loans. Other than resolutions such as foreclosures, sales and transfers to at fair value, we may remove loans held for investment from TDR classification, but only if they have been refinanced or restructured at market terms and qualify as a new loan. Generally, all loans modified in a TDR are placed or remain on nonaccrual status at the time of the restructuring. However, certain accruing loans modified in a TDR that are current at the time of restructuring may remain on accrual status if payment in full under the restructured terms is expected. Impaired loans The Company considers a loan to be impaired when the Company does not expect to collect all the contractual interest and principal payments as scheduled in the loan agreements. Mortgage backed securities, at fair value The Company accounts for MBS, at fair value under ASC 320, Investments-Debt and Equity Securities. Our MBS portfolio is comprised of asset backed securities collateralized by interest in or obligations backed by pools of SBC loans. Purchase and sales of MBS are recorded on the trade date. Our MBS securities pledged as collateral against borrowings under repurchase agreements are included in mortgage backed securities, at fair value on our consolidated balance sheets. MBS are recorded at fair value as determined by market prices provided independent broker dealers or other independent valuation servicer provider. The fair values assigned to these investments are based upon available information and may not reflect amounts that may be realized. We generally intend to hold our investment in MBS to generate interest income; however, we have and may continue to sell certain of our investment securities as part of the overall management of our assets and liabilities and operating our business. Real estate acquired in settlement of loans Real estate acquired in settlement of loans is accounted for under ASC 360, Property, Plant and Equipment (“ASC 360”). The Company acquires substantially all its real estate through the foreclosure of mortgage loans that have become delinquent with limited other recourse. The Company’s intentions are to sell the real estate within a short holding period. Real estate is recorded at fair value at the time the Company receives title and is subsequently held at the lower of its carrying amount or fair value less closing costs. Each investment in real estate property is tested for impairment on a quarterly basis. Derivative instruments, at fair value Subject to maintaining our qualification as a REIT for U.S. federal income tax purposes, we utilize derivative financial instruments, currently comprised of credit default swaps and interest rate swaps, as part of our risk management. The Company accounts for derivative instruments under ASC 815, Derivatives and Hedges . All derivatives are reported as either assets or liabilities on the consolidated balance sheets at estimated fair value. The Company has not elected hedge accounting for these derivative instruments and, as a result, changes in the fair value for these derivatives are recorded in earnings. The fair value adjustments, along with the related interest income or interest expense, are reported as gain/(loss) on derivative instruments, at fair value. Although permitted under certain circumstances, the Company does not offset cash collateral receivable or payables against our net derivative positions. As of September 30, 2016 and December 31, 2015, the cash collateral receivable held for derivative instruments is $7.7 million and $5.3 million, respectively, and is included in restricted cash on the consolidated balance sheets. Servicing rights Servicing rights are accounted for under ASC 860, Transfers and Servicing . Servicing rights are initially recorded at fair value and subsequently carried at amortized cost. We capitalize the value expected to be realized from performing specified servicing activities for others. Such value reflects the estimated fair value of the expected net cash flows associated with the servicing of the loan. These capitalized servicing rights are purchased or retained upon sale or securitization of mortgage loans. Servicing rights are amortized in proportion to and over the period of estimated servicing income, and is tested for potential impairment quarterly. For purposes of testing our servicing rights for impairment, we first determine whether facts and circumstances exist that would suggest the carrying value of the intangible is not recoverable. If so, we then compare the net present value of servicing cash flow with its carrying value. The estimated net present value of servicing cash flows of the intangibles is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, taking into consideration historical and forecasted loan prepayment rates, delinquency rates and anticipated maturity defaults. If the carrying value of the servicing rights exceeds the net present value of servicing cash flows, the servicing rights are considered impaired and an impairment loss is recognized in earnings for the amount by which carrying value exceeds the net present value of servicing cash flows. We leverage all available relevant market data to determine the fair value of our recognized servicing assets. Since quoted market prices for servicing rights are not readily available, we estimate the fair value of servicing rights by determining the present value of future expected servicing cash flows using modeling techniques that incorporate management's best estimates of key variables including expected cash flows, prepayment speeds, and return requirements commensurate with the risks involved. Cash flow assumptions are modeled using our internally forecasted revenue and expenses, and where possible, the reasonableness of assumptions is periodically validated through comparisons to market data. Prepayment speed estimates are determined from historical prepayment rates or obtained from third party industry data. Return requirement assumptions are determined using data obtained from market participants, where available, or based on current relevant interest rates plus a risk-adjusted spread. We also consider other factors that can impact the value of the servicing rights, such as surety provider termination clauses and servicer terminations that could result if we failed to materially comply with the covenants or conditions of our servicing agreements and did not remedy the failure. Since many factors can affect the estimate of the fair value of servicing rights, we regularly evaluate the major assumptions and modeling techniques used in our estimate and review these assumptions against market comparables, if available. We monitor the actual performance of our servicing rights by regularly comparing actual cash flow, credit, and prepayment experience to modeled estimates. Intangible assets Intangible assets are accounted for under ASC 350, Intangibles-Goodwill and Other . As of September 30, 2016, the Company’s identifiable intangible assets include SBA license for our Lending operations. The Company determined that its intangible assets have indefinite lives. The Company initially records its intangible assets at cost and subsequently tests for impairment on a quarterly basis. Deferred financing costs Costs incurred in connection with our borrowings under credit facilities are accounted for under ASC 340, Other Assets and Deferred Costs . Deferred costs are capitalized and amortized using the effective interest method over the respective financing term with such amortization reflected on our consolidated statements of income as a component of interest expense. Our deferred financing costs may include legal, accounting and other related fees. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Due from Servicers The loan servicing activities of the Company’s investing and ReadyCap reportable segments are performed primarily by third party servicers. SBA loans held at ReadyCap Lending are internally serviced. At September 30, 2016 and December 31, 2015, the Company’s servicers hold substantially all of the cash owned by the Company related to loan servicing activities. These amounts include principal and interest payments made by borrowers, net of advances and servicing fees. Cash is generally received within thirty days of recording the receivable. At September 30, 2016 and December 31, 2015, the due from servicers balance in the amount of $18.4 million and $20.3 million, respectively, represent funds received by loan servicers from loan activities that have not yet been paid to the Company. The Company is subject to credit risk to the extent any servicer with whom the Company conducts business is unable to deliver cash balances or process loan-related transactions on the Company’s behalf. The Company monitors the financial condition of the servicers with whom the Company conducts business and believes the likelihood of loss under the aforementioned circumstances is remote. Borrowings under credit facilities The Company accounts for borrowings under credit facilities under ASC 470, Debt. The Company partially finances its loans, held-for-investment, and loans, held-for-sale, through credit agreements with various counterparties. These borrowings are collateralized by loans, held-for-investment, and loans, held-for-sale, and have maturity dates within two years from the consolidated balance sheet date. If the fair value (as determined by the applicable counterparty) of the collateral securing these borrowings decreases, we may be subject to margin calls during the period the borrowings are outstanding. In instances where we do not satisfy the margin calls within the required time frame, the counterparty may retain the collateral and pursue collection of any outstanding debt amount from us. Interest paid and accrued in connection with credit facilities is recorded as interest expense on the consolidated statements of income. Promissory note payable The Company accounts for promisorry notes payable under ASC 470, Debt. Pursuant to the adoption of ASU 2015-03, the Company’s promissory note payable is presented net of debt issuance costs.The Company partially finances its loans, held-for-investment through promissory notes with various counterparties. These notes are collateralized by loans, held-for-investment and have maturity dates within five years from the consolidated balance sheet date. Interest paid and accrued in connection with promissory notes is recorded as interest expense on the consolidated statements of income. Securitized debt obligations of consolidated VIEs Since 2011, we have engaged in seven securitization transactions which the Company accounts for under ASC 810. The Company is required to consolidate, as a VIE, the special purpose entity (“SPE”)/trust that was created to facilitate the transaction and to which the underlying loans in connection with the securitization were transferred. The consolidation of the securitization transactions includes the sales of senior securities to third parties which are shown as securitized debt obligations of consolidated VIEs on the consolidated balance sheets. Debt issuance costs related to securitizations are presented as a direct deduction from the carrying value of the related debt liability. These costs are amortized using the effective interest method. Amortization of debt issuance costs is amortized using the effective interest method and is included in interest expense from securitized debt obligations on the financial statements. Borrowing under repurchase agreements Borrowings under repurchase agreements are accounted for under ASC 860, Transfers and Servicing . Investment securities financed under repurchase agreements are treated as collateralized borrowings, unless they meet sale treatment or are deemed to be linked transactions. Through September 30, 2016, none of our repurchase agreements had been accounted for as components of linked transactions. All securities financed through a repurchase agreement have remained on our consolidated balance sheets as an asset and cash received from the lender was recorded on our consolidated balance sheets as a liability. Interest paid and accrued in connection with our repurchase agreements is recorded as interest expense on the consolidated statements of income. Guaranteed loan financing Certain partial loan sales do not qualify for sale accounting under ASC 860, Transfers and Servicing because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment on the consolidated balance sheets and the portion sold is recorded as guaranteed loan financing in the liabilities section of the consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan balance is recorded as interest income and the interest earned by the buyer in the partial loan sale is recorded within interest expense in the accompanying consolidated statements of income. Repair and denial reserve The repair and denial reserve represents the potential liability to the SBA in the event that we are required to make whole the SBA for reimbursement of the guaranteed portion of SBA loans. We may be responsible for the guaranteed portion of SBA loans if there are lien and collateral issues, unauthorized use of proceeds, liquidation deficiencies, undocumented servicing actions or denial of SBA eligibility. This reserve is calculated using an estimated frequency of a repair and denial event upon default, as well as an estimate of the severity of the repair and denial as a percentage of the guaranteed balance. Liability under participation agreements The Company has entered into participation agreements with loan sub‑servicers ("Participant Holders") entitling the Participant Holders to an economic interest in a defined population of loans, held-for-investment ("participating assets") based on the amount of co‑investment made by Participant Holders. Waterfall Asset Management, LLC (the “Manager”) believes the participation agreements align the economic interests of the Company with the Participant Holders servicing the loans. The Company’s obligation resulting from the Participant Holders' economic interest in the participating assets, and any corresponding unremitted cash flows arising from principal and interest payments related to the participating assets, are recorded under accounts payable and other accrued liabilities in the consolidated balance sheets. The liability under participation agreements on the consolidated balance sheets is recorded at the Participant Holders’ portion of the carrying value of the participating assets. Liability under subservicing agreements The Manager has entered into subservicing agreements with various loan servicers. The subservicing agreements include provisions which entitle the loan servicer to an incentive fee depending on the performance of the loan portfolio. The incentive fee is generally paid at the time the last loan liquidates within a given portfolio. The expected incentive fee expense to be paid to the loan servicer is included under loan servicing expense in the consolidated statements of income and the related liability is recorded under liability under subservicing agreements on the consolidated balance sheets. Variable Interest Entities VIEs are defined as entities in which equity investors (i) do not control the entity, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. For VIEs that do not have substantial on-going activities, the power to direct the activities that most significantly impact the VIE’s economic performance may be determined by an entity’s involvement with the design of the VIE. The Company is required to re-evaluate whether to consolidate a VIE each reporting period, based upon the facts and circumstances pertaining to the VIE during such period. The Company consolidates a VIE when it is determined to be the primary beneficiary of such VIE. The Company uses special purpose entities to securitize financial assets. Securitization involves transferring assets to an SPE, or securitization trust, to convert all or a portion of those assets into cash before they would have been realized in the normal course of business, through the SPE’s issuance of debt or equity instruments. Since 2011, we have engaged in seven securitization transactions. As discussed in Note 22, we have concluded that the Company was the primary beneficiary in each of these transactions and the securitization trusts are VIEs which are consolidated. Non-controlling Interests Non-controlling interest presented on the consolidated balance sheets and the consolidated statements of income represent direct investment in the Operating Partnership by Sutherland OP Holdings I, Ltd. Sutherland

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	Note 4 – Recently Issued Accounting Pronouncements In April 2014, the FASB issued guidance updating the criteria for reporting the disposal of a component of an entity as a discontinued operation. This guidance was effective for reporting periods beginning on or after December 15, 2014 with early adoption permitted only for disposals that have not been reported in financial statements previously issued or available for issuance. We have adopted the guidance beginning with the year beginning January 1, 2015. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard clarifies the required factors that an entity must consider when recognizing revenue and also requires additional disclosures. ASU 2014-09, as amended by ASU 2015-14, ASU 2016-08, ASU 2016-10, and ASU 2016-12, is effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is evaluating the impact this ASU will have on the Company's unaudited consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12"). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. We have currently have no share-based payments, and accordingly, the adoption of ASU 2014-12 did not have a material impact on our unaudited consolidated financial statements for the periods reported. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. We are currently evaluating the impact of the adoption of ASU 2014-15. In August 2014, the FASB issued ASU No. 2014-13, Consolidation (Topic 810) — Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (CFE) (“ASU 2014-13”). ASU No. 2014-13 provides an alternative to reflect changes in the fair value of the financial assets and the financial liabilities of the CFE by measuring either the fair value of the assets or liabilities, whichever is more observable. ASU No. 2014-13 provides additional disclosure requirements for those electing this approach, and is effective for interim and annual periods beginning after December 15, 2015. The Company has adopted ASU 2014-13 beginning with the year beginning January 1, 2016 and applied retrospectively for prior periods presented. The adoption of this standard did not have a material impact on our unaudited consolidated financial statements. In February 2015 the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). The amendments affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: 1. Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; 2. Eliminate the presumption that a general partner should consolidate a limited partnership; 3. Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and 4. Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments using a modified retrospective approach, or retrospectively. The Company has adopted ASU 2015-02 beginning with the year beginning January 1, 2016 and applied retrospectively for prior periods presented. The adoption of this standard did not have a material impact on our unaudited consolidated financial statements. In April 2015 the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”) , which requires that debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability, rather than deferring the charges as an asset. This aligns the presentation of debt issuance costs and debt discounts in the balance sheet. ASU No. 2015-03 is effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and will be applied retrospectively to each prior period presented. Early adoption is permitted. The Company has adopted ASU 2015-03 for year-end December 31, 2015 and applied its provisions retrospectively. The adoption of this standard did not have a material impact on our unaudited consolidated financial statements. In September 2015, FASB issued ASU no. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). The amendments in this update require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the account had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company has adopted ASU 2015-16 beginning with the year beginning January 1, 2016 and applied its provisions retrospectively. The adoption of this standard did not have a material impact on our unaudited consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 , Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires the use of an “expected loss” credit model for estimating future credit losses of certain financial instruments instead of the “incurred loss” credit model that existing GAAP currently requires. The “expected loss” model requires the consideration of possible credit losses over the life of an instrument compared to only estimating credit losses upon the occurrence of a discrete loss event in accordance with the current “incurred loss” methodology. ASU 2016-13 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019. Early adoption is permitted for periods beginning after December 15, 2018. The Company is evaluating the impact ASU 2016-13 will have on the Company's unaudited consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides guidance on the disclosure and classification of certain items within the statement of cash flows, including beneficial interests obtained in a securitization of financial assets, debt prepayment or extinguishment costs, and distributions received from equity-method investees. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and is required to be applied retrospectively to all periods presented beginning in the year of adoption. Early adoption is permitted. The Company is evaluating the impact ASU 2016-15 will have on the Company’s unaudited statement of cash flows. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) – Intra-Entity Transfers of Assets Other Than Inventory (“ASC 2016-16”), which requires that an entity recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time of the transfer instead of deferring the tax consequences until the asset has been sold to an outside party, as current GAAP requires. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early application is permitted in any interim or annual period. The Company is evaluating the impact ASU 2016-16 will have on the Company's unaudited consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810) – Interests Held through Related Parties That Are under Common Control (“ASU 2016-17”). ASU 2016-17 requires, when assessing which party is the primary beneficiary in a VIE, the decision maker considers interests held by entities under common control on a proportionate basis instead of treating those interests as if they were that of the decision maker itself, as current GAAP requires. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2016. Early application is permitted in any interim or annual period. The Company is evaluating the impact ASU 2016-17 will have on the Company's unaudited consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements
Fair Value Measurements	Note 5 – Fair Value Measurements The Company adopted the provisions of ASC 820 Fair Value Measurement , which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 established a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace (including the existence and transparency of transactions between market participants). Investments with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Investments measured and reported at fair value are classified and disclosed into one of the following categories based on the inputs as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access. Level 2 — Pricing inputs are other than quoted prices in active markets, including, but not limited to, quoted prices for similar assets and liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. Level 3 — Significant unobservable inputs are based on the best information available in the circumstances, to the extent observable inputs are not available, including the Company’s own assumptions used in determining the fair value of investments. Fair value for these investments are determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant management judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The Company has elected the fair value option for $256.9 million and $155.1 million of commercial mortgage loans as of September 30, 2016 and December 31, 2015, respectively. The following table presents the Company’s financial instruments carried at fair value on a recurring basis as of September 30, 2016: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Cash held in money market funds $ $ — $ — $ Short term investments — — Loans, held for sale, at fair value — — Loans, held at fair value — — Mortgage backed securities, at fair value — — Derivative instruments, at fair value — — Total assets $ $ $ $ Liabilities: Derivative instruments, at fair value $ — $ $ — $ Total liabilities $ — $ $ — $ The following table presents the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2015: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Cash held in money market funds $ $ — $ — $ Short term investments — — Loans, held at fair value — — Mortgage backed securities, at fair value — — Derivative instruments, at fair value — — Total assets $ $ $ $ Liabilities: Derivative instruments, at fair value $ — $ $ — $ Total liabilities $ — $ $ — $ The following table presents a summary of changes in the fair value of loans, held at fair value and loans, held for sale, at fair value classified as Level 3: Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Beginning Balance $ $ $ $ Realized gains, net Unrealized gains, net Originations Sales Principal payments Ending Balance $ $ $ $ For loans, held at fair value and loans held for sale, at fair value, held at September 30, 2016 and December 31, 2015, the total change in unrealized gain excluding liquidations for the period is $4.1 million and $3.0 million, respectively. The following table presents a summary of changes in the fair value of MBS, at fair value classified as Level 3: Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Beginning Balance $ $ $ $ Accreted discount (amortized premium), net Realized losses (gains) Unrealized losses (gains) Purchases Sales / Principal Payments Total mortgage backed securities, at fair value $ $ $ $ For MBS, at fair value held at September 30, 2016 and December 31, 2015, the total change in unrealized gain (loss) for the period is $0.6 million and ($4.5 million), respectively. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the period of the event or the change in circumstances that caused the transfer. Transfers between Level 2 and Level 3 generally relate to whether there were changes in the significant relevant observable and unobservable inputs that are available for the fair value measurements of such financial instruments. There were no transfers to or from Level 3 for the consolidated balance sheet periods presented. There were no transfers to or from Level 1 or Level 2 for the consolidated balance sheet periods presented. Valuation Process for Fair Value Measurements The Company establishes valuation processes and procedures designed so that fair value measurements are appropriate and reliable, that they are based on observable inputs where possible, and that valuation approaches are consistently applied and the assumptions and inputs are reasonable. The Company has also established processes to provide that the valuation methodologies, techniques and approaches for investments that are categorized within Level 3 of the fair value hierarchy are fair, consistent and verifiable. The Company’s processes provide a framework that ensures the oversight of the Company’s fair value methodologies, techniques, validation procedures, and results. The Company designates a valuation committee (the “Committee”) to oversee the entire valuation process of the Company’s Level 3 investments. The Committee is comprised of various personnel that are responsible for developing the Company’s written valuation policies, processes and procedures, conducting periodic reviews of the valuation policies, and performing validation procedures on the overall fairness and consistent application of the valuation policies and processes and that the assumptions and inputs used in valuation are reasonable. The validation procedures overseen by the Committee are also intended to provide that the values received from external third-party pricing sources are consistent with the Company’s Valuation Policy and are carried at fair value. To the extent that there are no exchange pricing, vendor marks or broker quotes readily available, the Company may use an internal valuation model or other valuation methodology that may be based on unobservable market inputs to fair value the investment. The values provided by a third party pricing service are calculated based on key inputs provided by the Company including collateral values, unpaid principal balances, cash flow velocity, contractual status and anticipated disposition timelines. In addition, the Company performs an internal valuation used to assess and review the reasonableness and validity of the fair values provided by a third party. The Company also performs analytical procedures which include automated checks consisting of prior-period variance analysis, comparisons of actual prices to internally calculate expected prices based on observable market changes, analysis of changes in pricing ranges, and relative value and yield comparisons using the Company’s proprietary valuation models. Upon completion of the review process described above, the Company may provide additional quantitative and qualitative data to the third party pricing service to consider in valuing certain financial assets and liabilities, as applicable. Such data may include deal specific information not included in the data tape provided to the third party, outliers when compared to the unpaid principal balance and collateral value and knowledge of any impending liquidation of an investment. If deemed necessary by the third party and management, the investments are re-valued by the third party to account for the updated information. The following table summarizes the valuation techniques and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level 3 of the fair value hierarchy as of September 30, 2016 using third party information without adjustment: Predominant Weighted Valuation Average Price (In Thousands, except price) Fair Value Technique Type Price Range (a) Loans, held at fair value $ Single External Source Discounted Cash Flow $ 97.49 – 105.00 $ Loans, held for sale, at fair value Single External Source Discounted Cash Flow 98.28 – 105.00 Mortgage backed securities, at fair value Broker Quotes Third Party Mark 0.75 – 100.95 Mortgage backed securities, at fair value Transaction Price Transaction Price 100.75 – 100.75 (a) The following table summarizes the valuation techniques and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2015 using third party information without adjustment: Predominant Weighted Valuation Average Price (In Thousands, except price) Fair Value Technique Type Price Range (a) Loans, held at fair value $ Single External Source Discounted Cash Flow $ 98.09 – 105.00 $ Mortgage backed securities, at fair value Broker Quotes Third Party Mark 22.55 – 102.50 Mortgage backed securities, at fair value Transaction Price Transaction Price 100.00 – 100.00 (b) Financial instruments not carried at fair value The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the consolidated balance sheets and are classified as Level 3: September 30, 2016 December 31, 2015 (In Thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Loans, held-for-investment $ $ $ $ Servicing rights Total assets $ $ $ $ Liabilities: Borrowings under credit facilities $ $ $ $ Promissory note payable — — Securitized debt obligations of consolidated VIEs Guaranteed loan financing Liabilities under participation agreements Borrowings under repurchase agreements Total liabilities $ $ $ $ The following table summarizes the valuation techniques used for the Company’s investments that are categorized within Level 3 of the fair value hierarchy, but not held at fair value as of September 30, 2016: Predominant Weighted Valuation Average (In Thousands) Fair Value Technique Type Price Range Price (a) Assets Loans, held-for-investment $ Single external source Discounted cash flow $ 0.00 – 132.94 $ Servicing rights Single external source Discounted cash flow N/A N/A Liabilities Borrowings under credit facilities Transaction price N/A N/A N/A Securitized debt obligations, of consolidated VIEs Broker quote Average broker quote 96.88 – 103.59 Guaranteed loan financing Single external source Discounted cash flow 95.98 – 111.64 Liabilities under participation agreements Single external source Discounted cash flow 0.00 – 118.67 Borrowings under repurchase agreements Transaction price N/A N/A N/A (a) The following table summarizes the valuation techniques used for the Company’s investments that are categorized within Level 3 of the fair value hierarchy, but not held at fair value as of December 31, 2015: Predominant Weighted Valuation Average (In Thousands) Fair Value Technique Type Price Range Price (a) Assets Loans, held-for-investment $ Single external source Discounted cash flow $ 0.00 – 231.37 $ Servicing rights Single external source Discounted cash flow N/A N/A Liabilities Borrowings under credit facilities Transaction price N/A N/A N/A Securitized debt obligations, of consolidated VIEs Broker quote Average broker quote 81.04 – 102.00 Guaranteed loan financing Single external source Discounted cash flow 96.20 – 111.31 Liabilities under participation agreements Single external source Discounted cash flow 0.00 – 231.37 Borrowings under repurchase agreements Transaction price N/A N/A N/A (b) The table above does not include real estate acquired in settlement of loans for which the Company has recorded a valuation allowance of $7.6 million and $2.6 million at September 30, 2016 and December 31, 2015, respectively. These assets have been marked to third party broker price opinions less an estimate of costs to sell.

Loans

Loans	9 Months Ended
	Sep. 30, 2016
Loans
Loans	Note 6 – Loans The Company acquires loans and SBA loans from third parties as well as originates loans through ReadyCap. During the three and nine months ended September 30, 2016, the Company originated $153.6 million and $415.8 million in unpaid principal balance and acquired $28.5 million and $91.9 million in unpaid principal balance the three and nine months ended September 30, 2016, respectively. During the three and nine months ended September 30, 2015, the Company acquired $1.9 million and $59.0 million in unpaid principal balance and originated $122.8 and $295.7 million in unpaid principal balance, respectively. The following table summarizes the classification and unpaid principal balance of loans at the Company’s reporting segments. Operating September 30, 2016 (In Thousands) Partnership ReadyCap Lending Total Loans Held-for-investment $ $ $ $ Held at fair value and Held for sale, at fair value — Total loans $ $ $ $ Operating December 31, 2015 (In Thousands) Partnership ReadyCap Lending Total Loans Held-for-investment $ $ $ $ Held at fair value and Held for sale, at fair value — Total loans $ $ $ $ The following tables summarize the classification and carrying value of loans at the Company’s reporting segments. Operating September 30, 2016 (In Thousands) Partnership ReadyCap Lending Total Loans Held-for-investment $ $ $ $ Held at fair value and Held for sale, at fair value — Total loans $ $ $ $ Operating December 31, 2015 (In Thousands) Partnership ReadyCap Lending Total Loans Held-for-investment $ $ $ $ Held at fair value and Held for sale, at fair value — Total loans $ $ $ $ Loan characteristics The following table displays the geographic concentration of the Company’s loans, held-for-investment secured by real estate recorded on our consolidated balance sheets. Geographic Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 Texas % % California Florida New York Arizona Georgia North Carolina Virginia Pennsylvania New Jersey Other Total % % The following table displays the geographic concentration of the Company’s loans, held at fair value and loans, held for sale, at fair value secured by real estate recorded on our consolidated balance sheets. Geographic Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 Florida % % Texas California New York Georgia Illinois Arizona Ohio Colorado Indiana Other Total % % The following table displays the collateral type concentration of the Company’s loans, held-for-investment on our consolidated balance sheets. Collateral Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 SBA % % Retail Multi-Family Office Industrial Lodging Mixed Use Other Total % % The following table displays the collateral type concentration of the Company’s SBA loans within loans, held-for-investment, on our consolidated balance sheets. Collateral Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 Child Day Care Services % % Hotels Motels & Tourist Courts Office of Dentists Vets Eating Places Offices Of Physicians Grocery Stores Auto Accounting Auditng & Bookkeeping Gasoline Service Stations Other Total % % The following table displays the collateral type concentration of the Company’s loans, held at fair value and loans, held for sale, at fair value on our consolidated balance sheets. Collateral Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 Office % % Retail Multi-family Mixed use Industrial Total % % The following table displays delinquency information on loans, held-for-investment as of September 30, 2016: Number 30-89 Days 90+ Days of Carrying Delinquent Delinquent Loan Balance Loans Interest Rate Maturity Date Value (a) (a) (a) Fixed-rate: 0 – 500k 0.00 - 24.00 % 10/15/08 - 10/01/38 $ $ $ 500k – 1mm 4.00 - 9.90 03/20/10 - 02/01/38 1mm – 1.5mm 4.76 - 10.25 11/01/17 - 02/05/33 — — 1.5mm – 2mm 3.99 - 7.16 08/01/15 - 10/01/25 — 2mm – 2.5mm 4.91 - 7.50 06/01/17 - 09/01/25 — — > 2.5mm 3.38 - 11.00 12/28/16 - 09/01/25 — Total fixed-rate $ $ $ Adjustable rate: 0 – 500k 0.00 - 9.75 % 04/27/04 - 06/01/43 $ $ $ 500k – 1mm 2.66 - 8.63 10/28/14 - 09/29/41 1mm – 1.5mm 3.50 - 8.25 04/08/19 - 09/01/38 1.5mm – 2mm 2.62 - 6.25 04/12/17 - 03/01/38 — 2mm – 2.5mm 3.65 - 6.25 10/01/26 - 08/17/38 — — > 2.5mm 2.04 - 8.22 10/20/09 - 11/18/38 Total adjustable rate $ $ $ Total $ $ $ Less: General allowance for loan losses $ (a) In thousands net of specific allowance for loan losses The following table displays delinquency information on loans, held at fair value and loans, held for sale, at fair value as of September 30, 2016: Number 30-89 Days 90+ Days of Carrying Delinquent Delinquent Loan Balance Loans Interest Rate Maturity Date Value (a) (a) (a) Fixed-rate 0 – 500k 6.60 – 6.60 % 06/01/18 – 06/01/18 $ $ — $ — 500k – 1mm 5.47 - 7.17 02/01/18 - 10/01/26 — — 1mm – 1.5mm 4.50 - 7.54 05/01/18 - 10/01/26 — — 1.5mm – 2mm 4.74 - 8.33 01/01/17 - 10/01/26 — — 2mm – 2.5mm 5.54 - 7.42 03/01/19 - 08/01/26 — — > 2.5mm 4.53 - 7.75 01/01/17 - 10/01/26 — — Total fixed-rate $ $ — $ — Adjustable rate: 500k – 1mm 4.50 – 4.50 % 10/01/36 – 10/01/36 $ $ — $ — 1mm – 1.5mm 5.01 - 5.05 09/01/36 - 09/01/36 — — 1.5mm – 2mm 3.57 - 4.71 10/01/36 - 10/01/36 — — > 2.5mm 4.50 - 6.91 01/01/19 - 10/01/36 — — Total adjustable rate $ $ — $ — Total $ $ — $ — (a) In thousands The following table displays delinquency information on loans, held-for-investment as of December 31, 2015: Number 30-89 Days 90+ Days of Carrying Delinquent Delinquent Loan Balance Loans Interest Rate Maturity Date Value (a) (a) (a) Fixed-rate: 0 – 500k 0.00 – 24.00 % 10/15/08 – 02/01/39 $ $ $ 500k – 1mm 3.99 – 9.90 03/10/10 – 05/01/38 1mm – 1.5mm 3.99 – 9.78 11/01/16 – 04/28/35 — — 1.5mm – 2mm 3.99 – 10.25 08/01/15 – 11/01/37 — 2mm – 2.5mm 4.91 – 7.50 06/01/17 – 09/01/25 — — > 2.5mm 3.38 – 12.01 02/01/16- 09/01/25 — — Total fixed-rate $ $ $ Adjustable rate: 0 – 500k 0.00 – 9.75 % 04/27/04 – 06/01/43 $ $ $ 500k – 1mm 2.66 – 8.75 10/28/14 – 12/30/40 1mm – 1.5mm 3.21 – 8.25 04/13/16 – 09/01/38 1.5mm – 2mm 2.62 – 6.00 01/02/11 – 03/01/38 — 2mm – 2.5mm 3.33 – 6.75 10/01/26 – 08/17/38 — — > 2.5mm 1.59 – 7.00 10/20/09 – 11/18/38 Total adjustable rate $ $ $ Total $ $ $ (a) The following table displays delinquency information on loans, held at fair value and loans, held for sale, at fair value, as of December 31, 2015: Number 30-89 Days 90+ Days of Carrying Delinquent Delinquent Loan Balance Loans Interest Rate Maturity Date Value (a) (a) (a) Fixed-rate 0 – 500k 6.60 – 6.60 % 06/01/18 – 06/01/18 $ $ — $ — 500k – 1mm 5.28 – 6.25 06/01/18 – 01/01/26 — — 1mm – 1.5mm 0.58 – 5.91 05/01/20 – 12/01/25 — — 1.5mm – 2mm 4.73 – 8.33 01/01/17 – 01/01/26 — — 2mm – 2.5mm 5.54 – 6.50 11/01/20 – 01/01/26 — — > 2.5mm 4.33 – 7.75 02/01/16 – 01/01/26 — — Total fixed-rate $ $ — $ — Adjustable rate: 1.5mm – 2mm 3.44 – 3.44 % 01/01/36 – 01/01/36 $ $ — $ — 2mm – 2.5mm 3.44 – 3.44 01/01/36 – 01/01/36 — — Total adjustable rate $ $ — $ — Total $ $ — $ — (a) In thousands The Company monitors the credit quality of loans, held-for-investment on an ongoing basis. The Company considers the loan-to-value ratio of our loans to be a general indicator of credit performance. The Company monitors the loan-to-value ratio and associated risks on a monthly basis. The following table presents quantitative information on the credit quality of loans, held-for-investment as of the consolidated balance sheet dates: Loan-to-Value (In Thousands) (a) September 30, 2016 December 31, 2015 0.0 – 20.0% $ $ 20.1 – 40.0% 40.1 – 60.0% 60.1 – 80.0% 80.1 – 100.0% Greater than 100.0% Total $ $ Less: General allowance for loan losses — $ $ (a) Loan-to-value is calculated as carry amount as a percentage of current collateral value The following table presents quantitative information on the credit quality of loans, held at fair value and loans, held for sale, at fair value as of the consolidated balance sheet dates: Loan-to-Value (In Thousands) (a) September 30, 2016 December 31, 2015 0.0 – 20.0% $ — $ 20.1 – 40.0% 40.1 – 60.0% 60.1 – 80.0% 80.1 – 100.0% Greater that 100.0% — Total $ $ (a) Loan-to-value is calculated as carry amount as a percentage of current collateral value As of September 30, 2016 and December 31, 2015, the Company’s total carrying amount of loans in the foreclosure process was $3.0 million and $4.2 million, respectively. Loans, held-for-investment Loans, held-for-investment are accounted for under ASC 310-30 or ASC 310-10 depending on whether there is evidence of credit deterioration at the time of acquisition. The outstanding carry amount of the acquired loans broken down by ASC 310-30 and ASC 310-10 is as follows: (In Thousands) September 30, 2016 December 31, 2015 Loans, held-for-investment Non-credit impaired loans $ $ Credit impaired loans Total loans, held-for-investment $ $ The following table details the carrying value for loans, held-for-investment at the consolidated balance sheet dates. September 30, 2016 December 31, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Unpaid principal balance $ $ $ $ Non-accretable discount — — Accretable discount Recorded investment Allowance for loan losses Carrying Value $ $ $ $ In the three and nine months ended September 30, 2016, the Company acquired Credit impaired loans with contractually required principal and interest payments receivable of $2.3 million; expected cash flows of $1.8 million; and a fair value (intial carrying amount) of $1.1 million. In the three months ended September 30, 2015, the Company did not acquire any Credit impaired loans. In the nine months ended September 30, 2015, the Company acquired Credit impaired loans with contractually required principal and interest payments receivable of $3.9 million; expected cash flows of $2.4 million; and a fair value (initial carrying amount) of $1.8 million. The difference between the contractually required principal and interest payments receivable and the expected cash flows represents the initial non-accretable difference. The difference between the expected cash flows and the fair value (initial carrying amount) represents the initial accretable yield. The following table details the activity of the accretable yield of loans, held-for investment. For the Three Months Ended September 30, 2016 For the Three Months Ended September 30, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Beginning accretable yield $ $ $ $ Purchases — Sales Accretion Other Transfers Ending accretable yield $ $ $ $ For the Nine Months Ended September 30, 2016 For the Nine Months Ended September 30, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Beginning accretable yield $ $ $ $ Purchases Sales Accretion Other Transfers Ending accretable yield $ $ $ $ The following table details the accrual and non-accrual state of loans, held-for-investment by carrying value. All loans held at fair value are accrual loans. September 30, 2016 December 31, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Accrual Non-accrual — Total $ $ $ $ The following table presents additional information on impaired loans, held-for-investment, or loans in which we do not expect to receive all principal and interest payments as scheduled in the loan agreements. Impaired loans include (i) non-credit impaired loans, or loans without evidence of credit deterioration at the time of purchase, that are subsequently placed on non-accrual status and (ii) credit impaired loans, or loans with evidence of credit deterioration since the time of purchase: Carrying value for Carrying value for Total Carrying Unpaid Principal Which There Is A Which There Is No value of Balance of Related Allowance Related Allowance (In Thousands) Impaired Loans Impaired Loans for Loan Losses for Loan Losses September 30, 2016 Non-credit impaired loans $ $ $ $ Credit impaired loans — Total September 30, 2016 $ $ $ $ December 31, 2015 Non-credit impaired loans $ $ $ $ Credit impaired loans — Total December 31, 2015 $ $ $ $ Interest Income Interest Income Recognized for Recognized for the the Nine Months Three Months (In Thousands) Ended Ended September 30, 2016 Non-credit impaired loans $ — $ Credit impaired loans Total $ $ September 30, 2015 Non-credit impaired loans $ $ Credit impaired loans Total $ $ As of September 30, 2016 and December 31, 2015, the Company’s average carrying amount of impaired loans was $95,483 and $129,264, respectively. The following table details the activity of the allowance for loan losses for loans, held-for investment: Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Beginning balance $ $ $ $ Provision for loan losses Chargeoffs — Recoveries — — Ending balance $ $ $ $ Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Beginning balance $ $ $ $ Provision for loan losses Chargeoffs Recoveries — — Ending balance $ $ $ $ For three and nine months ended September 30, 2016 and 2015, the Company had a general allowance for loan losses of $0.4 million assessed on a collective basis and is included in the allowance for loan losses above. Loans, held at fair value Loans, held at fair value were originated by ReadyCap. We elected the fair value option, in accordance with ASC 825 due to our intent to sell or securitize the loans in the near term. At September 30, 2016, there were 77 loans, with an aggregate outstanding principal balance of $203.2 million and an aggregate fair value of $233.6 million. At December 31, 2015 there were 51 loans, with an aggregate outstanding principal balance of $150.4 million and an aggregate fair value of $155.1 million. During the three and nine months ended September 30, 2016 the Company recorded $1.0 million and $3.0 million in unrealized gains on loans on loans for which we elected the fair value option. During the three and nine months ended September 30, 2015 the Company recorded $3.9 million and $7.3 million of unrealized gains on loans for which we elected the fair value option, respectively. These valuation adjustments are included in unrealized gain (loss) on the consolidated statements of income. Loans, held for sale, at fair value Loans, held for sale, at fair value were originated by ReadyCap. We elected the fair value option, in accordance with ASC 825 due to our intent to securitize these loans in the near term. At September 30, 2016, there were 11 loans, with an aggregate outstanding principal balance of $22.7 million and an aggregate fair value of $23.3 million. At December 31, 2015 there were no loans, held for sale, at fair value. During the three and nine months ended September 30, 2016 the Company recorded $0.9 million and $0.6 million of unrealized gains on loans for which we elected the fair value option, respectively. These valuation adjustments are included in unrealized gain (loss) on the consolidated statements of income. Troubled Debt Restructurings When, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to a borrower that we would not otherwise consider, the related loan is classified as a TDR. The Company uses a consistent methodology across all loans to determine if a modification is with a borrower that has been determined to be in financial difficulty and was granted a concession. Specifically, the Company’s policies on TDR identification include indicators such as the borrower is in default, has declared bankruptcy, has insufficient cash flow to cover debt, is unable to obtained funds from others or has breached financial covenants. If the borrower is determined to be in financial difficulty, then the Company will determine whether a financial concession has been granted to the borrower by analyzing the value of the assets as compared to the recorded investment, modifications of the interest rate as compared to market rates, modification of the stated maturity date, modification of the timing of principal and interest payments and the partial forgiveness of debt. Modified loans that are classified as TDRs are individually evaluated and measured for impairment. The following table summarizes the recorded investment of TDRs on the consolidated balance sheet dates. (In Thousands) September 30, 2016 December 31, 2015 Troubled debt restructurings Office $ $ Storage Other SBA - Office of Optometrists SBA - Hotels, Motels & Tourist Courts — SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $ The following table summarizes the TDRs that occurred during the three months ended September 30, 2016. Pre-Modification Post-Modification (In Thousands) Recorded Balance Recorded Balance Number of Loans Troubled debt restructurings Other SBA - Office of Optometrists SBA - Other Total troubled debt restructurings $ $ The following table summarizes the TDRs that occurred during the nine months ended September 30, 2016. Pre-Modification Post-Modification (In Thousands) Recorded Balance Recorded Balance Number of Loans Troubled debt restructurings Office $ $ Storage Other SBA - Office of Optometrists SBA - Hotels, Motels & Tourist Courts SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $ The following table summarizes the TDRs that occurred during the three months ended September 30, 2015. Pre-Modification Post-Modification (In Thousands) Recorded Balance Recorded Balance Number of Loans Troubled debt restructurings Other $ $ SBA - Other Total troubled debt restructurings $ $ The following table summarizes the TDRs that occurred during the nine months ended September 30, 2015. Pre-Modification Post-Modification (In Thousands) Recorded Balance Recorded Balance Number of Loans Troubled debt restructurings Office $ $ Storage Other SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $ As of September 30, 2016 and September 30, 2015, the total allowance related to TDR’s was $0.9 million and $1.1 million, respectively. The following table summarizes our TDR modifications in the three months ended September 30, 2016 presented by primary modification type and includes the financial effects of these modifications. Interest Term Interest Rate Principal Income (In Thousands) Extension Reduction Reduction Foreclosure Total Recognized Troubled debt restructurings Other $ $ — $ — $ $ $ SBA - Office of Optometrists — — — — SBA - Other — Total troubled debt restructurings $ $ $ $ $ $ The following table summarizes our TDR modifications in the nine months ended September 30, 2016 presented by primary modification type and includes the financial effects of these modifications. Interest Term Interest Rate Principal Income (In Thousands) Extension Reduction Reduction Foreclosure Total Recognized Troubled debt restructurings Office $ $ — $ — $ $ $ Other — — SBA - Office of Optometrists — — — — SBA - Hotels, Motels & Tourist Courts — — — SBA - Child Day Care Services — — — — SBA - Other Total troubled debt restructurings $ $ $ $ $ $ The following table summarizes our TDR modifications in the three months ended September 30, 2015 presented by primary modification type and includes the financial effects of these modifications. Interest Term Interest Rate Principal Income (In Thousands) Extension Reduction Reduction Foreclosure Total Recognized Troubled debt restructurings Other $ $ — $ — $ — $ $ SBA - Other — — — Total troubled debt restructurings $ $ $ — $ — $ $ The following table summarizes our TDR modifications in the nine months ended September 30, 2015 presented by primary modification type and includes the financial effects of these modifications. Interest Term Interest Rate Principal Income (In Thousands) Extension Reduction Reduction Foreclosure Total Recognized Troubled debt restructurings Office — — — Storage — — — Other — — SBA - Child Day Care Services — — — SBA - Other — — Total troubled debt restructurings $ $ $ $ — $ $ Loans that are considered TDRs are classified as performing, unless they are on non-accrual status or greater than 90 days delinquent as of the end of the most recent quarter. The table below summarizes the accrual status of TDRs as of September 30, 2016. (In Thousands) Accrual Non-Accrual Total Troubled debt restructurings Office $ $ $ Storage — Other SBA - Office of Optometrists SBA - Hotels, Motels & Tourist Courts SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $ $ The table below summarizes the accrual status of TDRs as of December 31, 2015. (In Thousands) Accrual Non-Accrual Total Troubled debt restructurings Office $ $ — $ Storage — Other — SBA - Office of Optometrists — SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $ $ The following tables summarize the September 30, 2016 carrying values of the TDRs that occurred during the three and nine months ended September 30, 2016 and 2015 that remained in default as of September 30, 2016. Generally, all loans modified in a TDR are placed or remain on nonaccrual status at the time of the restructuring. However, certain accruing loans modified in a TDR that are current at the time of restructuring may remain on accrual status if payment in full under the restructured terms is expected. For purposes of this schedule, a loan is considered in default if it is 30 or more days past due. Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 (In Thousands) Number of Loans Carrying Value Number of Loans Carrying Value Troubled debt restructurings Other $ — $ — SBA - Other Total troubled debt restructurings $ $ Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (In Thousands) Number of Loans Carrying Value Number of Loans Carrying Value Troubled debt restructurings Office $ $ Other — — SBA - Hotels, Motels & Tourist Courts — — SBA - Child Day Care Services — — SBA - Other Total troubled debt restructurings $ $ The Company does not believe the financial impact of the presented TDRs to be material. The other elements of the Company’s modification programs do not have a significant impact on financial results given their relative size, or do not have a direct financial impact as in the case of covenant changes.

Real Estate Acquired in Settlem

Real Estate Acquired in Settlement of Loans	9 Months Ended
	Sep. 30, 2016
Real Estate Acquired in Settlement of Loans
Real Estate Acquired in Settlement of Loans	Note 7 – Real Estate Acquired in Settlement of Loans The Company acquires real estate through the foreclosure of its loans and the occasional purchase of real estate. The Company’s real estate properties are held in the Company’s consolidated Taxable REIT Subsidiaries (“TRS”), SAMC REO 2013-01, LLC, and ReadyCap Lending, LLC, other asset specific TRSs, as well as the Company’s securitization transactions. The following tables summarize the carrying amount of the Company’s real estate holdings as of the consolidated balance sheet dates: Other Taxable September 30, 2016 SAMC REO WVMT SCML ReadyCap REIT (In Thousands) 2013-01, LLC 2011-SBC1 (a) 2015-SBC4 (b) Lending, LLC Subsidiaries (c) Total Alabama $ — $ — $ — $ $ — $ California — — — — Connecticut — — — — Florida — Georgia — — — — Illinois — — — — Indiana — — — — Kansas — — — — Michigan — — — — Minnesota — — — — Missouri — — — — New Hampshire — — — — New Jersey — — — New York — — — — North Carolina — — — — Rhode Island — — — — Tennessee — — — — Texas — — — Total $ $ $ $ $ $ (a) Waterfall Victoria Mortgage Trust 2011-SBC1 is a grantor trust securitization completed by the Company in 2011 (b) Sutherland Commercial Mortgage Loans 2015-SBC4 is a grantor trust securitization completed by the Company in 2015 (c) Other TRSs include 435 Clark Rd, LLC and SAMC 2016-01, LLC Other Taxable December 31, 2015 SAMC REO WVMT WVMT SCML ReadyCap REIT (In Thousands) 2013‑01, LLC 2011‑SBC1 (a) 2011-SBC3 (b) 2015-SBC4 (c) Lending, LLC Subsidiaries (d) Total California $ $ — $ — $ — $ — $ — $ Connecticut — — — — — Florida — — — Georgia — — — — — Illinois — — — — — Indiana — — — — Kansas — — — — — Kentucky — — — — — Michigan — — — — — Missouri — — — — New Hampshire — — — — — New Jersey — — — — — New York — — — — — North Carolina — — — — Rhode Island — — — — Tennessee — — — — — Texas — — — — Virginia — — — — — Total $ $ $ $ $ $ $ (a) Waterfall Victoria Mortgage Trust 2011-SBC1 is a grantor trust securitization completed by the Company in 2011 (b) Waterfall Victoria Mortgage Trust 2011-SBC3 is a grantor trust securitization completed by the Company in 2011 (c) Sutherland Commercial Mortgage Loans 2015-SBC4 is a grantor trust securitization completed by the Company in 2015 (d) Other TRSs include 435 Clark Rd,LLC

Mortgage Backed Securities

Mortgage Backed Securities	9 Months Ended
	Sep. 30, 2016
Mortgage Backed Securities
Mortgage Backed Securities	Note 8 – Mortgage Backed Securities The following table presents certain information about the Company’s MBS portfolio as of September 30, 2016. Weighted Weighted Average Gross Gross Average Interest Principal Amortized Unrealized Unrealized (In Thousands) Maturity (a) Rate (a) Balance Cost Fair Value Gains Losses MBS Commercial Loans 10/2033 % $ $ $ $ $ Tax Liens 02/2031 — Total % $ $ $ $ $ (a) Weighted based on current principal balance The following table presents certain information about the Company’s MBS portfolio as of December 31, 2015. Weighted Weighted Average Gross Gross Average Interest Principal Amortized Unrealized Unrealized (In Thousands) Maturity (a) Rate (a) Balance Cost Fair Value Gains Losses MBS Commercial Loans 08/2041 % $ $ $ $ $ Tax Liens 02/2031 — — Total % $ $ $ $ $ (a) Weighted based on current principal balance The following table presents certain information about the maturity of the Company’s MBS portfolio as of September 30, 2016. Weighted Average Interest Principal Amortized Estimated (In Thousands) Rate (a) Balance Cost Fair Value Within one year — % $ — $ — $ — After one year through five years — — — — After five years through ten years After ten years Total % $ $ $ The following table presents certain information about the maturity of the Company’s MBS portfolio as of December 31, 2015. Weighted Average Interest Principal Amortized Estimated (In Thousands) Rate (a) Balance Cost Fair Value Within one year — % $ — $ — $ — After one year through five years — — — — After five years through ten years After ten years Total % $ $ $

Borrowings Under Credit Facilit

Borrowings Under Credit Facilities and Promissory Note Payable	9 Months Ended
	Sep. 30, 2016
Borrowings Under Credit Facilities and Promissory Note Payable
Borrowings Under Credit Facilities and Promissory Note Payable	Note 9 – Borrowings Under Credit Facilities and Promissory Note Payable As of September 30, 2016 and December 31, 2015 the Company had credit facilities with outstanding borrowings of $228.0 million and $175.3 million, respectively. As of September 30, 2016, the Company had outstanding borrowings under the promissory note payable of $9.0 million. There was no promissory note payable balance as of December 31, 2015. The following tables present certain characteristics of our credit facilities and promissory note payable: Maximum Facility Size Eligible Assets Maturity Pricing (In Thousands) Lender 1 Specifically Identified Assets June 2017 LIBOR + 3.5% and LIBOR + 2.5% $ 250,000 Lender 2 Specifically Identified Assets September 2017 LIBOR + 1.75% $ 50,000 Lender 3 Specifically Identified Assets June 2021 2.75% $ 9,164 Pledged Assets Carrying Value at Carrying Value at September 30, December 31, September 30, December 31, (In Thousands) 2016 2015 2016 2015 Lender 1 $ $ $ $ Lender 2 — — Lender 3 — — Total $ $ $ $ The following table presents the carrying value of the Company’s collateral pledged with respect to our borrowings under credit facilities outstanding with Lender 1 as of September 30, 2016. Weighted Total Average Current Number of Weighted Remaining Principal Carrying (In Thousands for Total Current Principal Balance and Carrying Value) Loans Average Rate Term Balance Value 0 – 500k % $ $ 500k – 1mm 1mm – 1.5mm 1.5mm – 2mm 2mm – 2.5mm Greater than 2.5mm Total % $ $ The following table presents the carrying value of the Company’s collateral pledged with respect to our borrowings under credit facilities outstanding with Lender 2 as of September 30, 2016. Weighted Total Average Current Number of Weighted Remaining Principal Carrying (In Thousands for Total Current Principal Balance and Carrying Value) Loans Average Rate Term Balance Value 500k – 1mm % $ 1mm – 1.5mm 1.5mm – 2mm Greater than 2.5mm Total % $ $ The following table presents the carrying value of the Company’s collateral pledged with respect to our promissory note payable outstanding with Lender 3 as of September 30, 2016. Weighted Total Average Current Number of Weighted Remaining Principal Carrying (In Thousands for Total Current Principal Balance and Carrying Value) Loans Average Rate Term Balance Value 0 – 500k % $ $ 500k – 1mm Greater than 2.5mm Total % $ $ The following tables present the carrying value of the Company’s collateral pledged with respect to our borrowings under credit facilities outstanding with Lender 1 as of December 31, 2015. Weighted Total Average Current Number of Weighted Remaining Principal Carrying (In Thousands for Total Current Principal Balance and Carrying Value) Loans Average Rate Term Balance Value 0 – 500k % $ $ 500k – 1mm 1mm – 1.5mm 1.5mm – 2mm 2mm – 2.5mm Greater than 2.5mm Total % $ $ There were no outstanding credit facility or promissory note balances for Lenders 2 and 3 as of December 31, 2015. The agreements governing the Company’s borrowings under credit facilities require the Company to maintain certain financial and debt covenants. The Company was in compliance with all debt and financial covenants as of September 30, 2016 and December 31, 2015.

Servicing Rights

Servicing Rights	9 Months Ended
	Sep. 30, 2016
Servicing Rights
Servicing Rights	Note 10 - Servicing rights The Company performs servicing activities for third-parties which primarily include collecting principal, interest and other payments from borrowers, remitting the corresponding payments to investors and monitoring delinquencies. The Company’s servicing fees are specified by Pooling and Servicing Agreements. The Company earned gross servicing fees of $2.8 million and $8.9 million for the three and nine months ended September 30, 2016, respectively. The Company earned gross servicing fees of $3.2 million and $10.1 million for the three and nine months ended September 30, 2015, respectively. Servicing rights are carried at the lower of cost or amortized cost. The Company estimates the fair value of servicing rights carried at amortized cost using a combination of internals models and data provided by third-party valuation experts. The assumptions used in our internal valuation include the speed at which the mortgages prepay, cost of servicing, discount rate and probability of default. The Company’s models calculate the present value of expected future cash flows utilizing assumptions that we believe are used by market participants. We derive prepayment speeds, default assumptions and discount rate from historical experience adjusted for prevailing market conditions. Components of the estimated future cash flows include servicing fees, late fees, other ancillary fees and cost of servicing. The significant assumptions used in the September 30, 2016 valuation of the Company’s servicing rights carried at amortized cost include: · Forward prepayment assumptions ranging from 2.4% to 19.9% (weighted average of 13.9%) depending on the servicing rights pool · Forward default assumptions ranging from 0.0% to 10.7% (weighted average of 1.0%) depending on the servicing rights pool · Discount rate of 12.0% · Servicing expense ranging from 0.2% to 0.4% (weighted average of 0.3%) depending on the servicing rights pool. The significant assumptions used in the December 31, 2015 valuation of the Company’s servicing rights carried at amortized cost include: · Forward prepayment assumptions ranging from 6.0% to 24.0% (weighted average of 13.6%) depending on the servicing rights pool · Forward default assumptions ranging from 0.0% to 2.4% (weighted average of 0.6%) depending on the servicing rights pool · Discount rates ranging from 12.0% to 15.0% (weighted average of 12.1%) depending on the servicing rights pool · Servicing expenses ranging from 0.2% to 0.4% (weighted average of 0.4%) depending on the servicing rights pool These assumptions can change between and at each reporting period as market conditions and projected interest rates change. Loans serviced for others are not included in the consolidated balance sheets. The unpaid principal balance of loans serviced for others was $719.4 million and $927.9 million at September 30, 2016 and December 31, 2015, respectively. The following table presents information about the Company’s servicing rights: Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Beginning net carrying amount $ $ $ $ Additions due to loans sold, servicing retained — — Amortization Impairment Ending net carrying value $ $ $ $ The estimated future amortization expense for the servicing rights is expected to be as follows: (In Thousands) September 30, 2016 December 31, 2015 2016 $ $ 2017 2018 2019 2020 2021 Thereafter Total $ $ The following table reflects the possible impact of 10% and 20% adverse changes to key assumptions on the carrying amount of the servicing rights. (In Thousands) September 30, 2016 December 31, 2015 Default rate 10% adverse change $ $ 20% adverse change Prepayment rate 10% adverse change 20% adverse change Discount rate 10% adverse change 20% adverse change

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 30, 2016
Offsetting Assets and Liabilities
Offsetting Assets and Liabilities	Note 11 – Offsetting Assets and Liabilities In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association (“ISDA”) Master Agreement with multiple derivative counterparties. An ISDA Master Agreement, published by ISDA, is a bilateral trading agreement between two parties that allow both parties to enter into over-the-counter (“OTC”), derivative contracts. The ISDA Master Agreement contains a Schedule to the Master Agreement and a Credit Support Annex, which governs the maintenance, reporting, collateral management and default process (netting provisions in the event of a default and/or a termination event). Under an ISDA Master Agreement, the Company may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Company’s stockholders’ equity decline by a stated percentage or the Company fails to meet the terms of its ISDA Master Agreements, which would cause the Company to accelerate payment of any net liability owed to the counterparty. As of September 30, 2016 and December 31, 2015 and for the periods then ended, the Company was in good standing on all of its ISDA Master Agreements or similar arrangements with its counterparties. For derivatives traded under an ISDA Master Agreement, the collateral requirements are listed under the Credit Support Annex, which is the sum of the mark to market for each derivative contract, the independent amount due to the derivative counterparty and any thresholds, if any. Collateral may be in the form of Cash or any eligible securities, as defined in the respective ISDA agreements. Cash collateral pledged to and by the Company with the counterparty, if any, is reported separately on the unaudited consolidated balance sheets as restricted cash. All margin call amounts must be made before the notification time and must exceed a minimum transfer amount threshold before a transfer is required. All margin calls must be responded to and completed by the close of business on the same day of the margin call, unless otherwise specified. Any margin calls after the notification time must be completed by the next business day. Typically, the Company and its counterparties are not permitted to sell, rehyphothecate or use the collateral posted. To the extent amounts due to the Company from its counterparties are not fully collateralized, the Company bears exposure and the risk of loss from a defaulting counterparty. The Company attempts to mitigate counterparty risk by establishing ISDA Agreements with only high grade counterparties that have the financial health to honor their obligations and diversification, entering into agreements with multiple counterparties. In accordance with ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities , the Company is required to disclose the impact of offsetting of assets and liabilities represented in the unaudited consolidated balance sheets to enable users of the unaudited consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to enforceable master netting arrangements or ISDA Master Agreements or meet the following right of setoff criteria: (a) the amounts owed by the Company to another party are determinable, (b) the Company has the right to set off the amounts owed with the amounts owed by the counterparty, (c) the Company intends to set off, and (d) the Company’s right of setoff is enforceable at law. As of September 30, 2016 and December 31, 2015, the Company has elected to offset assets and liabilities associated with its OTC derivative contracts in the unaudited consolidated balances sheets. The following table provides disclosure regarding the effect of offsetting of the Company’s recognized assets and liabilities presented in the consolidated balance sheet as of September 30, 2016: Gross Assets Amounts Presented in Gross Amounts Not Offset in the Consolidated Gross Offset in the the Balance Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Financial Collateral (In Thousands) Assets Sheets Sheets Instruments Received Net Amount Credit default swaps $ $ — $ $ — $ — $ Gross Liabilities Amounts Presented in Gross Amounts Not Offset in the Consolidated Gross Offset in the the Balance Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Financial Collateral (In Thousands) Liabilities Sheets Sheets Instruments Paid Net Amount Interest rate swaps $ $ — $ $ — $ $ — Borrowings under repurchase agreements — — Borrowings under credit facilities — — — Total $ $ — $ $ $ $ — The following table provides disclosure regarding the effect of offsetting of the Company’s recognized assets and liabilities presented in the consolidated balance sheet as of December 31, 2015: Gross Assets Amounts Presented in Gross Amounts Not Offset in the Consolidated Gross Offset in the the Balance Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Financial Collateral (In Thousands) Assets Sheets Sheets Instruments Received Net Amount Credit Default Swaps $ $ — $ $ — $ — $ Liabilities Gross Presented in Gross Amounts Not Offset in the Consolidated Gross Amounts the Balance Sheets Amounts of Offset in the Consolidated Cash Recognized Consolidated Balance Financial Collateral (In Thousands) Liabilities Balance Sheets Sheets Instruments Paid Net Amount Interest Rate Swaps $ $ — $ $ — $ $ — Borrowings under repurchase agreements — — Borrowings under credit facilities — — — Total $ $ — $ $ $ $ —

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2016
Derivative Instruments
Derivative Instruments	Note 12 – Derivative Instruments The Company is exposed to changing interest rates and market conditions, which affects cash flows associated with borrowings. The Company enters into derivative instruments, which for the three and nine months ended September 30, 2016 and 2015 were comprised of interest rate swaps and credit default swaps. Interest rate swaps are used to mitigate the exposure to changes in interest rates and involve the receipt of variable-rate interest amounts from a counterparty in exchange for us making payments based on a fixed interest rate over the life of the swap contract. Credit default swaps are executed in order to mitigate the risk of deterioration in the current credit health of the commercial mortgage market. The Company uses derivative instruments to manage interest rate risk and conditions in the commercial mortgage market and, as such, views them as economic hedges. The Company has not elected hedge accounting for these derivative instruments and, as a result, the fair value adjustments on such instruments are recorded in earnings. The fair value adjustments for these derivatives, along with the related interest income, interest expense and gains/(losses) on termination of such instruments, are reported as a net realized loss on derivative instruments, at fair value on the consolidated statements of income. The following tables summarize the Company’s use of derivatives and their effect on the consolidated financial statements. Notional amounts included in the table are the average notional amounts on the consolidated balance sheet dates. We believe these are the most relevant measure of volume or derivative activity as they best represent the Company’s exposure to underlying instruments. As of September 30, 2016 there was one open credit default swap contract and sixteen open interest rate swap contracts with counterparties. The following table summarized the Company’s derivatives as of and for the three and nine months ended September 30, 2016. As of September 30, 2016 Asset Liability Notional Derivatives Derivatives (In Thousands) Primary Underlying Risk Amount Fair Value Fair Value Credit Default Swaps Credit Risk $ $ $ — Interest Rate Swaps Interest rate risk — Total $ $ $ Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Net Change in Net Change in Net Realized Unrealized Net Realized Unrealized (In Thousands) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Credit Default Swaps $ — $ $ — $ Interest Rate Swaps Total $ $ $ $ As of December 31, 2015 there was one open credit default swap contract and nine open interest rate swap contracts with counterparties. The following table summarized the Company’s derivatives as of December 31, 2015 and for the three and nine months ended September 30, 2015. As of December 31, 2015 Asset Liability Notional Derivatives Derivatives (In Thousands) Primary Underlying Risk Amount Fair Value Fair Value Credit Default Swaps Credit Risk $ $ $ – Interest Rate Swaps Interest rate risk – Total $ $ $ Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Net Change in Net Change in Net Realized Unrealized Net Realized Unrealized (In Thousands) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Credit Default Swaps $ — $ $ — $ Interest Rate Swaps Total $ $ $ $

Borrowings Under Repurchase Agr

Borrowings Under Repurchase Agreements	9 Months Ended
	Sep. 30, 2016
Borrowings Under Repurchase Agreements
Borrowings Under Repurchase Agreements	Note 13 – Borrowings Under Repurchase Agreements As of September 30, 2016 and December 31, 2015 the Company had master repurchase agreements with six counterparties and had outstanding borrowings of $581.8 million and $644.1 million with those counterparties, respectively. Our repurchase agreements bear interest at a contractually agreed-upon rate and typically have initial terms of one month at inception, but in some cases may have initial terms that are shorter or longer. The following table presents certain characteristics of our repurchase agreements at September 30, 2016: Weighted Weighted Repurchase Average Average Agreement Borrowing Remaining (In Thousands) Borrowings Rate Maturity (days) Securities financed: Short term investments $ % Loans, held-for-investment / Loans, held at fair value Mortgage backed securities Total securities financed $ % The following table presents certain characteristics of our repurchase agreements at December 31, 2015: Weighted Weighted Repurchase Average Average Agreement Borrowing Remaining (In Thousands) Borrowings Rate Maturity (days) Securities financed: Short term investments $ % Loans, held-for-investment / Loans, held at fair value Mortgage backed securities Total securities financed $ % The following table presents contractual maturity information about our borrowings under repurchase agreements at the consolidated balance sheet dates: September 30, 2016 December 31, 2015 Weighted Weighted Balance Average Balance Average Time Until Contractual Maturity (In Thousands) Interest Rate (In Thousands) Interest Rate Within 30 days $ % $ % Over 30 days to 60 days — — Over 60 days to 90 days Over 90 days to 120 days — — — — Over 120 days to 360 days Over 360 days Total $ % $ % The following table presents the carry value or fair value of collateral positions the Company pledged with respect to the Company’s borrowings under repurchase agreements at September 30, 2016: Fair Value of Assets Assets Pledged Pledged at Amortized Accrued and Accrued (In Thousands) Fair Value Cost Interest Interest Collateral pledged: Short term investments $ $ $ — $ Loans, held-for-investment / Loans, held at fair value Mortgage backed securities Retained interest in assets of consolidated VIEs Total collateral pledged $ $ $ $ The following table presents the carry value or fair value of collateral positions the Company pledged with respect to the Company’s borrowings under repurchase agreements at December 31, 2015: Fair Value of Assets Assets Pledged Pledged at Amortized Accrued and Accrued (In Thousands) Fair Value Cost Interest Interest Collateral pledged: Short term investments $ $ $ — $ Loans, held-for-investment / Loans, held at fair value Mortgage backed securities Retained interest in assets of consolidated VIEs Total collateral pledged $ $ $ $

Guaranteed Loan Financing

Guaranteed Loan Financing	9 Months Ended
	Sep. 30, 2016
Guaranteed Loan Financing
Guaranteed Loan Financing	Note 14 – Guaranteed loan financing The following table presents guaranteed loan financing and the related interest rates and maturity dates: Weighted Range of Average Interest Range of (In Thousands) Interest Rate Rates Maturities (Years) Ending Balance September 30, 2016 % 1.28 – 6.99 % 2016 - 2038 $ December 31, 2015 % 1.03 – 6.99 % 2016 - 2038 $ The following table summarizes contractual maturities of total guaranteed loan financing outstanding as of the consolidated balance sheet dates: (In Thousands) September 30, 2016 December 31, 2015 2016 2017 2018 2019 2020 2021 Thereafter Total $ $ Our guaranteed loan financing is secured by loans, held-for-investment of $422.2 million and $507.4 million as of September 30, 2016 and December 31, 2015, respectively.

Repair and Denial Reserve

Repair and Denial Reserve	9 Months Ended
	Sep. 30, 2016
Repair and Denial Reserve.
Repair and Denial Reserve	Note 15 – Repair and Denial Reserve The repair and denial reserve represents the potential liability to the SBA in the event that we are required to make whole the SBA for reimbursement of the guaranteed portion of SBA loans sold to third parties. As of September 30, 2016, assumptions used in calculating the reserve include a frequency of an estimated repair and denial event upon default of 4.32%, as well as an estimated severity of the repair and denial ranging from 26.5% to 64.1% of the guaranteed balance. As of December 31, 2015, assumptions used in calculating the reserve include a frequency of an estimated repair and denial event upon default of 4.26%, as well as an estimated severity of the repair and denial ranging from 24.6% to 62.2% of the guaranteed balance. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (In Thousands) September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Beginning balance $ $ $ $ Increase/(Release) of repair and denial reserve (a) Ending balance $ $ $ $ (a)

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related-Party Transactions
Related Party Transactions	Note 16 – Related Party Transactions In connection with the Company’s offering of common stock through a private placement in November 2013, the Company entered into a management agreement with the Manager (Management Agreement), which describes the services to be provided to us by the Manager and compensation for such services. The Manager is responsible for managing the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors. Pursuant to the terms of the Management Agreement, our Manager is paid a management fee calculated and payable quarterly in arrears equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement) up to $500 million and 1.00% per annum of stockholders’ equity in excess of $500 million. In the three and nine months ended September 30, 2016 the management fee was $1.8 million and $5.5 million, respectively, and $2.5 million was unpaid as of September 30, 2016. In the three and nine months ended September 30, 2015 the management fee was $1.8 million and $5.4 million, and $1.8 million was unpaid as of December 31, 2015. In addition, the Manager is entitled to an incentive fee in an amount equal to the product of (i) 15% and (ii) the excess of (a) Core Earnings (as defined in the Management Agreement) on a rolling four-quarter basis (or the period since November 26, 2013, whichever is shorter) over (b) an amount equal to 8.00% per annum multiplied by the weighted average of the issue price per share of the common stock or OP units multiplied by the weighted average number of shares of common stock outstanding, provided that Core Earnings over the prior twelve calendar quarters (or the period since November 26, 2013, whichever is shorter) is greater than zero. Core Earnings is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain non-cash items and (ii) expenses incurred in connection with the private offering of common shares. In the three and nine months ended September 30, 2016 there was no incentive fee accrual. As of December 31, 2015, $0.5 million was unpaid which represents stock issued to the Manager on January 8, 2016. The initial term of the Management Agreement expires on November 26, 2016 and is automatically renewed for one-year terms on each anniversary thereafter. Following the initial term, the Management Agreement may be terminated upon the affirmative vote of at least two-thirds of our independent directors or the holders of a majority of the outstanding common stock (excluding shares held by employees and affiliates of the Manager), based upon (1) unsatisfactory performance by our Manager that is materially detrimental to the Company or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of our independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual management fee during the 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. In addition to the management fees and profit allocation described above, the Company is also responsible for reimbursing the Manager for certain expenses paid by our Manager on behalf of Company and for certain services provided by the Manager to the Company. In the three and nine months ended September 30, 2016 the Manager had $0.5 million and $1.3 million in reimbursable expenses, respectively, and $0.5 million remained payable balance by the Company as of September 30, 2016. In the three and nine months ended September 30, 2015 the Manager had $0.3 million and $0.9 million in reimbursable expenses, respectively, and $0.3 million remained payable by the Company as of December 31, 2015. Expenses incurred by the Manager and reimbursed by us are typically included in salaries and benefits or general and administrative expense on the consolidated statements of income.

Financial Instruments with Off-

Financial Instruments with Off-balance Sheet Risk, Credit Risk, and Certain Other Risks	9 Months Ended
	Sep. 30, 2016
Financial Instruments with Off-balance Sheet Risk, Credit Risk, and Certain Other Risks
Financial Instruments with Off-balance Sheet Risk, Credit Risk, and Certain Other Risks	Note 17 – Financial Instruments with Off-balance Sheet Risk, Credit Risk, and Certain Other Risks In the normal course of business, the Company enters into transactions in various financial instruments that expose us to various types of risk, both on and off balance sheet. Such risks are associated with financial instruments and markets in which the Company invests. These financial instruments expose us to varying degrees of market risk, credit risk, interest rate risk, liquidity risk, off balance sheet risk and prepayment risk. Market Risk — Market risk is the potential adverse changes in the values of the financial instrument due to unfavorable changes in the level or volatility of interest rates, foreign currency exchange rates, or market values of the underlying financial instruments. We attempt to mitigate our exposure to market risk by entering into offsetting transactions, which may include purchase or sale of interest-bearing securities and equity securities. Credit Risk — The Company is subject to credit risk in connection with our investments in SBC loans and SBC MBS and other target assets we may acquire in the future. The credit risk related to these investments pertains to the ability and willingness of the borrowers to pay, which is assessed before credit is granted or renewed and periodically reviewed throughout the loan or security term. We believe that loan credit quality is primarily determined by the borrowers' credit profiles and loan characteristics. We seek to mitigate this risk by seeking to acquire assets at appropriate prices given anticipated and unanticipated losses and by deploying a value−driven approach to underwriting and diligence, consistent with our historical investment strategy, with a focus on projected cash flows and potential risks to cash flow. We further mitigate our risk of potential losses while managing and servicing our loans by performing various workout and loss mitigation strategies with delinquent borrowers. Nevertheless, unanticipated credit losses could occur which could adversely impact operating results. The Company is also subject to credit risk with respect to the counterparties to derivative contracts. If a counterparty becomes bankrupt or otherwise fails to perform its obligation under a derivative contract due to financial difficulties, we may experience significant delays in obtaining any recovery under the derivative contract in a dissolution, assignment for the benefit of creditors, liquidation, winding-up, bankruptcy, or other analogous proceeding. In the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If we are owed this fair market value in the termination of the derivative transaction and its claim is unsecured, we will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying security. We may obtain only a limited recovery or may obtain no recovery in such circumstances. In addition, the business failure of a counterparty with whom we enter a hedging transaction will most likely result in its default, which may result in the loss of potential future value and the loss of our hedge and force us to cover our commitments, if any, at the then current market price. Liquidity Risk — Liquidity risk arises in our investments and the general financing of our investing activities. It includes the risk of not being able to fund acquisition and origination activities at settlement dates and/or liquidate positions in a timely manner at a reasonable price, in addition to potential increase in collateral requirements during times of heightened market volatility. If we were forced to dispose of an illiquid investment at an inopportune time, we might be forced to do so at a substantial discount to the market value, resulting in a realized loss. We attempt to mitigate our liquidity risk by regularly monitoring the liquidity of our investments in SBC loans, MBS and other financial instruments. Factors such as our expected exit strategy for, the bid to offer spread of, and the number of broker dealers making an active market in a particular strategy and the availability of long-term funding, are considered in analyzing liquidity risk. To reduce any perceived disparity between the liquidity and the terms of the debt instruments in which we invest, we attempt to minimize our reliance on short-term financing arrangements. While we may finance certain investment in security positions using traditional margin arrangements and borrowings under repurchase agreements, other financial instruments such as collateralized debt obligations, and other longer term financing vehicles may be utilized to attempt to provide us with sources of long-term financing. Off‑Balance Sheet Risk —The Company has undrawn commitments on outstanding loans which are disclosed in Note 18. Interest Rate — Interest rate risk is highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control. Our operating results will depend, in part, on differences between the income from our investments and our financing costs. Our debt financing is based on a floating rate of interest calculated on a fixed spread over the relevant index, subject to a floor, as determined by the particular financing arrangement. In the event of a significant rising interest rate environment and/or economic downturn, defaults could increase and result in credit losses to us, which could materially and adversely affect our business, financial condition, liquidity, results of operations and prospects. Furthermore, such defaults could have an adverse effect on the spread between our interest-earning assets and interest-bearing liabilities. Additionally, non-performing SBC loans are not as interest rate sensitive as performing loans, as earnings on non-performing loans are often generated from restructuring the assets through loss mitigation strategies and opportunistically disposing of them. Because non-performing SBC loans are short-term assets, the discount rates used for valuation are based on short-term market interest rates, which may not move in tandem with long-term market interest rates. A rising rate environment often means an improving economy, which might have a positive impact on commercial property values, resulting in increased gains on the disposition of these assets. While rising rates could make it more costly to refinance these assets, we expect that the impact of this would be mitigated by higher property values. Moreover, small business owners are generally less interest rate sensitive than large commercial property owners, and interest cost is a relatively small component of their operating expenses. An improving economy will likely spur increased property values and sales, thereby increasing the need for SBC financing. Prepayment Risk — As we receive prepayments of principal on our investments, premiums paid on such investments will be amortized against interest income. In general, an increase in prepayment rates will accelerate the amortization of purchase premiums, thereby reducing the interest income earned on the investments and this is also affected by interest rate movements. Conversely, discounts on such investments are accreted into interest income. In general, an increase in prepayment rates will accelerate the accretion of purchase discounts, thereby increasing the interest income earned on the investments.

Commitments, Contingencies and

Commitments, Contingencies and Indemnifications	9 Months Ended
	Sep. 30, 2016
Commitments, Contingencies and Indemnifications
Commitments, Contingencies and Indemnifications	Note 18 – Commitments, Contingencies and Indemnifications The Company may be subject to litigation and administrative proceedings arising in the ordinary course of its business. The Company does not believe that such matters will have a material adverse impact on the Company’s financial position, results of operations, or cash flows. The Company has entered into agreements, which provide for indemnifications against losses, costs, claims, and liabilities arising from the performance of individual obligations under such agreements. The Company has had no prior claims or payments pursuant to these agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on history and experience, the Company expects the risk of loss to be remote. As of September 30, 2016 and December 31, 2015, the Company had $36.6 million and $34.3 million of unfunded loan commitments related to loans, held at fair value, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Taxes
Income Taxes	Note 19 – Income Taxes We elected to be taxed as a REIT commencing with our taxable year ended December 31, 2013. Our qualification as a REIT depends on our ability to meet various requirements imposed by the Internal Revenue Code, which relate to our organizational structure, diversity of stock ownership and certain requirements with regard to the nature of our assets and the sources of our income. As a REIT, we generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income tax not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Even if we qualify as a REIT, we may be subject to certain U.S. federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification as a REIT for any taxable year, we may be subject to material penalties as well as federal, state and local income tax on our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four taxable years. As of September 30, 2016 and December 31, 2015, we are in compliance with all REIT requirements. We wholly own three TRSs. A TRS is a taxable corporation and pays federal, state and local income tax on its net taxable income. During the quarter ended September 30, 2016 the Company recorded $1.3 million of income tax expense for income attributable to certain of its TRSs. Other TRSs incurred no additional tax benefit or expense. During the nine months ended September 30, 2016, the Company recorded $3.3 million of income tax expense for income attributable to certain of its TRSs. Other TRSs incurred additional income tax benefit of $0.1 million which have been fully reserved against due to uncertainty around the future use of the benefits . Separately, for the nine months ended September 30, 2016, the Company recorded an income tax benefit of $0.2 million related to income attributable to discontinued operations. During the quarter ended September 30, 2015, the Company recorded $2.7 million of income tax expense for income attributable to certain of its TRSs. Other TRSs incurred additional tax benefits, which have been fully reserved against due to uncertainty around the future use of the benefits. As such the Company recognized additional valuation allowances of $0.1 million. Separately, for the quarter ended September 30, 2015, the Company recorded an income tax benefit of $1.2 million related to income attributable to discontinued operations. During the nine months ended September 30, 2015, the Company recorded $5.2 million of income tax expense for income attributable to certain of its TRSs. Other TRSs incurred additional tax benefits, which have been fully reserved against due to uncertainty around the future use of the benefits. As such the Company recognized additional valuation allowances of $0.8 million. Separately, for the nine months ended September 30, 2015, the Company recorded an income tax benefit of $3.7 million related to income attributable to discontinued operations. Our major tax jurisdictions where we file income tax returns include Federal, New York State and New York City. Our 2013 and forward tax years are subject to examination. The TRS major tax jurisdictions are Federal, New York State, New York City and California. For Federal and state purposes, the TRS entities are subject to examination for the 2012 and forward tax years.

Other Asset and Other Liabiliti

Other Asset and Other Liabilities	9 Months Ended
	Sep. 30, 2016
Other Asset and Other Liabilities
Other Asset and Other Liabilities	Note 20 – Other Asset and Other Liabilities The following table details the Company’s other assets and other liabilities as of the consolidated balance sheet dates. (In Thousands) September 30, 2016 December 31, 2015 Other assets: Prepaid technology expense Prepaid taxes — Fixed assets Prepaid insurance expense Security deposits Deferred tax asset Other Total other assets $ $ Other liabilities: Servicing principal and interest payable $ $ Unapplied cash Accrued professional fees Accounts payable on liability under participation agreements Interest payable Accrued tax liability — Cash held as collateral Other Total other liabilities $ $

Other Income and Operating Expe

Other Income and Operating Expenses	9 Months Ended
	Sep. 30, 2016
Other Income and Operating Expenses
Other Income and Operating Expenses	Note 21 – Other Income and Operating Expenses The following table details the Company’s other income and operating expenses for the consolidated statements of income. For the Three Months Ended September 30, For the Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Other income Origination income (Increase)/Release of repair and denial reserve Other Total other income $ $ $ $ Operating expenses Acquisition costs Technology expense Rent expense Origination costs Recruiting, training and travel expenses Marketing expense Insurance expense Charge off of real estate acquired in settlement of loans Other Total operating expenses $ $ $ $

Use of Special Purpose Entities

Use of Special Purpose Entities	9 Months Ended
	Sep. 30, 2016
Use of Special Purpose Entities
Use of Special Purpose Entities	Note 22 – Use of Special Purpose Entities Special purpose entities, or “SPEs”, are entities designed to fulfill a specific limited need of the entity that organizes it. SPEs are often used to facilitate transactions that involve securitizing financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on more favorable terms than available on such assets on an un-securitized basis. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business, through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and, depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. Securitization transactions Since 2011, the Company has engaged in seven securitization transactions. Under ASC 810, Consolidation , the Operating Partnership is required to consolidate, as a VIE, the SPE/trust that was created to facilitate the transactions and to which the underlying loans in connection with the securitization were transferred. See Note 3 for a discussion of our accounting policies applied to the consolidation of the VIE and transfer of the financial assets in connection with the securitization. The loans in the securitization trust are comprised of performing, sub-performing and non-performing SBC loans. On a quarterly basis, the Company completes an analysis to determine whether the VIE should be consolidated. As part of this analysis, the Company’s involvement in the creation of the VIE, including the design and purpose of the VIE and whether such involvement reflects a controlling financial interest that results in the Company being deemed the primary beneficiary of the VIE is considered. In determining whether the Company would be considered the primary beneficiary, the following factors are considered: (i) whether the Company has both the power to direct the activities that most significantly impact the economic performance of the VIE; and (ii) whether the Company has the right to receive benefits or the obligation absorb losses of the entity that could be potentially significant to the VIE. Based on the Company’s evaluation of these factors, including the Company’s involvement in the design of the VIE, it was determined that the Company is required to consolidate the VIE created to facilitate the securitization transaction. For financial statement reporting purposes, since the underlying trust is consolidated, the securitization is effectively viewed as a financing of the loans that were securitized to enable the senior security to be created and sold to a third-party investor. As such, the senior security is presented on the consolidated balance sheets as securitized debt obligations of consolidated VIEs. The third-party beneficial interest holders in the VIE have no recourse against the Company, except that the Company has an obligation to repurchase assets from the VIE in the event that certain representations and warranties in relation to the loans sold to the VIE are breached. In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE. As previously stated, the Company is not obligated to provide, nor has the Company provided, any financial support to these consolidated securitization vehicles. As of September 30, 2016, the carrying value of the Company’s securitized assets was $543.9 million and $3.7 million, and is presented on the consolidated balance sheet as loans, held-for-investment and real estate acquired in settlement of loans, respectively. December 31, 2015, the carrying value of the Company’s securitized assets was $633.7 million and $5.3 million, and is presented on the consolidated balance sheet as loans, held-for-investment and real estate acquired in settlement of loans, respectively. The securitization trust receives principal and interest on the underlying loans and distributes those payments to the certificate holders. The assets and other instruments held by the securitization trust are restricted in that they can only be used to fulfill the obligations of the securitization trust. The risks associated with the Company’s involvement with the VIE is limited to the risks and rights as a certificate holder of the securities retained by the Company. The activities of the trust are substantially set forth in the securitization transaction documents, primarily the loan trust agreement, the trust agreement, the indenture and the securitization servicing agreement (collectively, the “Securitization Agreements”). Neither the trust nor any other entity may sell or replace any assets of the trust except in connection with: (i) certain loan defects or breaches of certain representations and warranties which have a material adverse effect on the value of the related assets; (ii) loan defaults; (iii) certain trust events of default or (iv) an optional termination of the trust, each as specifically permitted under the Securitization Agreements. Securitized debt The consolidation of the securitization transactions includes the sales of senior securities to third parties which are shown as securitized debt obligations securitized debt obligations of consolidated VIEs on the consolidated balance sheets. The following table presents additional information on the Company’s securitized debt obligations: September 30, 2016 December 31, 2015 Current Weighted Current Weighted Principal Carrying Average Principal Carrying Average (In Thousands) Balance value Interest Rate Balance value Interest Rate Waterfall Victoria Mortgage Trust 2011-SBC2 Sutherland Commercial Mortgage Loans 2015-SBC4 ReadyCap Commercial Mortgage Trust 2014-1 ReadyCap Commercial Mortgage Trust 2015-2 ReadyCap Lending Small Business Trust 2015-1 Total $ $ % $ $ % Repayment of our securitized debt will be dependent upon the cash flows generated by the loans in the securitization trust that collateralize such debt. The actual cash flows from the securitized loans are comprised of coupon interest, scheduled principal payments, prepayments and liquidations of the underlying loans. The actual term of the securitized debt may differ significantly from our estimate given that actual interest collections, mortgage prepayments and/or losses on liquidation of mortgages may differ significantly from those expected. VIE impact on consolidated financial statements The following table reflects the assets and liabilities recorded on the consolidated balance sheets: (In Thousands) September 30, 2016 December 31, 2015 Assets: Cash and cash equivalents $ $ Restricted cash Loans, held-for-investment Real estate acquired in settlement of loans Accrued interest Due from servicers Total assets Liabilities: Securitized debt obligations of consolidated VIEs Accounts payable and other accrued liabilities Total liabilities Equity $ $ The following table reflects the income and expense amounts recorded on our consolidated statements of income related to our consolidated VIEs for the periods the Company operated under operating company accounting. Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Interest income Loans, held-for-investment $ $ $ $ Total interest income Interest expense Securitized debt obligations Total interest expense Net interest income before provision for loan losses Provision for loan losses Net interest income after provision for loan losses Other income (expense) Other income Loan servicing expense Professional fees — Operating expenses Total other income (expense) Realized gain (loss) Loans, held-for-investment Real estate acquired in settlement of loans — Securitized debt obligations Total realized gain Net Income (loss) $ $ $ $

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity
Stockholders' Equity	Note 23 – Stockholders’ Equity The Company’s authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 125 shares of preferred stock, $1,000.00 par value. As of September 30, 2016 and December 31, 2015, 30,960,370 and 30,804,029 shares of common stock were issued and outstanding, respectively. There were 125 shares of preferred stock issued and outstanding. Preferred stock The following table presents information with respect to shares of our preferred stock issued in a private offering in January 2014: Share Issue Date (In Thousands, Number Par Value Per Value of Additional Non ‑ Controlling except share data) of Shares per Share Shares Issued Paid-in-Capital Interests Net Proceeds January 30, 2014 – Preferred Offering $ $ $ $ — $ The preferred stock was redeemed in full on October 31, 2016. See Note 27 – Subsequent Events. Common stock dividends The following table presents cash dividends declared by our board of directors on our common stock from our inception on November 26, 2013 through September 30, 2016: Dividend per Declaration Date Record Date Payment Date Share May 23, 2014 June 5, 2014 June 17, 2014 $ August 28, 2014 September 10, 2014 September 24, 2014 $ November 13, 2014 November 26, 2014 December 10, 2014 $ December 23, 2014 December 31, 2014 January 21, 2015 $ May 27, 2015 June 10, 2015 June 24, 2015 $ August 21, 2015 August 28, 2015 September 11, 2015 $ November 13, 2015 November 27, 2015 December 11, 2015 $ December 31, 2015 December 31, 2015 January 29, 2016 $ May 20, 2016 June 3, 2016 June 17, 2016 $ August 23, 2016 September 2, 2016 September 16, 2016 $ Incentive fee stock issuance On January 8, 2016, the Company issued 32,550 shares at $14.82 per share to the Manager for the incentive fee earned for the second and third quarters of 2015. As discussed above, the Manager is entitled to an incentive fee as defined in the Management Agreement. Stock incentive plan In connection with the November 26, 2013 common stock offering, the equity incentive plan was established. Pursuant to this plan, the board of directors is authorized to approve grants of equity-based awards to the Manager, its personnel and its affiliates. The equity incentive plan provides for grants of equity-based awards up to an aggregate of 5% of the shares of the Company’s common stock issued and outstanding from time to time on a fully diluted basis. No awards were issued in connection with our private offering of shares of common stock in November 2013 or preferred offering in January 2014.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2016
Earnings per Common Share
Earnings per Common Share	Note 24 – Earnings per Common Share The following table provides a reconciliation of both net income and the number of common shares used in the computation of basic income per share. Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Basic earnings per common share: Net income from continued operations $ $ $ $ Income (loss) from discontinued operations — Less: Non-controlling interest Net income (loss) allocated to common shareholders $ $ $ $ Basic weighted average common shares outstanding Earnings (loss) per share Continuing operations $ $ $ $ Discontinued operations $ — $ $ $

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2016
Segment Reporting
Segment Reporting	Note 25 – Segment Reporting The Company operates in three reportable segments: investment activities, new loan origination, and SBA loan origination. The Company seeks to maximize the value of the distressed loans it acquired through loan modification programs, special servicing and other initiatives focused on keeping borrowers in their properties. Where this is not possible, such as in the case of many distressed loans, the Company seeks to effect property resolution in a timely, orderly and economically efficient manner, including through the use of resolution alternatives to foreclosure. The new loan origination segment is operated by a wholly-owned subsidiary, ReadyCap. ReadyCap originates SBC loans through multiple loan origination channels. These loans are financed though warehouse lines and through proceeds from securitization transactions. The SBA loan origination and servicing segment is operated by a wholly-owned subsidiary, Lending. Lending originates and services SBA loans guaranteed by the SBA under the SBA loan program. Lending holds a SBA license as a Small Business Lending Company. In accordance with ASC 280, Segment Reporting , the Company has not included discontinued operations in the segment reporting. The Company uses segment net income or loss from continuing operations as the measure of profitability of its reportable segments. Reportable segments for the three months ended September 30, 2016 are summarized in the below table. SBA Loan Investment New Loan Origination (In Thousands) Activities Origination and Servicing Consolidated Interest income Loans, held-for-investment $ $ Loans, held at fair value — Loans, held for sale, at fair value — — Mortgage backed securities, at fair value — — Total interest income Interest expense Borrowings under credit facilities Promissory note payable — — Securitized debt obligations — Borrowings under repurchase agreements — Guaranteed loan financing — — Total interest expense Net interest income before provision for loan losses Provision for loan losses — Net interest income after provision for loan losses Other income (expense) Other income (expense) Servicing income Employee compensation and benefits Allocated employee compensation and benefits from related party Professional fees Management fees – related party Loan servicing expense Operating expenses Total other income (expense) Net realized gain on financial instruments Net unrealized gain on financial instruments — Net income before income tax provisions Provisions for income taxes Net income $ $ $ $ Less: Net income attributable to non-controlling interests Net income attributable to Sutherland Asset Management Corporation $ Total Assets $ $ $ $ Reportable segments for the nine months ended September 30, 2016 are summarized in the below table. SBA Loan Investment New Loan Origination (In Thousands) Activities Origination and Servicing Consolidated Interest income Loans, held-for-investment $ $ Loans, held at fair value — Loans, held for sale, at fair value — — Mortgage backed securities, at fair value — — Total interest income Interest expense Borrowings under credit facilities Promissory note payable — — Securitized debt obligations — Borrowings under repurchase agreements — Guaranteed loan financing — — Total interest expense Net interest income before provision for loan losses Provision for loan losses — Net interest income after provision for loan losses Other income (expense) Other income Servicing income Employee compensation and benefits Allocated employee compensation and benefits from related party Professional fees Management fees – related party Loan servicing (expense) income Operating expenses Total other income (expense) Net realized gain (loss) on financial instruments Net unrealized gain on financial instruments — Net income (loss) before income tax provisions Provisions for income taxes Net income (loss) from continuing operations $ $ $ $ Loss from discontinued operations Net income $ Less: Net income attributable to non-controlling interests Net income attributable to Sutherland Asset Management Corporation $ Total Assets $ $ $ $ Reportable segments for the three months ended September 30, 2015 are summarized in the below table. SBA Loan Investment New Loan Origination (In Thousands) Activities Origination and Servicing Consolidated Interest income Loans, held-for-investment $ $ $ $ Loans, held at fair value — Loans, held for sale, at fair value — — Mortgage backed securities, at fair value — — Total interest income Interest expense Borrowings under credit facilities — Securitized debt obligations of consolidated VIEs — Borrowings under repurchase agreements — Guaranteed loan financing — — Total interest expense Net interest income before provision for loan losses Provision for loan losses — Net interest income after provision for loan losses Other income (expense) Other income Servicing income Employee compensation and benefits — Allocated employee compensation and benefits from related party Professional fees Management fees – related party Incentive fees – related party Loan servicing (expense) income Operating expenses Total other income (expense) Net realized gain on financial instruments Net unrealized gain (loss) on financial instruments — Net income before income tax provisions Provisions for income taxes — Net income from continuing operations Gain from discontinued operations Net income $ Less: Net income attributable to non-controlling interests Net income attributable to Sutherland Asset Management Corporation $ Total Assets $ $ $ $ Reportable segments for the nine months ended September 30, 2015 are summarized in the below table. SBA Loan Investment New Loan Origination (In Thousands) Activities Origination and Servicing Consolidated Interest income Loans, held-for-investment $ $ $ $ Loans, held at fair value Loans, held for sale, at fair value — — Mortgage backed securities, at fair value — — Total interest income Interest expense Borrowings under credit facilities — Securitized debt obligations of consolidated VIEs — Borrowings under repurchase agreements — Guaranteed loan financing — — Total interest expense Net interest income before provision for loan losses Provision for loan losses — Net interest income after provision for loan losses Other income (expense) Other income Servicing income Employee compensation and benefits — Allocated employee compensation and benefits from related party Professional fees Management fees – related party Incentive fees – related party Loan servicing (expense) income Operating expenses Total other income (expense) Net realized gain (loss) on financial instruments Net unrealized gain (loss) on financial instruments — Net income (loss) before income tax provisions Provisions for income taxes — Net income (loss) from continuing operations Gain from discontinued operations Net income $ Less: Net income attributable to non-controlling interests Net income attributable to Sutherland Asset Management Corporation $ Total Assets $ $ $ $

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2016
Discontinued Operations
Discontinued Operations	Note 26 – Discontinued Operations In the fourth quarter of 2015, Sutherland Asset Management Corporation (the “Company”) commenced marketing the potential sale of Silverthread Falls, LLC (“Silverthread”). Silverthread engages in real estate brokerage and advisory services. In the fourth quarter of 2015, the Company determined Silverthread should be classified as held-for-sale due to management’s intent to sell the segment, the availability and active marketing of the segment for immediate sale and the high probability of a successful sale. The Company concluded that it would not receive continuing cash flows from Silverthread and there would be no continuing involvement by the Company. Additionally, the sale of Silverthread represents a complete exit from the real estate brokerage business. The Company has concluded that the exit from the real estate brokerage business results in a strategic shift in the operations of the Company. Therefore, the Company has included Silverthread in discontinued operations. The sale of the Silverthread closed in May of 2016, with an effective economic date of March 1, 2016. Under the terms of the purchase agreement, the Company will an amount equal to three times the 2017 earnings of the Silverthread, as defined in the purchase agreement, with a guaranteed minimum payment of $6 million. Such amount will be reduced by 50% of contingent goodwill payments made by the buyer from March 1, 2016 through December 31, 2017. The Company’s best estimate, at this time, is that there will not be any changes to the contingent consideration. In addition, the Company will be reimbursed by the buyer for any advances made to Silverthread between March 1, 2016 and the closing date. The net estimated receivable of $7.2 million is included in Receivable from Third Parties on the Consolidated Balance Sheet as of September 30, 2016. The operating results during the three months ended September 30, 2016 did not have a material impact on our unaudited consolidated financial statements. The following is a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued segment that are separately presented on the consolidated balance sheets. (In Thousands) September 30, 2016 December 31, 2015 Assets: Cash and cash equivalents $ — $ Other assets: Sales commission receivable — Fixed assets — Prepaid insurance expense — Security deposit — Other — Goodwill — Total Assets $ — $ Liabilities: Accrued salaries, wages and commissions — Accounts payable and other accrued liabilities Contingent liabilities related to business combinations — Other — Total Liabilities $ — $ The primary components of discontinued operations are detailed in the table below: Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Other income (expense) Commission income — Property management income — Other — Total other income — Employee compensation and benefits — Professional fees — Allocated employee compensation from related party — — Management fees – related party — — Incentive fees – related party — — Operating expenses Commission expense — Technology expense — Rent expense — Tax expense — Recruiting, training, and travel expenses — — — Marketing expense — Other — Total other operating expenses — Gain on sale — — — Loss before income tax benefit — Income tax benefit — Gain (loss) on discontinued operations presented on the statements of income $ — $ $ $

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events
Subsequent Events	Note 27 – Subsequent Events On October 31, 2016, Sutherland merged with and into a subsidiary of ZAIS Financial Corp. (“ZAIS Financial”), with ZAIS Financial surviving the merger and changing its name to Sutherland Asset Management Corporation (the “Combined Company”). In connection with the merger, the Combined Company issued 25,870,420 shares of common stock to existing Sutherland common stockholders and 2,288,663 OP units to existing Sutherland OP unit holders. Additionally, as previously announced, ZAIS Financial completed a tender offer, purchasing 4,185,478 shares of common stock from existing ZAIS Financial stockholders at a purchase price of $15.37 per share. Former Sutherland stockholders hold approximately 86% of the Combined Company’s stockholders’ equity as a result of the merger, with continuing ZAIS Financial stockholders holding approximately 14% of the Combined Company’s stockholders’ equity, on a fully diluted basis. The Company has determined that the assets acquired in the merger transaction qualify as a business and as such the merger transaction will be treated as a business combination within the scope of ASC 805, with SLD as the acquirer and ZFC as the acquiree. On October 11, 2016 the Company announced the declaration of a quarterly cash dividend of $0.30 per share of common stock and OP unit for the quarter ended September 30, 2016 to common stockholders and OP unit holders of record as of October 14, 2016. The dividend was paid on October 25, 2016. In addition, on October 31, 2016, the Company redeemed all of its 12.5% Series A Cumulative Non-Voting Preferred Stock outstanding for an aggregate redemption price of $0.1 million, including all accrued and unpaid dividends through the redemption date.

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Basis of Consolidation	Basis of Consolidation The accompanying consolidated financial statements of the Company include the accounts and results of operations of the Operating Partnership and other consolidated subsidiaries and VIEs in which we are the primary beneficiary. The consolidated financial statements are prepared in accordance with ASC 810, Consolidations. Intercompany accounts and transactions have been eliminated.
Reclassifications	Reclassifications Certain amounts reported for the prior periods in the accompanying consolidated financial statements have been reclassified in order to conform to the current period’s presentation. The historical results of Silverthread been reflected in the accompanying consolidated statements of income for three and nine months ended September 30, 2016 and 2015 as discontinued operations and financial information related to discontinued operations has been excluded from the notes to these financial statements for all periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company has accounted for cash and cash equivalents in accordance with ASC 305, Cash and Cash Equivalents. The Company defines cash and cash equivalents as cash, demand deposits, and short-term, highly liquid investments with original maturities of 90 days or less when purchased to be cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. We deposit our cash with institutions which we believe to have highly valuable and defensible business franchises, strong financial fundamentals and predictable and stable operating environments. As of September 30, 2016 and December 31, 2015, the Company had $0.6 million and $0.6 million, respectively, in money market mutual funds. The investment in money market mutual funds is categorized as a Level 1 input of the fair value hierarchy. At September 30, 2016 and December 31, 2015, substantially all of the Company’s cash and cash equivalents not held in money market funds were comprised of cash balances with banks that are in excess of the Federal Deposit Insurance Corporation insurance limits.
Restricted Cash	Restricted Cash Restricted cash represents cash held by the Company’s counterparties as collateral against its derivatives, borrowings under repurchase agreements, borrowings under credit facilities as well as cash held for remittance on loans serviced for third parties. Restricted cash is not available for general corporate purposes, but may be applied against amounts due to counterparties under existing swaps and repurchase agreement borrowings, or returned to the Company when the collateral requirements are exceeded or at the maturity of the swap or repurchase agreement. Restricted cash is returned to the Company when our collateral requirements are exceeded or at the maturity or termination of the derivative, borrowings under repurchase agreements and borrowings under credit facilities.
Trading securities, at fair value	Trading securities, at fair value The Company may own securities traded on major U.S. Exchanges. Investments are valued at the closing exchange price at month end.
Short term investments	Short term investments The Company accounts for short term investments under ASC 320, Investments-Debt and Equity Securities . Short term investments consist of U.S. Treasury Bills with original maturities of less than a year but greater than three months. The Company holds short term investments at fair value. Interest received and accrued as well as the accretion of purchase discount in connection with short term investments is recorded as interest income on the consolidated statements of income. Changes in the fair value of short term investments are recorded as unrealized gain (loss) on the consolidated statements of income.
Loans, held for sale, at fair value	Loans, held for sale, at fair value Loans, held for sale, at fair value are loans originated by ReadyCap that are expected to be sold to third parties in the near term. Interest is recognized as interest income on the consolidated statements of income when earned and deemed collectible. Changes in fair value are recurring and are reported as unrealized gain (loss) on the consolidated statements of income.
Loans, held at fair value	Loans, held at fair value Loans, held at fair value are loans originated by ReadyCap. The Company has elected the fair value option because of the intent to transfer to securitizations in the near term. Interest is recognized as interest income on the consolidated statements of income when earned and deemed collectible. Changes in fair value are recurring and are reported as unrealized gain (loss) on the consolidated statements of income. The Company transfers loans held at fair value to loans, held-for-investment on the date of securitization, and such loans are included as Loans, held-for-investment on the consolidated balance sheet. The securitized loans remain on the Company’s balance sheet because the securitization vehicles are consolidated under ASC 810. These loans are accounted for under ASC 310-10 and are referred to as "Non-credit Impaired Loans".
Loans, held-for-investment	Loans, held-for-investment Loans, held-for-investment are loans acquired from third parties, loans originated by ReadyCap that we do not intend to securitize or sell, or securitized loans that were previously originated at ReadyCap. Acquired loans are recorded at cost at the time they are acquired and any related allowance for loan losses is not carried over at the acquisition date. These acquired loans are segmented into two groups at time of purchase, loans with evidence of credit deterioration, and loans without evidence of credit deterioration. Acquired loans without evidence of credit deterioration and loans originated by ReadyCap that we do not intend to securitize are accounted for under ASC 310-10, Receivables- Overall , and are referred to as "Non-credit Impaired Loans". Acquired loans with evidence of credit deterioration where the Company estimates that it will not receive all contractual payments are accounted for as purchased credit impaired loans in accordance with ASC 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) and are referred to as "Credit Impaired Loans". Non-credit Impaired Loans Loans purchased where the Company determines that there is no evidence of credit deterioration and that it is probable that all contractual loan payments are collectable are accounted for under ASC 310-10. The Company uses the interest method to recognize, as a level-yield adjustment, the difference between the initial recorded investment in the loan and the principal amount of the loan. The calculation of the constant effective yield necessary to apply the interest method uses the payment terms required by the loan contract, and prepayments of principal are not anticipated to shorten the loan term. For Non-credit Impaired Loans, revenue recognition is suspended when any loans are placed on nonaccrual status. Generally, all classes of loans are placed on nonaccrual status when principal or interest has been delinquent for 90 days or when full collection is determined not to be probable. Revenue accrued, but not collected, at the date finance receivables and loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status only when contractually current and the collection of future payments is reasonably assured. Credit Impaired Loans Loans purchased at a discount due to deteriorated credit quality at the time of purchase are accounted for under ASC 310-30. These loans are accounted for under ASC 310-30 if both of the following conditions are met as of the acquisition date: (i) there is evidence of deterioration in credit quality of the loan since its inception and (ii) it is probable that we will not collect all contractual cash flows on the loan. The estimated cash flows expected for each loan is estimated at the time the loan is acquired. The excess of the cash flows expected to be collected on Credit Impaired Loans, measured as of the acquisition date, over the initial investment is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan using a level yield method of accretion. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected is referred to as the non-accretable difference and is not accreted over time. The Company estimates expected cash flows to be collected over the life of Credit Impaired Loans on a quarterly basis. If the Company determines that discounted expected cash flows have decreased, the Credit Impaired Loans would be considered further impaired which would result in a provision for loan loss and a corresponding increase in valuation allowance included in the allowance for loan losses. However, if expected discounted cash flows have increased, or improved, in subsequent evaluations, the increase in cash flows is first used to reverse the amount of any related allowance for loan losses before the yield is adjusted. Additionally the Company will increase the accretable yield to account for the significant increase in expected cash flows. The estimate of the amount and timing of cash flows for our Credit Impaired Loans is based on historical information available and expected future performance of the loans, and may include the timing of expected future cash flows, prepayment speed, default rates, loss severities, delinquency rates, percentage of non-performing loans, extent of credit support available, Fair Isaac Corporation (“FICO”) scores at loan origination, year of origination, loan-to-value ratios, geographic concentrations, as well as reports by credit rating agencies, such as Moody's, Standard & Poor's Corporation (“S&P”), or Fitch, general market assessments and dialogue with market participants. As a result, substantial judgment is used in the analysis to determine the expected cash flows. The determination of whether an allowance for loan loss is necessary if there is a decrease in cash flows based on consideration of factual information available at the time of assessment as well as management’s estimates of the future performance and projected amount and timing of cash flows expected to be collected on the loan.
Allowance for loan losses	Allowance for loan losses The allowance for loan losses is intended to provide for credit losses inherent in the loans, held-for-investment portfolio and is reviewed quarterly for adequacy considering credit quality indicators, including probable and historical losses, collateral values, loan-to-value ratio and economic conditions. The reserve is increased through provisions for loan losses charged to earnings and reduced by charge-offs, net of recoveries. For Non-credit Impaired Loans, we determine the allowance for loan losses by measuring credit impairment on (1) an individual basis for nonaccrual status loans, and (2) on a collective basis for all other loans since they have similar risk characteristics. The allowance of loan losses on an individual basis is assessed when a loan is on nonaccrual and the recoverability of the loan is less than its carrying value. The Company considers the loans to be collateral dependent and relies on the current fair value of the collateral as the basis for determining impairment. Loans that are not assessed individually for impairment are assessed on a collective basis, and the calculation of the allowance for loan losses considers our probability of default, based on a default curve and time since origination, as well as the underlying loan to value of the non-credit impaired assets. For Credit Impaired Loans, we determine the allowance for loan losses based on a discounted cash flow model. Credit Impaired Loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected measured at acquisition date. The Company estimates expected cash flows to be collected over the life of Credit Impaired Loans on a quarterly basis. If the Company determines that expected cash flows have decreased, the Credit Impaired Loans would be considered further impaired which would result in a provision for loan losses and a corresponding increase in valuation allowance included in the allowance for loan losses. However, if expected cash flows have increased in subsequent evaluations, the Company will reduce any remaining allowance for loan loss. If an allowance for loan loss does not exist, the accretable yield will increase to the extent the yield of the reprojected cash flows is greater than the existing yield. While we have a formal methodology to determine the adequate and appropriate level of the allowance for loan losses, estimates of inherent loan losses involve judgment and assumptions as to various factors, including current economic conditions. Our determination of adequacy of the allowance for loan losses is based on quarterly evaluations of the above factors. Accordingly, the provision for loan losses will vary from period to period based on management's ongoing assessment of the adequacy of the allowance for loan losses.
Non-accrual loans	Non-accrual loans Non-accrual loans are the loans for which we are not accruing or accreting interest income. Non-accrual loans include non-credit impaired loans when principal or interest has been delinquent for 90 days or when it is determined that full collection of contractual cash flows is not probable. Additionally, credit impaired loans for which the Company is unable to reasonably estimate the timing and amount of expected cash flows are considered to be non-accrual loans. Income on credit impaired loans is recognized as described above under— Loans, held for investment—Credit Impaired Loans .
Troubled Debt Restructurings	Troubled Debt Restructurings In situations where, for economic or legal reasons related to the borrower’s financial difficulties, we grant concessions for other than an insignificant period of time to the borrower that we would not otherwise consider, the related loans are classified as a troubled debt restructuring (“TDR”). These modified terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize our economic loss and to avoid foreclosure or repossession of collateral. For modifications where we forgive principal, the entire amount of such principal forgiveness is immediately charged off. Loans classified as TDRs, are considered impaired loans. Other than resolutions such as foreclosures, sales and transfers to at fair value, we may remove loans held for investment from TDR classification, but only if they have been refinanced or restructured at market terms and qualify as a new loan. Generally, all loans modified in a TDR are placed or remain on nonaccrual status at the time of the restructuring. However, certain accruing loans modified in a TDR that are current at the time of restructuring may remain on accrual status if payment in full under the restructured terms is expected.
Impaired loans	Impaired loans The Company considers a loan to be impaired when the Company does not expect to collect all the contractual interest and principal payments as scheduled in the loan agreements.
Mortgage backed securities, at fair value	Mortgage backed securities, at fair value The Company accounts for MBS, at fair value under ASC 320, Investments-Debt and Equity Securities. Our MBS portfolio is comprised of asset backed securities collateralized by interest in or obligations backed by pools of SBC loans. Purchase and sales of MBS are recorded on the trade date. Our MBS securities pledged as collateral against borrowings under repurchase agreements are included in mortgage backed securities, at fair value on our consolidated balance sheets. MBS are recorded at fair value as determined by market prices provided independent broker dealers or other independent valuation servicer provider. The fair values assigned to these investments are based upon available information and may not reflect amounts that may be realized. We generally intend to hold our investment in MBS to generate interest income; however, we have and may continue to sell certain of our investment securities as part of the overall management of our assets and liabilities and operating our business.
Real estate acquired in settlement of loans	Real estate acquired in settlement of loans Real estate acquired in settlement of loans is accounted for under ASC 360, Property, Plant and Equipment (“ASC 360”). The Company acquires substantially all its real estate through the foreclosure of mortgage loans that have become delinquent with limited other recourse. The Company’s intentions are to sell the real estate within a short holding period. Real estate is recorded at fair value at the time the Company receives title and is subsequently held at the lower of its carrying amount or fair value less closing costs. Each investment in real estate property is tested for impairment on a quarterly basis.
Derivative instruments, at fair value	Derivative instruments, at fair value Subject to maintaining our qualification as a REIT for U.S. federal income tax purposes, we utilize derivative financial instruments, currently comprised of credit default swaps and interest rate swaps, as part of our risk management. The Company accounts for derivative instruments under ASC 815, Derivatives and Hedges . All derivatives are reported as either assets or liabilities on the consolidated balance sheets at estimated fair value. The Company has not elected hedge accounting for these derivative instruments and, as a result, changes in the fair value for these derivatives are recorded in earnings. The fair value adjustments, along with the related interest income or interest expense, are reported as gain/(loss) on derivative instruments, at fair value. Although permitted under certain circumstances, the Company does not offset cash collateral receivable or payables against our net derivative positions. As of September 30, 2016 and December 31, 2015, the cash collateral receivable held for derivative instruments is $7.7 million and $5.3 million, respectively, and is included in restricted cash on the consolidated balance sheets.
Servicing rights	Servicing rights Servicing rights are accounted for under ASC 860, Transfers and Servicing . Servicing rights are initially recorded at fair value and subsequently carried at amortized cost. We capitalize the value expected to be realized from performing specified servicing activities for others. Such value reflects the estimated fair value of the expected net cash flows associated with the servicing of the loan. These capitalized servicing rights are purchased or retained upon sale or securitization of mortgage loans. Servicing rights are amortized in proportion to and over the period of estimated servicing income, and is tested for potential impairment quarterly. For purposes of testing our servicing rights for impairment, we first determine whether facts and circumstances exist that would suggest the carrying value of the intangible is not recoverable. If so, we then compare the net present value of servicing cash flow with its carrying value. The estimated net present value of servicing cash flows of the intangibles is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, taking into consideration historical and forecasted loan prepayment rates, delinquency rates and anticipated maturity defaults. If the carrying value of the servicing rights exceeds the net present value of servicing cash flows, the servicing rights are considered impaired and an impairment loss is recognized in earnings for the amount by which carrying value exceeds the net present value of servicing cash flows. We leverage all available relevant market data to determine the fair value of our recognized servicing assets. Since quoted market prices for servicing rights are not readily available, we estimate the fair value of servicing rights by determining the present value of future expected servicing cash flows using modeling techniques that incorporate management's best estimates of key variables including expected cash flows, prepayment speeds, and return requirements commensurate with the risks involved. Cash flow assumptions are modeled using our internally forecasted revenue and expenses, and where possible, the reasonableness of assumptions is periodically validated through comparisons to market data. Prepayment speed estimates are determined from historical prepayment rates or obtained from third party industry data. Return requirement assumptions are determined using data obtained from market participants, where available, or based on current relevant interest rates plus a risk-adjusted spread. We also consider other factors that can impact the value of the servicing rights, such as surety provider termination clauses and servicer terminations that could result if we failed to materially comply with the covenants or conditions of our servicing agreements and did not remedy the failure. Since many factors can affect the estimate of the fair value of servicing rights, we regularly evaluate the major assumptions and modeling techniques used in our estimate and review these assumptions against market comparables, if available. We monitor the actual performance of our servicing rights by regularly comparing actual cash flow, credit, and prepayment experience to modeled estimates.
Intangible assets	Intangible assets Intangible assets are accounted for under ASC 350, Intangibles-Goodwill and Other . As of September 30, 2016, the Company’s identifiable intangible assets include SBA license for our Lending operations. The Company determined that its intangible assets have indefinite lives. The Company initially records its intangible assets at cost and subsequently tests for impairment on a quarterly basis.
Deferred financing costs	Deferred financing costs Costs incurred in connection with our borrowings under credit facilities are accounted for under ASC 340, Other Assets and Deferred Costs . Deferred costs are capitalized and amortized using the effective interest method over the respective financing term with such amortization reflected on our consolidated statements of income as a component of interest expense. Our deferred financing costs may include legal, accounting and other related fees. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity.
Due from Servicers	Due from Servicers The loan servicing activities of the Company’s investing and ReadyCap reportable segments are performed primarily by third party servicers. SBA loans held at ReadyCap Lending are internally serviced. At September 30, 2016 and December 31, 2015, the Company’s servicers hold substantially all of the cash owned by the Company related to loan servicing activities. These amounts include principal and interest payments made by borrowers, net of advances and servicing fees. Cash is generally received within thirty days of recording the receivable. At September 30, 2016 and December 31, 2015, the due from servicers balance in the amount of $18.4 million and $20.3 million, respectively, represent funds received by loan servicers from loan activities that have not yet been paid to the Company. The Company is subject to credit risk to the extent any servicer with whom the Company conducts business is unable to deliver cash balances or process loan-related transactions on the Company’s behalf. The Company monitors the financial condition of the servicers with whom the Company conducts business and believes the likelihood of loss under the aforementioned circumstances is remote.
Borrowings under credit facilities	Borrowings under credit facilities The Company accounts for borrowings under credit facilities under ASC 470, Debt. The Company partially finances its loans, held-for-investment, and loans, held-for-sale, through credit agreements with various counterparties. These borrowings are collateralized by loans, held-for-investment, and loans, held-for-sale, and have maturity dates within two years from the consolidated balance sheet date. If the fair value (as determined by the applicable counterparty) of the collateral securing these borrowings decreases, we may be subject to margin calls during the period the borrowings are outstanding. In instances where we do not satisfy the margin calls within the required time frame, the counterparty may retain the collateral and pursue collection of any outstanding debt amount from us. Interest paid and accrued in connection with credit facilities is recorded as interest expense on the consolidated statements of income.
Promissory note payable	Promissory note payable The Company accounts for promisorry notes payable under ASC 470, Debt. Pursuant to the adoption of ASU 2015-03, the Company’s promissory note payable is presented net of debt issuance costs.The Company partially finances its loans, held-for-investment through promissory notes with various counterparties. These notes are collateralized by loans, held-for-investment and have maturity dates within five years from the consolidated balance sheet date. Interest paid and accrued in connection with promissory notes is recorded as interest expense on the consolidated statements of income.
Securitized debt obligations of consolidated VIEs	Securitized debt obligations of consolidated VIEs Since 2011, we have engaged in seven securitization transactions which the Company accounts for under ASC 810. The Company is required to consolidate, as a VIE, the special purpose entity (“SPE”)/trust that was created to facilitate the transaction and to which the underlying loans in connection with the securitization were transferred. The consolidation of the securitization transactions includes the sales of senior securities to third parties which are shown as securitized debt obligations of consolidated VIEs on the consolidated balance sheets. Debt issuance costs related to securitizations are presented as a direct deduction from the carrying value of the related debt liability. These costs are amortized using the effective interest method. Amortization of debt issuance costs is amortized using the effective interest method and is included in interest expense from securitized debt obligations on the financial statements.
Borrowing under repurchase agreements	Borrowing under repurchase agreements Borrowings under repurchase agreements are accounted for under ASC 860, Transfers and Servicing . Investment securities financed under repurchase agreements are treated as collateralized borrowings, unless they meet sale treatment or are deemed to be linked transactions. Through September 30, 2016, none of our repurchase agreements had been accounted for as components of linked transactions. All securities financed through a repurchase agreement have remained on our consolidated balance sheets as an asset and cash received from the lender was recorded on our consolidated balance sheets as a liability. Interest paid and accrued in connection with our repurchase agreements is recorded as interest expense on the consolidated statements of income.
Guaranteed loan financing	Guaranteed loan financing Certain partial loan sales do not qualify for sale accounting under ASC 860, Transfers and Servicing because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment on the consolidated balance sheets and the portion sold is recorded as guaranteed loan financing in the liabilities section of the consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan balance is recorded as interest income and the interest earned by the buyer in the partial loan sale is recorded within interest expense in the accompanying consolidated statements of income.
Repair and denial reserve	Repair and denial reserve The repair and denial reserve represents the potential liability to the SBA in the event that we are required to make whole the SBA for reimbursement of the guaranteed portion of SBA loans. We may be responsible for the guaranteed portion of SBA loans if there are lien and collateral issues, unauthorized use of proceeds, liquidation deficiencies, undocumented servicing actions or denial of SBA eligibility. This reserve is calculated using an estimated frequency of a repair and denial event upon default, as well as an estimate of the severity of the repair and denial as a percentage of the guaranteed balance.
Liability under participation agreements	Liability under participation agreements The Company has entered into participation agreements with loan sub‑servicers ("Participant Holders") entitling the Participant Holders to an economic interest in a defined population of loans, held-for-investment ("participating assets") based on the amount of co‑investment made by Participant Holders. Waterfall Asset Management, LLC (the “Manager”) believes the participation agreements align the economic interests of the Company with the Participant Holders servicing the loans. The Company’s obligation resulting from the Participant Holders' economic interest in the participating assets, and any corresponding unremitted cash flows arising from principal and interest payments related to the participating assets, are recorded under accounts payable and other accrued liabilities in the consolidated balance sheets. The liability under participation agreements on the consolidated balance sheets is recorded at the Participant Holders’ portion of the carrying value of the participating assets.
Liability under subservicing agreements	Liability under subservicing agreements The Manager has entered into subservicing agreements with various loan servicers. The subservicing agreements include provisions which entitle the loan servicer to an incentive fee depending on the performance of the loan portfolio. The incentive fee is generally paid at the time the last loan liquidates within a given portfolio. The expected incentive fee expense to be paid to the loan servicer is included under loan servicing expense in the consolidated statements of income and the related liability is recorded under liability under subservicing agreements on the consolidated balance sheets.
Variable Interest Entities	Variable Interest Entities VIEs are defined as entities in which equity investors (i) do not control the entity, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. For VIEs that do not have substantial on-going activities, the power to direct the activities that most significantly impact the VIE’s economic performance may be determined by an entity’s involvement with the design of the VIE. The Company is required to re-evaluate whether to consolidate a VIE each reporting period, based upon the facts and circumstances pertaining to the VIE during such period. The Company consolidates a VIE when it is determined to be the primary beneficiary of such VIE. The Company uses special purpose entities to securitize financial assets. Securitization involves transferring assets to an SPE, or securitization trust, to convert all or a portion of those assets into cash before they would have been realized in the normal course of business, through the SPE’s issuance of debt or equity instruments. Since 2011, we have engaged in seven securitization transactions. As discussed in Note 22, we have concluded that the Company was the primary beneficiary in each of these transactions and the securitization trusts are VIEs which are consolidated.
Non-controlling Interests	Non-controlling Interests Non-controlling interest presented on the consolidated balance sheets and the consolidated statements of income represent direct investment in the Operating Partnership by Sutherland OP Holdings I, Ltd. Sutherland OP Holdings II, Ltd., and third parties.
Fair Value Option	Fair Value Option The guidance in FASB ASC Topic 825, Financial Instruments , provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method. We have elected the fair value option for loans held-for-sale originated by ReadyCap as well as loans originated by ReadyCap that the Company intends to securitize. The fair value elections for loans, held at fair value originated by ReadyCap were made due to the short-term nature of these instruments.
Earnings per Share	Earnings per Share Basic earnings per share is computed using the weighted-average number of shares of common stock outstanding during the period and other securities that participate in dividends, such as our Operating Partnership units to arrive at total common dividends based on their respective weighted-average shares outstanding for the period. The Company’s basic and diluted earnings per share are the same, as there were no dilutive securities outstanding for any of the periods presented.
Income Taxes	Income Taxes GAAP establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. We assess the recoverability of deferred tax assets through evaluation of carryback availability, projected taxable income and other factors as applicable. Significant judgment is required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns as well as the recoverability of amounts we record, including deferred tax assets. We provide for exposure in connection with uncertain tax positions which requires significant judgment by management including determination, based on the weight of the tax law and available evidence, that it is more-likely-than-not that a tax result will be realized. Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense on our consolidated statements of income. As of September 30, 2016 and December 31, 2015, we accrued no taxes, interest or penalties related to uncertain tax positions. In addition, we do not anticipate a change in this position in the next 12 months.
Offering Costs	Offering Costs Direct costs of obtaining capital through issuance of stock are deducted from the related proceeds and the net amount of the offering is recorded as contributed stockholders’ equity. Direct costs may include but are not limited to accounting fees, legal fees, underwriting fees and other professional fees.
Revenue Recognition	Revenue Recognition Revenue is accounted for under ASC 605, Revenue Recognition, which provides among other things that revenue be recognized when there is persuasive evidence an arrangement exists, delivery and services have been rendered, price is fixed and determinable and collectability is reasonably assured. Interest Income Interest income on non-credit impaired loans, held-for-investment, loans, held at fair value, loans, held for sale, at fair value, and MBS, at fair value is accrued based on the outstanding principal amount and contractual terms of the instrument. Discounts or premiums associated with the loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, we review and, if appropriate, make adjustments to the accrual status of the asset. If the asset has been delinquent for the previous 90 days, the asset status will turn to non-accrual, and accrued revenue recognition will be suspended until the asset resumes contractual payments for three consecutive months. For credit impaired loans, we do not expect to collect all amounts contractually due at the time we acquired the loans. Accordingly, we expect that a portion of the purchase discount will not be recognized as interest income, and is instead viewed as a non-accretable yield. The accretable yield, or the portion of the purchase discount that we believe will be recovered, is recorded as interest income on a level-yield basis over the life of the loan. The amounts considered as accretable and non-accretable yields may change over time based on the actual performance of these loans, their underlying collateral, actual and projected cash flows from such collateral, economic conditions and other factors. If the performance of a credit deteriorated loan is more favorable than forecasted, we will generally accrete more credit discount into interest income than initially or previously expected. Realized Gains (Losses) Upon the sale or disposition (not including the prepayment of outstanding principal balance) of loans or securities, the excess (or deficiency) of net proceeds over the net carrying value or cost basis of such loans or securities is recognized as a realized gain/loss. Outstanding interest balances for payments in full are reported in interest income on loans, held-for-investment. Derivative Instruments Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We regularly enter into derivative contracts that are intended to economically hedge certain of our risks, even though the transactions may not qualify for, or we may not elect to pursue, hedge accounting. In such cases, changes in the fair value of the derivatives are recorded in earnings. Origination Income and Expense Origination income represents fees received for origination of either loans, held at fair value, loans, held for sale, at fair value, or loans, held-for-investment. For loans held, at fair value, and loans, held for sale, at fair value, pursuant to ASC 825, the Company reports origination fee income as revenue and fees charged and costs incurred as expenses. These fees and costs are excluded from the fair value. For originated loans, held-for-investment, under ASC 310-10, the Company defers these origination fees and costs at origination and amortizes them under the effective interest method over the life of the loan. Origination fees and expenses for loans, held at fair value and loans, held for sale, at fair value, are presented in the consolidated statements of income in other income and operating expenses. The amortization of net origination fees and expenses for loans, held-for-investment are presented in the consolidated statements of income in interest income.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair value measurements
Schedule of financial instruments carried at fair value on a recurring basis	The following table presents the Company’s financial instruments carried at fair value on a recurring basis as of September 30, 2016: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Cash held in money market funds $ $ — $ — $ Short term investments — — Loans, held for sale, at fair value — — Loans, held at fair value — — Mortgage backed securities, at fair value — — Derivative instruments, at fair value — — Total assets $ $ $ $ Liabilities: Derivative instruments, at fair value $ — $ $ — $ Total liabilities $ — $ $ — $ The following table presents the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2015: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Cash held in money market funds $ $ — $ — $ Short term investments — — Loans, held at fair value — — Mortgage backed securities, at fair value — — Derivative instruments, at fair value — — Total assets $ $ $ $ Liabilities: Derivative instruments, at fair value $ — $ $ — $ Total liabilities $ — $ $ — $
Summary of the valuation techniques and significant unobservable inputs used for the Company's financial instruments that are categorized within Level 3 of the fair value hierarchy	The following table summarizes the valuation techniques and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level 3 of the fair value hierarchy as of September 30, 2016 using third party information without adjustment: Predominant Weighted Valuation Average Price (In Thousands, except price) Fair Value Technique Type Price Range (a) Loans, held at fair value $ Single External Source Discounted Cash Flow $ 97.49 – 105.00 $ Loans, held for sale, at fair value Single External Source Discounted Cash Flow 98.28 – 105.00 Mortgage backed securities, at fair value Broker Quotes Third Party Mark 0.75 – 100.95 Mortgage backed securities, at fair value Transaction Price Transaction Price 100.75 – 100.75 (a) The following table summarizes the valuation techniques and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2015 using third party information without adjustment: Predominant Weighted Valuation Average Price (In Thousands, except price) Fair Value Technique Type Price Range (a) Loans, held at fair value $ Single External Source Discounted Cash Flow $ 98.09 – 105.00 $ Mortgage backed securities, at fair value Broker Quotes Third Party Mark 22.55 – 102.50 Mortgage backed securities, at fair value Transaction Price Transaction Price 100.00 – 100.00 (b)
Summary of the carrying value and estimated fair value of our financial instruments	September 30, 2016 December 31, 2015 (In Thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Loans, held-for-investment $ $ $ $ Servicing rights Total assets $ $ $ $ Liabilities: Borrowings under credit facilities $ $ $ $ Promissory note payable — — Securitized debt obligations of consolidated VIEs Guaranteed loan financing Liabilities under participation agreements Borrowings under repurchase agreements Total liabilities $ $ $ $
Summary of the valuation techniques used for the Company's investments that are categorized within Level 3 of the fair value hierarchy, but not held at fair value	The following table summarizes the valuation techniques used for the Company’s investments that are categorized within Level 3 of the fair value hierarchy, but not held at fair value as of September 30, 2016: Predominant Weighted Valuation Average (In Thousands) Fair Value Technique Type Price Range Price (a) Assets Loans, held-for-investment $ Single external source Discounted cash flow $ 0.00 – 132.94 $ Servicing rights Single external source Discounted cash flow N/A N/A Liabilities Borrowings under credit facilities Transaction price N/A N/A N/A Securitized debt obligations, of consolidated VIEs Broker quote Average broker quote 96.88 – 103.59 Guaranteed loan financing Single external source Discounted cash flow 95.98 – 111.64 Liabilities under participation agreements Single external source Discounted cash flow 0.00 – 118.67 Borrowings under repurchase agreements Transaction price N/A N/A N/A (a) The following table summarizes the valuation techniques used for the Company’s investments that are categorized within Level 3 of the fair value hierarchy, but not held at fair value as of December 31, 2015: Predominant Weighted Valuation Average (In Thousands) Fair Value Technique Type Price Range Price (a) Assets Loans, held-for-investment $ Single external source Discounted cash flow $ 0.00 – 231.37 $ Servicing rights Single external source Discounted cash flow N/A N/A Liabilities Borrowings under credit facilities Transaction price N/A N/A N/A Securitized debt obligations, of consolidated VIEs Broker quote Average broker quote 81.04 – 102.00 Guaranteed loan financing Single external source Discounted cash flow 96.20 – 111.31 Liabilities under participation agreements Single external source Discounted cash flow 0.00 – 231.37 Borrowings under repurchase agreements Transaction price N/A N/A N/A (b)
Loans held and held for sale, at fair value
Fair value measurements
Summary of changes in the fair value of financial instruments held at fair value classified as Level 3	Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Beginning Balance $ $ $ $ Realized gains, net Unrealized gains, net Originations Sales Principal payments Ending Balance $ $ $ $
MBS
Fair value measurements
Summary of changes in the fair value of financial instruments held at fair value classified as Level 3	Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Beginning Balance $ $ $ $ Accreted discount (amortized premium), net Realized losses (gains) Unrealized losses (gains) Purchases Sales / Principal Payments Total mortgage backed securities, at fair value $ $ $ $

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of classification and unpaid principal balance of loans by reporting segment	Operating September 30, 2016 (In Thousands) Partnership ReadyCap Lending Total Loans Held-for-investment $ $ $ $ Held at fair value and Held for sale, at fair value — Total loans $ $ $ $ Operating December 31, 2015 (In Thousands) Partnership ReadyCap Lending Total Loans Held-for-investment $ $ $ $ Held at fair value and Held for sale, at fair value — Total loans $ $ $ $
Schedule of classification and carrying value of loans by reporting segment	Operating September 30, 2016 (In Thousands) Partnership ReadyCap Lending Total Loans Held-for-investment $ $ $ $ Held at fair value and Held for sale, at fair value — Total loans $ $ $ $ Operating December 31, 2015 (In Thousands) Partnership ReadyCap Lending Total Loans Held-for-investment $ $ $ $ Held at fair value and Held for sale, at fair value — Total loans $ $ $ $
Schedule of recorded investment of TDRs	(In Thousands) September 30, 2016 December 31, 2015 Troubled debt restructurings Office $ $ Storage Other SBA - Office of Optometrists SBA - Hotels, Motels & Tourist Courts — SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $
Schedule of TDRs that occurred	The following table summarizes the TDRs that occurred during the three months ended September 30, 2016. Pre-Modification Post-Modification (In Thousands) Recorded Balance Recorded Balance Number of Loans Troubled debt restructurings Other SBA - Office of Optometrists SBA - Other Total troubled debt restructurings $ $ The following table summarizes the TDRs that occurred during the nine months ended September 30, 2016. Pre-Modification Post-Modification (In Thousands) Recorded Balance Recorded Balance Number of Loans Troubled debt restructurings Office $ $ Storage Other SBA - Office of Optometrists SBA - Hotels, Motels & Tourist Courts SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $ The following table summarizes the TDRs that occurred during the three months ended September 30, 2015. Pre-Modification Post-Modification (In Thousands) Recorded Balance Recorded Balance Number of Loans Troubled debt restructurings Other $ $ SBA - Other Total troubled debt restructurings $ $ The following table summarizes the TDRs that occurred during the nine months ended September 30, 2015. Pre-Modification Post-Modification (In Thousands) Recorded Balance Recorded Balance Number of Loans Troubled debt restructurings Office $ $ Storage Other SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $
Schedule of TDR modifications by primary modification type and related financial effects	The following table summarizes our TDR modifications in the three months ended September 30, 2016 presented by primary modification type and includes the financial effects of these modifications. Interest Term Interest Rate Principal Income (In Thousands) Extension Reduction Reduction Foreclosure Total Recognized Troubled debt restructurings Other $ $ — $ — $ $ $ SBA - Office of Optometrists — — — — SBA - Other — Total troubled debt restructurings $ $ $ $ $ $ The following table summarizes our TDR modifications in the nine months ended September 30, 2016 presented by primary modification type and includes the financial effects of these modifications. Interest Term Interest Rate Principal Income (In Thousands) Extension Reduction Reduction Foreclosure Total Recognized Troubled debt restructurings Office $ $ — $ — $ $ $ Other — — SBA - Office of Optometrists — — — — SBA - Hotels, Motels & Tourist Courts — — — SBA - Child Day Care Services — — — — SBA - Other Total troubled debt restructurings $ $ $ $ $ $ The following table summarizes our TDR modifications in the three months ended September 30, 2015 presented by primary modification type and includes the financial effects of these modifications. Interest Term Interest Rate Principal Income (In Thousands) Extension Reduction Reduction Foreclosure Total Recognized Troubled debt restructurings Other $ $ — $ — $ — $ $ SBA - Other — — — Total troubled debt restructurings $ $ $ — $ — $ $ The following table summarizes our TDR modifications in the nine months ended September 30, 2015 presented by primary modification type and includes the financial effects of these modifications. Interest Term Interest Rate Principal Income (In Thousands) Extension Reduction Reduction Foreclosure Total Recognized Troubled debt restructurings Office — — — Storage — — — Other — — SBA - Child Day Care Services — — — SBA - Other — — Total troubled debt restructurings $ $ $ $ — $ $
Schedule of accrual status of TDRs	The table below summarizes the accrual status of TDRs as of September 30, 2016. (In Thousands) Accrual Non-Accrual Total Troubled debt restructurings Office $ $ $ Storage — Other SBA - Office of Optometrists SBA - Hotels, Motels & Tourist Courts SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $ $ The table below summarizes the accrual status of TDRs as of December 31, 2015. (In Thousands) Accrual Non-Accrual Total Troubled debt restructurings Office $ $ — $ Storage — Other — SBA - Office of Optometrists — SBA - Child Day Care Services SBA - Other Total troubled debt restructurings $ $ $
Schedule of TDRs remaining in default	Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 (In Thousands) Number of Loans Carrying Value Number of Loans Carrying Value Troubled debt restructurings Other $ — $ — SBA - Other Total troubled debt restructurings $ $ Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (In Thousands) Number of Loans Carrying Value Number of Loans Carrying Value Troubled debt restructurings Office $ $ Other — — SBA - Hotels, Motels & Tourist Courts — — SBA - Child Day Care Services — — SBA - Other Total troubled debt restructurings $ $
Loans held for investment
Schedule of delinquency information of loans	The following table displays delinquency information on loans, held-for-investment as of September 30, 2016: Number 30-89 Days 90+ Days of Carrying Delinquent Delinquent Loan Balance Loans Interest Rate Maturity Date Value (a) (a) (a) Fixed-rate: 0 – 500k 0.00 - 24.00 % 10/15/08 - 10/01/38 $ $ $ 500k – 1mm 4.00 - 9.90 03/20/10 - 02/01/38 1mm – 1.5mm 4.76 - 10.25 11/01/17 - 02/05/33 — — 1.5mm – 2mm 3.99 - 7.16 08/01/15 - 10/01/25 — 2mm – 2.5mm 4.91 - 7.50 06/01/17 - 09/01/25 — — > 2.5mm 3.38 - 11.00 12/28/16 - 09/01/25 — Total fixed-rate $ $ $ Adjustable rate: 0 – 500k 0.00 - 9.75 % 04/27/04 - 06/01/43 $ $ $ 500k – 1mm 2.66 - 8.63 10/28/14 - 09/29/41 1mm – 1.5mm 3.50 - 8.25 04/08/19 - 09/01/38 1.5mm – 2mm 2.62 - 6.25 04/12/17 - 03/01/38 — 2mm – 2.5mm 3.65 - 6.25 10/01/26 - 08/17/38 — — > 2.5mm 2.04 - 8.22 10/20/09 - 11/18/38 Total adjustable rate $ $ $ Total $ $ $ Less: General allowance for loan losses $ (a) In thousands net of specific allowance for loan losses The following table displays delinquency information on loans, held-for-investment as of December 31, 2015: Number 30-89 Days 90+ Days of Carrying Delinquent Delinquent Loan Balance Loans Interest Rate Maturity Date Value (a) (a) (a) Fixed-rate: 0 – 500k 0.00 – 24.00 % 10/15/08 – 02/01/39 $ $ $ 500k – 1mm 3.99 – 9.90 03/10/10 – 05/01/38 1mm – 1.5mm 3.99 – 9.78 11/01/16 – 04/28/35 — — 1.5mm – 2mm 3.99 – 10.25 08/01/15 – 11/01/37 — 2mm – 2.5mm 4.91 – 7.50 06/01/17 – 09/01/25 — — > 2.5mm 3.38 – 12.01 02/01/16- 09/01/25 — — Total fixed-rate $ $ $ Adjustable rate: 0 – 500k 0.00 – 9.75 % 04/27/04 – 06/01/43 $ $ $ 500k – 1mm 2.66 – 8.75 10/28/14 – 12/30/40 1mm – 1.5mm 3.21 – 8.25 04/13/16 – 09/01/38 1.5mm – 2mm 2.62 – 6.00 01/02/11 – 03/01/38 — 2mm – 2.5mm 3.33 – 6.75 10/01/26 – 08/17/38 — — > 2.5mm 1.59 – 7.00 10/20/09 – 11/18/38 Total adjustable rate $ $ $ Total $ $ $ (a)
Schedule of monitoring credit quality of loans	The following table presents quantitative information on the credit quality of loans, held-for-investment as of the consolidated balance sheet dates: Loan-to-Value (In Thousands) (a) September 30, 2016 December 31, 2015 0.0 – 20.0% $ $ 20.1 – 40.0% 40.1 – 60.0% 60.1 – 80.0% 80.1 – 100.0% Greater than 100.0% Total $ $ Less: General allowance for loan losses — $ $ (a) Loan-to-value is calculated as carry amount as a percentage of current collateral value
Schedule of outstanding amounts and details of carrying amount of acquired loans, held-for-investment	The outstanding carry amount of the acquired loans broken down by ASC 310-30 and ASC 310-10 is as follows: (In Thousands) September 30, 2016 December 31, 2015 Loans, held-for-investment Non-credit impaired loans $ $ Credit impaired loans Total loans, held-for-investment $ $ The following table details the carrying value for loans, held-for-investment at the consolidated balance sheet dates. September 30, 2016 December 31, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Unpaid principal balance $ $ $ $ Non-accretable discount — — Accretable discount Recorded investment Allowance for loan losses Carrying Value $ $ $ $
Schedule of activity of accretable yield of loans, held for investment	For the Three Months Ended September 30, 2016 For the Three Months Ended September 30, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Beginning accretable yield $ $ $ $ Purchases — Sales Accretion Other Transfers Ending accretable yield $ $ $ $ For the Nine Months Ended September 30, 2016 For the Nine Months Ended September 30, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Beginning accretable yield $ $ $ $ Purchases Sales Accretion Other Transfers Ending accretable yield $ $ $ $
Schedule of accrual and non-accrual state of loans, held for investment	September 30, 2016 December 31, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Accrual Non-accrual — Total $ $ $ $
Schedule of impaired loans, held for investment	Carrying value for Carrying value for Total Carrying Unpaid Principal Which There Is A Which There Is No value of Balance of Related Allowance Related Allowance (In Thousands) Impaired Loans Impaired Loans for Loan Losses for Loan Losses September 30, 2016 Non-credit impaired loans $ $ $ $ Credit impaired loans — Total September 30, 2016 $ $ $ $ December 31, 2015 Non-credit impaired loans $ $ $ $ Credit impaired loans — Total December 31, 2015 $ $ $ $ Interest Income Interest Income Recognized for Recognized for the the Nine Months Three Months (In Thousands) Ended Ended September 30, 2016 Non-credit impaired loans $ — $ Credit impaired loans Total $ $ September 30, 2015 Non-credit impaired loans $ $ Credit impaired loans Total $ $
Schedule of activity of the allowance for loan losses for loans, held-for investment	Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Beginning balance $ $ $ $ Provision for loan losses Chargeoffs — Recoveries — — Ending balance $ $ $ $ Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Non-credit Impaired Non-credit Impaired (In Thousands) Loans Credit Impaired Loans Loans Credit Impaired Loans Beginning balance $ $ $ $ Provision for loan losses Chargeoffs Recoveries — — Ending balance $ $ $ $
Loans held and held for sale, at fair value
Schedule of delinquency information of loans	The following table displays delinquency information on loans, held at fair value and loans, held for sale, at fair value as of September 30, 2016: Number 30-89 Days 90+ Days of Carrying Delinquent Delinquent Loan Balance Loans Interest Rate Maturity Date Value (a) (a) (a) Fixed-rate 0 – 500k 6.60 – 6.60 % 06/01/18 – 06/01/18 $ $ — $ — 500k – 1mm 5.47 - 7.17 02/01/18 - 10/01/26 — — 1mm – 1.5mm 4.50 - 7.54 05/01/18 - 10/01/26 — — 1.5mm – 2mm 4.74 - 8.33 01/01/17 - 10/01/26 — — 2mm – 2.5mm 5.54 - 7.42 03/01/19 - 08/01/26 — — > 2.5mm 4.53 - 7.75 01/01/17 - 10/01/26 — — Total fixed-rate $ $ — $ — Adjustable rate: 500k – 1mm 4.50 – 4.50 % 10/01/36 – 10/01/36 $ $ — $ — 1mm – 1.5mm 5.01 - 5.05 09/01/36 - 09/01/36 — — 1.5mm – 2mm 3.57 - 4.71 10/01/36 - 10/01/36 — — > 2.5mm 4.50 - 6.91 01/01/19 - 10/01/36 — — Total adjustable rate $ $ — $ — Total $ $ — $ — (a) In thousands The following table displays delinquency information on loans, held at fair value and loans, held for sale, at fair value, as of December 31, 2015: Number 30-89 Days 90+ Days of Carrying Delinquent Delinquent Loan Balance Loans Interest Rate Maturity Date Value (a) (a) (a) Fixed-rate 0 – 500k 6.60 – 6.60 % 06/01/18 – 06/01/18 $ $ — $ — 500k – 1mm 5.28 – 6.25 06/01/18 – 01/01/26 — — 1mm – 1.5mm 0.58 – 5.91 05/01/20 – 12/01/25 — — 1.5mm – 2mm 4.73 – 8.33 01/01/17 – 01/01/26 — — 2mm – 2.5mm 5.54 – 6.50 11/01/20 – 01/01/26 — — > 2.5mm 4.33 – 7.75 02/01/16 – 01/01/26 — — Total fixed-rate $ $ — $ — Adjustable rate: 1.5mm – 2mm 3.44 – 3.44 % 01/01/36 – 01/01/36 $ $ — $ — 2mm – 2.5mm 3.44 – 3.44 01/01/36 – 01/01/36 — — Total adjustable rate $ $ — $ — Total $ $ — $ — (a) In thousands.
Schedule of monitoring credit quality of loans	The following table presents quantitative information on the credit quality of loans, held at fair value and loans, held for sale, at fair value as of the consolidated balance sheet dates: Loan-to-Value (In Thousands) (a) September 30, 2016 December 31, 2015 0.0 – 20.0% $ — $ 20.1 – 40.0% 40.1 – 60.0% 60.1 – 80.0% 80.1 – 100.0% Greater that 100.0% — Total $ $ (a) Loan-to-value is calculated as carry amount as a percentage of current collateral value
Geographical concentration | Loans held for investment
Schedule of concentration risk of loans secured by real estate	Geographic Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 Texas % % California Florida New York Arizona Georgia North Carolina Virginia Pennsylvania New Jersey Other Total % %
Geographical concentration | Loans held and held for sale, at fair value
Schedule of concentration risk of loans secured by real estate	Geographic Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 Florida % % Texas California New York Georgia Illinois Arizona Ohio Colorado Indiana Other Total % %
Collateral concentration | Loans held for investment
Schedule of concentration risk of loans secured by real estate	The following table displays the collateral type concentration of the Company’s loans, held-for-investment on our consolidated balance sheets. Collateral Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 SBA % % Retail Multi-Family Office Industrial Lodging Mixed Use Other Total % % The following table displays the collateral type concentration of the Company’s SBA loans within loans, held-for-investment, on our consolidated balance sheets. Collateral Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 Child Day Care Services % % Hotels Motels & Tourist Courts Office of Dentists Vets Eating Places Offices Of Physicians Grocery Stores Auto Accounting Auditng & Bookkeeping Gasoline Service Stations Other Total % %
Collateral concentration | Loans held and held for sale, at fair value
Schedule of concentration risk of loans secured by real estate	The following table displays the collateral type concentration of the Company’s loans, held at fair value and loans, held for sale, at fair value on our consolidated balance sheets. Collateral Concentration (Unpaid Principal Balance) September 30, 2016 December 31, 2015 Office % % Retail Multi-family Mixed use Industrial Total % %

Real Estate Acquired in Settl39

Real Estate Acquired in Settlement of Loans (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate Acquired in Settlement of Loans
Summary of the carrying amount of the Company's real estate holdings	Other Taxable September 30, 2016 SAMC REO WVMT SCML ReadyCap REIT (In Thousands) 2013-01, LLC 2011-SBC1 (a) 2015-SBC4 (b) Lending, LLC Subsidiaries (c) Total Alabama $ — $ — $ — $ $ — $ California — — — — Connecticut — — — — Florida — Georgia — — — — Illinois — — — — Indiana — — — — Kansas — — — — Michigan — — — — Minnesota — — — — Missouri — — — — New Hampshire — — — — New Jersey — — — New York — — — — North Carolina — — — — Rhode Island — — — — Tennessee — — — — Texas — — — Total $ $ $ $ $ $ (a) Waterfall Victoria Mortgage Trust 2011-SBC1 is a grantor trust securitization completed by the Company in 2011 (b) Sutherland Commercial Mortgage Loans 2015-SBC4 is a grantor trust securitization completed by the Company in 2015 (c) Other TRSs include 435 Clark Rd, LLC and SAMC 2016-01, LLC Other Taxable December 31, 2015 SAMC REO WVMT WVMT SCML ReadyCap REIT (In Thousands) 2013‑01, LLC 2011‑SBC1 (a) 2011-SBC3 (b) 2015-SBC4 (c) Lending, LLC Subsidiaries (d) Total California $ $ — $ — $ — $ — $ — $ Connecticut — — — — — Florida — — — Georgia — — — — — Illinois — — — — — Indiana — — — — Kansas — — — — — Kentucky — — — — — Michigan — — — — — Missouri — — — — New Hampshire — — — — — New Jersey — — — — — New York — — — — — North Carolina — — — — Rhode Island — — — — Tennessee — — — — — Texas — — — — Virginia — — — — — Total $ $ $ $ $ $ $ (a) Waterfall Victoria Mortgage Trust 2011-SBC1 is a grantor trust securitization completed by the Company in 2011 (b) Waterfall Victoria Mortgage Trust 2011-SBC3 is a grantor trust securitization completed by the Company in 2011 (c) Sutherland Commercial Mortgage Loans 2015-SBC4 is a grantor trust securitization completed by the Company in 2015 Other TRSs include 435 Clark Rd,LLC

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	9 Months Ended
	Sep. 30, 2016
Mortgage Backed Securities
Schedule of information about the Company's MBS portfolio	The following table presents certain information about the Company’s MBS portfolio as of September 30, 2016. Weighted Weighted Average Gross Gross Average Interest Principal Amortized Unrealized Unrealized (In Thousands) Maturity (a) Rate (a) Balance Cost Fair Value Gains Losses MBS Commercial Loans 10/2033 % $ $ $ $ $ Tax Liens 02/2031 — Total % $ $ $ $ $ (a) Weighted based on current principal balance The following table presents certain information about the Company’s MBS portfolio as of December 31, 2015. Weighted Weighted Average Gross Gross Average Interest Principal Amortized Unrealized Unrealized (In Thousands) Maturity (a) Rate (a) Balance Cost Fair Value Gains Losses MBS Commercial Loans 08/2041 % $ $ $ $ $ Tax Liens 02/2031 — — Total % $ $ $ $ $ (a) Weighted based on current principal balance
Schedule of information about the maturity of the Company's MBS portfolio	The following table presents certain information about the maturity of the Company’s MBS portfolio as of September 30, 2016. Weighted Average Interest Principal Amortized Estimated (In Thousands) Rate (a) Balance Cost Fair Value Within one year — % $ — $ — $ — After one year through five years — — — — After five years through ten years After ten years Total % $ $ $ The following table presents certain information about the maturity of the Company’s MBS portfolio as of December 31, 2015. Weighted Average Interest Principal Amortized Estimated (In Thousands) Rate (a) Balance Cost Fair Value Within one year — % $ — $ — $ — After one year through five years — — — — After five years through ten years After ten years Total % $ $ $

Borrowings Under Credit Facil41

Borrowings Under Credit Facilities and Promissory Note Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of characteristics of our credit facilities and promissory note payable	Maximum Facility Size Eligible Assets Maturity Pricing (In Thousands) Lender 1 Specifically Identified Assets June 2017 LIBOR + 3.5% and LIBOR + 2.5% $ 250,000 Lender 2 Specifically Identified Assets September 2017 LIBOR + 1.75% $ 50,000 Lender 3 Specifically Identified Assets June 2021 2.75% $ 9,164 Pledged Assets Carrying Value at Carrying Value at September 30, December 31, September 30, December 31, (In Thousands) 2016 2015 2016 2015 Lender 1 $ $ $ $ Lender 2 — — Lender 3 — — Total $ $ $ $
Lender 1
Schedule of carrying value of the Company's collateral pledged with respect to borrowings under credit facilities outstanding	The following table presents the carrying value of the Company’s collateral pledged with respect to our borrowings under credit facilities outstanding with Lender 1 as of September 30, 2016. Weighted Total Average Current Number of Weighted Remaining Principal Carrying (In Thousands for Total Current Principal Balance and Carrying Value) Loans Average Rate Term Balance Value 0 – 500k % $ $ 500k – 1mm 1mm – 1.5mm 1.5mm – 2mm 2mm – 2.5mm Greater than 2.5mm Total % $ $ The following tables present the carrying value of the Company’s collateral pledged with respect to our borrowings under credit facilities outstanding with Lender 1 as of December 31, 2015. Weighted Total Average Current Number of Weighted Remaining Principal Carrying (In Thousands for Total Current Principal Balance and Carrying Value) Loans Average Rate Term Balance Value 0 – 500k % $ $ 500k – 1mm 1mm – 1.5mm 1.5mm – 2mm 2mm – 2.5mm Greater than 2.5mm Total % $ $
Lender 2
Schedule of carrying value of the Company's collateral pledged with respect to borrowings under credit facilities outstanding	The following table presents the carrying value of the Company’s collateral pledged with respect to our borrowings under credit facilities outstanding with Lender 2 as of September 30, 2016. Weighted Total Average Current Number of Weighted Remaining Principal Carrying (In Thousands for Total Current Principal Balance and Carrying Value) Loans Average Rate Term Balance Value 500k – 1mm % $ 1mm – 1.5mm 1.5mm – 2mm Greater than 2.5mm Total % $ $
Lender 3
Schedule of carrying value of collateral pledged on promissory note payable outstanding	The following table presents the carrying value of the Company’s collateral pledged with respect to our promissory note payable outstanding with Lender 3 as of September 30, 2016. Weighted Total Average Current Number of Weighted Remaining Principal Carrying (In Thousands for Total Current Principal Balance and Carrying Value) Loans Average Rate Term Balance Value 0 – 500k % $ $ 500k – 1mm Greater than 2.5mm Total % $ $

Servicing Rights (Tables)

Servicing Rights (Tables)	9 Months Ended
	Sep. 30, 2016
Servicing Rights
Schedule of servicing rights	Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Beginning net carrying amount $ $ $ $ Additions due to loans sold, servicing retained — — Amortization Impairment Ending net carrying value $ $ $ $
Schedule of future amortization expense for the servicing rights	(In Thousands) September 30, 2016 December 31, 2015 2016 $ $ 2017 2018 2019 2020 2021 Thereafter Total $ $
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	(In Thousands) September 30, 2016 December 31, 2015 Default rate 10% adverse change $ $ 20% adverse change Prepayment rate 10% adverse change 20% adverse change Discount rate 10% adverse change 20% adverse change

Offsetting Assets and Liabili43

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Offsetting Assets and Liabilities
Schedule of effect of offsetting recognized assets	The following table provides disclosure regarding the effect of offsetting of the Company’s recognized assets presented in the consolidated balance sheet as of September 30, 2016: Gross Assets Amounts Presented in Gross Amounts Not Offset in the Consolidated Gross Offset in the the Balance Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Financial Collateral (In Thousands) Assets Sheets Sheets Instruments Received Net Amount Credit default swaps $ $ — $ $ — $ — $ Total $ $ — $ $ — $ — $ The following table provides disclosure regarding the effect of offsetting of the Company’s recognized assets presented in the consolidated balance sheet as of December 31, 2015: Gross Assets Amounts Presented in Gross Amounts Not Offset in the Consolidated Gross Offset in the the Balance Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Financial Collateral (In Thousands) Assets Sheets Sheets Instruments Received Net Amount Credit Default Swaps $ $ — $ $ — $ — $ Total $ $ — $ $ — $ — $
Schedule of effect of offsetting recognized liabilities	The following table provides disclosure regarding the effect of offsetting of the Company’s recognized liabilities presented in the consolidated balance sheet as of September 30, 2016: Gross Liabilities Amounts Presented in Gross Amounts Not Offset in the Consolidated Gross Offset in the the Balance Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Financial Collateral (In Thousands) Liabilities Sheets Sheets Instruments Paid Net Amount Interest rate swaps $ $ — $ $ — $ $ — Borrowings under repurchase agreements — — Borrowings under credit facilities — — — Total $ $ — $ $ $ $ — The following table provides disclosure regarding the effect of offsetting of the Company’s recognized liabilities presented in the consolidated balance sheet as of December 31, 2015: Liabilities Gross Presented in Gross Amounts Not Offset in the Consolidated Gross Amounts the Balance Sheets Amounts of Offset in the Consolidated Cash Recognized Consolidated Balance Financial Collateral (In Thousands) Liabilities Balance Sheets Sheets Instruments Paid Net Amount Interest Rate Swaps $ $ — $ $ — $ $ — Borrowings under repurchase agreements — — Borrowings under credit facilities — — — Total $ $ — $ $ $ $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments
Summarized the Company's derivatives	The following table summarized the Company’s derivatives as of and for the three and nine months ended September 30, 2016. As of September 30, 2016 Asset Liability Notional Derivatives Derivatives (In Thousands) Primary Underlying Risk Amount Fair Value Fair Value Credit Default Swaps Credit Risk $ $ $ — Interest Rate Swaps Interest rate risk — Total $ $ $ Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Net Change in Net Change in Net Realized Unrealized Net Realized Unrealized (In Thousands) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Credit Default Swaps $ — $ $ — $ Interest Rate Swaps Total $ $ $ $ As of December 31, 2015 there was one open credit default swap contract and nine open interest rate swap contracts with counterparties. The following table summarized the Company’s derivatives as of December 31, 2015 and for the three and nine months ended September 30, 2015. As of December 31, 2015 Asset Liability Notional Derivatives Derivatives (In Thousands) Primary Underlying Risk Amount Fair Value Fair Value Credit Default Swaps Credit Risk $ $ $ – Interest Rate Swaps Interest rate risk – Total $ $ $ Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Net Change in Net Change in Net Realized Unrealized Net Realized Unrealized (In Thousands) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Credit Default Swaps $ — $ $ — $ Interest Rate Swaps Total $ $ $ $

Borrowings Under Repurchase A45

Borrowings Under Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2016
Borrowings Under Repurchase Agreements
Schedule of repurchase agreements including certain characteristics and maturity information	The following table presents certain characteristics of our repurchase agreements at September 30, 2016: Weighted Weighted Repurchase Average Average Agreement Borrowing Remaining (In Thousands) Borrowings Rate Maturity (days) Securities financed: Short term investments $ % Loans, held-for-investment / Loans, held at fair value Mortgage backed securities Total securities financed $ % The following table presents certain characteristics of our repurchase agreements at December 31, 2015: Weighted Weighted Repurchase Average Average Agreement Borrowing Remaining (In Thousands) Borrowings Rate Maturity (days) Securities financed: Short term investments $ % Loans, held-for-investment / Loans, held at fair value Mortgage backed securities Total securities financed $ %
Schedule of contractual maturity information about borrowings under repurchase agreements	September 30, 2016 December 31, 2015 Weighted Weighted Balance Average Balance Average Time Until Contractual Maturity (In Thousands) Interest Rate (In Thousands) Interest Rate Within 30 days $ % $ % Over 30 days to 60 days — — Over 60 days to 90 days Over 90 days to 120 days — — — — Over 120 days to 360 days Over 360 days Total $ % $ %
Schedule of carry value or fair value of collateral positions pledged with respect to borrowings under repurchase agreements	The following table presents the carry value or fair value of collateral positions the Company pledged with respect to the Company’s borrowings under repurchase agreements at September 30, 2016: Fair Value of Assets Assets Pledged Pledged at Amortized Accrued and Accrued (In Thousands) Fair Value Cost Interest Interest Collateral pledged: Short term investments $ $ $ — $ Loans, held-for-investment / Loans, held at fair value Mortgage backed securities Retained interest in assets of consolidated VIEs Total collateral pledged $ $ $ $ The following table presents the carry value or fair value of collateral positions the Company pledged with respect to the Company’s borrowings under repurchase agreements at December 31, 2015: Fair Value of Assets Assets Pledged Pledged at Amortized Accrued and Accrued (In Thousands) Fair Value Cost Interest Interest Collateral pledged: Short term investments $ $ $ — $ Loans, held-for-investment / Loans, held at fair value Mortgage backed securities Retained interest in assets of consolidated VIEs Total collateral pledged $ $ $ $

Guaranteed Loan Financing (Tabl

Guaranteed Loan Financing (Tables)	9 Months Ended
	Sep. 30, 2016
Guaranteed Loan Financing
Schedule of guaranteed loan financing and the related interest rates and maturity dates	Weighted Range of Average Interest Range of (In Thousands) Interest Rate Rates Maturities (Years) Ending Balance September 30, 2016 % 1.28 – 6.99 % 2016 - 2038 $ December 31, 2015 % 1.03 – 6.99 % 2016 - 2038 $
Summary of contractual maturities of total guaranteed loan financing outstanding	(In Thousands) September 30, 2016 December 31, 2015 2016 2017 2018 2019 2020 2021 Thereafter Total $ $

Repair and Denial Reserve (Tabl

Repair and Denial Reserve (Tables)	9 Months Ended
	Sep. 30, 2016
Repair and Denial Reserve.
Schedule of repair and denial reserve activity	Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (In Thousands) September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Beginning balance $ $ $ $ Increase/(Release) of repair and denial reserve (a) Ending balance $ $ $ $ (a)

Other Asset and Other Liabili48

Other Asset and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Other Asset and Other Liabilities
Schedule of other assets and other liabilities	(In Thousands) September 30, 2016 December 31, 2015 Other assets: Prepaid technology expense Prepaid taxes — Fixed assets Prepaid insurance expense Security deposits Deferred tax asset Other Total other assets $ $ Other liabilities: Servicing principal and interest payable $ $ Unapplied cash Accrued professional fees Accounts payable on liability under participation agreements Interest payable Accrued tax liability — Cash held as collateral Other Total other liabilities $ $

Other Income and Operating Ex49

Other Income and Operating Expenses (Tables)	9 Months Ended
	Sep. 30, 2016
Other Income and Operating Expenses
Schedule of other income and operating expenses	For the Three Months Ended September 30, For the Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Other income Origination income (Increase)/Release of repair and denial reserve Other Total other income $ $ $ $ Operating expenses Acquisition costs Technology expense Rent expense Origination costs Recruiting, training and travel expenses Marketing expense Insurance expense Charge off of real estate acquired in settlement of loans Other Total operating expenses $ $ $ $

Use of Special Purpose Entiti50

Use of Special Purpose Entities (Tables) - VIEs	9 Months Ended
	Sep. 30, 2016
Summary of information on securitized debt obligations of consolidated VIEs	September 30, 2016 December 31, 2015 Current Weighted Current Weighted Principal Carrying Average Principal Carrying Average (In Thousands) Balance value Interest Rate Balance value Interest Rate Waterfall Victoria Mortgage Trust 2011-SBC2 Sutherland Commercial Mortgage Loans 2015-SBC4 ReadyCap Commercial Mortgage Trust 2014-1 ReadyCap Commercial Mortgage Trust 2015-2 ReadyCap Lending Small Business Trust 2015-1 Total $ $ % $ $ %
Consolidated balance sheets of VIEs	(In Thousands) September 30, 2016 December 31, 2015 Assets: Cash and cash equivalents $ $ Restricted cash Loans, held-for-investment Real estate acquired in settlement of loans Accrued interest Due from servicers Total assets Liabilities: Securitized debt obligations of consolidated VIEs Accounts payable and other accrued liabilities Total liabilities Equity $ $
Consolidated statements of income of VIEs	Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Interest income Loans, held-for-investment $ $ $ $ Total interest income Interest expense Securitized debt obligations Total interest expense Net interest income before provision for loan losses Provision for loan losses Net interest income after provision for loan losses Other income (expense) Other income Loan servicing expense Professional fees — Operating expenses Total other income (expense) Realized gain (loss) Loans, held-for-investment Real estate acquired in settlement of loans — Securitized debt obligations Total realized gain Net Income (loss) $ $ $ $

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity
Schedule of information with respect to shares of our preferred stock issued through our Private Offering	Share Issue Date (In Thousands, Number Par Value Per Value of Additional Non ‑ Controlling except share data) of Shares per Share Shares Issued Paid-in-Capital Interests Net Proceeds January 30, 2014 – Preferred Offering $ $ $ $ — $
Schedule of cash dividends declared by our board of directors	Dividend per Declaration Date Record Date Payment Date Share May 23, 2014 June 5, 2014 June 17, 2014 $ August 28, 2014 September 10, 2014 September 24, 2014 $ November 13, 2014 November 26, 2014 December 10, 2014 $ December 23, 2014 December 31, 2014 January 21, 2015 $ May 27, 2015 June 10, 2015 June 24, 2015 $ August 21, 2015 August 28, 2015 September 11, 2015 $ November 13, 2015 November 27, 2015 December 11, 2015 $ December 31, 2015 December 31, 2015 January 29, 2016 $ May 20, 2016 June 3, 2016 June 17, 2016 $ August 23, 2016 September 2, 2016 September 16, 2016 $

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings per Common Share
Schedule of reconciliation of both net income and the number of common shares	Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Basic earnings per common share: Net income from continued operations $ $ $ $ Income (loss) from discontinued operations — Less: Non-controlling interest Net income (loss) allocated to common shareholders $ $ $ $ Basic weighted average common shares outstanding Earnings (loss) per share Continuing operations $ $ $ $ Discontinued operations $ — $ $ $

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting
Schedule of segment reporting information	Reportable segments for the three months ended September 30, 2016 are summarized in the below table. SBA Loan Investment New Loan Origination (In Thousands) Activities Origination and Servicing Consolidated Interest income Loans, held-for-investment $ $ Loans, held at fair value — Loans, held for sale, at fair value — — Mortgage backed securities, at fair value — — Total interest income Interest expense Borrowings under credit facilities Promissory note payable — — Securitized debt obligations — Borrowings under repurchase agreements — Guaranteed loan financing — — Total interest expense Net interest income before provision for loan losses Provision for loan losses — Net interest income after provision for loan losses Other income (expense) Other income (expense) Servicing income Employee compensation and benefits Allocated employee compensation and benefits from related party Professional fees Management fees – related party Loan servicing expense Operating expenses Total other income (expense) Net realized gain on financial instruments Net unrealized gain on financial instruments — Net income before income tax provisions Provisions for income taxes Net income $ $ $ $ Less: Net income attributable to non-controlling interests Net income attributable to Sutherland Asset Management Corporation $ Total Assets $ $ $ $ Reportable segments for the nine months ended September 30, 2016 are summarized in the below table. SBA Loan Investment New Loan Origination (In Thousands) Activities Origination and Servicing Consolidated Interest income Loans, held-for-investment $ $ Loans, held at fair value — Loans, held for sale, at fair value — — Mortgage backed securities, at fair value — — Total interest income Interest expense Borrowings under credit facilities Promissory note payable — — Securitized debt obligations — Borrowings under repurchase agreements — Guaranteed loan financing — — Total interest expense Net interest income before provision for loan losses Provision for loan losses — Net interest income after provision for loan losses Other income (expense) Other income Servicing income Employee compensation and benefits Allocated employee compensation and benefits from related party Professional fees Management fees – related party Loan servicing (expense) income Operating expenses Total other income (expense) Net realized gain (loss) on financial instruments Net unrealized gain on financial instruments — Net income (loss) before income tax provisions Provisions for income taxes Net income (loss) from continuing operations $ $ $ $ Loss from discontinued operations Net income $ Less: Net income attributable to non-controlling interests Net income attributable to Sutherland Asset Management Corporation $ Total Assets $ $ $ $ Reportable segments for the three months ended September 30, 2015 are summarized in the below table. SBA Loan Investment New Loan Origination (In Thousands) Activities Origination and Servicing Consolidated Interest income Loans, held-for-investment $ $ $ $ Loans, held at fair value — Loans, held for sale, at fair value — — Mortgage backed securities, at fair value — — Total interest income Interest expense Borrowings under credit facilities — Securitized debt obligations of consolidated VIEs — Borrowings under repurchase agreements — Guaranteed loan financing — — Total interest expense Net interest income before provision for loan losses Provision for loan losses — Net interest income after provision for loan losses Other income (expense) Other income Servicing income Employee compensation and benefits — Allocated employee compensation and benefits from related party Professional fees Management fees – related party Incentive fees – related party Loan servicing (expense) income Operating expenses Total other income (expense) Net realized gain on financial instruments Net unrealized gain (loss) on financial instruments — Net income before income tax provisions Provisions for income taxes — Net income from continuing operations Gain from discontinued operations Net income $ Less: Net income attributable to non-controlling interests Net income attributable to Sutherland Asset Management Corporation $ Total Assets $ $ $ $ Reportable segments for the nine months ended September 30, 2015 are summarized in the below table. SBA Loan Investment New Loan Origination (In Thousands) Activities Origination and Servicing Consolidated Interest income Loans, held-for-investment $ $ $ $ Loans, held at fair value Loans, held for sale, at fair value — — Mortgage backed securities, at fair value — — Total interest income Interest expense Borrowings under credit facilities — Securitized debt obligations of consolidated VIEs — Borrowings under repurchase agreements — Guaranteed loan financing — — Total interest expense Net interest income before provision for loan losses Provision for loan losses — Net interest income after provision for loan losses Other income (expense) Other income Servicing income Employee compensation and benefits — Allocated employee compensation and benefits from related party Professional fees Management fees – related party Incentive fees – related party Loan servicing (expense) income Operating expenses Total other income (expense) Net realized gain (loss) on financial instruments Net unrealized gain (loss) on financial instruments — Net income (loss) before income tax provisions Provisions for income taxes — Net income (loss) from continuing operations Gain from discontinued operations Net income $ Less: Net income attributable to non-controlling interests Net income attributable to Sutherland Asset Management Corporation $ Total Assets $ $ $ $

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations
Schedule of reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued segment	The following is a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued segment that are separately presented on the consolidated balance sheets. (In Thousands) September 30, 2016 December 31, 2015 Assets: Cash and cash equivalents $ — $ Other assets: Sales commission receivable — Fixed assets — Prepaid insurance expense — Security deposit — Other — Goodwill — Total Assets $ — $ Liabilities: Accrued salaries, wages and commissions — Accounts payable and other accrued liabilities Contingent liabilities related to business combinations — Other — Total Liabilities $ — $ The primary components of discontinued operations are detailed in the table below: Three Months Ended September 30, Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Other income (expense) Commission income — Property management income — Other — Total other income — Employee compensation and benefits — Professional fees — Allocated employee compensation from related party — — Management fees – related party — — Incentive fees – related party — — Operating expenses Commission expense — Technology expense — Rent expense — Tax expense — Recruiting, training, and travel expenses — — — Marketing expense — Other — Total other operating expenses — Gain on sale — — — Loss before income tax benefit — Income tax benefit — Gain (loss) on discontinued operations presented on the statements of income $ — $ $ $

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2016item
Ownership percentage	91.90%
Number of reportable segments	3
Minimum
Percentage of taxable income distributed in the form of qualifying distributions	90.00%

Summary of Significant Accoun56

Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)itemshares	Dec. 31, 2015USD ($)shares
Number of days loans must be delinquent to be placed on nonaccrual status	90 days
Due from servicers	$ 18,400	$ 20,300
Number of securitization transactions | item	7
Number of repurchase agreements accounted for as components of linked transactions | item	0
Diluted securities outstanding | shares	0	0
Unrecognized accrued taxes, interest and penalties	$ 0	$ 0
Borrowings under credit facilities | Maximum
Maturity period	2 years
Promissory note | Maximum
Maturity period	5 years
Restricted Cash
Cash collateral	$ 7,700	5,300
Level 1
Amount in money market funds	600	600
Sutherland
Due from servicers	$ 14,893	$ 14,208

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair value
Fair value option of commercial mortgage loans	$ 256,900	$ 155,100
Assets:
Cash held in money market funds	631	631
Short term investments	249,997	249,989
Loans, held for sale, at fair value	23,314
Loans, held at fair value	233,618	155,134
Mortgage backed securities, at fair value	34,812	213,504
Derivative instruments, at fair value	363	723
Total assets	542,735	619,981
Liabilities:
Derivative instruments, at fair value	3,415	1,499
Total liabilities	3,415	1,499
Recurring basis | Level 1
Assets:
Cash held in money market funds	631	631
Short term investments	249,997	249,989
Total assets	250,628	250,620
Recurring basis | Level 2
Assets:
Derivative instruments, at fair value	363	723
Total assets	363	723
Liabilities:
Derivative instruments, at fair value	3,415	1,499
Total liabilities	3,415	1,499
Recurring basis | Level 3
Assets:
Loans, held for sale, at fair value	23,314
Loans, held at fair value	233,618	155,134
Mortgage backed securities, at fair value	34,812	213,504
Total assets	$ 291,744	$ 368,638

Fair Value Measurements - Chang

Fair Value Measurements - Changes in FV of MBS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Loans, held at fair value
Changes in fair value
Beginning Balance	$ 212,920	$ 322,642	$ 155,134	$ 170,014	$ 170,014
Realized gains (losses), net	853	1,131	3,648	1,354
Unrealized gains, net	1,969	3,913	3,592	7,257
Originations	100,041	97,238	288,846	268,067
Sales	(41,422)	(62,859)	(171,516)	(79,120)
Principal payments	(17,429)	(1,315)	(22,772)	(6,822)
Ending Balance	256,932	360,750	256,932	360,750	155,134
Total change in unrealized gain (loss)			4,100		3,000
MBS
Changes in fair value
Beginning Balance	27,013	208,325	213,504	158,422	158,422
Accreted discount (amortized premium), net	64	(21)	145	(56)
Realized gains (losses), net	157	(3)	(3,396)	(421)
Unrealized gains, net	664	(1,301)	4,318	(782)
Purchases	8,844	621	17,388	62,666
Sales / Principal payments	(1,930)	(2,629)	(197,147)	(14,837)
Ending Balance	$ 34,812	$ 204,992	34,812	$ 204,992	213,504
Total change in unrealized gain (loss)			$ 600		$ (4,500)

Fair Value Measurements - Trans

Fair Value Measurements - Transfers between Levels (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair value, assets
Transfers of assets to or from Level 3	$ 0	$ 0
Transfers of assets to or from Level 1	0	0
Transfers of assets to or from Level 2	0	0
Fair value, liabilities
Transfers of liability to or from Level 3	0	0
Transfers of liability to or from Level 1	0	0
Transfers of liability to or from Level 2	$ 0	$ 0

Fair Value Measurements - Valua

Fair Value Measurements - Valuation and Inputs, at FV (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair value inputs, quantitative information
Asset, fair value	$ 542,735	$ 619,981
Loans, held at fair value | Non-recurring | Level 3 | Discounted Cash Flow
Fair value inputs, quantitative information
Asset, fair value	$ 233,618	$ 155,134
Loans, held at fair value | Non-recurring | Level 3 | Discounted Cash Flow | Minimum
Fair value inputs, quantitative information
Price Range	$ 97.49	$ 98.09
Loans, held at fair value | Non-recurring | Level 3 | Discounted Cash Flow | Maximum
Fair value inputs, quantitative information
Price Range	105	105
Loans, held at fair value | Non-recurring | Level 3 | Discounted Cash Flow | Weighted Average
Fair value inputs, quantitative information
Price Range	$ 103.43	$ 103.17
Loans, held for sale, at fair value | Non-recurring | Level 3 | Discounted Cash Flow
Fair value inputs, quantitative information
Asset, fair value	$ 23,314
Loans, held for sale, at fair value | Non-recurring | Level 3 | Discounted Cash Flow | Minimum
Fair value inputs, quantitative information
Price Range	$ 98.28
Loans, held for sale, at fair value | Non-recurring | Level 3 | Discounted Cash Flow | Maximum
Fair value inputs, quantitative information
Price Range	105
Loans, held for sale, at fair value | Non-recurring | Level 3 | Discounted Cash Flow | Weighted Average
Fair value inputs, quantitative information
Price Range	$ 102.66
MBS | Non-recurring | Level 3 | Broker Quotes
Fair value inputs, quantitative information
Asset, fair value	$ 32,260	$ 210,892
MBS | Non-recurring | Level 3 | Broker Quotes | Minimum
Fair value inputs, quantitative information
Price Range	$ 0.75	$ 22.55
MBS | Non-recurring | Level 3 | Broker Quotes | Maximum
Fair value inputs, quantitative information
Price Range	100.95	102.50
MBS | Non-recurring | Level 3 | Broker Quotes | Weighted Average
Fair value inputs, quantitative information
Price Range	$ 74.92	$ 100.61
MBS | Non-recurring | Level 3 | Transaction Price
Fair value inputs, quantitative information
Asset, fair value	$ 2,552	$ 2,612
MBS | Non-recurring | Level 3 | Transaction Price | Minimum
Fair value inputs, quantitative information
Price Range	$ 100.75	$ 100
MBS | Non-recurring | Level 3 | Transaction Price | Maximum
Fair value inputs, quantitative information
Price Range	100.75	100
MBS | Non-recurring | Level 3 | Transaction Price | Weighted Average
Fair value inputs, quantitative information
Price Range	$ 100.75	$ 100

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities, Not at FV (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets:
Servicing rights	$ 23,351	$ 24,390	$ 27,250	$ 30,286	$ 33,141	$ 36,725
Total assets	542,735		619,981
Liabilities:
Promissory note payable	9,040
Total liabilities	3,415		1,499
Carrying Value | Level 3
Assets:
Loans, held-for-investment	1,467,322		1,560,938
Servicing rights	23,351		27,250
Total assets	1,490,673		1,588,188
Liabilities:
Borrowings under credit facilities	228,000		175,306
Promissory note payable	9,040
Securitized debt obligations of consolidated VIEs	374,816		461,522
Guaranteed loan financing	415,417		499,187
Liabilities under participation agreements	2,803		3,700
Borrowings under repurchase agreements	581,773		644,137
Total liabilities	1,611,849		1,783,852
Fair Value | Level 3
Assets:
Loans, held-for-investment	1,542,057		1,651,846
Servicing rights	24,592		27,260
Total assets	1,566,649		1,679,106
Liabilities:
Borrowings under credit facilities	228,000		175,306
Promissory note payable	9,040
Securitized debt obligations of consolidated VIEs	384,261		455,616
Guaranteed loan financing	437,250		524,368
Liabilities under participation agreements	3,514		4,285
Borrowings under repurchase agreements	581,773		644,137
Total liabilities	$ 1,643,838		$ 1,803,712

Fair Value Measurements - Val62

Fair Value Measurements - Valuation and Inputs, Not at FV (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets:
Servicing rights	$ 23,351	$ 27,250	$ 24,390	$ 30,286	$ 33,141	$ 36,725
Liabilities:
Valuation allowance for real estate acquired in settlement of loans	7,600	2,600
Discounted Cash Flow | Level 3 | Guaranteed loan financing
Liabilities:
Guaranteed loan financing	$ 437,250	$ 524,368
Discounted Cash Flow | Level 3 | Guaranteed loan financing | Minimum
Liabilities:
Price Range	$ 95.98	$ 96.20
Discounted Cash Flow | Level 3 | Guaranteed loan financing | Maximum
Liabilities:
Price Range	111.64	111.31
Discounted Cash Flow | Level 3 | Guaranteed loan financing | Weighted Average
Liabilities:
Price Range	$ 103.55	$ 103.35
Discounted Cash Flow | Level 3 | Liabilities under participation agreements
Liabilities:
Liabilities under participation agreements	$ 3,514	$ 4,285
Discounted Cash Flow | Level 3 | Liabilities under participation agreements | Minimum
Liabilities:
Price Range	$ 0	$ 0
Discounted Cash Flow | Level 3 | Liabilities under participation agreements | Maximum
Liabilities:
Price Range	118.67	231.37
Discounted Cash Flow | Level 3 | Liabilities under participation agreements | Weighted Average
Liabilities:
Price Range	$ 77.30	$ 80.33
Discounted Cash Flow | Level 3 | Loans held for investment
Assets:
Loans, held-for-investment	$ 1,542,057	$ 1,651,846
Discounted Cash Flow | Level 3 | Loans held for investment | Minimum
Liabilities:
Price Range	$ 0	$ 0
Discounted Cash Flow | Level 3 | Loans held for investment | Maximum
Liabilities:
Price Range	132.94	231.37
Discounted Cash Flow | Level 3 | Loans held for investment | Weighted Average
Liabilities:
Price Range	$ 89.65	$ 97.88
Discounted Cash Flow | Level 3 | Servicing rights
Assets:
Servicing rights	$ 24,592	$ 27,260
Broker Quotes | Level 3 | Securitized debt obligations, of consolidated VIEs
Liabilities:
Securitized debt obligations of consolidated VIEs	$ 384,261	$ 455,616
Broker Quotes | Level 3 | Securitized debt obligations, of consolidated VIEs | Minimum
Liabilities:
Price Range	$ 96.88	$ 81.04
Broker Quotes | Level 3 | Securitized debt obligations, of consolidated VIEs | Maximum
Liabilities:
Price Range	103.59	102
Broker Quotes | Level 3 | Securitized debt obligations, of consolidated VIEs | Weighted Average
Liabilities:
Price Range	$ 100.37	$ 98.05
Transaction Price | Level 3 | Borrowings under credit facilities
Liabilities:
Borrowings under credit facilities	$ 228,000	$ 175,306
Transaction Price | Level 3 | Borrowings under repurchase agreements
Liabilities:
Borrowings under repurchase agreements	$ 581,773	$ 644,137

Loans (Details)

Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Originated and acquired loans
Originated amount in unpaid principal balance	$ 153.6	$ 122.8	$ 415.8	$ 295.7
Acquired amount in unpaid principal balance	$ 28.5	$ 1.9	$ 91.9	$ 59

Loans - Classification and Unpa

Loans - Classification and Unpaid Principal Balance (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Unpaid principal balance
Loans, Held-for-investment	$ 1,603,666	$ 1,730,557
Loans, Held at fair value and Held for sale, at fair value	225,871	150,374
Total loans	1,829,537	1,880,931
Operating Partnership
Unpaid principal balance
Loans, Held-for-investment	936,034	905,916
Loans, Held at fair value and Held for sale, at fair value	27,420	31,944
Total loans	963,454	937,860
ReadyCap
Unpaid principal balance
Loans, Held-for-investment	13,905	37,025
Loans, Held at fair value and Held for sale, at fair value	198,451	118,430
Total loans	212,356	155,455
Lending
Unpaid principal balance
Loans, Held-for-investment	653,727	787,616
Total loans	$ 653,727	$ 787,616

Loans - Classification and Carr

Loans - Classification and Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying value
Loans, held-for-investment	$ 1,467,322	$ 1,560,938
Loans, held at fair value and held for sale, at fair value	256,932	155,134
Total loans	1,724,254	1,716,072
Operating Partnership
Carrying value
Loans, held-for-investment	878,708	836,244
Loans, held at fair value and held for sale, at fair value	27,793	32,655
Total loans	906,501	868,899
ReadyCap
Carrying value
Loans, held-for-investment	13,852	37,979
Loans, held at fair value and held for sale, at fair value	229,139	122,479
Total loans	242,991	160,458
Lending
Carrying value
Loans, held-for-investment	574,762	686,715
Total loans	574,762	686,715
Sutherland
Carrying value
Loans, held-for-investment	$ 923,465	$ 927,218

Loans - Geographic and Collater

Loans - Geographic and Collateral Concentration (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Loans held for investment
Concentration risk
Percentage of loan	100.00%	100.00%
Loans held for investment | TEXAS
Concentration risk
Percentage of loan	14.20%	13.60%
Loans held for investment | CALIFORNIA
Concentration risk
Percentage of loan	13.40%	10.80%
Loans held for investment | FLORIDA
Concentration risk
Percentage of loan	10.00%	9.90%
Loans held for investment | NEW YORK
Concentration risk
Percentage of loan	6.70%	8.00%
Loans held for investment | ARIZONA
Concentration risk
Percentage of loan	5.60%	6.10%
Loans held for investment | GEORGIA
Concentration risk
Percentage of loan	4.80%	5.10%
Loans held for investment | NORTH CAROLINA
Concentration risk
Percentage of loan	4.10%	4.40%
Loans held for investment | VIRGINIA
Concentration risk
Percentage of loan	3.30%	3.60%
Loans held for investment | PENNSYLVANIA
Concentration risk
Percentage of loan	2.50%	2.40%
Loans held for investment | NEW JERSEY
Concentration risk
Percentage of loan	2.30%	2.50%
Loans held for investment | Other
Concentration risk
Percentage of loan	33.10%	33.60%
Geographical concentration | Loans held at fair value
Concentration risk
Percentage of loan	100.00%	100.00%
Geographical concentration | Loans held at fair value | TEXAS
Concentration risk
Percentage of loan	13.50%	16.40%
Geographical concentration | Loans held at fair value | CALIFORNIA
Concentration risk
Percentage of loan	13.20%	17.30%
Geographical concentration | Loans held at fair value | FLORIDA
Concentration risk
Percentage of loan	13.90%	19.90%
Geographical concentration | Loans held at fair value | NEW YORK
Concentration risk
Percentage of loan	8.50%	7.80%
Geographical concentration | Loans held at fair value | ARIZONA
Concentration risk
Percentage of loan	5.80%	1.90%
Geographical concentration | Loans held at fair value | GEORGIA
Concentration risk
Percentage of loan	7.10%	9.60%
Geographical concentration | Loans held at fair value | ILLINOIS
Concentration risk
Percentage of loan	6.30%	4.30%
Geographical concentration | Loans held at fair value | OHIO
Concentration risk
Percentage of loan	5.40%	1.70%
Geographical concentration | Loans held at fair value | COLORADO
Concentration risk
Percentage of loan	5.30%	2.10%
Geographical concentration | Loans held at fair value | INDIANA
Concentration risk
Percentage of loan	4.20%	1.70%
Geographical concentration | Loans held at fair value | Other
Concentration risk
Percentage of loan	16.80%	17.30%
Collateral concentration | Loans held for investment
Concentration risk
Percentage of loan	100.00%	100.00%
Collateral concentration | Loans held for investment | SBA
Concentration risk
Percentage of loan	40.80%	45.50%
Percentage of SBA loan	100.00%	100.00%
Collateral concentration | Loans held for investment | SBA | Child Day Care Services
Concentration risk
Percentage of SBA loan	14.30%	15.10%
Collateral concentration | Loans held for investment | SBA | Hotels, Motels, and Tourist Courts
Concentration risk
Percentage of SBA loan	11.10%	10.40%
Collateral concentration | Loans held for investment | SBA | Offices of Dentists
Concentration risk
Percentage of SBA loan	10.70%	10.60%
Collateral concentration | Loans held for investment | SBA | Vets
Concentration risk
Percentage of SBA loan	6.60%	6.30%
Collateral concentration | Loans held for investment | SBA | Eating Places
Concentration risk
Percentage of SBA loan	6.30%	6.70%
Collateral concentration | Loans held for investment | SBA | Offices of Physicians
Concentration risk
Percentage of SBA loan	5.60%	5.00%
Collateral concentration | Loans held for investment | SBA | Grocery Stores
Concentration risk
Percentage of SBA loan	4.50%	4.20%
Collateral concentration | Loans held for investment | SBA | Auto
Concentration risk
Percentage of SBA loan	3.10%	2.90%
Collateral concentration | Loans held for investment | SBA | Accounting, Auditing and Bookkeeping
Concentration risk
Percentage of SBA loan	2.50%	2.50%
Collateral concentration | Loans held for investment | SBA | Gasoline Service Stations
Concentration risk
Percentage of SBA loan	1.80%	1.80%
Collateral concentration | Loans held for investment | SBA | Other
Concentration risk
Percentage of SBA loan	33.50%	34.50%
Collateral concentration | Loans held for investment | Retail
Concentration risk
Percentage of loan	12.80%	10.50%
Collateral concentration | Loans held for investment | Multi-family
Concentration risk
Percentage of loan	12.10%	12.80%
Collateral concentration | Loans held for investment | Office
Concentration risk
Percentage of loan	11.20%	9.10%
Collateral concentration | Loans held for investment | Industrial
Concentration risk
Percentage of loan	6.70%	5.40%
Collateral concentration | Loans held for investment | Lodging
Concentration risk
Percentage of loan	5.70%	6.30%
Collateral concentration | Loans held for investment | Mixed use
Concentration risk
Percentage of loan	4.70%	3.70%
Collateral concentration | Loans held for investment | Other
Concentration risk
Percentage of loan	6.00%	6.70%
Collateral concentration | Loans held at fair value
Concentration risk
Percentage of loan	100.00%	100.00%
Collateral concentration | Loans held at fair value | Retail
Concentration risk
Percentage of loan	25.10%	16.10%
Collateral concentration | Loans held at fair value | Multi-family
Concentration risk
Percentage of loan	24.20%	29.10%
Collateral concentration | Loans held at fair value | Office
Concentration risk
Percentage of loan	32.70%	40.90%
Collateral concentration | Loans held at fair value | Industrial
Concentration risk
Percentage of loan	8.10%	7.40%
Collateral concentration | Loans held at fair value | Mixed use
Concentration risk
Percentage of loan	9.90%	6.50%

Loans - Delinquency (Details)

Loans - Delinquency (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Loan delinquency information
Number of loans held for investment | loan	3,840	4,183
Loans, held-for-investment	$ 1,467,322	$ 1,560,938
Number of loans held and held for sale | loan	88	51
Loans, held at fair value and held for sale, at fair value	$ 256,932	$ 155,134
Number of loans held at fair value | loan	77	51
Loans, Held-for-investment net of specific allowance for loan losses	$ 1,467,741	$ 1,560,938
General allowance for loan losses	419
30-89 Days
Loan delinquency information
Loans, held-for-investment		28,720
Loans, Held-for-investment net of specific allowance for loan losses	27,744
90+ Days
Loan delinquency information
Loans, held-for-investment		$ 39,953
Loans, Held-for-investment net of specific allowance for loan losses	$ 40,161
Fixed-rate loans held for investment
Loan delinquency information
Number of loans held for investment | loan	652	645
Loans, held-for-investment		$ 598,681
Loans, Held-for-investment net of specific allowance for loan losses	$ 531,496
Fixed-rate loans held for investment | 30-89 Days
Loan delinquency information
Loans, held-for-investment		3,320
Loans, Held-for-investment net of specific allowance for loan losses	14,477
Fixed-rate loans held for investment | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 15,569
Loans, Held-for-investment net of specific allowance for loan losses	$ 11,445
Fixed-rate loans held for investment | 0-500k
Loan delinquency information
Number of loans held for investment | loan	427	399
Loans, held-for-investment		$ 52,558
Loans, Held-for-investment net of specific allowance for loan losses	$ 56,770
Fixed-rate loans held for investment | 0-500k | Minimum
Loan delinquency information
Interest rate	0.00%	0.00%
Fixed-rate loans held for investment | 0-500k | Maximum
Loan delinquency information
Interest rate	24.00%	24.00%
Fixed-rate loans held for investment | 0-500k | 30-89 Days
Loan delinquency information
Loans, held-for-investment		$ 3,294
Loans, Held-for-investment net of specific allowance for loan losses	$ 3,003
Fixed-rate loans held for investment | 0-500k | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 8,576
Loans, Held-for-investment net of specific allowance for loan losses	$ 7,695
Fixed-rate loans held for investment | 500k - 1mm
Loan delinquency information
Number of loans held for investment | loan	84	83
Loans, held-for-investment		$ 57,047
Loans, Held-for-investment net of specific allowance for loan losses	$ 59,807
Fixed-rate loans held for investment | 500k - 1mm | Minimum
Loan delinquency information
Interest rate	4.00%	3.99%
Fixed-rate loans held for investment | 500k - 1mm | Maximum
Loan delinquency information
Interest rate	9.90%	9.90%
Fixed-rate loans held for investment | 500k - 1mm | 30-89 Days
Loan delinquency information
Loans, held-for-investment		$ 26
Loans, Held-for-investment net of specific allowance for loan losses	$ 956
Fixed-rate loans held for investment | 500k - 1mm | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 3,876
Loans, Held-for-investment net of specific allowance for loan losses	$ 1,024
Fixed-rate loans held for investment | 1mm - 1.5mm
Loan delinquency information
Number of loans held for investment | loan	34	33
Loans, held-for-investment		$ 40,916
Loans, Held-for-investment net of specific allowance for loan losses	$ 43,033
Fixed-rate loans held for investment | 1mm - 1.5mm | Minimum
Loan delinquency information
Interest rate	4.76%	3.99%
Fixed-rate loans held for investment | 1mm - 1.5mm | Maximum
Loan delinquency information
Interest rate	10.25%	9.78%
Fixed-rate loans held for investment | 1.5mm - 2mm
Loan delinquency information
Number of loans held for investment | loan	30	38
Loans, held-for-investment		$ 67,056
Loans, Held-for-investment net of specific allowance for loan losses	$ 53,574
Fixed-rate loans held for investment | 1.5mm - 2mm | Minimum
Loan delinquency information
Interest rate	3.99%	3.99%
Fixed-rate loans held for investment | 1.5mm - 2mm | Maximum
Loan delinquency information
Interest rate	7.16%	10.25%
Fixed-rate loans held for investment | 1.5mm - 2mm | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 3,117
Loans, Held-for-investment net of specific allowance for loan losses	$ 2,726
Fixed-rate loans held for investment | 2mm - 2.5mm
Loan delinquency information
Number of loans held for investment | loan	24	26
Loans, held-for-investment		$ 59,047
Loans, Held-for-investment net of specific allowance for loan losses	$ 53,554
Fixed-rate loans held for investment | 2mm - 2.5mm | Minimum
Loan delinquency information
Interest rate	4.91%	4.91%
Fixed-rate loans held for investment | 2mm - 2.5mm | Maximum
Loan delinquency information
Interest rate	7.50%	7.50%
Fixed-rate loans held for investment | >2.5mm
Loan delinquency information
Number of loans held for investment | loan	53	66
Loans, held-for-investment		$ 322,057
Loans, Held-for-investment net of specific allowance for loan losses	$ 264,758
Fixed-rate loans held for investment | >2.5mm | Minimum
Loan delinquency information
Interest rate	3.38%	3.38%
Fixed-rate loans held for investment | >2.5mm | Maximum
Loan delinquency information
Interest rate	11.00%	12.01%
Fixed-rate loans held for investment | >2.5mm | 30-89 Days
Loan delinquency information
Loans, Held-for-investment net of specific allowance for loan losses	$ 10,518
Adjustable rate loans held for investment
Loan delinquency information
Number of loans held for investment | loan	3,188	3,538
Loans, held-for-investment		$ 962,257
Loans, Held-for-investment net of specific allowance for loan losses	$ 936,245
Adjustable rate loans held for investment | 30-89 Days
Loan delinquency information
Loans, held-for-investment		25,400
Loans, Held-for-investment net of specific allowance for loan losses	13,267
Adjustable rate loans held for investment | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 24,384
Loans, Held-for-investment net of specific allowance for loan losses	$ 28,716
Adjustable rate loans held for investment | 0-500k
Loan delinquency information
Number of loans held for investment | loan	2,571	2,846
Loans, held-for-investment		$ 285,810
Loans, Held-for-investment net of specific allowance for loan losses	$ 268,716
Adjustable rate loans held for investment | 0-500k | Minimum
Loan delinquency information
Interest rate	0.00%	0.00%
Adjustable rate loans held for investment | 0-500k | Maximum
Loan delinquency information
Interest rate	9.75%	9.75%
Adjustable rate loans held for investment | 0-500k | 30-89 Days
Loan delinquency information
Loans, held-for-investment		$ 12,864
Loans, Held-for-investment net of specific allowance for loan losses	$ 6,872
Adjustable rate loans held for investment | 0-500k | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 12,880
Loans, Held-for-investment net of specific allowance for loan losses	$ 9,288
Adjustable rate loans held for investment | 500k - 1mm
Loan delinquency information
Number of loans held for investment | loan	364	405
Loans, held-for-investment		$ 255,404
Loans, Held-for-investment net of specific allowance for loan losses	$ 230,013
Adjustable rate loans held for investment | 500k - 1mm | Minimum
Loan delinquency information
Interest rate	2.66%	2.66%
Adjustable rate loans held for investment | 500k - 1mm | Maximum
Loan delinquency information
Interest rate	8.63%	8.75%
Adjustable rate loans held for investment | 500k - 1mm | 30-89 Days
Loan delinquency information
Loans, held-for-investment		$ 7,361
Loans, Held-for-investment net of specific allowance for loan losses	$ 2,454
Adjustable rate loans held for investment | 500k - 1mm | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 4,805
Loans, Held-for-investment net of specific allowance for loan losses	$ 4,159
Adjustable rate loans held for investment | 1mm - 1.5mm
Loan delinquency information
Number of loans held for investment | loan	147	169
Loans, held-for-investment		$ 183,883
Loans, Held-for-investment net of specific allowance for loan losses	$ 161,064
Adjustable rate loans held for investment | 1mm - 1.5mm | Minimum
Loan delinquency information
Interest rate	3.50%	3.21%
Adjustable rate loans held for investment | 1mm - 1.5mm | Maximum
Loan delinquency information
Interest rate	8.25%	8.25%
Adjustable rate loans held for investment | 1mm - 1.5mm | 30-89 Days
Loan delinquency information
Loans, held-for-investment		$ 2,297
Loans, Held-for-investment net of specific allowance for loan losses	$ 1,126
Adjustable rate loans held for investment | 1mm - 1.5mm | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 2,741
Loans, Held-for-investment net of specific allowance for loan losses	$ 6,183
Adjustable rate loans held for investment | 1.5mm - 2mm
Loan delinquency information
Number of loans held for investment | loan	58	81
Loans, held-for-investment		$ 119,626
Loans, Held-for-investment net of specific allowance for loan losses	$ 85,426
Adjustable rate loans held for investment | 1.5mm - 2mm | Minimum
Loan delinquency information
Interest rate	2.62%	2.62%
Adjustable rate loans held for investment | 1.5mm - 2mm | Maximum
Loan delinquency information
Interest rate	6.25%	6.00%
Adjustable rate loans held for investment | 1.5mm - 2mm | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 2,599
Loans, Held-for-investment net of specific allowance for loan losses	$ 3,775
Adjustable rate loans held for investment | 2mm - 2.5mm
Loan delinquency information
Number of loans held for investment | loan	10	13
Loans, held-for-investment		$ 26,700
Loans, Held-for-investment net of specific allowance for loan losses	$ 20,774
Adjustable rate loans held for investment | 2mm - 2.5mm | Minimum
Loan delinquency information
Interest rate	3.65%	3.33%
Adjustable rate loans held for investment | 2mm - 2.5mm | Maximum
Loan delinquency information
Interest rate	6.25%	6.75%
Adjustable rate loans held for investment | >2.5mm
Loan delinquency information
Number of loans held for investment | loan	38	24
Loans, held-for-investment		$ 90,834
Loans, Held-for-investment net of specific allowance for loan losses	$ 170,252
Adjustable rate loans held for investment | >2.5mm | Minimum
Loan delinquency information
Interest rate	2.04%	1.59%
Adjustable rate loans held for investment | >2.5mm | Maximum
Loan delinquency information
Interest rate	8.22%	7.00%
Adjustable rate loans held for investment | >2.5mm | 30-89 Days
Loan delinquency information
Loans, held-for-investment		$ 2,878
Loans, Held-for-investment net of specific allowance for loan losses	$ 2,815
Adjustable rate loans held for investment | >2.5mm | 90+ Days
Loan delinquency information
Loans, held-for-investment		$ 1,359
Loans, Held-for-investment net of specific allowance for loan losses	$ 5,311
Fixed-rate loans held at fair value
Loan delinquency information
Number of loans held and held for sale | loan	78	49
Loans, held at fair value and held for sale, at fair value	$ 223,049	$ 151,136
Fixed-rate loans held at fair value | 0-500k
Loan delinquency information
Number of loans held and held for sale | loan	1	1
Loans, held at fair value and held for sale, at fair value	$ 200	$ 43
Fixed-rate loans held at fair value | 0-500k | Minimum
Loan delinquency information
Interest rate	6.60%	6.60%
Fixed-rate loans held at fair value | 0-500k | Maximum
Loan delinquency information
Interest rate	6.60%	6.60%
Fixed-rate loans held at fair value | 500k - 1mm
Loan delinquency information
Number of loans held and held for sale | loan	8	4
Loans, held at fair value and held for sale, at fair value	$ 6,360	$ 3,431
Fixed-rate loans held at fair value | 500k - 1mm | Minimum
Loan delinquency information
Interest rate	5.47%	5.28%
Fixed-rate loans held at fair value | 500k - 1mm | Maximum
Loan delinquency information
Interest rate	7.17%	6.25%
Fixed-rate loans held at fair value | 1mm - 1.5mm
Loan delinquency information
Number of loans held and held for sale | loan	13	5
Loans, held at fair value and held for sale, at fair value	$ 16,455	$ 6,180
Fixed-rate loans held at fair value | 1mm - 1.5mm | Minimum
Loan delinquency information
Interest rate	4.50%	0.58%
Fixed-rate loans held at fair value | 1mm - 1.5mm | Maximum
Loan delinquency information
Interest rate	7.54%	5.91%
Fixed-rate loans held at fair value | 1.5mm - 2mm
Loan delinquency information
Number of loans held and held for sale | loan	13	9
Loans, held at fair value and held for sale, at fair value	$ 24,165	$ 16,610
Fixed-rate loans held at fair value | 1.5mm - 2mm | Minimum
Loan delinquency information
Interest rate	4.74%	4.73%
Fixed-rate loans held at fair value | 1.5mm - 2mm | Maximum
Loan delinquency information
Interest rate	8.33%	8.33%
Fixed-rate loans held at fair value | 2mm - 2.5mm
Loan delinquency information
Number of loans held and held for sale | loan	7	4
Loans, held at fair value and held for sale, at fair value	$ 16,590	$ 9,713
Fixed-rate loans held at fair value | 2mm - 2.5mm | Minimum
Loan delinquency information
Interest rate	5.54%	5.54%
Fixed-rate loans held at fair value | 2mm - 2.5mm | Maximum
Loan delinquency information
Interest rate	7.42%	6.50%
Fixed-rate loans held at fair value | >2.5mm
Loan delinquency information
Number of loans held and held for sale | loan	36	26
Loans, held at fair value and held for sale, at fair value	$ 159,279	$ 115,159
Fixed-rate loans held at fair value | >2.5mm | Minimum
Loan delinquency information
Interest rate	4.53%	4.33%
Fixed-rate loans held at fair value | >2.5mm | Maximum
Loan delinquency information
Interest rate	7.75%	7.75%
Adjustable rate loans held at fair value
Loan delinquency information
Number of loans held and held for sale | loan	10	2
Loans, held at fair value and held for sale, at fair value	$ 33,883	$ 3,998
Adjustable rate loans held at fair value | 500k - 1mm
Loan delinquency information
Number of loans held and held for sale | loan	1
Loans, held at fair value and held for sale, at fair value	$ 1,002
Adjustable rate loans held at fair value | 1mm - 1.5mm
Loan delinquency information
Number of loans held and held for sale | loan	2
Loans, held at fair value and held for sale, at fair value	$ 2,413
Adjustable rate loans held at fair value | 1.5mm - 2mm
Loan delinquency information
Number of loans held and held for sale | loan	2	1
Loans, held at fair value and held for sale, at fair value	$ 3,973	$ 1,777
Adjustable rate loans held at fair value | 1.5mm - 2mm | Minimum
Loan delinquency information
Interest rate		3.44%
Adjustable rate loans held at fair value | 1.5mm - 2mm | Maximum
Loan delinquency information
Interest rate		3.44%
Adjustable rate loans held at fair value | 2mm - 2.5mm
Loan delinquency information
Number of loans held and held for sale | loan		1
Loans, held at fair value and held for sale, at fair value		$ 2,221
Adjustable rate loans held at fair value | 2mm - 2.5mm | Minimum
Loan delinquency information
Interest rate		3.44%
Adjustable rate loans held at fair value | 2mm - 2.5mm | Maximum
Loan delinquency information
Interest rate		3.44%
Adjustable rate loans held at fair value | >2.5mm
Loan delinquency information
Number of loans held and held for sale | loan	5
Loans, held at fair value and held for sale, at fair value	$ 26,495
Sutherland
Loan delinquency information
Loans, held-for-investment	$ 923,465	$ 927,218

Loans - Credit Quality (Details

Loans - Credit Quality (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Credit quality of loans
Loans, Held-for-investment net of specific allowance for loan losses	$ 1,467,741	$ 1,560,938
General allowance for loan losses	419
Loans, held-for-investment	1,467,322	1,560,938
Loans, held at fair value and held for sale, at fair value	256,932	155,134
Carrying amount of loan foreclosure in process	3,000	4,200
0.0 - 20.0%
Credit quality of loans
Loans, Held-for-investment net of specific allowance for loan losses	56,641	48,577
Loans, held at fair value and held for sale, at fair value		1,078
20.1 - 40.0%
Credit quality of loans
Loans, Held-for-investment net of specific allowance for loan losses	173,649	163,488
Loans, held at fair value and held for sale, at fair value	13,455	13,406
40.1 - 60.0%
Credit quality of loans
Loans, Held-for-investment net of specific allowance for loan losses	451,741	425,482
Loans, held at fair value and held for sale, at fair value	55,921	31,057
60.1 - 80.0%
Credit quality of loans
Loans, Held-for-investment net of specific allowance for loan losses	464,946	516,618
Loans, held at fair value and held for sale, at fair value	157,130	93,052
80.1 - 100.0%
Credit quality of loans
Loans, Held-for-investment net of specific allowance for loan losses	153,117	206,794
Loans, held at fair value and held for sale, at fair value	30,426	6,186
Greater than 100.0%
Credit quality of loans
Loans, Held-for-investment net of specific allowance for loan losses	167,647	199,979
Loans, held at fair value and held for sale, at fair value		10,355
Sutherland
Credit quality of loans
Loans, held-for-investment	$ 923,465	$ 927,218

Loans - Investment Loans Value

Loans - Investment Loans Value and Yield Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Acquired loans
Loans, held-for-investment					$ 1,467,322		$ 1,560,938
Loans, Held-for-investment					1,603,666		1,730,557
Non-credit impaired loans
Acquired loans
Loans, held-for-investment					1,344,173		1,401,476
Loans, Held-for-investment					1,415,314		1,487,486
Accretable discount	$ (68,966)	$ (94,022)	$ (81,886)	$ (111,977)	(66,679)	$ (68,966)	(81,886)	$ (89,127)	$ (94,022)	$ (111,977)
Recorded investment					1,348,635		1,405,600
Loan receivable allowance					4,462	3,714	4,124	5,290	2,977	748
Accretable yield
Beginning accretable yield	(68,966)	(94,022)	(81,886)	(111,977)
Purchases	(2,474)	(16)	(2,407)	(826)
Sales	371	2,426	824	4,705
Accretion	6,254	4,905	15,228	15,337
Other	661	99	340	1,631
Transfers	2,525	2,519	1,222	2,003
Ending accretable yield	(66,679)	(89,127)	(66,679)	(89,127)
Credit impaired loans
Acquired loans
Loans, held-for-investment					123,149		159,462
Loans, Held-for-investment					188,352		243,071
Non-accretable discount					(26,818)		(28,580)
Accretable discount	(30,840)	(49,552)	(42,031)	(59,535)	(27,866)	(30,840)	(42,031)	(41,780)	(49,552)	(59,535)
Recorded investment					133,668		172,460
Loan receivable allowance					10,519	$ 11,980	12,998	12,167	$ 11,586	$ 12,798
Contractually required principal and interest payments receivable					2,300			3,900
Expected cash flows					1,800			2,400
Fair value (initial carrying amount)					1,100			$ 1,800
Accretable yield
Beginning accretable yield	(30,840)	(49,552)	(42,031)	(59,535)
Purchases	(676)		(676)	(571)
Sales	1,521	4,988	6,448	9,094
Accretion	1,414	6,357	5,487	23,674
Other	(1)	(1,682)	(3,038)	(2,871)
Transfers	(716)	1,891	5,944	(11,571)
Ending accretable yield	$ (27,866)	$ (41,780)	$ (27,866)	$ (41,780)
Sutherland
Acquired loans
Loans, held-for-investment					923,465		927,218
Loan receivable allowance					$ 11,629		$ 12,255

Loans - Investment Loans Accrua

Loans - Investment Loans Accrual Status (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accrual and non-accrual status
Total	$ 1,467,322	$ 1,560,938
Non-credit impaired loans
Accrual and non-accrual status
Accrual	1,317,302	1,376,180
Non-accrual	26,871	25,296
Total	1,344,173	1,401,476
Credit impaired loans
Accrual and non-accrual status
Accrual	104,553	159,462
Non-accrual	18,596
Total	123,149	159,462
Sutherland
Accrual and non-accrual status
Total	$ 923,465	$ 927,218

Loans - Investment Loans Impair

Loans - Investment Loans Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Impaired loans
Total Carrying value of Impaired Loans	$ 60,250		$ 60,250		$ 60,250	$ 79,339
Unpaid Principal Balance of Impaired Loans	87,520		87,520		87,520	119,839
Carrying Value for Which There Is A Related Allowance for Loan Losses	45,783		45,783		45,783	71,554
Carrying Value for Which There Is No Related Allowance for Loan Losses	14,467		14,467		14,467	7,785
Interest Income Recognized	1,110	$ 2,490	3,589	$ 7,253
Average carrying amount of impaired loans					95,483	129,264
Non-credit impaired loans
Impaired loans
Total Carrying value of Impaired Loans	26,871		26,871		26,871	25,296
Unpaid Principal Balance of Impaired Loans	28,220		28,220		28,220	33,362
Carrying Value for Which There Is A Related Allowance for Loan Losses	12,404		12,404		12,404	17,511
Carrying Value for Which There Is No Related Allowance for Loan Losses	14,467		14,467		14,467	7,785
Interest Income Recognized	84	83		579
Credit impaired loans
Impaired loans
Total Carrying value of Impaired Loans	33,379		33,379		33,379	54,043
Unpaid Principal Balance of Impaired Loans	59,300		59,300		59,300	86,477
Carrying Value for Which There Is A Related Allowance for Loan Losses	33,379		33,379		$ 33,379	$ 54,043
Interest Income Recognized	$ 1,026	$ 2,407	$ 3,589	$ 6,674

Loans - Investment Loans Allowa

Loans - Investment Loans Allowance Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Allowance for loan losses
Allowance for loan losses assessed on a collective basis	$ 400		$ 400
Non-credit impaired loans
Allowance for loan losses
Beginning Balance	3,714	$ 2,977	4,124	$ 748
Provision for loan losses	1,097	669	2,344	5,359
Chargeoffs	(349)	1,644	(2,006)	(817)
Ending Balance	4,462	5,290	4,462	5,290
Credit impaired loans
Allowance for loan losses
Beginning Balance	11,980	11,586	12,998	12,798
Provision for loan losses	(609)	4,020	2,345	10,500
Chargeoffs		(1,046)	(321)	(2,356)
Recoveries	(852)	(2,393)	(4,503)	(8,775)
Ending Balance	10,519	$ 12,167	10,519	$ 12,167
Sutherland
Allowance for loan losses
Beginning Balance			12,255
Ending Balance	$ 11,629		$ 11,629

Loans - Held and For Sale at FV

Loans - Held and For Sale at FV (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)loan	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)loan
Loans
Number of loans held at fair value | loan			77		51
Aggregate outstanding principal balance - Held at fair value	$ 203,200		$ 203,200		$ 150,400
Loans, held at fair value	233,618		233,618		$ 155,134
Unrealized gain on loans, Held at fair value	1,000	$ 3,900	$ 3,000	$ 7,300
Number of loans held for sale at fair value | loan			11		0
Aggregate outstanding principal balance - Held for Sale at fair value			$ 22,700
Loans, held for sale, at fair value	23,314		23,314
Unrealized gain on loans, Held for Sale at fair value	$ 900		$ 600

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructuring (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
TDR
Total troubled debt restructurings	$ 15,999	$ 9,922
Office
TDR
Total troubled debt restructurings	2,512	2,066
Storage
TDR
Total troubled debt restructurings	1,628	1,563
Other
TDR
Total troubled debt restructurings	4,156	2,278
SBA | Office of Optometrists
TDR
Total troubled debt restructurings	1,236	625
SBA | Hotels, Motels, and Tourist Courts
TDR
Total troubled debt restructurings	3,363
SBA | Child Day Care Services
TDR
Total troubled debt restructurings	222	1,782
SBA | Other
TDR
Total troubled debt restructurings	$ 2,882	$ 1,608

Loans - TDR Modifications (Deta

Loans - TDR Modifications (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)loan	Sep. 30, 2015USD ($)loan	Jun. 30, 2015USD ($)	Sep. 30, 2016USD ($)loan	Sep. 30, 2015USD ($)loan
TDR
Pre-Modification Recorded Balance	$ 913	$ 1,490		$ 8,648	$ 5,911
Post-Modification Recorded Balance	945	1,527		8,661	$ 5,975
TDR Modifications including financial effects	$ 940	$ 1,519	$ 6,825	$ 7,125
Number of Loans | loan	16	18		63	33
Total allowance related to TDR	$ 900	$ 1,100		$ 900	$ 1,100
Interest Income Recognized	17	12	517	69
Term Extension
TDR
TDR Modifications including financial effects	514	1,388	6,273	6,133
Interest Rate Reduction
TDR
TDR Modifications including financial effects	35	131	167	38
Principal Reduction
TDR
TDR Modifications including financial effects	62		385	93
Foreclosure
TDR
TDR Modifications including financial effects	329			861
Office
TDR
Pre-Modification Recorded Balance				591	1,972
Post-Modification Recorded Balance				597	$ 2,066
TDR Modifications including financial effects			1,861	$ 604
Number of Loans | loan				2	1
Interest Income Recognized			221	$ 6
Office | Term Extension
TDR
TDR Modifications including financial effects			1,861	486
Office | Foreclosure
TDR
TDR Modifications including financial effects				118
Storage
TDR
Pre-Modification Recorded Balance				308	$ 1,415
Post-Modification Recorded Balance				$ 308	$ 1,415
TDR Modifications including financial effects			2,494
Number of Loans | loan				4	1
Interest Income Recognized			55
Storage | Term Extension
TDR
TDR Modifications including financial effects			2,494
Other
TDR
Pre-Modification Recorded Balance	284	1,031		$ 1,440	$ 1,394
Post-Modification Recorded Balance	299	1,027		1,457	$ 1,369
TDR Modifications including financial effects	$ 299	$ 1,031	1,380	$ 842
Number of Loans | loan	2	2		6	3
Interest Income Recognized	$ 17	$ 12	239	$ 61
Other | Term Extension
TDR
TDR Modifications including financial effects	175	1,031	1,031	649
Other | Principal Reduction
TDR
TDR Modifications including financial effects			349
Other | Foreclosure
TDR
TDR Modifications including financial effects	124			193
SBA | Office of Optometrists
TDR
Pre-Modification Recorded Balance	82			683
Post-Modification Recorded Balance	80			674
TDR Modifications including financial effects	$ 85			$ 632
Number of Loans | loan	2			3
SBA | Hotels, Motels, and Tourist Courts
TDR
Pre-Modification Recorded Balance				$ 3,659
Post-Modification Recorded Balance				3,648
TDR Modifications including financial effects				$ 3,364
Number of Loans | loan				4
SBA | Child Day Care Services
TDR
Pre-Modification Recorded Balance				$ 37	$ 266
Post-Modification Recorded Balance				37	$ 265
TDR Modifications including financial effects			257	$ 1
Number of Loans | loan				2	1
Interest Income Recognized			2
SBA | Other
TDR
Pre-Modification Recorded Balance	$ 547	459		$ 1,930	$ 864
Post-Modification Recorded Balance	566	500		1,940	$ 860
TDR Modifications including financial effects	$ 556	$ 488	833	$ 1,682
Number of Loans | loan	12	16		42	27
Interest Income Recognized				$ 2
SBA | Term Extension | Office of Optometrists
TDR
TDR Modifications including financial effects	$ 85			632
SBA | Term Extension | Hotels, Motels, and Tourist Courts
TDR
TDR Modifications including financial effects				3,237
SBA | Term Extension | Child Day Care Services
TDR
TDR Modifications including financial effects			257
SBA | Term Extension | Other
TDR
TDR Modifications including financial effects	254	$ 357	630	1,129
SBA | Interest Rate Reduction | Other
TDR
TDR Modifications including financial effects	35	$ 131	167	38
SBA | Principal Reduction | Other
TDR
TDR Modifications including financial effects	62		$ 36	93
SBA | Foreclosure | Hotels, Motels, and Tourist Courts
TDR
TDR Modifications including financial effects				127
SBA | Foreclosure | Child Day Care Services
TDR
TDR Modifications including financial effects				1
SBA | Foreclosure | Other
TDR
TDR Modifications including financial effects	$ 205			$ 422

Loans - TDR Accrual Status (Det

Loans - TDR Accrual Status (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
TDR
Accrual	$ 9,452	$ 7,630
Non-Accrual	6,547	2,292
Total	15,999	9,922
Office
TDR
Accrual	1,910	2,066
Non-Accrual	602
Total	2,512	2,066
Storage
TDR
Accrual	1,628	1,563
Total	1,628	1,563
Other
TDR
Accrual	3,635	2,278
Non-Accrual	521
Total	4,156	2,278
Office of Optometrists | SBA
TDR
Accrual	632
Non-Accrual	604	625
Total	1,236	625
Hotels, Motels, and Tourist Courts | SBA
TDR
Accrual	126
Non-Accrual	3,237
Total	3,363
Child Day Care Services | SBA
TDR
Accrual	1	1,533
Non-Accrual	221	249
Total	222	1,782
Other | SBA
TDR
Accrual	1,520	190
Non-Accrual	1,362	1,418
Total	$ 2,882	$ 1,608

Loans - Number of TDRs (Details

Loans - Number of TDRs (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)loan	Sep. 30, 2015USD ($)loan	Sep. 30, 2016USD ($)loan	Sep. 30, 2015USD ($)loan
TDRs remaining in default
Number of loans | loan	8	4	25	8
Carrying value | $	$ 457	$ 85	$ 1,496	$ 2,092
Office
TDRs remaining in default
Number of loans | loan			2	1
Carrying value | $			$ 602	$ 1,910
Other
TDRs remaining in default
Number of loans | loan	1		4
Carrying value | $	$ 124		$ 196
Hotels, Motels, and Tourist Courts | SBA
TDRs remaining in default
Number of loans | loan			1
Carrying value | $			$ 127
Child Day Care Services | SBA
TDRs remaining in default
Number of loans | loan			2
Carrying value | $			$ 1
Other | SBA
TDRs remaining in default
Number of loans | loan	7	4	16	7
Carrying value | $	$ 333	$ 85	$ 570	$ 182

Real Estate Acquired in Settl78

Real Estate Acquired in Settlement of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	$ 10,009	$ 13,481
SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	4,262	7,220
SAMC REO 2016-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	174
WVMT 2011-SBC1(a)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		125
WVMT 2011-SBC3(b)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		1,113
SCML 2015-SBC4(c)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	3,559	4,019
Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	643	254
TRSs
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	1,371	750
Alabama
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	20
Alabama | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	20
California
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	113	86
California | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		86
California | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	113
Connecticut
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	12	326
Connecticut | SCML 2015-SBC4(c)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		326
Connecticut | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	12
Florida
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	2,689	4,292
Florida | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	1,157	3,467
Florida | SCML 2015-SBC4(c)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	118
Florida | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	43	75
Florida | TRSs
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	1,371	750
Georgia
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	146	321
Georgia | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	146	321
Illinois
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	35	17
Illinois | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	35	17
Indiana
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	66	51
Indiana | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		6
Indiana | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	66	45
Kansas
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	1	24
Kansas | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	1	24
Kentucky
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		11
Kentucky | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		11
Michigan
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	2	1
Michigan | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	2	1
Minnesota
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	127
Minnesota | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	127
Missouri
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	3,441	3,700
Missouri | SCML 2015-SBC4(c)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	3,441	3,693
Missouri | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		7
New Hampshire
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	111	9
New Hampshire | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	111	9
New Jersey
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	298	924
New Jersey | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	124
New Jersey | SAMC REO 2016-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	174
New Jersey | WVMT 2011-SBC3(b)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		924
New York
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	60	144
New York | WVMT 2011-SBC3(b)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		144
New York | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	60
North Carolina
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	2,535	2,947
North Carolina | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	2,535	2,946
North Carolina | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		1
Rhode Island
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	16	170
Rhode Island | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	16
Rhode Island | WVMT 2011-SBC1(a)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		125
Rhode Island | WVMT 2011-SBC3(b)
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		45
Tennessee
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	159	269
Tennessee | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	159	269
Texas
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	178	130
Texas | SAMC REO 2013-01, LLC
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	125	125
Texas | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	53	5
Virginia
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		59
Virginia | Lending
Real estate acquired
Carrying amount of real estate acquired in settlement of loans		59
Sutherland
Real estate acquired
Carrying amount of real estate acquired in settlement of loans	$ 6,275	$ 8,224

Mortgage Backed Securities (Det

Mortgage Backed Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Mortgage Backed Securities
Weighted Average Interest Rate	5.70%	6.20%
Principal Balance	$ 45,843	$ 216,318
Amortized Cost	34,465	217,475
Fair Value	$ 34,812	$ 213,504
Mortgage Backed Securities Weighted Average Interest Rate
After five years through ten years (as percent)	8.70%	8.60%
After ten years (as percent)	4.20%	6.00%
Mortgage Backed Securities Principal Balance
After five years through ten years	$ 15,296	$ 17,254
After ten years	30,547	199,064
Mortgage Backed Securities Amortized Cost
After five years through ten years	14,102	15,814
After ten years	20,363	201,661
Mortgage Backed Securities Estimated Fair Value
After five years through ten years	14,277	15,619
After ten years	$ 20,535	$ 197,885
MBS
Mortgage Backed Securities
Weighted Average Interest Rate	5.70%	6.20%
Principal Balance	$ 45,843	$ 216,318
Amortized Cost	34,465	217,475
Fair Value	34,812	213,504
Gross Unrealized Gains	1,726	1,128
Gross Unrealized Losses	$ (1,379)	$ (5,099)
Commercial Loans
Mortgage Backed Securities
Weighted Average Interest Rate	5.70%	6.20%
Principal Balance	$ 43,355	$ 213,706
Amortized Cost	31,977	214,863
Fair Value	32,306	210,892
Gross Unrealized Gains	1,707	1,128
Gross Unrealized Losses	$ (1,379)	$ (5,099)
Tax Liens
Mortgage Backed Securities
Weighted Average Interest Rate	6.50%	6.50%
Principal Balance	$ 2,488	$ 2,612
Amortized Cost	2,488	2,612
Fair Value	2,506	$ 2,612
Gross Unrealized Gains	$ 19

Borrowings Under Credit Facil80

Borrowings Under Credit Facilities and Promissory Note Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Borrowings under credit facilities and promissory note
Carrying Value	$ 228,000	$ 175,306
Promissory note payable	9,040
Borrowings under credit facilities and promissory note payable
Borrowings under credit facilities and promissory note
Pledged Assets Carrying Value	270,572	205,678
Carrying Value	237,040	175,306
Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Pledged Assets Carrying Value		205,678
Promissory note
Borrowings under credit facilities and promissory note
Pledged Assets Carrying Value	10,829
Lender 1 | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Maximum Facility Size	250,000
Pledged Assets Carrying Value	236,429	205,678
Carrying Value	$ 205,289	175,306
Lender 1 | Borrowings under credit facilities | Minimum | One month LIBOR
Borrowings under credit facilities and promissory note
Pricing (as a percent)	2.50%
Lender 1 | Borrowings under credit facilities | Maximum | One month LIBOR
Borrowings under credit facilities and promissory note
Pricing (as a percent)	3.50%
Lender 2 | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Maximum Facility Size	$ 50,000
Pledged Assets Carrying Value	23,314
Carrying Value	$ 22,711	0
Lender 2 | Borrowings under credit facilities | One month LIBOR
Borrowings under credit facilities and promissory note
Pricing (as a percent)	1.75%
Lender 3 | Promissory note
Borrowings under credit facilities and promissory note
Pricing (as a percent)	2.75%
Maximum Facility Size	$ 9,164
Pledged Assets Carrying Value	10,829	$ 0
Promissory note payable	$ 9,040

Borrowings Under Credit Facil81

Borrowings Under Credit Facilities and Promissory Notes Payable - Collateral (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan		1,681
Weighted Average Rate		5.40%
Weighted Average Remaining Term		159 months
Total Current Principal Balance		$ 269,947
Pledged Assets Carrying Value		$ 205,678
Promissory note
Borrowings under credit facilities and promissory note
Number of Loans | loan	42
Weighted Average Rate	5.30%
Weighted Average Remaining Term	46 months
Total Current Principal Balance	$ 11,511
Pledged Assets Carrying Value	$ 10,829
0-500k | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan		1,544
Weighted Average Rate		5.30%
Weighted Average Remaining Term		138 months
Total Current Principal Balance		$ 103,256
Pledged Assets Carrying Value		$ 65,960
0-500k | Promissory note
Borrowings under credit facilities and promissory note
Number of Loans | loan	37
Weighted Average Rate	5.90%
Weighted Average Remaining Term	61 months
Total Current Principal Balance	$ 6,109
Pledged Assets Carrying Value	$ 5,787
500k - 1mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan		70
Weighted Average Rate		5.60%
Weighted Average Remaining Term		173 months
Total Current Principal Balance		$ 50,181
Pledged Assets Carrying Value		$ 40,466
500k - 1mm | Promissory note
Borrowings under credit facilities and promissory note
Number of Loans | loan	4
Weighted Average Rate	5.70%
Weighted Average Remaining Term	33 months
Total Current Principal Balance	$ 2,750
Pledged Assets Carrying Value	$ 2,610
1mm - 1.5mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan		36
Weighted Average Rate		5.80%
Weighted Average Remaining Term		177 months
Total Current Principal Balance		$ 43,903
Pledged Assets Carrying Value		$ 35,917
1.5mm - 2mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan		16
Weighted Average Rate		5.30%
Weighted Average Remaining Term		157 months
Total Current Principal Balance		$ 28,340
Pledged Assets Carrying Value		$ 24,428
2mm - 2.5mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan		8
Weighted Average Rate		4.90%
Weighted Average Remaining Term		175 months
Total Current Principal Balance		$ 17,521
Pledged Assets Carrying Value		$ 15,328
>2.5mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan		7
Weighted Average Rate		5.00%
Weighted Average Remaining Term		180 months
Total Current Principal Balance		$ 26,746
Pledged Assets Carrying Value		23,579
>2.5mm | Promissory note
Borrowings under credit facilities and promissory note
Number of Loans | loan	1
Weighted Average Rate	3.50%
Weighted Average Remaining Term	25 months
Total Current Principal Balance	$ 2,652
Pledged Assets Carrying Value	$ 2,432
Lender 1 | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	1,744
Weighted Average Rate	5.60%
Weighted Average Remaining Term	142 months
Total Current Principal Balance	$ 293,861
Pledged Assets Carrying Value	$ 236,429	205,678
Lender 1 | 0-500k | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	1,594
Weighted Average Rate	5.50%
Weighted Average Remaining Term	135 months
Total Current Principal Balance	$ 123,141
Pledged Assets Carrying Value	$ 86,719
Lender 1 | 500k - 1mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	84
Weighted Average Rate	5.70%
Weighted Average Remaining Term	140 months
Total Current Principal Balance	$ 59,258
Pledged Assets Carrying Value	$ 51,444
Lender 1 | 1mm - 1.5mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	39
Weighted Average Rate	6.00%
Weighted Average Remaining Term	154 months
Total Current Principal Balance	$ 47,627
Pledged Assets Carrying Value	$ 41,922
Lender 1 | 1.5mm - 2mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	15
Weighted Average Rate	5.00%
Weighted Average Remaining Term	147 months
Total Current Principal Balance	$ 26,286
Pledged Assets Carrying Value	$ 22,152
Lender 1 | 2mm - 2.5mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	7
Weighted Average Rate	5.50%
Weighted Average Remaining Term	146 months
Total Current Principal Balance	$ 15,297
Pledged Assets Carrying Value	$ 13,937
Lender 1 | >2.5mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	5
Weighted Average Rate	5.50%
Weighted Average Remaining Term	157 months
Total Current Principal Balance	$ 22,252
Pledged Assets Carrying Value	$ 20,255
Lender 2 | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	11
Weighted Average Rate	4.50%
Weighted Average Remaining Term	208 months
Total Current Principal Balance	$ 22,711
Pledged Assets Carrying Value	$ 23,314
Lender 2 | 500k - 1mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	1
Weighted Average Rate	4.50%
Weighted Average Remaining Term	244 months
Total Current Principal Balance	$ 961
Pledged Assets Carrying Value	$ 1,002
Lender 2 | 1mm - 1.5mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	4
Weighted Average Rate	4.80%
Weighted Average Remaining Term	181 months
Total Current Principal Balance	$ 5,025
Pledged Assets Carrying Value	$ 5,106
Lender 2 | 1.5mm - 2mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	2
Weighted Average Rate	4.10%
Weighted Average Remaining Term	244 months
Total Current Principal Balance	$ 3,875
Pledged Assets Carrying Value	$ 3,973
Lender 2 | >2.5mm | Borrowings under credit facilities
Borrowings under credit facilities and promissory note
Number of Loans | loan	4
Weighted Average Rate	4.60%
Weighted Average Remaining Term	206 months
Total Current Principal Balance	$ 12,850
Pledged Assets Carrying Value	13,233
Lender 3 | Promissory note
Borrowings under credit facilities and promissory note
Pledged Assets Carrying Value	$ 10,829	$ 0

Servicing Rights (Details)

Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Servicing rights
Gross servicing fees	$ 2,800	$ 3,200	$ 8,900	$ 10,100
Servicing rights, valuation assumptions
Default assumptions					2.40%
Discount rate			12.00%
Unpaid principal balance of loans serviced for others	719,400		$ 719,400		$ 927,900
Servicing rights activity
Beginning net carrying amount	24,390	33,141	27,250	36,725	36,725
Additions due to loans sold, servicing retained	811		2,180
Amortization	(1,597)	(1,353)	(4,333)	(4,333)
Impairment	(253)	(1,502)	(1,746)	(2,106)
Ending net carrying value	$ 23,351	$ 30,286	$ 23,351	$ 30,286	$ 27,250
Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions			2.40%		6.00%
Default assumptions			0.00%		0.00%
Discount rate					12.00%
Servicing expense (as a percent)			0.20%		0.20%
Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions			19.90%		24.00%
Default assumptions			10.70%
Discount rate					15.00%
Servicing expense (as a percent)			0.40%		0.40%
Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions			13.90%		13.60%
Default assumptions			1.00%		0.60%
Discount rate					12.10%
Servicing expense (as a percent)			0.30%		0.40%

Servicing Rights - Amortization

Servicing Rights - Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Servicing Rights
2,016	$ 1,306		$ 5,508
2,017	4,643		4,604
2,018	3,828		3,832
2,019	3,142		3,169
2,020	2,562		2,596
2,021	2,070		2,098
Thereafter	5,800		5,443
Total	$ 23,351	$ 24,390	$ 27,250	$ 30,286	$ 33,141	$ 36,725

Servicing Rights - Assumptions

Servicing Rights - Assumptions (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Servicing Rights
Default assumptions (10% adverse change)	$ (11)	$ (9)
Default assumptions (20% adverse change)	(22)	(17)
Forward prepayment assumptions (10% adverse change)	(704)	(854)
Forward prepayment assumptions (20% adverse change)	(1,367)	(1,660)
Discount rate (10% adverse change)	(611)	(745)
Discount rate (20% adverse change)	$ (1,187)	$ (1,446)

Offsetting Assets and Liabili85

Offsetting Assets and Liabilities - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	$ 363	$ 723
Credit default swaps
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	363	723
Assets Presented in the Consolidated Balance Sheets	363	723
Net Amount	$ 363	$ 723

Offsetting Assets and Liabili86

Offsetting Assets and Liabilities - Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Effect of offsetting recognized liabilities, Derivative
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	$ 3,415	$ 1,499
Effect of offsetting recognized liabilities, Borrowings under repurchase agreements
Gross Amounts of Recognized Liabilities, Borrowings under repurchase agreements	581,773	644,137
Liabilities Presented in the Consolidated Balance Sheets, Borrowings under repurchase agreements	581,773	644,137
Financial Instruments, Borrowings under repurchase agreements	748,574	779,468
Cash Collateral Paid, Borrowings under repurchase agreements	749	1,549
Effect of offsetting recognized liabilities, Borrowings under credit facilities
Gross Amounts of Recognized Liabilities, Borrowings under credit facilities	228,000	175,306
Liabilities Presented in the Consolidated Balance Sheets, Borrowings under credit facilities	228,000	175,306
Liabilities Presented in the Consolidated Balance Sheets, Borrowings under credit facilities	259,743	175,306
Effect of offsetting recognized liabilities, Total
Gross Amounts of Recognized Liabilities, Total	813,188	820,942
Liabilities Presented in the Consolidated Balance Sheets, Total	813,188	820,942
Financial Instruments, Total	1,008,317	954,774
Cash Collateral Paid, Total	4,164	3,048
Interest rate swaps
Effect of offsetting recognized liabilities, Derivative
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	3,415	1,499
Liabilities Presented in the Consolidated Balance Sheets, Derivative	3,415	1,499
Cash Collateral Paid, Derivative	$ 3,415	$ 1,499

Derivative Instruments (Details

Derivative Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)instrument	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)instrument	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)instrument
Number of derivative instrument held | instrument	16		16
Notional Amount	$ 225,450		$ 225,450		$ 288,800
Asset Derivatives Fair Value	363		363		723
Liabilities Derivatives Fair Value	(3,415)		(3,415)		$ (1,499)
Realized loss on derivative instruments, at fair value	(347)	$ (1,003)	(1,476)	$ (2,510)
Net Change in Unrealized Gain (Loss)	$ 809	(2,874)	$ (2,228)	(3,534)
Credit default swaps
Number of derivative instrument held | instrument	1		1		1
Asset Derivatives Fair Value	$ 363		$ 363		$ 723
Net Change in Unrealized Gain (Loss)	(195)	479	(360)	387
Credit default swaps | Credit Risk
Notional Amount	15,000		15,000		15,000
Asset Derivatives Fair Value	363		363		$ 723
Interest rate swaps
Number of derivative instrument held | instrument					9
Liabilities Derivatives Fair Value	(3,415)		(3,415)		$ (1,499)
Realized loss on derivative instruments, at fair value	(347)	(1,003)	(1,476)	(2,510)
Net Change in Unrealized Gain (Loss)	1,004	$ (3,353)	(1,868)	$ (3,921)
Interest rate swaps | Interest Rate Risk
Notional Amount	210,450		210,450		273,800
Liabilities Derivatives Fair Value	$ (3,415)		$ (3,415)		$ (1,499)

Borrowings Under Repurchase A88

Borrowings Under Repurchase Agreements (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)Counterparty	Dec. 31, 2015USD ($)Counterparty
Borrowings under repurchase agreements
Number of counterparties | Counterparty	6	6
Initial term at inception	1 month
Repurchase Agreement Borrowings	$ 581,773	$ 644,137
Weighted Average Borrowing Rate	1.80%	1.70%
Weighted Average Remaining Maturity (days)	86 days	93 days
Short term investments
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 249,795	$ 249,745
Weighted Average Borrowing Rate	0.50%	0.40%
Weighted Average Remaining Maturity (days)	5 days	13 days
Loans, held-for-investment / Loans, held at fair value
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 321,986	$ 216,568
Weighted Average Borrowing Rate	3.20%	2.90%
Weighted Average Remaining Maturity (days)	152 days	254 days
MBS
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 9,992	$ 177,824
Weighted Average Borrowing Rate	3.00%	2.10%
Weighted Average Remaining Maturity (days)	94 days	14 days

Borrowings Under Repurchase A89

Borrowings Under Repurchase Agreements - Maturity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 581,773	$ 644,137
Weighted Average Interest Rate	1.80%	1.70%
Within 30 days
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 299,229	$ 444,303
Weighted Average Interest Rate	0.40%	1.20%
Over 30 days to 60 days
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 5,226
Weighted Average Interest Rate	2.80%
Over 60 days to 90 days
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 169,962	$ 39,214
Weighted Average Interest Rate	3.20%	2.60%
Over 120 days to 360 days
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 65,021	$ 140,323
Weighted Average Interest Rate	3.70%	3.00%
Over 360 Days
Borrowings under repurchase agreements
Repurchase Agreement Borrowings	$ 42,335	$ 20,297
Weighted Average Interest Rate	3.50%	3.20%

Borrowings Under Repurchase A90

Borrowings Under Repurchase Agreements - Collateral (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Collateral pledged:
Assets Pledged at Fair Value	$ 745,804	$ 776,699
Amortized Cost	745,721	777,481
Accrued Interest	2,770	2,769
Fair Value of Assets Pledged and Accrued Interest	748,574	779,468
Short term investments
Collateral pledged:
Assets Pledged at Fair Value	249,997	249,989
Amortized Cost	249,878	249,988
Fair Value of Assets Pledged and Accrued Interest	249,997	249,989
Loans, held-for-investment / Loans, held at fair value
Collateral pledged:
Assets Pledged at Fair Value	406,457	228,944
Amortized Cost	406,457	225,803
Accrued Interest	2,259	1,281
Fair Value of Assets Pledged and Accrued Interest	408,716	230,225
MBS
Collateral pledged:
Assets Pledged at Fair Value	13,332	209,468
Amortized Cost	13,368	213,392
Accrued Interest	21	988
Fair Value of Assets Pledged and Accrued Interest	13,353	210,456
Retained interest in assets of consolidated VIEs
Collateral pledged:
Assets Pledged at Fair Value	76,018	88,298
Amortized Cost	76,018	88,298
Accrued Interest	490	500
Fair Value of Assets Pledged and Accrued Interest	$ 76,508	$ 88,798

Guaranteed Loan Financing (Deta

Guaranteed Loan Financing (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Borrowings under Guaranteed Investment Agreements	$ 415,417	$ 499,187
Guaranteed loan financing
Borrowings under Guaranteed Investment Agreements	$ 415,417	$ 499,187
Guaranteed loan financing | Weighted Average
Interest Rates	2.80%	2.54%
Guaranteed loan financing | Minimum
Interest Rates	1.28%	1.03%
Guaranteed loan financing | Maximum
Interest Rates	6.99%	6.99%

Guaranteed Loan Financing - Mat

Guaranteed Loan Financing - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Contractual maturities of total guaranteed loan financing outstanding
Loans, held-for-investment	$ 256,900	$ 155,100
Guaranteed loan financing
Contractual maturities of total guaranteed loan financing outstanding
2,016	292	1,720
2,017	4,438	7,981
2,018	8,407	13,737
2,019	5,416	7,946
2,020	6,289	9,744
2,021	7,078	8,904
Thereafter	383,497	449,155
Total	415,417	499,187
Loans, held-for-investment	$ 422,200	$ 507,400

Repair and Denial Reserve (Deta

Repair and Denial Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Repair and denial reserve activity
Beginning balance	$ 6,506	$ 15,193	$ 8,071	$ 18,191	$ 18,191
Increase (decrease) in repair and denial reserve	343	(2,229)	(1,222)	(5,227)
Ending balance	6,849	12,964	$ 6,849	12,964	$ 8,071
Estimated frequency of a repair and denial event upon default used in the calculation of the reserve (as a percent)			4.32%		4.26%
Minimum
Repair and denial reserve activity
Estimated severity of the repair and denial assumption used in the calculation of the reserve (as a percent)			26.50%		24.60%
Maximum
Repair and denial reserve activity
Estimated severity of the repair and denial assumption used in the calculation of the reserve (as a percent)			64.10%		62.20%
Other Income
Repair and denial reserve activity
Increase (decrease) in repair and denial reserve	$ 343	$ (2,229)	$ (1,222)	$ (5,227)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related-party transactions
Remaining payable balance	$ 2,592		$ 2,592		$ 2,305
Management Agreement
Related-party transactions
Remaining payable balance					1,800
Incentive Fee
Related-party transactions
Incentive fee multiplier			15.00%
Manager | Management Agreement
Related-party transactions
Automatically renewal period			1 year
Minimum notice period for termination			180 days
Termination fee multiplier			3
Termination fee payable three times the sum of the average annual management fee, period			24 months
Manager | Management Fee
Related-party transactions
Management fee for up to $500 million (as a percent)			1.50%
Management fee for 1.5%			$ 500,000
Management fee in excess of $500 million (as a percent)			1.00%
Fees	1,800	$ 1,800	$ 5,500	$ 5,400
Remaining payable balance	2,500		2,500
Manager | Incentive Fee
Related-party transactions
Fees	0		0
Remaining payable balance	500		$ 500		500
Core earnings period			12 months
Percentage of Incentive fee multiplied by the weighted average of issue price			8.00%
The period over which core earnings must exceed the minimum threshold per the terms of the agreement			48 months
Minimum core earnings threshold			$ 0
Manager | Expense Reimbursement
Related-party transactions
Remaining payable balance					$ 300
Reimbursable expenses	$ 500	$ 300	$ 1,300	$ 900
Manager | Minimum | Management Agreement
Related-party transactions
Independent director votes required for approval			66.70%

Commitments, Contingencies an95

Commitments, Contingencies and Indemnifications (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Unfunded loan commitments
Loss Contingencies [Line Items]
Unfunded loan commitments related to loans, held at fair value	$ 36.6	$ 34.3

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)
REIT requirements and income tax information
Percentage of nondeductible excise tax the entity would be subject to if they fail to meet the minimum distributions requirement			4.00%
Number of taxable years an entity would not be able to qualify as a REIT if qualification lapses			4 years
Number of taxable REIT Subsidiaries | item			3
Income tax expense	$ 1,297	$ 2,682	$ 3,326	$ 5,179
Income tax benefit		1,243	$ 225	3,740
Valuation allowance increase (decrease)		100		800
Minimum
REIT requirements and income tax information
Percentage of taxable income distributed in the form of qualifying distributions			90.00%
Maximum
REIT requirements and income tax information
Percentage of taxable income distributed in the form of qualifying distributions			100.00%
TRSs
REIT requirements and income tax information
Income tax expense	1,300	$ 2,700	$ 3,300	$ 5,200
Additional tax (benefits) expense fully reserved against	$ 0		$ (100)

Other Asset and Other Liabili97

Other Asset and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other assets:
Prepaid technology expense	$ 1,181	$ 1,409
Prepaid taxes	6,333
Fixed assets	1,106	1,269
Prepaid insurance expense	112	227
Security deposits	355	201
Deferred tax asset	256	79
Other	3,553	1,994
Total other assets	12,896	5,179
Other liabilities:
Servicing principal and interest payable	10,736	9,789
Unapplied cash	4,675	1,025
Accrued professional fees	1,465	1,050
Accounts payable on liability under participation agreements	509	475
Interest payable	3,763	4,833
Accrued tax liability	3,694
Cash held as collateral	330	320
Other	1,093	203
Total other liabilities	$ 26,265	$ 17,695

Other Income and Operating Ex98

Other Income and Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other income
Origination income	$ 1,601	$ 620	$ 3,139	$ 2,251
(Increase) decrease in repair and denial reserve	(343)	2,229	1,222	5,227
Other	471	1,150	974	2,507
Total other income	1,729	3,999	5,335	9,985
Operating expenses
Acquisition costs	71	81	500	283
Technology expense	732	606	2,096	1,709
Rent expense	317	282	931	714
Origination costs	916	866	2,804	2,054
Recruiting, training and travel expenses	273	317	954	985
Marketing expense	49	65	278	192
Insurance expense	109	111	367	302
Charge off of real estate acquired in settlement of loans	278	455	912	680
Other	628	665	2,343	1,430
Total operating expenses	$ 3,373	$ 3,448	$ 11,185	$ 8,349

Use of Special Purpose Entiti99

Use of Special Purpose Entities - VIE Securitized Debt Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)item	Dec. 31, 2015USD ($)
Variable interest entities
Number of securitization transactions | item	7
Loans, held-for-investment	$ 1,467,322	$ 1,560,938
Real estate acquired in settlement of loans	10,009	13,481
VIEs
Variable interest entities
Loans, held-for-investment	543,857	633,720
Real estate acquired in settlement of loans	3,734	5,257
Current Principal Balance	382,855	471,771
Securitized debt obligations of consolidated VIEs	$ 374,816	$ 461,522
Weighted Average Rate	3.70%	3.40%
Waterfall Victoria Mortgage Trust 2011-SBC2
Variable interest entities
Current Principal Balance	$ 25,307	$ 28,651
Securitized debt obligations of consolidated VIEs	$ 25,307	$ 28,651
Weighted Average Rate	5.20%	5.20%
Sutherland Commercial Mortgage Loans 2015-SBC4
Variable interest entities
Current Principal Balance	$ 44,795	$ 75,470
Securitized debt obligations of consolidated VIEs	$ 43,569	$ 73,656
Weighted Average Rate	4.00%	4.00%
ReadyCap Commercial Mortgage Trust 2014-1
Variable interest entities
Current Principal Balance	$ 93,725	$ 112,368
Securitized debt obligations of consolidated VIEs	$ 93,083	$ 110,945
Weighted Average Rate	3.40%	3.30%
ReadyCap Commercial Mortgage Trust 2015-1
Variable interest entities
Current Principal Balance	$ 156,150	$ 164,701
Securitized debt obligations of consolidated VIEs	$ 150,493	$ 158,345
Weighted Average Rate	4.10%	4.10%
ReadyCap Lending Small Business Trust 2015-1
Variable interest entities
Current Principal Balance	$ 62,878	$ 90,581
Securitized debt obligations of consolidated VIEs	$ 62,364	$ 89,925
Weighted Average Rate	2.10%	1.70%
Sutherland
Variable interest entities
Loans, held-for-investment	$ 923,465	$ 927,218
Real estate acquired in settlement of loans	$ 6,275	$ 8,224

Use of Special Purpose Entit100

Use of Special Purpose Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 38,458	$ 41,569	$ 79,271	$ 56,740
Loans, held-for-investment	1,467,322	1,560,938
Carrying amount of real estate acquired in settlement of loans	10,009	13,481
Due from servicers	18,400	20,300
Total assets	2,148,678	2,329,781	$ 2,329,781
Liabilities:
Accounts payable and other accrued liabilities	26,265	17,695
Total liabilities	1,664,049	1,849,568
Equity	445,233	441,321
VIEs
Assets:
Cash and cash equivalents	77	26
Restricted cash	904	1,362
Loans, held-for-investment	543,857	633,720
Carrying amount of real estate acquired in settlement of loans	3,734	5,257
Accrued interest	2,252	2,557
Due from servicers	3,508	6,121
Total assets	554,332	649,043
Liabilities:
Securitized debt obligations of consolidated VIEs	374,816	461,522
Accounts payable and other accrued liabilities	844	996
Total liabilities	375,660	462,518
Equity	$ 178,672	$ 186,525

Use of Special Purpose Entit101

Use of Special Purpose Entities - Consolidated VIE Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest income
Loans, held-for-investment	$ 27,009	$ 31,623	$ 90,118	$ 88,710
Total interest income	31,890	39,645	104,282	110,143
Interest expense
Securitized debt obligations	(4,233)	(2,996)	(13,174)	(7,261)
Total interest expense	(14,097)	(13,624)	(42,043)	(34,712)
Net interest income before provision for loan losses	17,793	26,021	62,239	75,431
Provision for loan losses	(488)	(4,112)	(4,689)	(15,859)
Net interest income after provision for loan losses	17,305	21,909	57,550	59,572
Other income (expense)
Other income	1,729	3,999	5,335	9,985
Loan servicing expense	(1,830)	(771)	(3,889)	(3,640)
Professional fees	(3,120)	(1,567)	(8,573)	(5,827)
Operating expenses	(3,373)	(3,448)	(11,185)	(8,349)
Total other income (expense)	(12,448)	(8,845)	(36,061)	(24,774)
Realized gain (loss)
Total realized gain	2,454	2,989	3,720	2,368
Net income attributable to Sutherland Asset Management Corporation	8,794	12,314	25,115	33,028
VIEs
Interest income
Loans, held-for-investment	11,704	15,462	41,034	29,106
Total interest income	11,704	15,462	41,034	29,106
Interest expense
Securitized debt obligations	(4,233)	(2,996)	(13,174)	(7,261)
Total interest expense	(4,233)	(2,996)	(13,174)	(7,261)
Net interest income before provision for loan losses	7,471	12,466	27,860	21,845
Provision for loan losses	(681)	(479)	(1,966)	(1,597)
Net interest income after provision for loan losses	6,790	11,987	25,894	20,248
Other income (expense)
Other income	20	91	21	384
Loan servicing expense	(775)	(512)	(2,503)	(865)
Professional fees		(1)	(43)	(1)
Operating expenses	(34)	(75)	(475)	(244)
Total other income (expense)	(789)	(497)	(3,000)	(726)
Realized gain (loss)
Realized -gain on loans, held-for-investment	(11)	480	294	79
Real estate acquired in settlement of loans		(54)	(157)	(103)
Securitized debt obligations	(60)	(61)	(202)	(61)
Total realized gain	(71)	365	(65)	(85)
Net income attributable to Sutherland Asset Management Corporation	$ 5,930	$ 11,855	$ 22,829	$ 19,437

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Stockholders' Equity
Common stock, authorized capital	450,000,000	450,000,000
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized capital	125	125
Par Value per Share	$ 1,000	$ 1,000
Common stock, issued	30,960,370	30,804,029
Common stock, outstanding	30,960,370	30,804,029
Preferred stock, issued	125	125
Preferred stock, outstanding	125	125

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2014	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Preferred stock offering
Par Value per Share			$ 1,000	$ 1,000
Additional Paid-in-Capital		$ 121
Preferred stock | Private Placement
Preferred stock offering
Number of Shares	125
Par Value per Share	$ 1,000
Par Value of Shares Issued	$ 125,000
Additional Paid-in-Capital	(17,000)
Net Proceeds	$ 108,000
Additional Paid-in-Capital
Preferred stock offering
Additional Paid-in-Capital		110
Non-Controlling Interests
Preferred stock offering
Additional Paid-in-Capital		$ 11

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Dividends (Details) - $ / shares	Sep. 16, 2016	Aug. 23, 2016	Jun. 17, 2016	May 20, 2016	Jan. 29, 2016	Dec. 31, 2015	Dec. 11, 2015	Nov. 13, 2015	Sep. 11, 2015	Aug. 21, 2015	Jun. 24, 2015	May 27, 2015	Jan. 21, 2015	Dec. 23, 2014	Dec. 10, 2014	Nov. 26, 2014	Sep. 24, 2014	Aug. 28, 2014	Jun. 17, 2014	May 23, 2014
Dividends
Dividend per Share, declared		$ 0.38		$ 0.38		$ 0.50		$ 0.35		$ 0.32		$ 0.32		$ 0.30		$ 0.30		$ 0.20		$ 0.16
Dividend per Share, paid	$ 0.38		$ 0.38		$ 0.50		$ 0.35		$ 0.32		$ 0.32		$ 0.30		$ 0.30		$ 0.20		$ 0.16

Stockholders' Equity - Manager

Stockholders' Equity - Manager Equity Incentive (Details) - Manager	Jan. 08, 2016$ / sharesshares	Sep. 30, 2016item
Equity incentive
Percentage of shares of common stock issued and outstanding on a fully diluted basis		5.00%
Number of awards issued in connection with the Private Offering or Preferred Offering | item		0
Management Agreement
Equity incentive
Number of shares issued | shares	32,550
Share Price | $ / shares	$ 14.82

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Basic earnings per common share:
Net income from continued operations	$ 9,571	$ 13,046	$ 27,683	$ 34,842
Income (loss) from discontinued operations		386	(351)	1,057
Less: Net income attributable to non-controlling interest	777	1,118	2,217	2,871
Net income (loss) allocated to common shareholders	$ 8,794	$ 12,314	$ 25,115	$ 33,028
Basic weighted average common shares outstanding	30,960,370	30,539,376	30,960,370	30,539,376
Earnings (loss) per share
Continuing operations	$ 0.28	$ 0.39	$ 0.82	$ 1.05
Discontinued operations		$ 0.01	$ (0.01)	$ 0.03

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment reporting
Number of Reportable Segments | item			3
Interest income
Loans, held-for-investment	$ 27,009	$ 31,623	$ 90,118	$ 88,710
Loans, held at fair value	3,950	4,947	9,784	12,287
Loans, held for sale, at fair value	164	94	352	148
Mortgage backed securities, at fair value	767	2,981	4,028	8,998
Total interest income	31,890	39,645	104,282	110,143
Interest expense
Borrowings under credit facilities	(2,367)	(1,350)	(6,397)	(6,869)
Promissory note payable	(18)		(85)
Securitized debt obligations	(4,233)	(2,996)	(13,174)	(7,261)
Borrowings under repurchase agreements	(4,141)	(4,355)	(11,686)	(12,372)
Guaranteed loan financing	(3,338)	(4,923)	(10,701)	(8,210)
Total interest expense	(14,097)	(13,624)	(42,043)	(34,712)
Net interest income before provision for loan losses	17,793	26,021	62,239	75,431
Provision for loan losses	(488)	(4,112)	(4,689)	(15,859)
Net interest income after provision for loan losses	17,305	21,909	57,550	59,572
Other income (expense)
Other income	1,729	3,999	5,335	9,985
Servicing income	1,661	994	4,420	5,377
Employee compensation and benefits	(4,822)	(4,934)	(14,005)	(14,015)
Allocated employee compensation and benefits from related party	(900)	(596)	(2,700)	(1,808)
Professional fees	(3,120)	(1,567)	(8,573)	(5,827)
Management fees - related party	(1,793)	(1,841)	(5,464)	(5,424)
Incentive fees - related party		(681)		(1,073)
Loan servicing expense	(1,830)	(771)	(3,889)	(3,640)
Operating expenses	(3,373)	(3,448)	(11,185)	(8,349)
Total other income (expense)	(12,448)	(8,845)	(36,061)	(24,774)
Net realized gain (loss) on financial instruments	2,454	2,989	3,720	2,368
Net unrealized gain (loss) on financial instruments	3,557	(325)	5,800	2,855
Net income from continued operations before income tax provisions	10,868	15,728	31,009	40,021
Provision for income taxes	(1,297)	(2,682)	(3,326)	(5,179)
Net income (loss) from continuing operations	9,571	13,046	27,683	34,842
Income (loss) from discontinued operations		386	(351)	1,057
Net income	9,571	13,432	27,332	35,899
Less: Net income attributable to non-controlling interest	777	1,118	2,217	2,871
Net income attributable to Sutherland Asset Management Corporation	8,794	12,314	25,115	33,028
Total assets	2,148,678	2,329,781	2,148,678	2,329,781	$ 2,329,781
Investment Activities
Interest income
Loans, held-for-investment	15,793	16,128	51,047	47,599
Loans, held at fair value	633	528	1,806	2,678
Mortgage backed securities, at fair value	767	2,981	4,028	8,998
Total interest income	17,193	19,637	56,881	59,275
Interest expense
Borrowings under credit facilities	(1,838)	(851)	(4,926)	(2,344)
Promissory note payable	(18)		(85)
Securitized debt obligations	(3,887)	(2,522)	(12,022)	(6,708)
Borrowings under repurchase agreements	(2,300)	(2,813)	(6,463)	(9,149)
Total interest expense	(8,043)	(6,186)	(23,496)	(18,201)
Net interest income before provision for loan losses	9,150	13,451	33,385	41,074
Provision for loan losses	153	(2,375)	(3,370)	(9,178)
Net interest income after provision for loan losses	9,303	11,076	30,015	31,896
Other income (expense)
Other income	844	1,365	1,740	3,113
Servicing income	6	7	41	398
Employee compensation and benefits	96		(95)
Allocated employee compensation and benefits from related party	(542)	(415)	(1,596)	(968)
Professional fees	(1,797)	(562)	(4,523)	(2,890)
Management fees - related party	(1,080)	(1,282)	(3,229)	(3,790)
Incentive fees - related party		(475)		(740)
Loan servicing expense	(1,473)	(1,111)	(3,817)	(4,705)
Operating expenses	(729)	(654)	(2,998)	1,415
Total other income (expense)	(4,675)	(3,127)	(14,477)	(8,167)
Net realized gain (loss) on financial instruments	423	1,411	(2,017)	1,912
Net unrealized gain (loss) on financial instruments	802	(1,721)	4,011	(994)
Net income from continued operations before income tax provisions	5,853	7,639	17,532	24,647
Provision for income taxes	145		145
Net income (loss) from continuing operations		7,639	17,677	24,647
Net income	5,998
Total assets	1,282,303	1,255,892	1,282,303	1,255,892
New Loan Origination
Interest income
Loans, held-for-investment	1,015	96	3,082	96
Loans, held at fair value	3,317	4,419	7,978	9,563
Loans, held for sale, at fair value	164	94	352	148
Total interest income	4,496	4,609	11,412	9,807
Interest expense
Borrowings under credit facilities	(14)		(14)
Borrowings under repurchase agreements	(1,841)	(1,542)	(5,223)	(3,223)
Total interest expense	(1,855)	(1,542)	(5,237)	(3,223)
Net interest income before provision for loan losses	2,641	3,067	6,175	6,584
Net interest income after provision for loan losses	2,641	3,067	6,175	6,584
Other income (expense)
Other income	1,404	369	2,694	1,722
Servicing income	135	34	371	36
Employee compensation and benefits	(2,351)	(2,507)	(6,805)	(7,243)
Allocated employee compensation and benefits from related party	(204)	(98)	(605)	(620)
Professional fees	(422)	(283)	(1,108)	(522)
Management fees - related party	(406)	(304)	(1,225)	(912)
Incentive fees - related party		(112)		(84)
Loan servicing expense	(191)	(172)	(504)	(403)
Operating expenses	(1,595)	(1,616)	(5,128)	(4,377)
Total other income (expense)	(3,630)	(4,689)	(12,310)	(12,403)
Net realized gain (loss) on financial instruments	542	261	2,311	(861)
Net unrealized gain (loss) on financial instruments	2,755	1,396	1,789	3,849
Net income from continued operations before income tax provisions	2,308	35	(2,035)	(2,831)
Provision for income taxes	(487)	514	2,003	1,820
Net income (loss) from continuing operations		549	(32)	(1,011)
Net income	1,821
Total assets	241,148	265,229	241,148	265,229
SBA Loan Origination and Servicing
Interest income
Loans, held-for-investment	10,201	15,399	35,989	41,015
Loans, held at fair value				46
Total interest income	10,201	15,399	35,989	41,061
Interest expense
Borrowings under credit facilities	(515)	(499)	(1,457)	(4,525)
Securitized debt obligations	(346)	(474)	(1,152)	(553)
Guaranteed loan financing	(3,338)	(4,923)	(10,701)	(8,210)
Total interest expense	(4,199)	(5,896)	(13,310)	(13,288)
Net interest income before provision for loan losses	6,002	9,503	22,679	27,773
Provision for loan losses	(641)	(1,737)	(1,319)	(6,681)
Net interest income after provision for loan losses	5,361	7,766	21,360	21,092
Other income (expense)
Other income		2,265	901	5,150
Other expense	(519)
Servicing income	1,520	953	4,008	4,943
Employee compensation and benefits	(2,567)	(2,427)	(7,105)	(6,772)
Allocated employee compensation and benefits from related party	(154)	(83)	(499)	(220)
Professional fees	(901)	(722)	(2,942)	(2,415)
Management fees - related party	(307)	(255)	(1,010)	(722)
Incentive fees - related party		(94)		(249)
Loan servicing expense	(166)	512	432	1,468
Operating expenses	(1,049)	(1,178)	(3,059)	(5,387)
Total other income (expense)	(4,143)	(1,029)	(9,274)	(4,204)
Net realized gain (loss) on financial instruments	1,489	1,317	3,426	1,317
Net income from continued operations before income tax provisions	2,707	8,054	15,512	18,205
Provision for income taxes	(955)	(3,196)	(5,474)	(6,999)
Net income (loss) from continuing operations		4,858	10,038	11,206
Net income	1,752
Total assets	$ 625,227	$ 825,169	$ 625,227	$ 825,169

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Thousands	Mar. 01, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Discontinued operations
Multiple of earnings to determine the amount of consideration received or receivable for the disposal of assets and liabilities	3
Assets:
Total Assets					$ 11,325
Liabilities:
Total Liabilities					6,886
Other income (expense)
Gain on sale			$ 267
Loss before income tax benefit		$ (857)	(576)	$ (2,683)
Income tax benefit		1,243	225	3,740
Income (loss) from discontinued operations		386	(351)	1,057
Silverthread | Discontinued operations sold or held-for-sale
Discontinued operations
Percentage of reduction of contingent goodwill payments (as a percent)	50.00%
Other income (expense)
Commission income			2,984
Property management income			263
Other			16
Total other income			3,263
Employee compensation and benefits			(1,071)
Professional fees			(138)
Commission expense			(1,844)
Technology expense			(171)
Rent expense			(268)
Tax expense			(3)
Recruiting, training, and travel expenses			(46)
Marketing expense			(29)
Other			(536)
Total other operating expenses			(2,897)
Gain on sale			267
Loss before income tax benefit			(576)
Income tax benefit			225
Income (loss) from discontinued operations			(351)
Silverthread | Discontinued operations sold or held-for-sale | Minimum
Discontinued operations
Guaranteed minimum payment amount	$ 6,000
Net estimated receivable	$ 6,000
Silverthread | Discontinued operations sold | Receivable from Third Parties
Discontinued operations
Guaranteed minimum payment amount			7,200
Net estimated receivable			$ 7,200
Silverthread | Discontinued operations held-for-sale
Assets:
Cash and cash equivalents					1,073
Sales commission receivable					3,261
Fixed assets					1,060
Prepaid insurance expense					37
Security deposit					99
Other					207
Goodwill					5,588
Total Assets					11,325
Liabilities:
Accrued salaries, wages and commissions					2,783
Contingent liabilities related to business combinations					3,424
Other					679
Total Liabilities					$ 6,886
Other income (expense)
Commission income		3,991		11,396
Property management income		408		1,443
Other		50		140
Total other income		4,449		12,979
Employee compensation and benefits		(1,285)		(3,702)
Professional fees		(179)		(411)
Allocated employee compensation from related party		(12)		(44)
Management fees - related party		(37)		(96)
Incentive fees - related party		(14)		(28)
Commission expense		(2,454)		(7,207)
Technology expense		(221)		(646)
Rent expense		(341)		(1,025)
Tax expense		(5)		(22)
Marketing expense		(31)		(31)
Other		(727)		(2,450)
Total other operating expenses		(3,779)		(11,381)
Loss before income tax benefit		(857)		(2,683)
Income tax benefit		1,243		3,740
Income (loss) from discontinued operations		$ 386		$ 1,057

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions

Oct. 31, 2016

Oct. 11, 2016

Aug. 23, 2016

May 20, 2016

Dec. 31, 2015

Nov. 13, 2015

Aug. 21, 2015

May 27, 2015

Dec. 23, 2014

Nov. 26, 2014

Aug. 28, 2014

May 23, 2014

Dividends declared

Dividend per Share, declared

$ 0.38

$ 0.38

$ 0.50

$ 0.35

$ 0.32

$ 0.32

$ 0.30

$ 0.30

$ 0.20

$ 0.16

Subsequent event

Dividends declared

Dividend per Share, declared

$ 0.30

Subsequent event | Former SLD Common Shareholders

Business combination equity transfers

Combined Company stockholders' equity held (as a percent)

86.00%

Subsequent event | ZFC Shareholders

Business combination equity transfers

Combined Company stockholders' equity held (as a percent)

14.00%

Subsequent event | 12.5% Series A Cumulative Non-Voting Preferred Stock

Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Aggregate redemption price

$ 0.1

Subsequent event | ZFC | Common Stock | Former SLD Common Shareholders

Business combination equity transfers

Shares or units issued

25,870,420

Subsequent event | ZFC | Common Stock | ZFC Shareholders

Business combination equity transfers

Shares repurchased

4,185,478

Purchase price per share

$ 15.37

Subsequent event | ZFC | OP Units | Former SLD OP Unit Holders

Business combination equity transfers

Shares or units issued

2,288,663