Ready Capital (RC) 10-K 15 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 15, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	001-35808
Entity Registrant Name	READY CAPITAL CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	90-0729143
Entity Address, Address Line One	1251 Avenue of the Americas, 50th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10020
City Area Code	212
Local Phone Number	257-4600
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 359
Entity Common Stock, Shares Outstanding		54,434,578
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001527590
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RC
Security Exchange Name	NYSE
7.00% Convertible Senior Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	7.00% Convertible Senior Notes due 2023
Trading Symbol	RCA
Security Exchange Name	NYSE
6.50% Senior Notes due 2021
Document Information [Line Items]
Title of 12(b) Security	6.50% Senior Notes due 2021
Trading Symbol	RCP
Security Exchange Name	NYSE
6.20% Senior Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	6.20% Senior Notes due 2026
Trading Symbol	RCB
Security Exchange Name	NYSE
5.75% Senior Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	5.75% Senior Notes due 2026
Trading Symbol	RCC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 138,975	$ 67,928
Restricted cash	47,697	51,728
Loans, net (including $88,726 and $20,212 held at fair value)	1,625,555	1,727,984
Mortgage backed securities, at fair value	88,011	92,466
Loans eligible for repurchase from Ginnie Mae	250,132	77,953
Investment in unconsolidated joint ventures	79,509	58,850
Purchased future receivables, net	17,308	43,265
Derivative instruments	16,363	2,814
Servicing rights (including $76,840 and $91,174 held at fair value)	114,663	121,969
Other assets	89,503	106,925
Total Assets	5,372,095	4,977,018
Liabilities
Secured borrowings	1,370,519	1,189,392
Convertible notes, net	112,129	111,040
Senior secured notes, net	179,659	179,289
Corporate debt, net	150,989	149,986
Guaranteed loan financing	401,705	485,461
Liabilities for loans eligible for repurchase from Ginnie Mae	250,132	77,953
Derivative instruments	11,604	5,250
Dividends payable	19,746	21,302
Accounts payable and other accrued liabilities	135,655	97,407
Total Liabilities	4,537,887	4,132,234
Stockholders' Equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 54,368,999 and 51,127,326 shares issued and outstanding, respectively	5	5
Additional paid-in capital	849,541	822,837
Retained earnings (deficit)	(24,203)	8,746
Accumulated other comprehensive loss	(9,947)	(6,176)
Total Ready Capital Corporation equity	815,396	825,412
Non-controlling interests	18,812	19,372
Total Stockholders' Equity	834,208	844,784
Total Liabilities and Stockholders' Equity	5,372,095	4,977,018
Consolidated Excluding VIEs
Assets
Cash and cash equivalents	138,975	67,928
Restricted cash	47,697	51,728
Loans, net (including $88,726 and $20,212 held at fair value)	1,625,555	1,727,984
Loans, held-for-sale, at fair value	340,288	188,077
Real estate, held for sale	45,348	58,573
Other assets	89,503	106,925
Consolidated VIEs
Assets
Total Assets	2,518,743	2,378,486
Liabilities
Secured borrowings	$ 1,905,749	$ 1,815,154

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Parenthetical information
Loan receivable allowance	$ 88,726	$ 20,212
Servicing rights held at fair value	$ 76,840	$ 91,174
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized capital	500,000,000	500,000,000
Common stock, issued	54,368,999	51,127,326
Common stock, outstanding	54,368,999	51,127,326

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 14, 2020	Sep. 16, 2020	Jun. 15, 2020	Mar. 11, 2020	Dec. 11, 2019	Sep. 10, 2019	Jun. 11, 2019	Mar. 12, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF INCOME
Interest income																	$ 258,636	$ 229,916	$ 169,499
Interest expense																	(175,481)	(151,880)	(109,238)
Net interest income before provision for loan losses																	83,155	78,036	60,261
Provision for (Recovery of) loan losses																	(34,726)	(3,684)	(1,701)
Net interest income after provision for (recovery of) loan losses													$ 22,319	$ 19,640	$ 19,933	$ 12,460	48,429	74,352	58,560
Non-interest income
Residential mortgage banking activities																	252,720	83,539	59,852
Net realized gains on financial instruments and real estate owned																	31,913	28,958	38,409
Net unrealized gain (loss) on financial instruments																	(48,101)	(18,790)	4,853
Servicing income, net of amortization and impairment of $5,975, $5,811 and $5,509																	38,594	30,665	27,075
Income on purchased future receivables, net of allowance for doubtful accounts of $11,769 and $5,082																	15,711	2,362
Income (loss) on unconsolidated joint ventures																	2,404	6,088	12,148
Other income																	41,516	11,078	5,586
Gain on bargain purchase																		30,728
Total non-interest income (loss)													45,422	39,984	32,956	56,266	334,757	174,628	147,923
Non-interest expense
Employee compensation and benefits																	(91,920)	(51,237)	(56,602)
Allocated employee compensation and benefits from related party																	(7,000)	(5,473)	(4,200)
Variable expenses on residential mortgage banking activities																	(114,510)	(51,760)	(22,228)
Professional fees																	(13,360)	(7,434)	(6,999)
Management fees - related party																	(10,682)	(9,578)	(8,176)
Incentive fees - related party																	(5,973)	(106)	(1,143)
Loan servicing expense																	(30,856)	(17,976)	(15,545)
Merger related expenses																	(63)	(7,750)
Other operating expenses																	(54,369)	(33,162)	(28,747)
Total non-interest expense													(48,755)	(49,842)	(44,600)	(41,279)	(328,733)	(184,476)	(143,640)
Income (loss) before provision for income taxes																	54,453	64,504	62,843
Income tax (provision) benefit																	(8,384)	10,552	(1,386)
Net income (loss)									$ 27,559	$ 35,363	$ 34,663	$ (51,516)	20,934	12,427	11,245	30,450	46,069	75,056	61,457
Less: Net income (loss) attributable to non-controlling interest																	1,199	2,088	2,199
Net income (loss) attributable to Ready Capital Corporation									$ 26,911	$ 34,558	$ 33,853	$ (50,452)	$ 20,428	$ 12,104	$ 10,969	$ 29,467	$ 44,870	$ 72,968	$ 59,258
Earnings (loss) per basic common share
Earnings (loss) per common share - basic									$ 0.49	$ 0.63	$ 0.62	$ (0.98)	$ 0.43	$ 0.27	$ 0.25	$ 0.90	$ 0.81	$ 1.72	$ 1.84
Earnings (loss) per diluted common share
Earnings (loss) per common share - basic									0.49	0.63	0.62	(0.98)	0.43	0.27	0.25	0.90	0.81	1.72	1.84
Earnings (loss) per common share - diluted									0.49	0.63	0.62	(0.98)	0.43	0.27	0.25	0.90	$ 0.81	$ 1.72	$ 1.84
Weighted-average shares outstanding
Basic																	53,736,523	42,011,750	32,085,975
Diluted																	53,818,378	42,047,648	32,102,184
Dividends declared per share of common stock	$ 0.35	$ 0.30	$ 0.25	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.35	$ 0.30	$ 0.25	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 1.30	$ 1.60	$ 1.57

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF INCOME
Servicing income, amortization and impairment	$ 5,975	$ 5,811	$ 5,509
Income on purchased future receivable, allowance for doubtful accounts	$ 11,769	$ 5,082

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$ 46,069	$ 75,056	$ 61,457
Other comprehensive income (loss) - net change by component
Net change in hedging derivatives (cash flow hedges)	(1,526)	(5,724)
Net change in hedging derivatives (cash flow hedges)			(954)
Foreign currency translation adjustment	(2,326)	289
Other comprehensive (loss)	(3,852)	(5,435)	(954)
Comprehensive income (loss)	42,217	69,621	60,503
Comprehensive income (loss) attributable to non-controlling interests	1,118	1,907	2,167
Comprehensive income (loss) attributable to Ready Capital Corporation	$ 41,099	$ 67,714	$ 58,336

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total Ready Capital Corporation EquityCumulative Effect, Period of Adoption, Adjustment	Total Ready Capital Corporation Equity	Common Stock	Additional Paid-in-Capital	Retained Earnings (Deficit)Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at beginning of period at Dec. 31, 2017		$ 536,073	$ 3	$ 539,455		$ (3,385)			$ 19,394		$ 555,467
Balance at beginning of period (in shares) at Dec. 31, 2017			31,996,440
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(50,601)				(50,601)					(50,601)
Dividend declared on OP units									(1,766)		(1,766)
Equity issuances		86		86							86
Equity issuances (shares)			5,000
Offering costs		(103)		(103)							(103)
Contributions, net									38		38
Equity component of 2017 convertible note issuance		(322)		(322)					(12)		(334)
Stock-based compensation		447		447							447
Stock-based compensation (shares)			48,617
Conversion of OP units into common stock		577		577					(577)
Conversion of OP units into common stock (shares)			33,658
Manager incentive fee paid in stock		338		338							338
Manager incentive fee paid in stock (shares)			21,397
Net income (loss)		59,258				59,258			2,199		61,457
Other comprehensive income (loss)		(922)					$ (922)		(32)		(954)
Balance at end of period at Dec. 31, 2018		544,831	$ 3	540,478		5,272	(922)		19,244		564,075
Balance at end of period (in shares) at Dec. 31, 2018			32,105,112
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(69,494)				(69,494)					(69,494)
Dividend declared on OP units									(1,788)		(1,788)
Shares issued pursuant to merger transactions		189,611	$ 1	189,610							189,611
Shares issued pursuant merger to merger transactions (shares)			12,882,323
Equity issuances		91,800	$ 1	91,799							91,800
Equity issuances (shares)			(6,000,000)
Offering costs		(408)		(408)					(2)		(410)
Contributions, net									20		20
Equity component of 2017 convertible note issuance		(351)		(351)					(9)		(360)
Stock-based compensation		1,476		1,476							1,476
Stock-based compensation (shares)			124,952
Manager incentive fee paid in stock		233		233							233
Manager incentive fee paid in stock (shares)			14,939
Net income (loss)		72,968				72,968			2,088		75,056
Other comprehensive income (loss)		(5,254)					(5,254)		(181)		(5,435)
Balance at end of period (ASU 2016-13) at Dec. 31, 2019	$ (6,599)				$ (6,599)			$ (155)		$ (6,754)
Balance at end of period at Dec. 31, 2019		825,412	$ 5	822,837		8,746	(6,176)		19,372		844,784
Balance at end of period (in shares) at Dec. 31, 2019			51,127,326
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(71,220)				(71,220)					(71,220)
Dividend declared on OP units									(1,504)		(1,504)
Stock issued in connection with stock dividend		17,033		17,033					362		17,395
Stock issued in connection with stock dividend (shares)			2,764,487
Equity issuances		13,410		13,410							13,410
Equity issuances (shares)			900,000
Offering costs		(49)		(49)					(1)		(50)
Distributions, net									(250)		(250)
Equity component of 2017 convertible note issuance		(379)		(379)					(8)		(387)
Stock-based compensation		5,399		5,399							5,399
Stock-based compensation (shares)			357,945
Manager incentive fee paid in stock		1,806		1,806							1,806
Manager incentive fee paid in stock (shares)			212,844
Share repurchases		(10,516)		(10,516)							(10,516)
Share repurchases (shares)			(993,603)
Sale of subsidiary interest to non-controlling interest									(122)		(122)
Net income (loss)		44,870				44,870			1,199		46,069
Other comprehensive income (loss)		(3,771)					(3,771)		(81)		(3,852)
Balance at end of period at Dec. 31, 2020		$ 815,396	$ 5	$ 849,541		$ (24,203)	$ (9,947)		$ 18,812		$ 834,208
Balance at end of period (in shares) at Dec. 31, 2020			54,368,999

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Dec. 14, 2020	Sep. 16, 2020	Jun. 15, 2020	Mar. 11, 2020	Dec. 11, 2019	Sep. 10, 2019	Jun. 11, 2019	Mar. 12, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity
Dividends declared per share of common stock	$ 0.35	$ 0.30	$ 0.25	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.35	$ 0.30	$ 0.25	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 1.30	$ 1.60	$ 1.57

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Cash Flows From Operating Activities:
Net income (loss)	$ 46,069	$ 75,056	$ 61,457
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Amortization of premiums, discounts, and debt issuance costs, net	33,550	14,409	15,470
Provision for (recovery of) loan losses	34,726	3,684	1,701
Impairment loss on real estate, held for sale	3,520	1,317	1,086
Change in repair and denial reserve	4,378	(345)	(163)
Net settlement of derivative instruments	(10,014)	(6,219)	4,272
Purchase of loans, held for sale, at fair value		(9,149)	(17,481)
Origination of loans, held for sale, at fair value	(5,076,936)	(2,621,324)	(2,407,492)
Proceeds from disposition and principal payments of loans, held for sale, at fair value	5,152,861	2,628,521	2,586,724
Realized (gains) losses, net	(263,332)	(101,794)	(88,890)
Unrealized (gains) losses, net	52,244	18,790	(4,853)
Gain on bargain purchase		(30,728)
Net loss (income) of unconsolidated joint ventures, net of distributions	(1,893)	(5,716)	1,047
Foreign currency (gain) loss. net	(4,139)
Payoff of purchased future receivables, net of originations	14,188	(8,807)
Allowance for doubtful accounts on purchased future receivables	11,769	5,082
Net changes in operating assets and liabilities
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	11,859	(21,265)	(12,088)
Receivable from third parties	(10)	7,556	(2,132)
Other assets	16,675	(26,286)	1,448
Accounts payable and other accrued liabilities	43,378	24,821	191
Net cash (used in) provided by operating activities	68,893	(52,397)	140,297
Cash Flows From Investing Activities:
Origination of loans	(774,581)	(1,307,143)	(934,607)
Purchase of loans	(242,532)	(739,002)	(369,418)
Purchase of mortgage backed securities, at fair value	(14,216)	(9,593)	(73,305)
Purchase of real estate	(329)	(117)	(1,570)
Funding of unconsolidated joint ventures	(23,707)	(26,655)
Purchase of servicing rights		(894)	(362)
Proceeds on unconsolidated joint venture in excess of earnings recognized	4,941	15,578	20,884
Payment of liability under participation agreements, net of proceeds received			(555)
Proceeds from disposition and principal payment of loans	961,235	826,702	746,162
Proceeds from sale and principal payment of mortgage backed securities, at fair value	12,486	14,354	30,381
Proceeds from sale of real estate	17,261	18,983	1,631
Cash paid in connection with Knight Merger, net of cash acquired		(15,827)
Cash acquired in connection with the ORM Merger		10,822
Net cash (used in) provided by investing activities	(59,442)	(1,212,792)	(580,759)
Cash Flows From Financing Activities:
Proceeds from secured borrowings	6,870,576	5,398,657	3,603,933
Payment of secured borrowings	(6,692,145)	(5,087,424)	(3,406,779)
Proceeds from issuance of securitized debt obligations of consolidated VIEs	495,220	1,395,518	607,837
Payment of securitized debt obligations of consolidated VIEs	(441,212)	(477,205)	(297,774)
Proceeds from note offerings	(50)	104,687	91,328
Payment of guaranteed loan financing	(102,155)	(34,704)	(74,980)
Payment of deferred financing costs	(12,820)	(28,207)	(18,831)
Equity issuance, net of offering costs	13,410	91,390	86
Payment of contingent consideration		(1,207)	(8,967)
Distributions from non-controlling interests, net	(250)	20	45
Sale of subsidiary interest to noncontrolling interests	(122)
Dividend payments	(56,885)	(63,326)	(51,317)
Redemption of preferred stock			(103)
Shares repurchase program	(10,516)
Net cash provided by (used in) provided by financing activities	63,051	1,298,199	444,478
Net increase (decrease) in cash, cash equivalents, and restricted cash	72,502	33,010	4,016
Cash, cash equivalents, and restricted cash at beginning of period	127,980	94,970	90,954
Cash, cash equivalents, and restricted cash at end of period	200,482	127,980	94,970
Supplemental disclosure of operating cash flow
Cash paid for interest	156,262	126,188	95,946
Cash paid (received) for income taxes	(8,482)	(2,661)	898
Stock-based compensation	5,299	1,476	447
Supplemental disclosure of non-cash investing activities
Loans transferred from loans, held for sale, at fair value to loans, net	714	1,262	644
Loans transferred from loans, net to loans, held for sale, at fair value			1,147
Consolidation of assets in securitization trusts		463,177
Loans transferred to real estate owned	11,339
Deconsolidation of assets in securitization trusts		177,815
Supplemental disclosure of non-cash financing activities
Dividends paid in stock	17,395
Consolidation of assets in securitization trusts		463,177
Deconsolidation of borrowings in securitization trusts		177,815
Share-based component of incentive fees	1,806	233	338
Cash and restricted cash reconciliation
Cash and cash equivalents	138,975	67,928	54,406
Restricted cash	47,697	51,728	28,921
Cash, cash equivalents, and restricted cash in Assets of consolidated VIEs	13,810	8,324	11,643
Cash, cash equivalents, and restricted cash at end of period	$ 200,482	$ 127,980	$ 94,970

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization
Organization	READY CAPITAL CORPORATION NOTES TO the CONS OLIDATED FINANCIAL STATEMENTS ​ Note 1. Organization ​ Ready Capital Corporation (the “Company” or “Ready Capital” and together with its subsidiaries “we”, “us” and “our”), is a Maryland corporation. The Company is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial (“SBC”) loans, Small Business Administration (“SBA”) loans, residential mortgage 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 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. ​ Sutherland Partners, LP (the “Operating Partnership”) holds substantially all of our assets and conducts substantially all of our business. As of both December 31, 2020 and 2019, the Company owned approximately 97.9% 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. ​ On March 29, 2019, the Company completed the acquisition of Owens Realty Mortgage, Inc. (“ORM”), through a merger of ORM with and into a wholly-owned subsidiary of the Company, in exchange for approximately 12.2 million shares of the Company’s common stock (“ORM Merger”). In accordance with the Merger Agreement, the number of shares of the Company’s common stock issued was based on an exchange ratio of 1.441 per share. The total purchase price for the merger of $179.3 million consists exclusively of the Company’s common stock issued in exchange for shares of ORM common stock and cash paid in lieu of fractional shares of the Company’s common stock, and was based on the $14.67 closing price of the Company’s common stock on March 29, 2019. Upon the closing of the transaction, the Company’s historical stockholders owned approximately 72% of the combined Company’s stock, while historical ORM stockholders owned approximately 28% of the combined Company’s stock. ​ The acquisition of ORM increased the Company’s equity capitalization, supported continued growth of the Company’s platform and execution of the Company’s strategy, and provided the Company with improved scale, liquidity and capital alternatives, including additional borrowing capacity. Also, the stockholder base resulting from the acquisition of ORM enhanced the trading volume and liquidity for our stockholders. The combination of the Company and ORM created cost savings and efficiencies resulting from the allocation of operating expenses over a larger portfolio and has allowed the Company to harvest value from ORM's real property assets. ​ On October 25, 2019, the Company acquired Knight Capital. Knight Capital is a technology-driven platform that provides working capital to small and medium businesses across the U.S. Through its platform, Knight Capital supports business operations by offering a faster alternative to conventional bank funding. The total purchase price for the merger of $27.8 million consists of $17.5 million of cash and $10.3 million of Ready Capital common stock. ​ The Company qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), commencing with its first taxable year ended December 31, 2011. To maintain its tax status as a REIT, the Company distributes at least 90% of its taxable income in the form of distributions to shareholders. ​ ​ ​

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Basis of Presentation
Basis of Presentation	Note 2. Basis of Presentation ​ The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)—as prescribed by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 U.S. GAAP requires 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 income 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. ​ 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. ​ Effective during the fourth quarter of 2018, the Company revised its presentation of residential mortgage banking activities and variable expenses on residential mortgage banking activities within our consolidated statements of income and Note 10 which no longer present these amounts as a net amount. Prior period numbers were revised to conform to the new presentation and to be consistent with our current period’s presentation. ​ Cash and cash equivalents The Company accounts for cash and cash equivalents in accordance with ASC 305, Cash and Cash Equivalents. ​ Restricted cash Restricted cash represents cash held by the Company as collateral against its derivatives, borrowings under repurchase agreements, borrowings under credit facilities with counterparties, construction and mortgage escrows, 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 restriction requirements no longer exist or at the maturity of the swap or repurchase agreement. ​ Loans, net Loans, net consists of loans, held-for-investment, net of allowance for loan losses, and loans, held at fair value. ​ Loans, held-for-investment. Receivables. ​ The Company uses the interest method to recognize, as a constant effective 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. ​ Recognition of interest income is suspended when any loans are placed on non-accrual status. Generally, all classes of loans are placed on non-accrual status when principal or interest has been delinquent for 90 days or when full collection is determined to be not probable. Interest income accrued, but not collected, at the date loans are placed on non-accrual status is reversed and subsequently recognized only to the extent it is received in cash or until the loan 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. ​ Loans, held at fair value. ​ Allowance for credit losses. ​ On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses ​ In connection with the Company’s adoption of ASU 2016-13 on January 1, 2020, the Company implemented new processes including the utilization of loan loss forecasting models, updates to the Company’s reserve policy documentation, changes to internal reporting processes and related internal controls. The Company has implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its loan portfolio. The CECL forecasting methods used by the Company include (i) a probability of default and loss given default method using underlying third-party CMBS/CRE loan database with historical loan losses from 1998 to 2020 and (ii) probability weighted expected cash flow method, depending on the type of loan and the availability of relevant historical market loan loss data. The Company might use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. ​ The Company estimates the CECL expected credit losses for its loan and lending commitment portfolio at the individual loan level. Significant inputs to the Company’s forecasting methods include (i) key loan-specific inputs such as LTV, vintage year, loan-term, underlying property type, occupancy, geographic location, and others, and (ii) a macro-economic forecast, including unemployment rates, interest rates, commercial real estate prices, and others. These estimates may change in future periods based on available future macro-economic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. ​ In certain instances, the Company considers relevant loan-specific qualitative factors to certain loans to estimate its CECL expected credit losses. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. While we have a formal methodology to determine the adequate and appropriate level of the allowance for credit 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 credit losses is based on quarterly evaluations of the above factors. Accordingly, the provision for credit losses will vary from period to period based on management's ongoing assessment of the adequacy of the allowance for credit losses. ​ Non-accrual loans. ​ Troubled debt restructurings. ​ Generally, all loans modified in a TDR are placed or remain on non-accrual 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. ​ Additionally, based on issued regulatory guidance provided by federal and state regulatory agencies, a loan modification is not considered TDR if: (1) made in response to the COVID-19 pandemic; (2) the borrower was current on payments at the time the modification program was implemented; (3) the modification was short-term (e.g., six months). ​ Loans, held for sale, at fair value Loans, held for sale, at fair value are loans that are expected to be sold to third parties in the near term. Interest is recognized as interest income in the consolidated statements of income when earned and deemed collectible. For loans originated by our SBC originations and SBA originations segments, changes in fair value are recurring and are reported as net unrealized gain (loss) in the consolidated statements of income. For originated SBA loans, the guaranteed portion is held for sale, at fair value. For loans originated by GMFS, changes in fair value are reported as residential mortgage banking activities in the consolidated statements of income. ​ Mortgage backed securities, at fair value The Company accounts for MBS as trading securities and carries them at fair value under ASC 320, Investments-Debt and Equity Securities. ​ MBS are recorded at fair value as determined by market prices provided by independent broker dealers or other independent valuation service providers. 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. ​ Loans eligible for repurchase from Ginnie Mae When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company then records the right to repurchase the loan as an asset and liability in its consolidated balance sheets. Such amounts reflect the unpaid principal balance of the loans. ​ ​ 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 (“CDSs”), interest rate swaps, TBA agency securities and interest rate lock commitments (“IRLCs”) as part of our risk management. The Company accounts for derivative instruments under ASC 815, Derivatives and Hedges ​ Interest rate swap agreements. ​ TBA Agency Securities ​ IRLC. ​ FX forwards. ​ CDS. ​ Hedge accounting. ​ To qualify as an accounting hedge under the hedge accounting rules (versus an economic hedge where hedge accounting is not applied), a hedging relationship must be highly effective in offsetting the risk designated as being hedged. We use cash flow hedges to hedge the exposure to variability in cash flows from forecasted transactions, including the anticipated issuance of securitized debt obligations. ASC 815 requires that a forecasted transaction be identified as either: 1) a single transaction, or 2) a group of individual transactions that share the same risk exposures for which they are designated as being hedged. Hedges of forecasted transactions are considered cash flow hedges since the price is not fixed, hence involve variability of cash flows. For qualifying cash flow hedges, the change in the fair value of the derivative (the hedging instrument) is recorded in other comprehensive income (loss) ("OCI"), and is reclassified out of OCI and into the consolidated statements of income when the hedged cash flows affect earnings. These amounts are recognized consistent with the classification of the hedged item, primarily interest expense (for hedges of interest rate risk). If the hedge relationship is terminated, then the value of the derivative recorded in accumulated other comprehensive income (loss) ("AOCI") is recognized in earnings when the cash flows that were hedged affect earnings, so long as the forecasted transaction remains probable of occurring. For hedge relationships that are discontinued because a forecasted transaction is probable of not occurring according to the original hedge forecast (including an additional two month window), any related derivative values recorded in AOCI are immediately recognized in earnings. Hedge accounting is generally terminated at the debt issuance date because we are no longer exposed to cash flow variability subsequent to issuance. Accumulated amounts recorded in AOCI at that date are then released to earnings in future periods to reflect the difference in 1) the fixed rates economically locked in at the inception of the hedge and 2) the actual fixed rates established in the debt instrument at issuance. Because of the effects of the time value of money, the actual interest expense reported in earnings will not equal the effective yield locked in at hedge inception multiplied by the par value. Similarly, this hedging strategy does not actually fix the interest payments associated with the forecasted debt issuance. ​ Servicing rights Servicing rights initially represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the servicing right asset against contractual servicing and ancillary fee income. ​ Servicing rights are recognized upon sale of loans, including a securitization of loans accounted for as a sale in accordance with U.S. GAAP, if servicing is retained. For servicing rights, gains related to servicing rights retained is included in net realized gain (loss) in the consolidated statements of income. For residential mortgage servicing rights, gains on servicing rights retained upon sale of a loan are included in residential mortgage banking activities in the consolidated statements of income. ​ The Company treats its servicing rights and residential mortgage servicing rights as two separate classes of servicing assets based on the class of the underlying mortgages and it treats these assets as two separate pools for risk management purposes. Servicing rights relating to the Company’s servicing of loans guaranteed by the SBA under its Section 7(a) loan program and servicing rights related to the Freddie Mac program are accounted for under ASC 860, Transfers and Servicing, Financial Instruments. ​ Servicing rights – SBA and Freddie Mac. ​ 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 servicing asset 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 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 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 estimates regarding future net servicing cash flows, forecasted loan prepayment rates, delinquency rates, 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. ​ Servicing rights - Residential (carried at fair value). ​ The Company has elected to account for its portfolio of residential mortgage servicing rights (“MSRs”) at fair value. For these assets, the Company uses a third-party vendor to assist management in estimating the fair value. The third-party vendor uses a discounted cash flow approach which consists of projecting servicing cash flows discounted at a rate that management believes market participants would use in their determinations of fair value. The key assumptions used in the estimation of the fair value of MSRs include prepayment rates, discount rates, default rates, and cost of servicing rates. Residential MSRs are classified as Level 3 in the fair value hierarchy. ​ Real estate, held for sale Real estate, held for sale, includes purchased real estate and real estate acquired in full or partial settlement of loan obligations, generally through foreclosure, that is being marketed for sale. Real estate, held for sale is recorded at acquisition at the property’s estimated fair value less estimated costs to sell. ​ After acquisition, costs incurred relating to the development and improvement of property are capitalized to the extent they do not cause the recorded value to exceed the net realizable value, whereas costs relating to holding and disposition of the property are expensed as incurred. After acquisition, real estate, held for sale is analyzed periodically for changes in fair values and any subsequent write down is charged through impairment. ​ The Company records a gain or loss from the sale of real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the real estate is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. This adjustment is based on management’s estimate of the fair value of the loan extended to the buyer to finance the sale. ​ Investment in unconsolidated joint ventures According to ASC 323 , Equity Method and Joint Ventures ​ Purchased future receivables Through Knight Capital, the Company provides working capital advances to small businesses through the purchase of their future revenues. The Company enters into a contract with the business whereby the Company pays the business an upfront amount in return for a specific amount of the business’s future revenue receivables, known as payback amounts. The payback amounts are primarily received through daily payments initiated by automated clearing house (“ACH”) transactions. ​ Revenues from purchased future receivables are realized when funds are received under each contract. The allocation of the amount received is determined by apportioning the amount received based upon the factor (discount) rate of the business's contract. Management believes that this methodology best reflects the effective interest method. ​ ​ The Company has established an allowance for doubtful purchased future receivables. An increase in the allowance for doubtful purchased future receivables results in a charge to income and is reduced when purchased future receivables are charged-off. Purchased future receivables are charged-off after 90 days past due. Management believes that the allowance reflects the risk elements and is adequate to absorb losses inherent in the portfolio. Although management has performed this evaluation, future adjustments may be necessary based on changes in economic conditions or other factors. ​ Intangible assets The Company accounts for intangible assets under ASC 350, Intangibles- Goodwill and Other ​ Goodwill The Company recorded goodwill in connection with the Company’s acquisition of Knight Capital. Goodwill is not amortized, but rather, is tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2020, represents the excess of the consideration transferred over the fair value of net assets acquired in connection with the acquisition of Knight Capital in October 2019. ​ In testing goodwill for impairment, the Company follows ASC 350, Intangibles- Goodwill and Other, ​ The qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual and projected financial performance of the reporting unit, macroeconomic conditions, industry and market conditions and relevant entity specific events in determining whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. Based on our qualitative assessment during the fourth quarter of 2020, we believe the Company’s Knight Capital reporting unit, to which goodwill was attributed, is not currently at risk of impairment. ​ Deferred financing costs Costs incurred in connection with our secured borrowings are accounted for under ASC 340, Other Assets and Deferred Costs ​ Due from servicers The loan-servicing activities of the Company’s acquisitions and SBC originations reportable segments are performed primarily by third-party servicers. SBA loans originated by and held at RCL are internally serviced. Residential mortgage loans originated by and held at GMFS are both serviced by third-party servicers and internally serviced. 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. ​ 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. ​ Secured borrowings Secured borrowings include borrowings under credit facilities, repurchase agreements, and promissory notes. ​ Borrowings under credit facilities. Debt. ​ Borrowing under repurchase agreements. Transfers and Servicing ​ Securitized debt obligations of consolidated VIEs, net Since 2011, we have engaged in several securitization transactions, which the Company accounts for under ASC 810. Securitization involves transferring assets to an SPE, or securitization trust, and this SPE issues debt instruments. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The consolidation of the SPE includes the issuance of senior securities to third parties, which are shown as securitized debt obligations of consolidated VIEs in 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. Debt issuance costs are amortized using the effective interest method and are included in interest expense in the consolidated statements of income. ​ Convertible note, net ASC 470 requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. ASC 470-20 requires that the initial proceeds from the sale of these notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. We measured the estimated fair value of the debt component of our convertible notes as of the issuance date based on our nonconvertible debt borrowing rate. The equity components of the convertible senior notes have been reflected within additional paid-in capital in our consolidated balance sheet, and the resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. ​ Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in our consolidated statements of operations. The remaining settlement consideration allocated to the equity component would be recognized as a reduction of additional paid-in capital in our consolidated balance sheets. ​ Senior secured notes, net The Company accounts for secured debt offerings under ASC 470 . ​ Corporate debt, net The Company accounts for corporate debt offerings under ASC 470. The Company’s corporate debt is presented net of debt issuance costs. Interest paid and accrued in connection with corporate debt is recorded as interest expense in the consolidated statements of income. ​ Guaranteed loan financing Certain partial loan sales do not qualify for sale accounting under ASC 860 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 in the consolidated balance sheets and the proceeds from 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 the SBA whole 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. ​ Variable interest entities VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The entity that has a financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. An entity is deemed to be the primary beneficiary of a VIE if the entity has both (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. ​ In determining whether we are the primary beneficiary of a VIE, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIE, such as our role establishing the VIE and our ongoing rights and responsibilities, the design of the VIE, our economic interests, servicing fees and servicing responsibilities, and other factors. We perform ongoing reassessments to evaluate whether changes in the entity’s capital structure or changes in the nature of our involvement with the entity result in a change to the VIE designation or a change to our consolidation conclusion. ​ Non-controlling interests Non-controlling interests are presented on the consolidated balance sheets and the consolidated statements of income and represent direct investment in the Operating Partnership by Sutherland OP Holdings II, Ltd., which is managed by our Manager, and third parties. ​ Fair value option ASC 825, Financial Instruments ​ We have elected the fair value option for certain loans held-for-sale originated by the Company that we intend to sell in the near term. The fair value elections for loans, held for sale, at fair value originated by the Company were made due to the short-term nature of these instruments. ​ We have elected the fair value option for loans held-for-sale originated by GMFS that the Company intends to sell in the near term. We have elected the fair value option for certain residential mortgage servicing rights acquired as part of the merger transaction. ​ Share repurchase program The Company accounts for repurchases of its common stock as a reduction in additional paid in capital. The amounts recognized represent the amount paid to repurchase these shares and are categorized on the balance sheet and changes in equity as a reduction in additional paid in capital. ​ Earnings per share We present both basic and diluted earnings per share (“EPS”) amounts in our consolidated financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from our share-based compensation, consisting of unvested restricted stock units (“RSUs”), unvested restricted stock awards (“RSAs”), as well as “in-the-money” conversion options associated with our outstanding convertible senior notes. Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. ​ All of the Company’s unvested RSUs and unvested RSAs contain rights to receive non-forfeitable dividends and, thus, are participating securities. Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. ​ Income taxes U.S. 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 period and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s consolidated 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 positio

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	12 Months Ended
	Dec. 31, 2020
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	Note 4. Recent accounting pronouncements ​ Financial Accounting Standards Board (“FASB”) Standards ​ ​ ​ ​ ​ ​ Standard ​ Summary of guidance ​ Effects on financial statements ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments ​ Replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost, which will reflect management's estimate of credit losses over the full remaining expected life of the financial assets and will consider expected future changes in macroeconomic conditions. ​ Adopted January 1, 2020. Issued June 2016 ​ Eliminates existing guidance for PCI loans, and requires recognition of the accretable difference as an increase to the allowance for expected credit losses on financial assets purchased with more than insignificant credit deterioration since origination, with a corresponding increase in the recorded investment of related loans. ​ The Company adopted ASU 2016-13 using the modified retrospective method for all loans carried at amortized cost. We recorded a $6.8 million cumulative-effect adjustment to the opening retained earnings (net of taxes) in our consolidated statement of equity as of January 1, 2020. The Company's total increase in the allowance for loan losses was $11.1 million, which included a $3.6 million allowance for loan loss balance sheet gross up, relating to purchased credit deteriorated loans. ​ ​ Requires inclusion of expected recoveries, limited to the cumulative amount of prior write-offs, when estimating the allowance for credit losses for in scope financial assets (including collateral dependent assets). ​ ​ ​ ​ Requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. ​ ​ ASU 2017-4, Intangibles — Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment ​ Requires an impairment loss to be recognized when the estimated fair value of a reporting unit falls below its carrying value. ​ Adopted January 1, 2020. Issued January 2017 ​ Eliminates the second condition in the current guidance that requires an impairment loss to be recognized only if the estimated implied fair value of the goodwill is below its carrying value. ​ Based on current impairment test results, the adoption did not have a material effect on the consolidated financial statements. ​ ​ ​ ​ The guidance may result in more frequent goodwill impairment losses in future periods due to the removal of the second condition. ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ​ Provides guidance on increasing the transparency and comparability of the disclosure requirements for fair value measurement. ​ Adopted in the first quarter of 2020. Issued August 2018 ​ ​ ​ The adoption did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ Provides optional exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. The election to adopt may be made any time after the effective date of March 12, 2020 through December 31, 2022. ​ The Company has not adopted any of the optional expedients or exceptions as of the year-ended December 31, 2020 but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. Issued March 2020 ​ ​ ​ ​ ​

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2020
Business Combinations
Business Combinations	Note 5. Business Combinations ​ Acquisition of Owens Realty Mortgage, Inc. On November 7, 2018, the Company entered into an Agreement and Plan of Merger as amended, (the “Merger Agreement”) with ORM, a specialty finance company that focused on the origination, investment, and management of commercial real estate loans. Pursuant to the Merger Agreement, the Company acquired ORM in a stock-for-stock transaction with an aggregate purchase price equal to 99.0% of ORM’s book value. Upon the closing, each outstanding share of ORM’s common stock was converted into the right to receive 1.441 shares of the Company common stock, based on a fixed exchange ratio. On March 29, 2019, the Company completed the acquisition of ORM, through a merger of ORM with and into a wholly owned subsidiary of the Company, in exchange for approximately 12.2 million shares of the Company’s common stock. The total purchase price for the merger of $179.3 million consisted exclusively of the Company’s common stock issued in exchange for shares of ORM common stock and cash paid in lieu of fractional shares of the Company’s common stock, and was based on the $14.67 closing price of the Company’s common stock on March 29, 2019. The consideration transferred was allocated to the assets acquired and liabilities assumed based on their respective fair values. The methodologies used and key assumptions made to estimate the fair value of the assets acquired and liabilities assumed are primarily based on future cash flows and discount rates. The following table summarizes the fair value of assets acquired and liabilities assumed from the merger: ​ ​ ​ ​ ​ (In Thousands) March 29, 2019 Assets ​ ​ ​ Cash and cash equivalents ​ $ 10,822 Loans ​ 130,449 Real estate, held for sale ​ 67,973 Investment in unconsolidated joint ventures ​ 8,619 Deferred tax assets ​ ​ 4,660 Accrued interest ​ 1,209 Other ​ 379 Total assets acquired ​ $ 224,111 Liabilities ​ ​ ​ Secured borrowings ​ 12,713 Accounts payable and other accrued liabilities ​ ​ 1,000 Due to Manager ​ ​ 228 Deferred tax liabilities ​ ​ 123 Total liabilities assumed ​ $ 14,064 Net assets acquired ​ $ 210,047 ​ For acquired loan receivables, the gross contractual unpaid principal acquired is $134.8 million and we expect to collect all contractual amounts. ​ The aggregate consideration transferred, net assets acquired, and the related bargain purchase gain was as follows: ​ ​ ​ ​ Total consideration transferred (in thousands, except share and per share data) FV of net assets acquired $ 210,047 ​ ​ ​ ORM shares outstanding at March 29, 2019 ​ 8,482,880 Exchange ratio x 1.441 Shares issued ​ 12,223,830 Market price as of March 29, 2019 $ 14.67 Total consideration transferred based on value of shares issued $ 179,324 ​ ​ ​ Bargain purchase gain $ 30,728 ​ Based on the calculation, the Company has determined the transaction resulted in a bargain purchase gain, which is predominantly the result of changes in the market price of the Company’s common stock between the determination date and the closing date of the transaction. This gain is reflected separately within the consolidated statements of income under gain on bargain purchase. Acquisition-related costs directly attributable to the ORM Merger, including legal, accounting, valuation, and other professional or consulting fees, totaling $6.2 million for the year ended December 31, 2019, respectively, were expensed as incurred and are reflected separately within the consolidated statements of income. ​ The following pro-forma income and earnings (unaudited) of the combined company are presented as if the merger had occurred on January 1, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ For the year ended (In Thousands) ​ ​ December 31, 2019 ​ ​ December 31, 2018 Selected Financial Data ​ ​ ​ ​ ​ ​ Interest income ​ $ 232,706 ​ $ 181,780 Interest expense ​ ​ (152,428) ​ ​ (111,371) Provision for loan losses ​ ​ (3,684) ​ ​ (1,462) Non-interest income ​ ​ 145,393 ​ ​ 157,049 Non-interest expense ​ ​ (180,140) ​ ​ (155,704) Income before provision for income taxes ​ ​ 41,847 ​ ​ 70,292 Income tax benefit ​ ​ 10,545 ​ ​ (1,945) Net income ​ $ 52,392 ​ $ 68,347 ​ Non-recurring pro-forma transaction costs directly attributable to the merger were $9.2 million for the year ended December 31, 2019, and have been deducted from the non-interest expense amount above. These costs included legal, accounting, valuation, and other professional or consulting fees directly attributable to the merger. The Company excluded the bargain purchase gain of $30.7 million from the amount above. ​ Acquisition of Knight Capital On October 25, 2019, the Company acquired Knight Capital. Knight Capital is a technology-driven platform that provides working capital to small and medium businesses across the U.S. Through its platform, Knight Capital supports business operations by offering a faster alternative to conventional bank funding. The total purchase price for the merger of $27.8 million consists of $17.5 million of cash and $10.3 million of Ready Capital common stock. The purchase price was allocated to the assets acquired and liabilities assumed based on their respective fair values. The following table summarizes the fair value of assets acquired and liabilities assumed from the merger: ​ ​ ​ ​ ​ (In Thousands) October 25, 2019 Assets ​ ​ ​ Cash and cash equivalents ​ $ 1,673 Purchased future receivables, ​ 39,540 Prepaid expenses and other ​ ​ 1,265 Intangible assets ​ ​ 5,880 Total assets acquired ​ $ 48,358 Liabilities ​ ​ ​ Secured borrowings ​ 30,600 Accounts payable and other accrued liabilities ​ ​ 1,173 Total liabilities assumed ​ $ 31,773 Net assets acquired ​ $ 16,585 ​ The aggregate consideration transferred, net assets acquired, and the related goodwill was as follows: ​ ​ ​ ​ Total Consideration Transferred (in thousands) ​ ​ Cash consideration $ 17,500 Common stock consideration ​ 10,290 Total consideration transferred $ 27,790 ​ ​ ​ Net Tangible Assets $ 10,705 Identified Intangible Assets ​ 5,880 FV of net assets acquired $ 16,585 ​ ​ ​ Goodwill $ 11,205 ​ The acquired intangible assets are definite-lived assets consisting of technology, brokers network and trade name. The estimated fair values of the technology and brokers network were determined using the cost replacement method, and the fair value of the trade name was determined using the relief from royalty method. The estimated fair value of the intangible assets were primarily based on cost assumptions such as replacement costs, which management believes are reasonable. ​ The fair value of the intangible assets with definite lives is as follows: ​ ​ ​ ​ ​ ​ (In Thousands) Fair Value ​ Weighted Average Amortization Life Internally developed software $ 3,800 ​ 6 years Broker network ​ 1,200 ​ 4.5 years Trade name ​ 880 ​ 6 years Total Intangible Assets $ 5,880 ​ 6 years ​ Goodwill of $11.2 million was recognized in connection with the Company’s acquisition of Knight Capital as the consideration paid exceeded the fair value of the net assets acquired. Acquisition-related costs directly attributable to the acquisition of Knight Capital, including legal, accounting, valuation, and other professional or consulting fees, totaling $1.5 million for the year ended December 31, 2019 were expensed as incurred and are reflected separately within the consolidated statements of income. ​ The following pro-forma income and earnings (unaudited) of the combined company are presented as if the merger had occurred on January 1, 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ For the year ended (In Thousands) ​ ​ December 31, 2019 ​ ​ December 31, 2018 Selected Financial Data ​ ​ ​ ​ ​ ​ Interest income ​ $ 229,916 ​ $ 169,499 Interest expense ​ ​ (151,880) ​ ​ (109,238) Provision for loan losses ​ ​ (3,684) ​ ​ (1,701) Non-interest income ​ ​ 223,197 ​ ​ 192,181 Non-interest expense ​ ​ (229,648) ​ ​ (201,454) Income before provision for income taxes ​ ​ 67,901 ​ ​ 49,287 Income tax benefit ​ ​ 10,552 ​ ​ (1,386) Net income ​ $ 78,453 ​ $ 47,901 ​ ​ ​ ​ ​ ​ ​ ​ Non-recurring pro-forma transaction costs directly attributable to the merger were $2.2 million for the year ended December 31, 2019, and have been deducted from the non-interest expense amount above. These costs included legal, accounting, valuation, and other professional or consulting fees directly attributable to the merger.

Loans and Allowance for Loan Lo

Loans and Allowance for Loan Losses	12 Months Ended
	Dec. 31, 2020
Loans and Allowance for Loan Losses
Loans and Allowance for Loan Losses	Note 6. Loans and allowance for credit losses ​ The accounting for a loan depends on management’s strategy for the loan, and on whether the loan was credit-deteriorated at the date of acquisition. The Company accounts for loans based on the following loan program categories: ​ ● Originated or purchased loans held-for-investment– originated transitional loans, originated conventional SBC and SBA loans, or acquired loans with no signs of credit deterioration at time of purchase ● Loans at fair value – certain originated conventional SBC loans and PPP loans for which the Company has elected the fair value option ● Loans, held-for-sale, at fair value – originated or acquired that we intend to sell in the near term ​ Loan portfolio The following table summarizes the classification, unpaid principal balance (“UPB”), and carrying value of loans held by the Company including loans of consolidated VIEs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 (In Thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 530,671 ​ $ 535,963 ​ ​ $ 593,657 ​ $ 600,226 Originated SBA 7(a) loans ​ ​ 310,537 ​ ​ 314,938 ​ ​ ​ 297,934 ​ ​ 299,580 Acquired SBA 7(a) loans ​ ​ 201,066 ​ ​ 210,115 ​ ​ ​ 255,240 ​ ​ 269,396 Originated SBC loans ​ ​ 173,190 ​ ​ 167,470 ​ ​ ​ 133,118 ​ ​ 132,227 Acquired loans ​ ​ 351,381 ​ ​ 352,546 ​ ​ ​ 430,307 ​ ​ 433,079 Originated PPP loans, at fair value ​ ​ 74,931 ​ ​ 74,931 ​ ​ ​ — ​ ​ — Originated SBC loans, at fair value ​ ​ 13,795 ​ ​ 14,088 ​ ​ ​ 20,212 ​ ​ 19,565 Originated Residential Agency loans ​ ​ 3,208 ​ ​ 3,208 ​ ​ ​ 3,396 ​ ​ 3,395 Total Loans, before allowance for loan losses ​ $ 1,658,779 ​ $ 1,673,259 ​ ​ $ 1,733,864 ​ $ 1,757,468 Allowance for loan losses ​ $ (33,224) ​ $ — ​ ​ $ (5,880) ​ $ — Total Loans, net ​ $ 1,625,555 ​ $ 1,673,259 ​ ​ $ 1,727,984 ​ $ 1,757,468 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated SBC loans ​ $ 889,566 ​ $ 885,235 ​ ​ $ 1,037,844 ​ $ 1,026,921 Originated Transitional loans ​ ​ 788,403 ​ ​ 792,432 ​ ​ ​ 490,913 ​ ​ 493,217 Acquired loans ​ ​ 697,567 ​ ​ 701,133 ​ ​ ​ 666,226 ​ ​ 671,698 Originated SBA 7(a) loans ​ ​ 68,625 ​ ​ 72,451 ​ ​ ​ 79,457 ​ ​ 83,559 Acquired SBA 7(a) loans ​ ​ 42,154 ​ ​ 52,456 ​ ​ ​ 53,320 ​ ​ 66,997 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 2,486,315 ​ $ 2,503,707 ​ ​ $ 2,327,760 ​ $ 2,342,392 Allowance for loan losses on loans in consolidated VIEs ​ $ (13,508) ​ $ — ​ ​ $ (1,561) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 2,472,807 ​ $ 2,503,707 ​ ​ $ 2,326,199 ​ $ 2,342,392 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ $ 260,447 ​ $ 249,852 ​ ​ $ 136,506 ​ $ 132,016 Originated Freddie Mac loans ​ ​ 51,248 ​ ​ 50,408 ​ ​ ​ 21,775 ​ ​ 21,513 Originated SBC loans ​ ​ 17,850 ​ ​ 17,850 ​ ​ ​ — ​ ​ — Originated SBA 7(a) loans ​ ​ 10,232 ​ ​ 9,436 ​ ​ ​ 28,551 ​ ​ 26,669 Acquired loans ​ ​ 511 ​ ​ 499 ​ ​ ​ 1,245 ​ ​ 1,208 Total Loans, held for sale, at fair value ​ $ 340,288 ​ $ 328,045 ​ ​ $ 188,077 ​ $ 181,406 Loans, held for sale, at fair value in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired loans ​ $ — ​ $ — ​ ​ $ 4,434 ​ $ 4,400 Total Loans, held for sale, at fair value in consolidated VIEs ​ $ — ​ $ — ​ ​ $ 4,434 ​ $ 4,400 Total Loan portfolio ​ $ 4,438,650 ​ $ 4,505,011 ​ ​ $ 4,246,694 ​ $ 4,285,666 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan vintage and credit quality indicators The Company monitors credit quality of our loan portfolio based on primary credit quality indicators. Delinquency rates are a primary credit quality indicator for our types of loans. Loans that are more than 30 days past due provide an early warning of borrowers who may be experiencing financial difficulties and/or who may be unable or unwilling to repay the loan. As the loan continues to age, it becomes clearer that the borrower is likely either unable or unwilling to pay. ​ The following table summarizes the classification, UPB and carrying value of loans by year of origination: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,328,395 ​ $ 385,183 ​ $ 583,593 ​ $ 306,971 ​ $ 23,783 ​ $ 18,480 ​ $ 1,064 ​ $ 1,319,074 Originated SBC loans ​ ​ 1,052,705 ​ ​ 66,715 ​ ​ 486,033 ​ ​ 237,313 ​ ​ 110,354 ​ ​ 43,696 ​ ​ 112,444 ​ ​ 1,056,555 Acquired loans ​ ​ 1,053,679 ​ ​ 21,414 ​ ​ 40,572 ​ ​ 42,167 ​ ​ 38,649 ​ ​ 19,533 ​ ​ 883,774 ​ ​ 1,046,109 Originated SBA 7(a) loans ​ ​ 387,389 ​ ​ 47,939 ​ ​ 98,568 ​ ​ 133,812 ​ ​ 68,375 ​ ​ 22,056 ​ ​ 4,041 ​ ​ 374,791 Acquired SBA 7(a) loans ​ ​ 262,571 ​ ​ 139 ​ ​ 19,658 ​ ​ 14,636 ​ ​ 283 ​ ​ 19 ​ ​ 204,703 ​ ​ 239,438 Originated PPP loans, at fair value ​ ​ 74,931 ​ ​ 74,931 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 74,931 Originated SBC loans, at fair value ​ ​ 14,088 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,598 ​ ​ 6,442 ​ ​ 5,755 ​ ​ 13,795 Originated Residential Agency loans ​ ​ 3,208 ​ 1,571 ​ 645 ​ 705 ​ ​ — ​ ​ 88 ​ 199 ​ 3,208 Total Loans, before general allowance for loans losses ​ $ 4,176,966 ​ $ 597,892 ​ $ 1,229,069 ​ $ 735,604 ​ $ 243,042 ​ $ 110,314 ​ $ 1,211,980 ​ $ 4,127,901 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,098,362 (1) Loan balances include specific allowance for loan losses of $17.2 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents delinquency information on loans, net by year of origination: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 3,979,225 ​ $ 591,405 ​ $ 1,221,227 ​ $ 707,068 ​ $ 203,331 ​ $ 100,003 ​ $ 1,125,100 ​ $ 3,948,134 30 - 59 days past due ​ ​ 38,836 ​ ​ 5,812 ​ ​ 5,191 ​ ​ 15,097 ​ ​ 401 ​ ​ 2 ​ ​ 11,933 ​ ​ 38,436 60+ days past due ​ ​ 158,905 ​ ​ 675 ​ ​ 2,651 ​ ​ 13,439 ​ ​ 39,310 ​ ​ 10,309 ​ ​ 74,947 ​ ​ 141,331 Total Loans, before general allowance for loans losses ​ $ 4,176,966 ​ $ 597,892 ​ $ 1,229,069 ​ $ 735,604 ​ $ 243,042 ​ $ 110,314 ​ $ 1,211,980 ​ $ 4,127,901 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,098,362 (1) Loan balances include specific allowance for loan losses of $17.2 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following tables present delinquency information on loans, net as of the consolidated balance sheet dates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Loans (In Thousands) Current and less than 30 days past due 30-59 days 60+ days Total Loans Carrying Value ​ Non-Accrual ​ 90+ days past due and Accruing Loans (1)(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 1,281,579 $ 17,713 $ 19,782 $ 1,319,074 ​ $ 19,416 ​ $ — Originated SBC loans ​ 1,000,878 ​ 6,591 ​ 49,086 ​ 1,056,555 ​ ​ 37,635 ​ ​ — Acquired loans ​ 978,346 ​ 7,729 ​ 60,034 ​ 1,046,109 ​ ​ 57,020 ​ ​ — Originated SBA 7(a) loans ​ 369,416 ​ 1,741 ​ 3,634 ​ 374,791 ​ ​ 8,668 ​ ​ — Acquired SBA 7(a) loans ​ 228,651 ​ 4,008 ​ 6,779 ​ 239,438 ​ ​ 9,001 ​ ​ — Originated PPP loans, at fair value ​ 74,931 ​ — ​ — ​ 74,931 ​ ​ — ​ ​ — Originated SBC loans, at fair value ​ 13,795 ​ — ​ — ​ 13,795 ​ ​ — ​ ​ — Originated Residential Agency loans ​ 538 ​ 654 ​ 2,016 ​ 3,208 ​ ​ 2,418 ​ ​ — Total Loans, before general allowance for loans losses $ 3,948,134 $ 38,436 $ 141,331 $ 4,127,901 ​ $ 134,158 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ $ (29,539) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ $ 4,098,362 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 95.7% ​ 0.9% ​ 3.4% ​ 100% ​ ​ 3.3% ​ ​ 0.0% (1) Loan balances include specific allowance for loan losses of $17.2 million (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Loans (In Thousands) Current and less than 30 days past due 30-59 days 60+ days Total Loans Carrying Value ​ Non-Accrual ​ 90+ days past due and Accruing Loans (1)(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 1,074,955 $ 5,728 $ 5,645 $ 1,086,328 ​ $ 24,587 ​ $ — Originated SBC loans ​ 1,137,140 ​ 11,769 ​ 19,990 ​ 1,168,899 ​ ​ 16,089 ​ ​ — Acquired loans ​ 1,032,259 ​ 41,830 ​ 20,194 ​ 1,094,283 ​ ​ 23,500 ​ ​ 3,382 Acquired SBA 7(a) loans ​ 297,172 ​ 4,048 ​ 5,640 ​ 306,860 ​ ​ 9,177 ​ ​ 1,326 Originated SBC loans, at fair value ​ 20,212 ​ — ​ — ​ 20,212 ​ ​ — ​ ​ — Originated SBA 7(a) loans ​ 370,101 ​ 2,085 ​ 4,443 ​ 376,629 ​ ​ 8,882 ​ ​ — Originated Residential Agency loans ​ 582 ​ 209 ​ 2,605 ​ 3,396 ​ ​ 2,105 ​ ​ 74 Total Loans, before general allowance for loans losses $ 3,932,421 $ 65,669 $ 58,517 $ 4,056,607 ​ $ 84,340 ​ $ 4,782 General allowance for loan losses ​ ​ ​ ​ ​ ​ $ (2,424) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ $ 4,054,183 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 97.0% ​ 1.6% ​ 1.4% ​ 100% ​ ​ 2.1% ​ ​ 0.1% (1) Loan balances include specific allowance for loan losses of $5.0 million (2) Includes Loans, net in consolidated VIEs ​ In addition to delinquency rates, the current estimated LTV ratio is another indicator that can provide insight into a borrower’s continued willingness to pay, as the delinquency rate of high LTV loans tends to be greater than that for loans where the borrower has equity in the collateral. The geographic distribution of the loan collateral also provides insight as to the credit quality of the portfolio, as factors such as the regional economy, property price changes and specific events such as natural disasters, will affect credit quality. The collateral concentration of the loan portfolio also provides insight as to the credit quality of the portfolio, as certain economic factors or events may have a more pronounced impact on certain sectors or property types. 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, net as of the consolidated balance sheet dates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan-to-Value (1) (In Thousands) 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 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (2) (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 5,485 $ 8,269 $ 252,798 $ 891,895 $ 157,900 $ 2,727 $ 1,319,074 Originated SBC loans ​ 5,372 ​ 76,899 ​ 453,381 ​ 515,023 ​ — ​ 5,880 ​ 1,056,555 Acquired loans ​ 266,345 ​ 385,579 ​ 228,262 ​ 113,023 ​ 40,838 ​ 12,062 ​ 1,046,109 Originated SBA 7(a) loans ​ 1,203 ​ 15,013 ​ 51,133 ​ 147,020 ​ 61,297 ​ 99,125 ​ 374,791 Acquired SBA 7(a) loans ​ 7,523 ​ 39,086 ​ 89,644 ​ 54,007 ​ 28,332 ​ 20,846 ​ 239,438 Originated PPP loans, at fair value ​ — ​ — ​ — ​ — ​ — ​ 74,931 ​ 74,931 Originated SBC loans, at fair value ​ — ​ 7,354 ​ — ​ 6,441 ​ — ​ — ​ 13,795 Originated Residential Agency loans — — 88 ​ 1,236 ​ 1,552 332 3,208 Total Loans, before general allowance for loans losses $ 285,928 $ 532,200 $ 1,075,306 $ 1,728,645 $ 289,919 $ 215,903 $ 4,127,901 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,098,362 Percentage of loans outstanding ​ 6.9% % 12.9% % 26.1% % 41.9% % 7.0% % 5.2% % ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (2) (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 1,736 $ 28,108 $ 277,388 $ 750,298 $ 28,059 $ 739 $ 1,086,328 Originated SBC loans — ​ 60,601 ​ 431,312 ​ 660,733 ​ 8,045 ​ 8,208 1,168,899 Acquired loans 218,679 ​ 371,471 ​ 293,216 ​ 161,431 ​ 35,731 ​ 13,755 1,094,283 Acquired SBA 7(a) loans ​ 7,712 ​ 39,566 ​ 103,590 ​ 83,954 ​ 39,726 ​ 32,312 ​ 306,860 Originated SBC loans, at fair value — ​ 8,192 ​ — ​ 6,422 ​ 5,598 ​ — 20,212 Originated SBA 7(a) loans ​ 865 ​ 13,843 ​ 41,166 ​ 130,177 ​ 78,544 ​ 112,034 ​ 376,629 Originated Residential Agency loans — 51 — ​ 830 ​ 2,393 122 3,396 Total Loans, before general allowance for loans losses $ 228,992 $ 521,832 $ 1,146,672 $ 1,793,845 $ 198,096 $ 167,170 $ 4,056,607 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (2,424) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,054,183 Percentage of loans outstanding ​ 5.6% % 12.9% % 28.3% % 44.2% % 4.9% % 4.1% % ​ (1) Loan-to-value is calculated as carrying amount as a percentage of current collateral value (2) Loan balances include specific allowance for loan loss reserves (3) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 and 2019, the Company’s total carrying amount of loans in the foreclosure process was $2.2 million and $0.8 million, respectively. ​ The following table displays the geographic concentration of the Company’s loans, net, secured by real estate recorded on our consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) December 31, 2020 ​ December 31, 2019 California 18.1 % ​ 16.9 % Texas 14.2 ​ ​ 15.2 ​ New York 9.8 ​ ​ 8.3 ​ Florida 7.8 ​ ​ 8.3 ​ Illinois 5.2 ​ ​ 5.2 ​ Georgia 4.9 ​ ​ 4.8 ​ North Carolina 3.1 ​ ​ 3.2 ​ Washington 3.1 ​ ​ 2.8 ​ Arizona 2.8 ​ ​ 3.4 ​ Colorado ​ 2.8 ​ ​ 2.8 ​ Other 28.2 ​ ​ 29.1 ​ Total 100.0 % ​ 100.0 % ​ The following table displays the collateral type concentration of the Company’s loans, net, on our consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) December 31, 2020 ​ December 31, 2019 Multi-family 23.8 % ​ 26.6 % SBA (1) 17.4 ​ ​ 17.6 ​ Retail 17.3 ​ ​ 17.5 ​ Office 13.1 ​ ​ 12.9 ​ Mixed Use 13.1 ​ ​ 10.4 ​ Industrial 7.0 ​ ​ 6.4 ​ Lodging/Residential 3.2 ​ ​ 3.3 ​ Other 5.1 ​ ​ 5.3 ​ Total 100.0 % ​ 100.0 % (1) Further detail provided on SBA collateral concentration is included in table below. ​ ​ ​ ​ ​ ​ ​ The following table displays the collateral type concentration of the Company’s SBA loans within loans, net, on our consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) December 31, 2020 ​ December 31, 2019 Lodging ​ 17.2 % ​ 17.3 % Offices of Physicians ​ 12.0 ​ ​ 14.1 ​ Child Day Care Services 7.2 ​ ​ 8.1 ​ Eating Places 5.3 ​ ​ 6.1 ​ Gasoline Service Stations 3.4 ​ ​ 3.7 ​ Veterinarians ​ 3.3 ​ ​ 4.1 ​ Executive Search Services ​ 2.6 ​ ​ — ​ All Other Miscellaneous Store Retailers (except Tobacco Stores) ​ 2.3 ​ ​ — ​ Funeral Service & Crematories 1.8 ​ ​ 2.0 ​ Grocery Stores 1.7 ​ ​ 2.0 ​ Other 43.2 ​ ​ 42.6 ​ Total 100.0 % ​ 100.0 % ​ Allowance for credit losses The allowance for loan losses represents the Company’s estimate of expected credit losses inherent in the Company’s held-for-investment loan portfolio. This is assessed by considering credit quality indicators, including probable and historical losses, collateral values, loan-to-value (“LTV”) ratios, and economic conditions. ​ The following tables present the allowance for loan losses by loan product and impairment methodology: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for General $ 2,640 $ 14,995 $ 5,457 $ 767 $ 5,680 $ — $ 29,539 Specific ​ 6,200 ​ — ​ 2,840 ​ 3,782 ​ 4,371 ​ — ​ 17,193 Ending balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ — $ 46,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for General $ 124 $ 64 $ 803 $ 414 $ 1,019 $ — $ 2,424 Specific ​ 180 ​ 124 ​ 86 ​ 941 ​ 762 ​ — ​ 2,093 PCD ​ — ​ — ​ 2,165 ​ 759 ​ — ​ — ​ 2,924 Ending balance $ 304 $ 188 $ 3,054 $ 2,114 $ 1,781 $ — $ 7,441 ​ The following tables detail the activity of the allowance for loan losses for loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for Beginning balance $ 304 $ 188 $ 3,054 $ 2,114 $ 1,781 $ — $ 7,441 Cumulative-effect adjustment upon adoption of ASU 2016-13 ​ 2,400 ​ 1,906 ​ 1,878 ​ 3,562 ​ 1,379 ​ — ​ 11,125 Provision for (Recoveries of) loan losses ​ 6,335 ​ 16,247 ​ 3,502 ​ 141 ​ 7,560 ​ — ​ 33,785 Charge-offs and sales ​ (199) ​ (3,346) ​ (137) ​ (1,396) ​ (717) ​ — ​ (5,795) Recoveries ​ — ​ — ​ — ​ 128 ​ 48 ​ — ​ 176 Ending balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ — $ 46,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for Beginning balance $ 11 $ 353 $ 5,052 $ 2,318 $ 586 $ — $ 8,320 Provision for (recoveries of) loan losses ​ 420 ​ (167) ​ 781 ​ 939 ​ 1,711 ​ — ​ 3,684 Charge-offs and sales ​ (127) ​ — ​ (1,144) ​ (1,282) ​ (516) ​ — ​ (3,069) Recoveries ​ — ​ 2 ​ (1,635) ​ 139 ​ — ​ — ​ (1,494) Ending balance $ 304 $ 188 $ 3,054 $ 2,114 $ 1,781 $ — $ 7,441 ​ The tables above exclude $0.9 million of provision for loan losses on unfunded lending commitments as of December 31, 2020. There was no such provision for loan losses on unfunded commitments as of December 31, 2019. Refer to ‘Notes to Consolidated Financial Statements, Note 3 – Summary of Significant Accounting Policies” included in Item 8, “Financial Statements and Supplementary Data,” in this annual report on Form 10-K for more information on our accounting policies, methodologies and judgment applied to determine the allowance for loan losses and lending commitments. ​ Non-accrual loans The following table details information about the Company’s non-accrual loans: ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 ​ December 31, 2019 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 75,862 ​ $ 20,657 Without an allowance ​ 58,296 ​ ​ 63,683 Total recorded carrying value of non-accrual loans $ 134,158 ​ $ 84,340 Allowance for loan losses related to non-accrual loans $ (17,367) ​ $ (3,581) Unpaid principal balance of non-accrual loans $ 158,471 ​ $ 98,498 Interest income on non-accrual loans for the year ended $ 3,212 ​ $ 3,132 ​ ​ Troubled debt restructurings 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 loan 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 the loan. Modified loans that are classified as TDRs are individually evaluated and measured for impairment. ​ In March 2020, a joint statement was issued by federal and state regulatory agencies, after consultation with the FASB, to clarify that short-term loan modifications are not TDRs if made on a good-faith basis in response to COVID-19 to borrowers who were current prior to any relief. Under this guidance, six months is provided as an example of short-term, and current is defined as less than 30 days past due at the time the modification program is implemented. The guidance also provides that these modified loans generally will not be classified as non-accrual during the term of the modification. For borrowers who are 30 days or more past due when enrolling in a loan modification program related to the COVID-19 pandemic, we evaluate the loan modifications under our existing TDR framework, and where such a loan modification would result in a concession to a borrower experiencing financial difficulty, the loan will be accounted for as a TDR and will generally not accrue interest. ​ The following table summarizes the recorded investment of TDRs in the consolidated balance sheet by loan type as of the consolidated balance sheet dates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 (In Thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Recorded carrying value modified loans classified as TDRs $ 7,327 ​ $ 17,932 ​ $ 25,259 ​ $ 6,258 ​ $ 14,204 ​ $ 20,462 Allowance for loan losses on loans classified as TDRs $ 17 ​ $ 3,323 ​ $ 3,340 ​ $ 274 ​ $ 454 ​ $ 728 Carrying value of modified loans classified as TDRs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value of modified loans classified as TDRs on accrual status $ 307 ​ $ 6,888 ​ $ 7,195 ​ $ 333 ​ $ 7,437 ​ $ 7,770 Carrying value of modified loans classified as TDRs on non-accrual status ​ 7,020 ​ ​ 11,044 ​ ​ 18,064 ​ ​ 5,925 ​ ​ 6,767 ​ ​ 12,692 Total carrying value of modified loans classified as TDRs $ 7,327 ​ $ 17,932 ​ $ 25,259 ​ $ 6,258 ​ $ 14,204 ​ $ 20,462 ​ ​ The following table summarizes the TDR activity that occurred during the years ended December 31, 2020 and 2019 and the financial effects of these modifications. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Year Ended December 31, 2019 (In Thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 5 ​ ​ 28 ​ ​ 33 ​ ​ 3 ​ ​ 31 ​ ​ 34 Pre-modification recorded balance (a) $ 10,963 ​ $ 8,420 ​ $ 19,383 ​ $ 2,169 ​ $ 4,045 ​ $ 6,214 Post-modification recorded balance (a) $ 10,963 ​ ​ 8,455 ​ $ 19,418 ​ $ 2,169 ​ $ 3,778 ​ $ 5,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default as of 2020 (b) ​ 3 ​ ​ 4 ​ ​ 7 ​ ​ 3 ​ ​ 8 ​ ​ 11 Balance of loans that remain in default as of 2020 (b) $ 5,285 ​ $ 302 ​ $ 5,587 ​ $ 2,240 ​ $ 534 ​ $ 2,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 7,020 ​ $ 7,020 ​ $ — ​ $ 4,033 ​ $ 4,033 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 5,285 ​ ​ 302 ​ ​ 5,587 ​ ​ 2,240 ​ ​ 264 ​ ​ 2,504 Total $ 5,285 ​ $ 7,322 ​ $ 12,607 ​ $ 2,240 ​ $ 4,297 ​ $ 6,537 (a) Represents carrying value. (b) Represents the December 31, 2020 carrying values of the TDRs that occurred during the year ended December 31, 2020 and 2019 that remained in default as of December 31, 2020. Generally, all loans modified in a TDR are placed or remain on non-accrual 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. ​ 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. ​ PCD loans The Company did not acquire any PCD loans as of the year ended December 2020 and 2019.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Measurements
Fair Value Measurements	Note 7. Fair value measurements ​ The Company adopted the provisions of ASC 820 Fair Value Measurement ​ Level 1 ​ Level 2 ​ Level 3 ​ 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 following table presents the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 340,288 ​ $ — ​ $ 340,288 Loans, net, at fair value — ​ — ​ 88,726 ​ 88,726 Mortgage backed securities, at fair value — ​ 62,880 ​ 25,131 ​ 88,011 Derivative instruments, at fair value ​ — ​ ​ — ​ ​ 16,363 ​ ​ 16,363 Residential mortgage servicing rights, at fair value — ​ — ​ 76,840 ​ 76,840 Total assets $ — ​ $ 403,168 ​ $ 207,060 ​ $ 610,228 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 11,604 ​ $ — ​ $ 11,604 Total liabilities $ — ​ $ 11,604 ​ $ — ​ $ 11,604 ​ The following table presents the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 192,510 ​ $ — ​ $ 192,510 Loans, net, at fair value — ​ — ​ 20,212 ​ 20,212 Mortgage backed securities, at fair value — ​ 92,006 ​ 460 ​ 92,466 Derivative instruments, at fair value — ​ — ​ 2,814 ​ 2,814 Residential mortgage servicing rights, at fair value — ​ — ​ 91,174 ​ 91,174 Total assets $ — ​ $ 284,516 ​ $ 114,660 ​ $ 399,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 5,250 ​ $ — ​ $ 5,250 Total liabilities $ — ​ $ 5,250 ​ $ — ​ $ 5,250 ​ The following tables present a summary of changes in our Level 3 assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 (In Thousands) MBS Derivatives Loans, net, at fair value Residential MSRs, at fair value Beginning Balance ​ $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ 91,174 Purchases or Originations ​ 12,640 ​ — ​ 106,704 ​ — Additions due to loans sold, servicing retained ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,701 Sales / Principal payments ​ ​ (13) ​ ​ — ​ ​ (37,435) ​ ​ (20,777) Realized gains, net ​ ​ — ​ ​ — ​ ​ 350 ​ ​ — Unrealized gains (losses), net ​ ​ (348) ​ ​ 13,549 ​ ​ (1,105) ​ ​ (37,258) Accreted discount, net ​ ​ 12 ​ ​ — ​ ​ — ​ ​ — Transfer to (from) Level 3 ​ ​ 12,380 ​ ​ — ​ ​ — ​ ​ — Ending Balance ​ $ 25,131 ​ $ 16,363 ​ $ 88,726 ​ $ 76,840 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains (losses), net on assets/liabilities held at the end of the period ​ $ 602 ​ $ 16,363 ​ $ (293) ​ $ (47,209) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 (In Thousands) MBS Derivatives Loans, net, at fair value Residential MSRs, at fair value Beginning Balance ​ $ 12,148 ​ $ 1,776 ​ $ 22,664 ​ $ 93,065 Purchases or Originations ​ 9,593 ​ — ​ — ​ — Additions due to loans sold, servicing retained ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,854 Sales / Principal payments ​ ​ (2,230) ​ ​ — ​ ​ (2,744) ​ ​ (10,178) Realized gains (losses), net ​ ​ 517 ​ ​ — ​ ​ (141) ​ ​ — Unrealized gains (losses), net ​ ​ 98 ​ ​ 1,038 ​ ​ 433 ​ ​ (18,567) Accreted discount, net ​ ​ 141 ​ ​ — ​ ​ — ​ ​ — Transfer to (from) Level 3 ​ ​ (19,807) ​ ​ — ​ ​ — ​ ​ — Ending Balance ​ $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ 91,174 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains (losses), net on assets/liabilities held at the end of the period ​ $ 355 ​ $ 1,038 ​ $ 647 ​ $ (18,567) ​ The Company’s policy is to recognize transfers in and transfers out as of the end of the period of the event or the date of 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. ​ 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 who 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 is 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 December 31, 2020 using third party information without adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands, except price) Fair Value Predominant Valuation Technique (a) Type Range Weighted Average Residential mortgage servicing rights, at fair value $ 76,840 Income Approach Discounted cash flow ​ N/A ​ N/A Derivative instruments, at fair value $ 16,363 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 47.62 - 100% | 0.51 - 12.8% | 0.13 to 2.9% ​ 84.1% | 3.6% | 1.1% (a) Prices are weighted based on the unpaid principal balance of the loans and securities included in the range for each class. ​ Included within Level 3 assets of $207.1 million is $113.9 million of quoted or transaction prices in which quantitative unobservable inputs are not developed by the Company when measuring fair value (for example, when we utilize prices from prior transactions or third-party pricing information without adjustments). Refer to ‘Notes to Consolidated Financial Statements, Note 9 - Servicing Rights” included in Item 8, “Financial Statements and Supplementary Data,” in this annual report on Form 10-K for more information on Residential mortgage servicing rights unobservable inputs. ​ 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, 2019 using third-party information without adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands, except price) Fair Value ​ Predominant Valuation Technique (a) ​ Type Range Weighted Average Residential mortgage servicing rights, at fair value $ 91,174 ​ Income Approach Discounted cash flow $ N/A ​ N/A Derivative instruments, at fair value $ 2,814 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 48.00 - 100% | 0.35 - 8.0% | 0.09 to 3.3% ​ 84.1% | 5.2% | 1.7% (a) Prices are weighted based on the unpaid principal balance of the loans and securities included in the range for each class. ​ Included within Level 3 assets of $114.7 million is $20.7 million of quoted or transaction prices in which quantitative unobservable inputs are not developed by the Company when measuring fair value (for example, when we utilize prices from prior transactions or third-party pricing information without adjustments). Refer to ‘Notes to Consolidated Financial Statements, Note 9 - Servicing Rights” included in Item 8, “Financial Statements and Supplementary Data,” in this annual report on Form 10-K for more information on Residential mortgage servicing rights unobservable inputs. The fair value measurements of these assets are sensitive to changes in assumptions regarding prepayment, probability of default, loss severity in the event of default, forecasts of home prices, and significant activity or developments in the real estate market. Significant changes in any of those inputs in isolation may result in significantly higher or lower fair value measurements. Generally, an increase in the probability of default and loss severity in the event of default would result in a lower fair value measurement. A decrease in these assumptions would have the opposite effect. Conversely, an assumption that the home prices will increase would result in a higher fair value measurement. A decrease in the assumption for home prices would have the opposite effect. ​ 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 in the consolidated balance sheets and are classified as Level 3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 (In Thousands) Carrying Value Estimated Carrying Value Estimated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 4,009,636 ​ $ 4,103,200 ​ $ 4,033,972 ​ $ 4,147,831 Purchased future receivables, net ​ ​ 17,308 ​ ​ 17,308 ​ ​ 43,265 ​ ​ 43,265 Servicing rights ​ ​ 37,823 ​ 47,567 ​ 30,795 ​ 34,723 Total assets ​ $ 4,064,767 ​ $ 4,168,075 ​ $ 4,108,032 ​ $ 4,225,819 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 1,370,519 ​ $ 1,370,519 ​ $ 1,189,392 ​ $ 1,189,392 Securitized debt obligations of consolidated VIEs, net ​ 1,905,749 ​ 1,907,541 ​ 1,815,154 ​ 1,859,047 Senior secured note, net ​ ​ 179,659 ​ ​ 188,114 ​ ​ 179,289 ​ ​ 190,923 Guaranteed loan financing ​ 401,705 ​ 426,348 ​ 485,461 ​ 515,182 Convertible notes, net ​ ​ 112,129 ​ ​ 68,186 ​ ​ 111,040 ​ ​ 116,654 Corporate debt, net ​ ​ 150,989 ​ ​ 151,209 ​ ​ 149,986 ​ ​ 161,098 Total liabilities ​ $ 4,120,750 ​ $ 4,111,917 ​ $ 3,930,322 ​ $ 4,032,296 ​ Other assets of $23.8 million at December 31, 2020 and $20.7 million at December 31, 2019 are not carried at fair value and include due from servicers and accrued interest, which are reflected in Note 19. Receivable from third parties of $1.2 million at December 31, 2020 and 2019 are not carried at fair value. For these instruments, carrying value approximates fair value and are classified as Level 3. Accounts payable and other accrued liabilities of $23.8 million at December 31, 2020 and $20.0 million at December 31, 2019 are not carried at fair value and include payable to related parties and accrued interest payable which are included in Note 19. For these instruments, carrying value approximates fair value and are classified as Level 3.

Mortgage Backed Securities

Mortgage Backed Securities	12 Months Ended
	Dec. 31, 2020
Mortgage Backed Securities
Mortgage Backed Securities	Note 8. Mortgage backed securities ​ The following table presents certain information about the Company’s MBS portfolio, which are classified as trading securities and carried at fair value, as of December 31, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ Average ​ Interest ​ Principal ​ Amortized ​ ​ ​ ​ Unrealized ​ Unrealized (In Thousands) ​ Maturity (a) ​ Rate (a) ​ Balance ​ Cost ​ Fair Value ​ Gains ​ Losses December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 01/2037 ​ 3.7 % $ 139,408 ​ $ 52,320 ​ $ 53,509 ​ $ 1,880 ​ $ (691) Commercial Loans ​ 11/2050 ​ 4.5 ​ ​ 73,074 ​ ​ 39,224 ​ ​ 34,411 ​ ​ 226 ​ ​ (5,039) Tax Liens 09/2026 6.0 ​ 92 ​ 92 ​ 91 ​ — ​ (1) Total Mortgage backed securities, at fair value ​ 10/2041 ​ 4.1 % $ 212,574 ​ $ 91,636 ​ $ 88,011 ​ $ 2,106 ​ $ (5,731) December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 06/2037 ​ 4.3 % $ 83,149 ​ $ 61,207 ​ $ 66,108 ​ $ 4,915 ​ $ (14) Commercial Loans ​ 02/2051 ​ 5.4 ​ ​ 35,984 ​ ​ 25,358 ​ ​ 26,255 ​ ​ 924 ​ ​ (27) Tax Liens 09/2026 6.0 ​ 104 ​ 104 ​ 103 ​ — ​ (1) Total Mortgage backed securities, at fair value ​ 07/2041 ​ 4.6 % $ 119,237 ​ $ 86,669 ​ $ 92,466 ​ $ 5,839 ​ $ (42) (a) Weighted based on current principal balance ​ The following table presents certain information about the maturity of the Company’s MBS portfolio as of December 31, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Principal ​ Amortized ​ ​ (In Thousands) ​ Interest Rate (a) ​ Balance ​ Cost ​ Fair Value December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years 6.0 % $ 92 ​ $ 92 ​ $ 91 After ten years 2.8 ​ 212,482 ​ 91,544 ​ 87,920 Total Mortgage backed securities, at fair value ​ 4.1 % $ 212,574 ​ $ 91,636 ​ $ 88,011 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years 3.8 % $ 2,869 ​ $ 2,641 ​ $ 2,825 After ten years 4.7 ​ 116,368 ​ 84,028 ​ 89,641 Total Mortgage backed securities, at fair value ​ 4.6 % $ 119,237 ​ $ 86,669 ​ $ 92,466 ​ ​ ​ (a) Weighted based on current principal balance

Servicing Rights

Servicing Rights	12 Months Ended
	Dec. 31, 2020
Servicing Rights
Servicing Rights	Note 9. 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 following table presents information about the Company’s portfolios of servicing rights: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 SBA servicing rights, at amortized cost ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 17,660 ​ $ 16,749 Additions due to loans sold, servicing retained ​ ​ 4,153 ​ ​ 4,364 Amortization ​ ​ (3,555) ​ ​ (3,393) Impairment ​ ​ 506 ​ ​ (60) Ending net carrying value of SBA servicing rights ​ $ 18,764 ​ $ 17,660 Freddie Mac multi-family servicing rights, at amortized cost ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 13,135 ​ $ 10,248 Additions due to loans sold, servicing retained ​ ​ 8,850 ​ ​ 5,195 Amortization ​ ​ (2,926) ​ ​ (2,308) Ending net carrying value of Freddie Mac multi-family servicing rights ​ $ 19,059 ​ $ 13,135 Total servicing rights, at amortized cost ​ $ 37,823 ​ $ 30,795 Residential mortgage servicing rights, at fair value ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 91,174 ​ $ 93,065 Additions due to loans sold, servicing retained ​ ​ 43,701 ​ ​ 26,854 Loan pay-offs ​ ​ (20,777) ​ ​ (10,178) Unrealized losses ​ ​ (37,258) ​ ​ (18,567) Ending fair value of Residential mortgage servicing rights ​ $ 76,840 ​ $ 91,174 Total servicing rights ​ $ 114,663 ​ $ 121,969 ​ Servicing rights – SBA and Freddie Mac. ​ 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 forward prepayment rates, forward default rates and discount rates 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 following table presents additional information about the Company’s SBA and Freddie Mac multi-family servicing rights: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ As of December 31, 2019 ​ ​ Unpaid Principal ​ ​ ​ Unpaid Principal ​ ​ (In Thousands) ​ Amount ​ Carrying Value ​ Amount ​ Carrying Value SBA ​ $ 643,135 ​ $ 18,764 ​ $ 568,017 ​ $ 17,660 Freddie Mac multi-family ​ ​ 1,501,998 ​ ​ 19,059 ​ ​ 1,167,476 ​ ​ 13,135 Total ​ $ 2,145,133 ​ $ 37,823 ​ $ 1,735,493 ​ $ 30,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The significant assumptions used in the December 31, 2020 and 2019 estimated valuation of the Company’s SBA and Freddie Mac multi-family servicing rights carried at amortized cost include: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights (at amortized cost) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ 6.7 - 20.8 % ​ 8.5 % ​ 6.3 - 21.2 % ​ 9.3 % ​ Forward default rate ​ 0.0 - 10.5 % ​ 8.2 % ​ 0.0 - 10.8 % ​ 7.3 % ​ Discount rate ​ 4.5 - 4.5 % ​ 4.5 % ​ 8.8 - 8.8 % ​ 8.8 % ​ Servicing expense ​ 0.4 - 0.4 % ​ 0.4 % ​ 0.4 - 0.4 % ​ 0.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac multi-family servicing rights (at amortized cost) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ 0.1 - 5.1 % ​ 2.4 % ​ 0.5 - 15.9 % ​ 6.6 % ​ Forward default rate ​ 0.0 - 0.4 % ​ 0.3 % ​ 0.0 - 0.5 % ​ 0.4 % ​ Discount rate ​ 6.0 - 6.0 % ​ 6.0 % ​ 6.0 - 6.0 % ​ 6.0 % ​ Servicing expense ​ 0.2 - 0.3 % ​ 0.2 % ​ 0.2 - 0.3 % ​ 0.2 % ​ Assumptions can change between and at each reporting period as market conditions and projected interest rates change. ​ The following table reflects the possible impact of 10% and 20% adverse changes to key assumptions on the carrying amount of the Company’s SBA and Freddie Mac multi-family servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 December 31, 2019 SBA servicing rights (at amortized cost) ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (729) ​ $ (563) ​ Impact of 20% adverse change ​ $ (1,420) ​ $ (1,097) ​ Default rate ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (150) ​ $ (94) ​ Impact of 20% adverse change ​ $ (298) ​ $ (186) ​ Discount rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (395) ​ $ (520) ​ Impact of 20% adverse change ​ $ (777) ​ $ (1,011) ​ Freddie Mac multi-family servicing rights (at amortized cost) ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (163) ​ $ (285) ​ Impact of 20% adverse change ​ $ (324) ​ $ (558) ​ Default rate ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (6) ​ $ (5) ​ Impact of 20% adverse change ​ $ (13) ​ $ (10) ​ Discount rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (678) ​ $ (381) ​ Impact of 20% adverse change ​ $ (1,324) ​ $ (746) ​ ​ The estimated future amortization expense for the servicing rights is expected to be as follows: ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 2021 ​ $ 7,146 2022 ​ 6,265 2023 ​ 5,492 2024 ​ 4,815 2025 ​ 4,217 Thereafter ​ 9,888 Total ​ $ 37,823 ​ Residential mortgage servicing rights. ​ The following table presents additional information about the Company’s residential mortgage servicing rights carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ As of December 31, 2019 (In Thousands) ​ Unpaid Principal Amount ​ Fair Value ​ Unpaid Principal Amount ​ Fair Value Fannie Mae ​ $ 3,700,450 ​ $ 27,632 ​ $ 3,388,630 ​ $ 37,309 Ginnie Mae ​ ​ 2,757,124 ​ ​ 25,899 ​ ​ 2,504,993 ​ ​ 29,869 Freddie Mac ​ ​ 3,071,312 ​ ​ 23,309 ​ ​ 2,270,981 ​ ​ 23,996 Total ​ $ 9,528,886 ​ $ 76,840 ​ $ 8,164,604 ​ $ 91,174 ​ The significant assumptions used in the valuation of the Company’s residential mortgage servicing rights carried at fair value include: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ Range of input ​ Weighted Range of input ​ Weighted Residential mortgage servicing rights (at fair value) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ 12.6 - 31.4 % ​ 14.3 % ​ 7.1 - 18.7 % ​ 10.1 % ​ Discount rate ​ 9.1 - 11.7 % ​ 9.8 % ​ 9.0 - 11.0 % ​ 9.6 % ​ Servicing expense ​ $70 - $85 ​ ​ $74 ​ ​ $70 - $85 ​ ​ $75 ​ ​ The following table reflects the possible impact of 10% and 20% adverse changes to key assumptions on the fair value of the Company’s residential mortgage servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 ​ December 31, 2019 Residential mortgage servicing rights (at fair value) ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,049) ​ $ (4,195) Impact of 20% adverse change ​ $ (9,701) ​ $ (8,091) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,601) ​ $ (3,450) Impact of 20% adverse change ​ $ (5,028) ​ $ (6,654) Cost of servicing ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,469) ​ $ (1,648) Impact of 20% adverse change ​ $ (2,938) ​ $ (3,297) ​

Residential mortgage banking ac

Residential mortgage banking activities and variable expenses on residential mortgage banking activities	12 Months Ended
	Dec. 31, 2020
Residential mortgage banking activities and variable expenses on residential mortgage banking activities
Gains on residential mortgage banking activities, net of variable loan expenses	Note 10. Residential mortgage banking activities and variable expenses on residential mortgage banking activities ​ Residential mortgage banking activities, reflects revenue within our residential mortgage banking business directly related to loan origination and sale activity. This primarily consists of the realized gains on sales of residential loans held for sale and loan origination fee income. Residential mortgage banking activities also consists of unrealized gains and losses associated with the changes in fair value of the loans held for sale, the fair value of retained MSR additions, and the realized and unrealized gains and losses from derivative instruments. Variable expenses include correspondent fee expenses and other direct expenses relating to these loans, which vary based on loan origination volumes. ​ The following table presents the components of residential mortgage banking activities and variable expenses on residential mortgage banking activities recorded in the Company’s consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (In Thousands) ​ 2020 2019 2018 Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ ​ $ 198,937 ​ $ 54,640 ​ $ 36,240 Creation of new mortgage servicing rights, net of payoffs ​ ​ ​ 22,919 ​ ​ 16,676 ​ ​ 15,075 Loan origination fee income on residential mortgage loans ​ ​ ​ 20,802 ​ ​ 10,702 ​ ​ 9,371 Unrealized gains (loss) on IRLCs and other derivatives ​ ​ 10,062 ​ 1,521 ​ (834) Residential mortgage banking activities ​ ​ $ 252,720 ​ $ 83,539 ​ $ 59,852 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ ​ $ (114,510) ​ $ (51,760) ​ $ (22,228) ​

Secured Borrowings

Secured Borrowings	12 Months Ended
	Dec. 31, 2020
Secured Borrowings
Secured borrowings	Note 11. Secured borrowings ​ The following tables present certain characteristics of our secured borrowings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at Lender Asset Class Current Maturity Pricing Facility Size Pledged Assets December 31, 2020 December 31, 2019 JPMorgan Acquired loans, SBA loans June 2021 ​ 1M L + 2.25% to 2.875% ​ $ 200,000 ​ $ 52,068 ​ $ 36,604 ​ $ 88,972 Keybank Freddie Mac loans February 2021 ​ 1M L + 1.30% ​ ​ 100,000 ​ ​ 51,248 ​ ​ 50,408 ​ ​ 21,513 East West Bank SBA loans October 2022 ​ Prime - 0.821% to + 0.29% ​ ​ 50,000 ​ ​ 50,516 ​ ​ 40,542 ​ ​ 13,294 Credit Suisse Acquired loans (non USD) December 2021 ​ Euribor + 2.50% to 3.00% ​ ​ 244,280 (a) ​ 59,353 ​ ​ 36,840 ​ ​ 37,646 FCB Acquired loans June 2021 ​ 2.75% ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,354 Comerica Bank Residential loans March 2021 ​ 1M L + 1.75% ​ ​ 125,000 ​ ​ 84,755 ​ ​ 78,312 ​ ​ 56,822 TBK Bank Residential loans October 2021 ​ Variable Pricing ​ ​ 150,000 ​ ​ 129,043 ​ ​ 123,951 ​ ​ 52,151 Origin Bank Residential loans June 2021 ​ Variable Pricing ​ ​ 60,000 ​ ​ 29,381 ​ ​ 27,450 ​ ​ 15,343 Associated Bank Residential loans November 2021 ​ 1M L + 1.50% ​ ​ 60,000 ​ ​ 16,962 ​ ​ 15,556 ​ ​ 5,823 East West Bank Residential MSRs September 2023 ​ 1M L + 2.50% ​ ​ 50,000 ​ ​ 50,941 ​ ​ 34,400 ​ ​ 39,900 Credit Suisse Purchased future receivables, PPP loans June 2021 ​ 1M L + 4.50% ​ ​ 150,000 ​ ​ — ​ ​ — ​ ​ 34,900 Rabobank Real estate January 2021 ​ 4.22% ​ ​ 14,500 ​ ​ — ​ ​ — ​ ​ 12,485 Federal Reserve Bank of Minneapolis PPP loans April 2022 ​ 0.35% ​ ​ 105,222 ​ ​ 73,799 ​ ​ 76,276 ​ ​ — Bank of the Sierra Real estate August 2050 ​ 3.25% to 3.45% ​ ​ 22,750 ​ ​ 32,948 ​ ​ 22,611 ​ ​ — Total borrowings under credit facilities (b) ​ ​ ​ $ 1,331,752 ​ $ 631,014 ​ $ 542,950 ​ $ 380,203 Citibank Fixed rate, Transitional, Acquired loans October 2021 ​ 1M L + 2.50% to 3.25% ​ $ 500,000 ​ $ 196,304 ​ $ 210,735 ​ $ 124,718 Deutsche Bank Fixed rate, Transitional loans November 2021 ​ 3M L + 2.00% to 2.40% ​ ​ 350,000 ​ ​ 266,014 ​ ​ 190,567 ​ ​ 141,356 JPMorgan Transitional loans November 2022 ​ 1M L + 2.25% to 4.00% ​ ​ 400,000 ​ ​ 375,035 ​ ​ 247,616 ​ ​ 250,466 JPMorgan MBS March 2021 ​ 1.54% to 4.75% ​ ​ 65,407 ​ ​ 107,347 ​ ​ 65,407 ​ ​ 93,715 Deutsche Bank MBS January 2021 ​ 3.54% ​ ​ 16,354 ​ ​ 20,189 ​ ​ 16,354 ​ ​ 44,730 Citibank MBS February 2021 ​ 3.25% to 3.75% ​ ​ 58,076 ​ ​ 111,796 ​ ​ 58,076 ​ ​ 56,189 Bank of America MBS Matured ​ 1.31% to 1.61% ​ ​ — ​ ​ — ​ ​ — ​ ​ 38,954 RBC MBS February 2021 ​ 3.05% to 4.43% ​ ​ 38,814 ​ ​ 59,620 ​ ​ 38,814 ​ ​ 59,061 Total borrowings under repurchase agreements (c) ​ $ 1,428,651 ​ $ 1,136,305 ​ $ 827,569 ​ $ 809,189 Total secured borrowings ​ $ 2,760,403 ​ $ 1,767,319 ​ $ 1,370,519 ​ $ 1,189,392 (a) The current facility size is €200.0 million, but has been converted into USD for purposes of this disclosure. (b) The weighted average interest rate of borrowings under credit facilities was 2.8% and 4.0% as of December 31, 2020 and 2019, respectively. (c) The weighted average interest rate of borrowings under repurchase agreements was 3.3% and 4.2% as of December 31, 2020 and 2019, respectively. ​ The following table presents the carrying value of the Company’s collateral pledged with respect to secured borrowings outstanding with our lenders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value at (In Thousands) ​ December 31, 2020 December 31, 2019 Collateral pledged - borrowings under credit facilities ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 313,844 $ 159,928 Loans, net ​ ​ 159,482 ​ 276,810 Loans, held at fair value ​ ​ 73,799 ​ — Mortgage servicing rights ​ ​ 50,941 ​ 61,304 Purchased future receivables ​ ​ — ​ 43,265 Real estate, held for sale ​ ​ 32,948 ​ 19,950 Total ​ $ 631,014 $ 561,257 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 815,603 $ 721,887 Mortgage backed securities ​ 72,179 113,436 Retained interest in assets of consolidated VIEs ​ ​ 226,773 ​ 271,880 Loans, held for sale, at fair value ​ ​ 17,850 ​ — Loans, held at fair value ​ 3,071 — Real estate acquired in settlement of loans ​ ​ 829 ​ — Total ​ $ 1,136,305 $ 1,107,203 Total collateral pledged on secured borrowings ​ $ 1,767,319 $ 1,668,460 ​ ​ ​ ​ ​ ​ ​ The agreements governing the Company’s secured borrowings and promissory note require the Company to maintain certain financial and debt covenants. The Company was in compliance with all debt and financial covenants as of December 31, 2020 and 2019.

Senior secured notes, convertib

Senior secured notes, convertible notes, and corporate debt, net	12 Months Ended
	Dec. 31, 2020
Senior secured notes, convertible notes, and corporate debt, net
Senior secured notes, convertible notes, and corporate debt, net	Note 12. Senior secured notes, convertible notes, and corporate debt, net ​ Senior secured notes, net During 2017, ReadyCap Holdings LLC, a subsidiary of the Company, issued $140.0 million in 7.50% Senior Secured Notes due 2022. On January 30, 2018 ReadyCap Holdings LLC, issued an additional $40.0 million in aggregate principal amount of 7.50% Senior Secured Notes due 2022, which have identical terms (other than issue date and issue price) to the notes issued during 2017 (collectively “the Senior Secured Notes”). The additional $40.0 million in Senior Secured Notes were priced with a yield to par call date of 6.5%. Payments of the amounts due on the Senior Secured Notes are fully and unconditionally guaranteed by the Company and its subsidiaries: Sutherland Partners LP, Sutherland Asset I, LLC, and ReadyCap Commercial, LLC. The funds were used to fund new SBC and SBA loan originations and new SBC loan acquisitions. ​ As of December 31, 2020, we were in compliance with all covenants with respect to the Senior Secured Notes. ​ Convertible notes, net On August 9, 2017, the Company closed an underwritten public sale of $115.0 million aggregate principal amount of its 7.00% convertible senior notes due 2023 (“Convertible Notes”). The Convertible Notes will mature on August 15, 2023, unless earlier repurchased, redeemed or converted. During certain periods and subject to certain conditions, the Convertible Notes will be convertible by holders into shares of the Company's common stock. As of December 31, 2020, the conversion rate was 1.5994 shares of common stock per $25 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $15.63 per share of common stock. Upon conversion, holders will receive, at the Company's discretion, cash, shares of the Company's common stock or a combination thereof. ​ The Company may redeem all or any portion of the Convertible Notes on or after August 15, 2021, if the last reported sale price of the Company’s common stock has been at least 120% of the conversion price in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price payable in cash equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest. Additionally, upon the occurrence of certain corporate transactions, holders may require the Company to purchase the Convertible Notes for cash at a purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest. ​ The Convertible Notes will be convertible only upon satisfaction of one or more of the following conditions: (1) the closing market price of the Company’s common stock is greater than or equal to 120% of the conversion price of the respective Convertible Notes for at least 20 out of 30 days prior to the end of the preceding fiscal quarter, (2) the trading price of the Convertible Notes is less than 98% of the product of (i) the conversion rate and (ii) the closing price of the Company’s common stock during any five ​ At issuance, we allocated $112.7 million and $2.3 million of the carrying value of the Convertible Notes to its debt and equity components, respectively, before the allocation of deferred financing costs. As of December 31, 2020, we were in compliance with all covenants with respect to the Convertible Notes. ​ Corporate debt, net On April 27, 2018, the Company completed the public offer and sale of $50,000,000 aggregate principal amount of its 6.50% Senior Notes due 2021 ( the “2021 Notes”). The Company issued the 2021 Notes under a base indenture, dated August 9, 2017, as supplemented by the second supplemental indenture, dated as of April 27, 2018, between the Company and U.S. Bank National Association, as trustee. The 2021 Notes bear interest at a rate of 6.50% per annum, payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year, beginning on July 30, 2018. The 2021 Notes will mature on April 30, 2021, unless earlier redeemed or repurchased. ​ ​ The Company may redeem for cash all or any portion of the 2021 Notes, at its option, on or after April 30, 2019 and before April 30, 2020 at a redemption price equal to 101% of the principal amount of the 2021 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. On or after April 30, 2020, the Company may redeem for cash all or any portion of the 2021 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 2021 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes a change of control repurchase event, holders may require it to purchase the 2021 Notes, in whole or in part, for cash at a repurchase price equal to 101% of the aggregate principal amount of the 2021 Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, as described in greater detail in the Indenture. ​ The 2021 Notes are the Company’s senior direct unsecured obligations and will not be guaranteed by any of its subsidiaries, except to the extent described in the Indenture upon the occurrence of certain events. The 2021 Notes rank equal in right of payment to any of the Company’s existing and future unsecured and unsubordinated indebtedness; effectively junior in right of payment to any of its existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness, other liabilities (including trade payables) and (to the extent not held by the Company) preferred stock, if any, of its subsidiaries. ​ On July 22, 2019, the Company completed the public offer and sale of $57.5 million aggregate principal amount of its 6.20% Senior Notes due 2026 (the “2026 Notes” and together with the 2021 Notes, the “Corporate Debt”), which includes $7.5 million aggregate principal amount of the 2026 Notes relating to the full exercise of the underwriters’ over-allotment option. The net proceeds from the sale of the 2026 Notes are approximately $55.3 million, after deducting underwriters’ discount and estimated offering expenses. The Company will contribute the net proceeds to Sutherland Partners, L.P. (the “Operating Partnership”), its operating partnership subsidiary, in exchange for the issuance by the Operating Partnership of a senior unsecured note with terms that are substantially equivalent to the terms of the 2026 Notes. The Operating Partnership intends to use the net proceeds to originate or acquire the Company’s target assets and for general business purposes. ​ The 2026 Notes bear interest at a rate of 6.20% per annum, payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year, beginning on October 30, 2019. The 2026 Notes will mature on July 30, 2026, unless earlier repurchased or redeemed. The Company may redeem for cash all or any portion of the 2026 Notes, at its option, on or after July 30, 2022 and before July 30, 2025 at a redemption price equal to 101% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. On or after July 30, 2025, the Company may redeem for cash all or any portion of the 2026 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company undergoes a change of control repurchase event, holders may require it to purchase the 2026 Notes, in whole or in part, for cash at a repurchase price equal to 101% of the aggregate principal amount of the 2026 Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, as described in greater detail in the Indenture. ​ The 2026 Notes are the Company’s senior unsecured obligations and will not be guaranteed by any of its subsidiaries, except to the extent described in the Indenture upon the occurrence of certain events. The 2026 Notes rank equal in right of payment to any of the Company’s existing and future unsecured and unsubordinated indebtedness; effectively junior in right of payment to any of its existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness, other liabilities (including trade payables) and (to the extent not held by the Company) preferred stock, if any, of its subsidiaries. ​ On December 2, 2019, the Company completed the public offer and sale of $45.0 million aggregate principal amount of the 2026 Notes. The new notes have the same terms (expect with respect to issue date, issue price and the date from which interest will accrue) as, are fully fungible with and are treated as a single series of debt securities as, the 6.20% Senior Notes due 2026 the Company issued on July 22, 2019. ​ As of December 31, 2020, we were in compliance with all covenants with respect to the corporate debt. ​ The following table presents the components of the Senior Secured Notes, Convertible Notes, and Corporate Debt, including the carrying value for the aggregate contractual maturities, in the consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, except rates) Coupon Rate ​ Maturity Date December 31, 2020 Senior secured notes principal amount (1) ​ 7.50 % ​ 2/15/2022 ​ $ 180,000 Unamortized premium - Senior secured notes ​ ​ ​ ​ ​ ​ ​ 896 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (1,236) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 179,659 Convertible notes - principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (1,059) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (1,812) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 112,129 Corporate debt principal amount (4) ​ 6.50 % ​ 4/30/2021 ​ $ 50,000 Corporate debt principal amount (5) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,250 Unamortized discount - Corporate debt ​ ​ ​ ​ ​ ​ ​ 378 Unamortized deferred financing costs - Corporate debt ​ ​ ​ ​ ​ ​ ​ (3,639) Total Corporate debt, net ​ ​ ​ ​ ​ ​ $ 150,989 Total carrying amount of debt components ​ ​ ​ ​ ​ ​ $ 442,777 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 1,059 (1) Interest on the senior secured notes is payable semiannually on each February 15 and August 15, beginning on August 15, 2017. (2) Interest on the convertible notes is payable quarterly on February 15, May 15, August 15, and November 15 of each year, beginning on November 15, 2017. (3) Represents the discount created by separating the conversion option from the debt host instrument. (4) Interest on the corporate debt is payable January 30, April 30, July 30, and October 30 of each year, beginning on July 30, 2018. (5) Interest on the corporate debt is payable January 30, April 30, July 30, and October 30 of each year, beginning on October 30, 2019. ​ The following table presents the contractual maturities of Senior Secured Notes, Convertible Notes, and Corporate debt: ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 2021 $ 50,000 2022 ​ 180,000 2023 ​ 115,000 2024 ​ — 2025 ​ ​ — Thereafter ​ 104,250 Total contractual amounts ​ $ 449,250 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (6,473) Total carrying amount of debt components ​ $ 442,777 ​

Guaranteed loan financing

Guaranteed loan financing	12 Months Ended
	Dec. 31, 2020
Guaranteed loan financing.
Guaranteed loan financing	Note 13. Guaranteed loan financing ​ Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment in 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. ​ The following table presents guaranteed loan financing and the related interest rates and maturity dates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Range of ​ Range of ​ ​ ​ (In Thousands) ​ Interest Rate ​ Interest Rates ​ Maturities (Years) ​ Ending Balance ​ December 31, 2020 ​ 3.76 % 0.99 - 6.50 % 2021 - 2044 ​ $ 401,705 ​ December 31, 2019 ​ 5.45 % 1.70 - 7.50 % 2020 - 2044 ​ $ 485,461 ​ ​ The following table summarizes contractual maturities of total guaranteed loan financing outstanding: ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 2021 ​ ​ 395 2022 ​ 1,420 2023 ​ 2,340 2024 ​ 3,429 2025 ​ 3,689 Thereafter ​ 390,432 Total ​ $ 401,705 ​ Our guaranteed loan financings are secured by loans of $403.0 million and $487.2 million as of December 31, 2020 and 2019, respectively.

Variable interest entities and

Variable interest entities and securitization activities	12 Months Ended
	Dec. 31, 2020
Variable interest entities and securitization activities
Variable interest entities and securitization activities	Note 14. Variable interest entities and securitization activities ​ In the normal course of business, we enter into certain types of transactions with entities that are considered to be VIEs. Our primary involvement with VIEs has been related to our securitization transactions in which we transfer assets to securitization trusts. We primarily securitize our acquired and originated loans, which provides a source of funding for us and has enabled us to transfer a certain portion of the economic risk of the loans or related debt securities to third parties. We also transfer originated loans to securitization trusts sponsored by third parties, most notably Freddie Mac. Third-party securitizations are securitization entities in which we maintain an economic interest but do not sponsor. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The majority of the VIEs in which we have been involved in are consolidated within our financial statements. See Note 3 for a discussion of our accounting policies applied to the consolidation of the VIE and transfer of the loans in connection with the securitization. ​ Securitization-related VIEs ​ Company sponsored securitizations. ​ 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 in 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. ​ 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 consolidation of the securitization transactions includes the senior securities issued to third parties which are shown as securitized debt obligations of consolidated VIEs in the consolidated balance sheets. The following table presents additional information on the Company’s securitized debt obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ ​ 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 ​ $ 4,055 ​ $ 4,055 ​ 5.5 % ​ $ 6,399 ​ $ 6,399 ​ 5.5 % ReadyCap Lending Small Business Trust 2019-2 ​ ​ 103,030 ​ ​ 101,468 ​ 3.1 ​ ​ ​ 131,032 ​ ​ 129,007 ​ 4.3 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 27,035 ​ ​ 26,555 ​ 3.6 ​ ​ ​ 42,309 ​ ​ 41,486 ​ 3.4 ​ Sutherland Commercial Mortgage Trust 2018-SBC7 ​ ​ 79,302 ​ ​ 78,168 ​ 4.7 ​ ​ ​ 138,235 ​ ​ 136,212 ​ 4.7 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 178,911 ​ ​ 176,307 ​ 2.9 ​ ​ ​ 219,617 ​ ​ 216,981 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ 131,729 ​ ​ 129,014 ​ 3.8 ​ ​ ​ — ​ ​ — ​ — ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ 10,880 ​ ​ 10,858 ​ 5.8 ​ ​ 18,626 ​ ​ 18,632 ​ 5.6 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 45,075 ​ ​ 35,183 ​ 4.8 ​ ​ 64,239 ​ ​ 61,443 ​ 4.5 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 26,371 ​ ​ 25,286 ​ 4.7 ​ ​ 32,269 ​ ​ 30,777 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 94,273 ​ ​ 91,098 ​ 4.0 ​ ​ ​ 121,179 ​ ​ 117,428 ​ 3.9 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 229,232 ​ ​ 220,605 ​ 4.2 ​ ​ ​ 309,296 ​ ​ 299,273 ​ 4.1 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 359,266 ​ ​ 348,773 ​ 3.2 ​ ​ ​ 379,400 ​ ​ 371,939 ​ 3.2 ​ Ready Capital Mortgage Financing 2018-FL2 ​ ​ 48,979 ​ ​ 48,975 ​ 2.4 ​ ​ ​ 115,381 ​ ​ 114,057 ​ 3.8 ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ 229,440 ​ ​ 227,950 ​ 2.0 ​ ​ ​ 267,904 ​ ​ 264,249 ​ 3.5 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 324,219 ​ ​ 318,385 ​ 3.1 ​ ​ ​ — ​ ​ — ​ — ​ Total (1) ​ $ 1,891,797 $ 1,842,680 ​ 3.3 % $ 1,845,886 $ 1,807,883 ​ 3.7 % (1) Excludes non-company sponsored securitized debt obligations of $63.1 million and $7.3 million that are consolidated in the consolidated balance sheets as of December 31, 2020 and December 31, 2019, respectively . ​ 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. Third-party sponsored securitizations. ​ Other VIEs Other VIEs include a variable interest that we hold in an acquired joint venture investment that we account for as an equity method investment. We do not consolidate these entities because we do not have the power to direct the activities that most significantly impact their economic performance, we only account for our specific interest in them. ​ Assets and liabilities of consolidated VIEs The following table presents securitized assets and liabilities of VIEs consolidated on our consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 December 31, 2019 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 20 $ 23 Restricted cash ​ 13,790 ​ ​ 8,301 Loans, net ​ ​ 2,472,807 ​ ​ 2,326,199 Loans, held for sale, at fair value ​ ​ — ​ ​ 4,434 Real estate, held for sale ​ ​ 4,456 ​ ​ — Due from servicers ​ ​ 10,995 ​ ​ 27,964 Accrued interest ​ ​ 16,675 ​ ​ 11,565 Total assets ​ $ 2,518,743 ​ $ 2,378,486 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 1,905,749 ​ ​ 1,815,154 Total liabilities ​ $ 1,905,749 ​ $ 1,815,154 ​ ​ Assets of unconsolidated VIEs The following table reflects our variable interests in identified VIEs, of which we are not the primary beneficiary: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (In Thousands) ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2020 ​ December 31, 2019 Mortgage backed securities, at fair value (2) $ 80,690 ​ $ 66,108 $ 80,690 ​ $ 66,108 Investment in unconsolidated joint ventures ​ ​ 28,290 ​ ​ 58,850 ​ ​ 28,290 ​ ​ 58,850 Total assets in unconsolidated VIEs ​ $ 108,980 ​ $ 124,958 ​ $ 108,980 ​ $ 124,958 (1) Maximum exposure to loss is limited to the greater of the fair value or carrying value of the assets as of the consolidated balance sheet date. (2) Retained interest in Freddie Mac sponsored securitizations. ​

Interest income and interest ex

Interest income and interest expense	12 Months Ended
	Dec. 31, 2020
Interest income and interest expense
Interest income and interest expense	​ Note 15. Interest income and interest expense ​ Interest income expense are recorded in the consolidated statements of income and classified based on the nature of the underlying asset or liability. ​ ​ The following table presents the components of interest income and expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 2018 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ ​ $ 88,271 ​ $ 69,217 ​ $ 48,499 Originated SBC loans ​ ​ ​ 57,134 ​ ​ 51,617 ​ ​ 24,948 Acquired loans ​ ​ ​ 57,471 ​ ​ 63,879 ​ ​ 46,154 Acquired SBA 7(a) loans ​ ​ ​ 18,251 ​ ​ 20,687 ​ ​ 32,278 Originated SBA 7(a) loans ​ ​ ​ 20,434 ​ ​ 11,409 ​ ​ 4,428 Originated SBC loans, at fair value ​ ​ ​ 1,938 ​ ​ 1,383 ​ ​ 3,599 Originated Residential Agency loans ​ ​ ​ 149 ​ ​ 75 ​ ​ 51 Total loans (1) ​ ​ $ 243,648 ​ $ 218,267 ​ $ 159,957 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ ​ $ 7,532 ​ $ 4,328 ​ $ 3,747 Originated Freddie loans ​ ​ ​ 1,193 ​ ​ 1,008 ​ ​ 1,428 Acquired loans ​ ​ ​ 166 ​ ​ 217 ​ ​ 153 Total loans, held for sale, at fair value (1) ​ ​ $ 8,891 ​ $ 5,553 ​ $ 5,328 Mortgage backed securities, at fair value ​ ​ $ 6,097 ​ $ 6,096 ​ $ 4,214 Total interest income ​ ​ $ 258,636 ​ $ 229,916 ​ $ 169,499 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ $ (45,430) ​ $ (49,009) ​ $ (35,481) Securitized debt obligations of consolidated VIEs ​ ​ (78,029) ​ (69,152) ​ (36,988) Guaranteed loan financing ​ ​ ​ (18,399) ​ ​ (5,125) ​ ​ (11,613) Senior secured note ​ ​ (13,870) ​ (13,920) ​ (13,702) Convertible note ​ ​ ​ (8,752) ​ ​ (8,752) ​ ​ (8,748) Corporate debt ​ ​ ​ (11,001) ​ ​ (5,922) ​ ​ (2,706) Total interest expense ​ ​ $ (175,481) ​ $ (151,880) ​ $ (109,238) Net interest income before provision for loan losses ​ ​ $ 83,155 ​ $ 78,036 ​ $ 60,261 (1) Includes interest income on loans in consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivative instruments

Derivative instruments	12 Months Ended
	Dec. 31, 2020
Derivative instruments
Derivative instruments	​ Note 16. Derivative instruments ​ The Company is exposed to changing interest rates and market conditions, which affect cash flows associated with borrowings. 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. 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 making payments based on a fixed interest rate over the life of the swap contract. CDS are executed in order to mitigate the risk of deterioration in the current credit health of the commercial mortgage market. IRLCs are entered into with customers who have applied for residential mortgage loans and meet certain underwriting criteria. These commitments expose GMFS to market risk if interest rates change and if the loan is not economically hedged or committed to an investor. ​ For derivative instruments that the Company has not elected hedge accounting, the fair value adjustments on such instruments are recorded in earnings. The fair value adjustments for interest rate swaps and CDS, along with the related interest income, interest expense and gains (losses) on termination of such instruments, are reported as a net realized gain on financial instruments in the consolidated statements of income. The fair value adjustments for IRLCs, along with the related interest income, interest expense and gains (losses) on termination of such instruments, are reported in residential mortgage banking activities in the consolidated statements of income. ​ As described in Note 3, for qualifying cash flow hedges, the entire change in the fair value of the derivative is recorded in OCI and recognized in the consolidated statements of income when the hedged cash flows affect earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item, primarily interest expense. The ineffective portions of the cash flow hedges are immediately recognized in earnings. ​ The following tables summarize the Company’s use of derivatives and their effect in 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. ​ ​ The following table summarizes our derivatives, by type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ As of December 31, 2019 ​ ​ ​ ​ Asset Liability ​ ​ Asset Liability ​ ​ ​ ​ Notional ​ Derivatives ​ Derivatives ​ Notional ​ Derivatives ​ Derivatives (In Thousands) ​ Primary Underlying Risk ​ Amount ​ Fair Value ​ Fair Value ​ Amount ​ Fair Value ​ Fair Value Interest rate lock commitments ​ Interest rate risk ​ $ 614,358 ​ $ 16,363 ​ $ — ​ $ 238,283 ​ $ 2,814 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 160,801 ​ ​ — ​ ​ (952) ​ ​ 63,501 ​ ​ — ​ ​ (2,665) Interest Rate Swaps - designated as hedges ​ Interest rate risk ​ ​ 132,325 ​ ​ — ​ ​ (5,701) ​ ​ 158,325 ​ ​ — ​ ​ (1,709) TBA Agency Securities ​ Interest rate risk ​ ​ 565,000 ​ ​ ​ ​ ​ (4,004) ​ ​ 227,500 ​ ​ — ​ ​ (516) Credit Default Swaps Credit risk ​ ​ 15,000 ​ ​ — ​ ​ (174) ​ ​ 15,000 ​ ​ — ​ ​ (110) FX forwards ​ Foreign exchange rate risk ​ ​ 3,866 ​ ​ — ​ ​ (773) ​ ​ 15,000 ​ ​ — ​ ​ (250) Total ​ ​ ​ $ 1,491,350 ​ $ 16,363 ​ $ (11,604) ​ $ 717,609 ​ $ 2,814 ​ $ (5,250) ​ The following tables summarize the gains and losses on the Company’s derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Year Ended December 31, 2019 ​ ​ ​ ​ ​ Net Change in ​ ​ ​ Net Change in ​ ​ ​ Net Realized ​ Unrealized ​ Net Realized ​ Unrealized ​ (In Thousands) ​ (Loss) ​ Gain (Loss) ​ (Loss) ​ Gain (Loss) ​ Credit default swaps (1) ​ $ — ​ $ (65) ​ $ — ​ $ (404) ​ Interest rate swaps (1)(2) ​ (3,981) ​ (7,297) ​ ​ (6,221) ​ (1,747) ​ TBA Agency Securities (3) ​ — ​ (3,527) ​ — ​ ​ 483 ​ Interest rate lock commitments (3) ​ ​ — ​ 13,589 ​ ​ — ​ 1,038 ​ FX forwards (1) ​ ​ (1,017) ​ ​ (523) ​ ​ — ​ ​ (250) ​ Total ​ $ (4,998) ​ $ 2,177 ​ $ (6,221) ​ $ (880) ​ (1) Gains (losses) are recorded in net unrealized gain (loss) on financial instruments or net realized gain (loss) on financial instruments in the consolidated statements of income. ​ ​ The following table summarizes the gains and losses on the Company’s derivatives which have qualified for hedge accounting: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Derivatives - effective portion reclassified from AOCI to income ​ Hedge ineffectiveness recorded directly in income (2) Total income statement impact ​ Derivatives- effective portion recorded in OCI (3) ​ Total change in OCI for period (3) Hedge type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate - forecasted transactions (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 $ (1,359) ​ $ (1,694) ​ $ (3,053) ​ $ (4,579) ​ $ (1,526) Year Ended December 31, 2019 $ (513) ​ $ — $ (513) ​ $ (6,237) ​ $ (5,724) (1) Consists of benchmark interest rate hedges of LIBOR-indexed floating-rate liabilities. (2) Hedge ineffectiveness is the amount by which the cumulative gain or loss on the designated derivative instrument exceeds the present value of the cumulative expected change in cash flows on the hedged item attributable to the hedged risk. (3) Represents after tax amounts recorded in OCI. ​

Real estate, held for sale

Real estate, held for sale	12 Months Ended
	Dec. 31, 2020
Real estate, held for sale
Real estate, held for sale	Note 17. Real estate, held for sale ​ The following table summarizes the carrying amount of the Company’s real estate holdings as of the consolidated balance sheet dates: ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 December 31, 2019 Acquired ORM Portfolio: ​ ​ ​ ​ ​ ​ Retail ​ $ 18,700 ​ $ 19,950 Mixed Use ​ 14,248 ​ 17,478 Land ​ ​ 7,256 ​ ​ 7,919 Lodging/Residential ​ ​ 3,230 ​ ​ 6,280 Office ​ ​ — ​ ​ 1,256 Total Acquired ORM REO ​ $ 43,434 ​ $ 52,883 Other REO held for sale: ​ ​ ​ ​ ​ ​ Office ​ $ 829 ​ $ 4,465 Retail ​ ​ 660 ​ ​ 660 SBA ​ 425 ​ 286 Mixed Use ​ ​ — ​ ​ 279 Total Other REO (1) ​ $ 1,914 ​ $ 5,690 Total Real Estate, held for sale ​ $ 45,348 ​ $ 58,573 (1) Excludes $4.5 million of real estate, held for sale within consolidated VIEs. ​ ​ ​ ​ ​ ​ ​

Agreements and transactions wit

Agreements and transactions with related parties	12 Months Ended
	Dec. 31, 2020
Agreements and transactions with related parties
Agreements and transactions with related parties	Note 18. Agreements and transactions with related parties ​ Management Agreement The Company has entered into a management agreement with our Manager (the “Management Agreement”), which describes the services to be provided to us by our Manager and compensation for such services. Our 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. ​ Management fee. ​ The following table presents certain information on the management fee payable to our Manager: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 Management fee - total ​ $ 10.7 million ​ $ 9.6 million Management fee - amount unpaid ​ $ 2.7 million ​ $ 2.6 million ​ Incentive distribution. four twelve ​ The following table presents certain information on the incentive fee payable to our Manager: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 Incentive fee distribution - total ​ $ 6.0 million ​ $ 0.1 million Incentive fee distribution - amount unpaid ​ $ 1.3 million ​ $ 0.1 million ​ The Management Agreement may be terminated upon the affirmative vote of at least two obligated to make a termination payment to the Manager, the operating partnership shall repurchase, concurrently with such termination, the Class A special unit for an amount equal to three times the average annual amount of the incentive distribution paid or payable in respect of the Class A special unit during the 24 month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. ​ The current term of the Management Agreement will expire on October 31, 2021 and is automatically renewed for successive one-year terms on each anniversary thereafter; provided, however, that either the Company, under the certain limited circumstances described above that would require the Company and the operating partnership to make the payments described above, or the Manager may terminate the Management Agreement annually upon 180 days prior notice. ​ Expense reimbursement. ​ The following table presents certain information on reimbursable expenses payable to our Manager: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 Reimbursable expenses payable to our Manager - total ​ $ 8.4 million ​ $ 7.0 million Reimbursable expenses payable to our Manager - amount unpaid ​ $ 5.3 million ​ $ 4.2 million ​

Other assets and other liabilit

Other assets and other liabilities	12 Months Ended
	Dec. 31, 2020
Other assets and other liabilities
Other assets and other liabilities	Note 19. Other assets and other liabilities ​ The following table details the Company’s other assets and other liabilities as of the consolidated balance sheet dates. ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 December 31, 2019 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 18,396 $ 31,803 ​ Tax receivable ​ ​ — ​ ​ 4,019 ​ Deferred loan exit fees ​ ​ 13,940 ​ ​ 13,039 ​ Accrued interest ​ ​ 12,656 ​ ​ 10,583 ​ Goodwill ​ ​ 11,206 ​ ​ 11,206 ​ Due from servicers ​ ​ 11,171 ​ ​ 10,127 ​ Right-of-use lease asset ​ ​ 3,172 ​ ​ 4,531 ​ Intangible assets ​ 6,986 ​ 8,309 ​ Deferred financing costs ​ ​ 2,612 ​ ​ 2,046 ​ Other assets ​ ​ 9,364 ​ ​ 11,262 ​ Other assets $ 89,503 ​ $ 106,925 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 16,839 ​ $ 18,757 ​ Accrued salaries, wages and commissions ​ ​ 35,724 ​ ​ 21,146 ​ Accrued interest payable ​ 19,695 ​ 17,305 ​ Servicing principal and interest payable ​ ​ 7,318 ​ ​ 14,145 ​ Repair and denial reserve ​ 9,557 ​ 5,179 ​ Payable to related parties ​ 4,088 ​ 2,697 ​ Accrued professional fees ​ ​ 1,365 ​ ​ 1,809 ​ Lease payable ​ ​ 3,670 ​ ​ 4,618 ​ Deferred PPP loan revenue ​ 10,700 ​ — ​ Other liabilities ​ 26,699 ​ 11,751 ​ Total accounts payable and other accrued liabilities ​ $ 135,655 ​ $ 97,407 ​ ​ Intangible assets The following table presents information about the intangible assets held by the Company: ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 ​ December 31, 2019 Estimated Useful Life Internally developed software - Knight Capital $ 3,061 ​ $ 3,694 6 years Broker network - Knight Capital ​ 889 ​ ​ 1,156 4.5 years SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Favorable lease ​ 768 ​ ​ 905 12 years Trade name - Knight Capital ​ 709 ​ ​ 855 6 years Trade name - GMFS ​ 559 ​ ​ 699 15 years Total Intangible Assets $ 6,986 ​ $ 8,309 ​ ​ Amortization expense related to the intangible assets previously acquired for the years ended December 31, 2020 and 2019 was $1.3 million and $0.5 million, respectively. Such amounts are recorded as other operating expenses in the consolidated statements of income. ​ At December 31, 2020, accumulated amortization for finite-lived intangible assets is as follows: ​ ​ ​ ​ (In Thousands) December 31, 2020 Favorable lease $ 712 Trade name - GMFS ​ 664 Internally developed software - Knight Capital ​ 739 Broker network - Knight Capital ​ 311 Trade name - Knight Capital ​ 171 Total Accumulated Amortization $ 2,597 ​ Amortization expense related to the finite-lived intangible assets for the five years subsequent to 2020 is as follows: ​ ​ ​ ​ (In Thousands) December 31, 2020 2021 ​ 1,295 2022 ​ 1,268 2023 ​ 1,242 2024 ​ 1,032 2025 ​ 787 Thereafter ​ 362 Total $ 5,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan indemnification reserve A liability has been established for potential losses related to representations and warranties made by GMFS for loans sold with a corresponding provision recorded for loan indemnification losses. The liability is included in accounts payable and other accrued liabilities in the Company's consolidated balance sheets and the provision for loan indemnification losses is included in variable expenses on residential mortgage banking activities, in the Company's consolidated statements of income. In assessing the adequacy of the liability, management evaluates various factors including historical repurchases and indemnifications, historical loss experience, known delinquent and other problem loans, outstanding repurchase demand, historical rescission rates and economic trends and conditions in the industry. Actual losses incurred are reflected as a reduction of the reserve liability. At December 31, 2020 and 2019, the loan indemnification reserve was $4.1 million and $2.1 million, respectively. ​ Because of the uncertainty in the various estimates underlying the loan indemnification reserve, there is a range of losses in excess of the recorded loan indemnification reserve that is reasonably possible. The estimate of the range of possible losses for representations and warranties does not represent a probable loss, and is based on current available information, significant judgment, and a number of assumptions that are subject to change. At December 31, 2020 and 2019, the reasonably possible loss above the recorded loan indemnification reserve was not considered material.

Other income and operating expe

Other income and operating expenses	12 Months Ended
	Dec. 31, 2020
Other income and operating expenses
Other income and operating expenses	Note 20. Other income and operating expenses ​ Paycheck protection program On March 27, 2020, the U.S. Congress approved, and former President Trump signed into law, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act provides approximately $2 trillion in financial assistance to individuals and businesses resulting from the outbreak of COVID-19. The CARES Act, among other things, provides certain measures to support individuals and businesses in maintaining solvency through monetary relief in the form of financing and loan forgiveness and/or forbearance. The primary catalyst of small business stimulus in the CARES Act is referred to as the Paycheck Protection Program (“PPP”), an SBA loan that temporarily supports businesses in order to retain their workforce during the COVID-19 pandemic. Through the CARES Act, the initiative calls for existing SBA lenders to extend loans to small businesses to cover payroll, occupancy and operating expenses through the PPP. Furthermore, the PPP includes a 100% guarantee from the federal government for loans up to $10 million and principal forgiveness for borrowers if the funds are used primarily for retaining employees. Beginning in April 2020 the Company, as one of fourteen non-bank SBA lenders, emerged as a prominent player in the market, facilitating access for small businesses to PPP loans throughout the United States. In the aggregate, the Company has facilitated the fundings of approximately $2.7 billion of loans through this program. ​ Based on pricing set forth by the SBA, processing fees paid to PPP lenders are based on the outstanding balance of the note and are tiered as follows: • 5% for loans of not more than $350,000; • 3% percent for loans of more than $350,000 and less than $2,000,000; and • 1% percent for loans of at least $2,000,000 ​ During April 2020, the Company funded loans totaling approximately $114.7 million in outstanding balance, through our online loan application platform. The Company has elected fair value option for these loans that are held-for-investment. As a result of these activities, the Company recognized approximately $5.2 million in processing fees based on the outstanding loan balance of loans originated during April 2020. ​ On April 28, 2020, the Company entered into a Lender Service Provider (“LSP”) agreement with a third-party. Under this agreement, the Company agreed to provide the following services: ​ a. assistance and services to the third-party in the underwriting, marketing, processing and funding of loans b. processing forgiveness of the loans with the SBA c. servicing and management of subsequently resulting PPP loan portfolios ​ The Company received a fee for providing such services, which represents one ​ The following tables present details about the Company’s financial position related to its PPP activities: ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 Assets ​ ​ ​ Restricted cash ​ $ 178 PPP loans, at fair value ​ 74,931 Other assets ​ ​ Prepaid expenses ​ ​ 77 PPP fee receivable ​ 18 Accrued interest receivable ​ 510 Total PPP related assets ​ $ 75,714 Liabilities ​ ​ ​ Secured borrowings ​ $ 76,276 Interest payable ​ ​ 104 Deferred LSP revenue ​ ​ 10,700 Accrued PPP related costs ​ ​ 498 Payable to third parties ​ 2,716 Repair and denial reserve ​ ​ 3,305 Total PPP related liabilities ​ $ 93,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Year Ended December 31, 2020 ​ Financial statement account Income ​ ​ ​ ​ LSP origination fees $ 27,768 ​ Other income - origination fees PPP processing fees ​ 5,162 ​ Other income - origination fees LSP fee income ​ 4,829 ​ Servicing income Interest income ​ 739 ​ Interest income Total PPP related income $ 38,498 ​ ​ Expense ​ ​ ​ ​ Direct operating expenses $ 9,600 ​ Other operating expenses - origination costs R&D reserve ​ 3,305 ​ Other income - change in repair and denial reserve Interest expense ​ 2,174 ​ Interest expense Total PPP related expenses (direct) $ 15,079 ​ ​ Net PPP related income $ 23,419 ​ ​ ​ Other income and expenses The following table details the Company’s other income and operating expenses for the consolidated statements of income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (In Thousands) ​ 2020 2019 2018 Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income ​ $ 40,836 $ 5,860 $ 4,590 Change in repair and denial reserve ​ ​ (4,133) ​ 345 ​ 163 Other ​ ​ 4,813 ​ 4,873 ​ 833 Total other income ​ $ 41,516 ​ $ 11,078 ​ $ 5,586 Other operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs ​ $ 19,815 ​ $ 10,168 ​ $ 7,752 Technology expense ​ 6,722 ​ 4,834 ​ 3,624 Impairment on real estate ​ 3,520 ​ 1,317 ​ 1,086 Rent and property tax expense ​ 5,006 ​ 4,310 ​ 2,524 Recruiting, training and travel expense ​ 1,419 ​ 2,352 ​ 2,287 Marketing expense ​ ​ 1,970 ​ ​ 2,052 ​ ​ 2,433 Loan acquisition costs ​ ​ 722 ​ ​ 575 ​ ​ 1,458 Financing costs on purchased future receivables ​ ​ 1,495 ​ ​ 376 ​ ​ — Other ​ 13,700 ​ 7,178 ​ 7,583 Total other operating expenses ​ $ 54,369 ​ $ 33,162 ​ $ 28,747 ​

Stockholders Equity

Stockholders Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Stockholders' Equity	Note 21. Stockholders’ Equity ​ Common stock dividends The following table presents cash dividends declared by our board of directors on our common stock from January 1, 2019 through December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ Record Date ​ Payment Date ​ Dividend per Share March 12, 2019 ​ March 28, 2019 ​ April 30, 2019 ​ $ 0.40 ​ June 11, 2019 ​ June 28, 2019 ​ July 31, 2019 ​ $ 0.40 ​ September 10, 2019 ​ September 30, 2019 ​ October 31, 2019 ​ $ 0.40 ​ December 11, 2019 ​ December 31, 2019 ​ January 31, 2020 ​ $ 0.40 ​ March 11, 2020 ​ March 31, 2020 ​ April 30, 2020 ​ $ 0.40 (1) June 15, 2020 ​ June 30, 2020 ​ July 31, 2020 ​ $ 0.25 ​ September 16, 2020 ​ September 30, 2020 ​ October 30, 2020 ​ $ 0.30 ​ December 14, 2020 ​ December 31, 2020 ​ January 29, 2021 ​ $ 0.35 ​ ​ (1) Dividends paid in a combination of cash, not to exceed 20% in the aggregate, and common stock. ​ Stock incentive plan The Company currently maintains the 2012 equity incentive plan (“the 2012 Plan”). The 2012 Plan authorizes the Compensation Committee to approve grants of equity-based awards to our officers, directors, and employees of our Manager 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. ​ The Company’s current policy for issuing shares upon settlement of stock-based incentive awards is to issue new shares. The fair value of the RSUs and RSAs granted, which is determined based upon the stock price on the grant date, is recorded as compensation expense on a straight - ​ The following table summarizes the Company’s RSU and RSA activity for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards (In Thousands, except share data) Number of Grant date fair value Weighted-average grant date fair value (per share) Outstanding, January 1 1,009,617 ​ $ 15,722 $ 15.57 Granted 208,514 ​ 3,298 ​ 15.82 Vested (60,370) ​ ​ (894) ​ 14.81 Outstanding, March 31, 2020 1,157,761 $ 18,126 $ 15.66 Vested (16,452) ​ ​ (227) ​ 13.78 Outstanding, June 30, 2020 1,141,309 $ 17,900 $ 15.68 Granted 17,200 ​ ​ 200 ​ 11.63 Vested (26,602) ​ ​ (320) ​ 12.03 Forfeited (2,258) ​ ​ (37) ​ 16.26 Outstanding, September 30, 2020 1,129,649 $ 17,743 $ 15.71 Vested (254,521) ​ ​ (3,958) ​ 15.55 Canceled (3,049) ​ ​ (48) ​ 15.86 Outstanding, December 31, 2020 872,079 $ 13,737 $ 15.75 ​ During the years ended December 31, 2020 and 2019, the Company recognized $5.4 million and $1.5 million, respectively of noncash compensation expense related to its stock-based incentive plan in our consolidated statements of income, respectively. ​ At December 31, 2020 and 2019, approximately $13.7 million and $15.7 million, respectively of noncash compensation expense related to unvested awards had not yet been charged to net income. These costs are expected to be amortized into compensation expense ratably over the course of the remainder of the respective vesting periods.

Earnings per Share of Common St

Earnings per Share of Common Stock	12 Months Ended
	Dec. 31, 2020
Earnings per Share of Common Stock
Earnings per Share of Common Stock	Note 22. Earnings per Share of Common Stock ​ The following table provides information on the basic and diluted earnings per share computations, including the number of shares of common stock used for purposes of these computations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands, except for share and per share amounts) 2020 2019 2018 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ 46,069 ​ $ 75,056 ​ $ 61,457 Less: Income (loss) attributable to non-controlling interest ​ ​ ​ 1,199 ​ ​ 2,088 ​ ​ 2,199 Less: Income attributable to participating shares ​ ​ ​ 1,392 ​ ​ 653 ​ ​ 217 Basic earnings ​ ​ $ 43,478 ​ $ 72,315 ​ $ 59,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ 46,069 ​ $ 75,056 ​ $ 61,457 Less: Income (loss) attributable to non-controlling interest ​ ​ ​ 1,199 ​ ​ 2,088 ​ ​ 2,199 Less: Income attributable to participating shares ​ ​ ​ 1,392 ​ ​ 653 ​ ​ 217 Diluted earnings ​ ​ $ 43,478 ​ $ 72,315 ​ $ 59,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ ​ 53,736,523 ​ ​ 42,011,750 ​ ​ 32,085,975 Effect of dilutive securities — Unvested participating shares ​ ​ ​ 81,855 ​ ​ 35,898 ​ ​ 16,209 Diluted — Average shares outstanding ​ ​ ​ 53,818,378 ​ ​ 42,047,648 ​ ​ 32,102,184 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 0.81 ​ $ 1.72 ​ $ 1.84 Diluted ​ ​ $ 0.81 ​ $ 1.72 ​ $ 1.84 ​ Participating unvested RSUs were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. ​ Additionally, as of December 31, 2020, there are potential shares of common stock contingently issuable upon the conversion of the Convertible Notes in the future. The Company has asserted its intent and ability to settle the principal amount of the Convertible Notes in cash. Based on this assessment, the Company determined that it would be appropriate to apply a method similar to the treasury stock method, such that contingently issuable common stock is assessed quarterly along with our other potentially dilutive instruments. In order to compute the dilutive effect, the number of shares included in the denominator of diluted EPS is determined by dividing the “conversion spread value” of the share-settled portion (value above accreted value of face value and interest component) of the instrument by the share price. The “conversion spread value” is the value that would be delivered to investors in shares based on the terms of the bond upon an assumed conversion. As of December 31, 2020, the conversion spread value is currently zero, since the closing price of our common stock does not exceed the conversion rate (strike price) and is “out-of-the-money”, resulting in no impact on diluted EPS. ​ Certain investors own OP units in our operating partnership. An OP unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the operating partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions. The redemption is required to be satisfied in shares of common stock or cash at the Company's option, calculated as follows: one share of the Company's common stock, or cash equal to the fair value of a share of the Company's common stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interests in the operating partnership is reduced and the Company's equity is increased. At December 31, 2020 and 2019, the non-controlling interest OP unit holders owned 1,175,205 and 1,117,169 OP units, respectively.

Offsetting assets and liabiliti

Offsetting assets and liabilities	12 Months Ended
	Dec. 31, 2020
Offsetting assets and liabilities
Offsetting assets and liabilities	​ ​ Note 23. 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 declines 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 December 31, 2020 and 2019 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 in the 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, rehypothecate 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 following tables provide disclosure regarding the effect of offsetting the Company’s recognized assets and liabilities presented in the consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the Consolidated Balance Sheets (1) (in thousands) Gross amounts of recognized Assets / Liabilities ​ Gross amounts offset in the Consolidated Balance Sheets ​ Amounts presented in the Consolidated Balance Sheets ​ Financial Instruments ​ Cash Collateral Received / Paid ​ Net Amount December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate lock commitments ​ 16,363 ​ ​ — ​ ​ 16,363 ​ ​ — ​ $ — ​ $ 16,363 Total $ 16,363 ​ $ — ​ $ 16,363 ​ $ — ​ $ — ​ $ 16,363 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate swaps $ 11,670 ​ $ 5,017 ​ $ 6,653 ​ $ — ​ $ 6,653 ​ $ — Derivative instruments - Credit default swaps ​ 174 ​ ​ — ​ ​ 174 ​ ​ — ​ ​ 174 ​ ​ — Derivative instruments - TBA Agency Securities ​ 4,004 ​ ​ — ​ ​ 4,004 ​ ​ — ​ ​ — ​ ​ 4,004 Derivative instruments - FX forwards ​ 773 ​ ​ ​ ​ ​ 773 ​ ​ — ​ ​ — ​ ​ 773 Secured borrowings ​ 1,370,519 ​ ​ — ​ ​ 1,370,519 ​ ​ 1,370,519 ​ ​ — ​ ​ — Total $ 1,387,140 ​ $ 5,017 ​ $ 1,382,123 ​ $ 1,370,519 ​ $ 6,827 ​ $ 4,776 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate lock commitments $ 2,814 ​ $ — ​ $ 2,814 ​ $ — ​ $ 2,814 ​ $ — Total $ 2,814 ​ $ — ​ $ 2,814 ​ $ — ​ $ 2,814 ​ $ — Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate swaps $ 4,374 ​ $ — ​ $ 4,374 ​ $ — ​ $ 4,374 ​ $ — Derivative instruments - TBA Agency Securities ​ 516 ​ ​ ​ ​ ​ 516 ​ ​ ​ ​ ​ — ​ ​ 516 Derivative instruments - Credit default swaps ​ 110 ​ ​ — ​ ​ 110 ​ ​ — ​ ​ 110 ​ ​ — Derivative instruments - FX forwards ​ 250 ​ ​ — ​ ​ 250 ​ ​ — ​ ​ 250 ​ ​ — Secured borrowings ​ 1,189,392 ​ ​ — ​ ​ 1,189,392 ​ ​ 1,189,392 ​ ​ — ​ ​ — Total $ 1,194,642 ​ $ — ​ $ 1,194,642 ​ $ 1,189,392 ​ $ 4,734 ​ $ 516 (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty that exceed the financial liabilities subject to a master netting repurchase arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.

Financial Instruments with off-

Financial Instruments with off-balance sheet risk, credit risk, and certain other risks	12 Months Ended
	Dec. 31, 2020
Financial Instruments off-balance sheet risk, credit risk, and certain other risks
Financial Instruments with off-balance sheet risk, credit risk, and certain other risks	Note 24. 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 ​ Credit Risk ​ 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. ​ Counterparty credit risk is the risk that counterparties may fail to fulfill their obligations, including their inability to post additional collateral in circumstances where their pledged collateral value becomes inadequate. The Company attempts to manage its exposure to counterparty risk through diversification, use of financial instruments and monitoring the creditworthiness of counterparties. ​ The Company finances the acquisition of a significant portion of its loans and investments with repurchase agreements and borrowings under credit facilities. In connection with these financing arrangements, the Company pledges its loans, securities and cash as collateral to secure the borrowings. The amount of collateral pledged will typically exceed the amount of the borrowings (i.e., the haircut) such that the borrowings will be over-collateralized. As a result, the Company is exposed to the counterparty if, during the term of the repurchase agreement financing, a lender should default on its obligation and the Company is not able to recover its pledged assets. The amount of this exposure is the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to the lender including accrued interest receivable on such collateral. ​ GMFS sells loans to investors without recourse. As such, the investors have assumed the risk of loss or default by the borrower. However, GMFS is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation and collateral. To the extent that GMFS does not comply with such representations, or there are early payment defaults, GMFS may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. In addition, if loans pay-off within a specified time frame, GMFS may be required to refund a portion of the sales proceeds to the investors. ​ Liquidity Risk ​ Off-Balance Sheet Risk ​ Interest Rate ​ Our operating results will depend, in part, on differences between the income from our investments and our financing costs. Generally, 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 — ​

Commitments, Contingencies and

Commitments, Contingencies and Indemnifications	12 Months Ended
	Dec. 31, 2020
Commitments, Contingencies and Indemnifications
Commitments, Contingencies and Indemnifications	Note 25. Commitments, contingencies and indemnifications ​ Litigation The Company may be subject to litigation and administrative proceedings arising in the ordinary course of its business. 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. Management is not aware of any other contingencies that would require accrual or disclosure in the consolidated financial statements. ​ Unfunded Loan Commitments As of December 31, 2020 and 2019, unfunded loan commitments for SBC loans were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ December 31, 2020 ​ December 31, 2019 Loans, net ​ $ 285,389 ​ $ 128,719 Loans, held for sale at fair value ​ $ 7,809 ​ $ 6,982 ​ ​ ​ ​ ​ ​ ​ ​ Commitments to Originate Loans GMFS enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose GMFS to market risk if interest rates change, and the loan is not economically hedged or committed to an investor. GMFS is also exposed to credit loss if the loan is originated and not sold to an investor and the borrower does not perform. ​ Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. As of December 31, 2020 and 2019, total commitments to originate loans were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ December 31, 2020 ​ December 31, 2019 Commitments to originate residential agency loans ​ $ 575,600 ​ $ 190,806 ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	​ Note 26. Income Taxes ​ The Company is a REIT pursuant to Internal Revenue Code Section 856. 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 ​ Certain of our subsidiaries have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs permit us to participate in certain activities that would not be qualifying income if earned directly by the parent REIT, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Internal Revenue Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Internal Revenue Code. To the extent these criteria are met, we will continue to maintain our qualification as a REIT. Our TRSs engage in various real estate - related operations, including originating and securitizing commercial and residential mortgage loans, and investments in real property. The majority of our TRSs are held within the SBC originations, SBA originations, acquisitions and servicing, and residential mortgage banking segments. Our TRSs are not consolidated for federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred income taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs. ​ During 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and the Consolidated Appropriations Act of 2021 (the “CAA”) were signed into law. Among other things, the provisions of these laws relate to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, and technical corrections to tax depreciation methods for qualified improvement property. As of December 31, 2020, we have recognized a benefit of $2.7 million due to changes in net operating loss carryback provisions which allow net operating losses from tax years beginning in 2018, 2019, or 2020 to be carried back for five years. We will continue to monitor the impacts on our business due to legislative developments related to the COVID-19 pandemic. ​ Our income tax provision consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 2018 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax (benefit) ​ $ (1,795) ​ $ 523 ​ $ 356 ​ State and local income tax (benefit) ​ 57 ​ 47 ​ 169 ​ Net current tax provision (benefit) ​ (1,738) ​ 570 ​ 525 ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax (benefit) ​ 8,776 ​ (9,739) ​ 1,167 ​ State and local income tax (benefit) ​ 1,346 ​ (1,383) ​ (306) ​ Net deferred tax provision (benefit) ​ 10,122 ​ (11,122) ​ 861 ​ Total income tax provision (benefit) ​ $ 8,384 ​ $ (10,552) ​ $ 1,386 ​ ​ The following table is a reconciliation of our federal income tax determined using our statutory federal tax rate to our reported income tax provision for the years ended December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 ​ 2019 ​ U.S. statutory tax $ 12,381 ​ 21.0 % ​ $ 13,579 ​ 21.0 % State and local income tax (benefit) 1,716 ​ 2.9 ​ ​ (1,717) ​ (2.6) ​ Income attributable to REIT (3,090) ​ (5.3) ​ ​ (19,641) ​ (30.4) ​ Income attributable to Non-controlling interests (67) ​ (0.1) ​ ​ (462) ​ (0.7) ​ Nondeductible (242) ​ (0.4) ​ ​ (2,692) ​ (4.2) ​ Change in tax rate / Deferred true-up ​ (91) ​ (0.2) ​ ​ ​ 381 ​ 0.6 ​ NOL carryback rate impact ​ (2,702) ​ (4.6) ​ ​ ​ — ​ — ​ Current write-off 479 ​ 0.8 ​ ​ — ​ — ​ Effective income tax (benefit) $ 8,384 ​ 14.1 % ​ $ (10,552) ​ (16.3) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are presented net by tax jurisdiction and are reported in other assets and other liabilities, respectively. The following table presents the tax effects of temporary differences on their respective net deferred tax assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 12,893 ​ $ 23,277 Unrealized losses ​ 313 ​ 40 Accruals ​ 723 ​ 2,917 Depreciation and amortization ​ 1,185 ​ 1,379 Goodwill ​ ​ 3,171 ​ ​ 3,702 Compensation ​ ​ — ​ ​ 248 Other ​ 111 ​ 240 Total deferred tax assets ​ $ 18,396 ​ $ 31,803 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Loan / servicing rights balance ​ $ 11,600 ​ $ 17,793 Derivative instruments ​ ​ 3,868 ​ ​ 439 Other taxable temporary difference ​ 1,371 ​ 525 Total deferred tax liabilities ​ $ 16,839 ​ $ 18,757 Net deferred tax assets (liabilities) ​ $ 1,557 ​ $ 13,046 ​ The Company has approximately $43.0 million of federal and $100.0 million of state net operating loss carryforwards that will begin to expire in 2033. ​ We recognize deferred tax assets and liabilities for the future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases. We evaluate our deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including our historical profitability and projections of future taxable income. As of December 31, 2020, we continued to conclude that the positive evidence in favor of the recoverability of our deferred tax asset outweighed the negative evidence and that it is more likely than not that our deferred tax assets will be realized. Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, including the sustainability of recent profitability required to realize the deferred tax assets, the cumulative net income in our consolidated statements of income in recent years, the future reversals of existing taxable temporary differences, and the carryforward periods for any carryforwards of net operating losses. ​ The difference between the statutory rate of 21% and the effective income tax rate is primarily due to state and local taxes. ​ As of December 31, 2020 and 2019, the Company had no uncertain tax positions recorded or disclosed in the financial statements. Additionally, it is the belief of management that the total amount of uncertain tax positions, if any, will not materially change over the next 12 months. ​ Our major tax jurisdictions where we file income tax returns include Federal, New York State and New York City. Our 2017 and forward tax years are subject to examination. The TRS major tax jurisdictions are Federal, Louisiana, New York City, New Jersey and California. For Federal and state purposes, with the exception of New Jersey, the TRS entities are subject to examination for the 2017 and forward tax years. For New Jersey, the TRS entities are subject to examination for the 2016 and forward tax years.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting
Segment Reporting	​ ​ Note 27. Segment reporting ​ The Company reports its results of operations through the following four business segments: i) Acquisitions SBC Originations SBA Originations, Acquisitions and Servicing Residential Mortgage Banking ​ Acquisitions Through the acquisitions segment, the Company acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the Company’s business strategy. The Company also acquires purchased future receivables through our Knight Capital platform. ​ SBC originations Through the SBC originations segment, the Company originates SBC loans secured by stabilized or transitional investor properties using multiple loan origination channels. Additionally, as part of this segment, we originate and service multi-family loan products under the Freddie Mac program. This segment also reflects the impact of our SBC securitization activities. ​ SBA originations, acquisitions, and servicing Through the SBA originations, acquisitions, and servicing segment, the Company acquires, originates and services loans guaranteed by the SBA under the SBA Section 7(a) Program. This segment also reflects the impact of our SBA securitization activities. ​ Residential mortgage banking Through the residential mortgage banking segment, the Company originates residential mortgage loans eligible to be purchased, guaranteed or insured by Fannie Mae, Freddie Mac, FHA, USDA and VA through retail, correspondent and broker channels. ​ Corporate- Other Corporate - Other consists primarily of unallocated corporate financing, including interest expense relating to our senior secured and convertible notes on funds yet to be deployed, allocated employee compensation from our Manager, management and incentive fees paid to our Manager and other general corporate overhead expenses. ​ ​ ​ ​ ​ ​ Results of business segments and all other. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBA Originations, Residential ​ ​ ​ ​ Loan ​ SBC ​ Acquisitions, ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ and Servicing ​ Banking ​ Other ​ Consolidated Interest income ​ $ 61,156 ​ $ 150,369 ​ $ 39,430 ​ $ 7,681 ​ $ — ​ $ 258,636 Interest expense ​ ​ (43,383) ​ ​ (95,061) ​ ​ (27,472) ​ ​ (8,294) ​ ​ (1,271) ​ ​ (175,481) Net interest income before provision for loan losses ​ $ 17,773 ​ $ 55,308 ​ $ 11,958 ​ $ (613) ​ $ (1,271) ​ $ 83,155 (Provision for) recovery of loan losses ​ (3,502) ​ ​ (23,432) ​ ​ (7,792) ​ ​ — ​ ​ — ​ (34,726) Net interest income after (provision for) recovery of loan losses ​ $ 14,271 ​ $ 31,876 ​ $ 4,166 ​ $ (613) ​ $ (1,271) ​ $ 48,429 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 252,720 ​ $ — ​ $ 252,720 Net realized gain on financial instruments and real estate owned ​ ​ (5,077) ​ ​ 18,426 ​ ​ 18,564 ​ ​ — ​ ​ — ​ ​ 31,913 Net unrealized gain (loss) on financial instruments ​ ​ (7,189) ​ ​ (2,574) ​ ​ (1,084) ​ ​ (37,254) ​ ​ — ​ ​ (48,101) Other income ​ ​ 7,240 ​ ​ 4,431 ​ ​ 29,473 ​ ​ 183 ​ ​ 189 ​ ​ 41,516 Servicing income ​ 723 ​ ​ 2,265 ​ ​ 10,377 ​ ​ 25,229 ​ ​ — ​ 38,594 Income on purchased future receivables, net of allowance for doubtful accounts ​ ​ 15,711 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,711 Income (loss) on unconsolidated joint ventures ​ ​ 2,404 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,404 Total non-interest income ​ $ 13,812 ​ $ 22,548 ​ $ 57,330 ​ $ 240,878 ​ $ 189 ​ $ 334,757 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (9,491) ​ $ (14,137) ​ $ (19,516) ​ $ (45,368) ​ $ (3,408) ​ $ (91,920) Allocated employee compensation and benefits from related party ​ (700) ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,300) ​ (7,000) Variable expenses on residential mortgage banking activities ​ — ​ ​ — ​ ​ — ​ ​ (114,510) ​ ​ — ​ (114,510) Professional fees ​ (1,796) ​ ​ (1,224) ​ ​ (993) ​ ​ (1,777) ​ ​ (7,570) ​ (13,360) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,682) ​ (10,682) Incentive fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,973) ​ (5,973) Loan servicing expense ​ (6,017) ​ ​ (8,373) ​ ​ (675) ​ ​ (15,754) ​ ​ (37) ​ (30,856) Merger related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (63) ​ ​ (63) Other operating expenses ​ (16,259) ​ ​ (13,582) ​ ​ (12,550) ​ ​ (8,737) ​ ​ (3,241) ​ (54,369) Total non-interest expense ​ $ (34,263) ​ $ (37,316) ​ $ (33,734) ​ $ (186,146) ​ $ (37,274) ​ $ (328,733) Income (loss) before provision for income taxes ​ $ (6,180) ​ $ 17,108 ​ $ 27,762 ​ $ 54,119 ​ $ (38,356) ​ $ 54,453 Total assets ​ $ 1,189,825 ​ $ 2,621,478 ​ $ 734,196 ​ $ 626,035 ​ $ 200,561 ​ $ 5,372,095 ​ Reportable segments for the year ended December 31, 2019 are summarized in the below table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBA Originations, Residential ​ ​ ​ ​ Loan ​ SBC ​ Acquisitions, ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ and Servicing ​ Banking ​ Other ​ Consolidated Interest income ​ $ 65,922 ​ $ 127,495 ​ $ 32,096 ​ $ 4,403 ​ $ — ​ $ 229,916 Interest expense ​ ​ (40,502) ​ ​ (90,677) ​ ​ (14,864) ​ ​ (5,837) ​ ​ — ​ ​ (151,880) Net interest income before provision for loan losses ​ $ 25,420 ​ $ 36,818 ​ $ 17,232 ​ $ (1,434) ​ $ — ​ $ 78,036 (Provision for) recovery of loan losses ​ (808) ​ (319) ​ (2,557) ​ ​ — ​ ​ — ​ (3,684) Net interest income after provision for loan losses ​ $ 24,612 ​ $ 36,499 ​ $ 14,675 ​ $ (1,434) ​ $ — ​ $ 74,352 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 83,539 ​ $ — ​ $ 83,539 Net realized gain (loss) on financial instruments ​ ​ 18 ​ ​ 13,750 ​ ​ 15,190 ​ ​ — ​ ​ — ​ ​ 28,958 Net unrealized gain (loss) on financial instruments ​ ​ (254) ​ ​ (107) ​ ​ 393 ​ ​ (18,569) ​ ​ (253) ​ ​ (18,790) Other income ​ ​ 4,210 ​ ​ 4,907 ​ ​ 1,548 ​ ​ 249 ​ ​ 164 ​ ​ 11,078 Income on purchased future receivables, net ​ ​ 2,362 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,362 Servicing income ​ ​ 798 ​ ​ 1,898 ​ ​ 5,330 ​ ​ 22,639 ​ ​ — ​ ​ 30,665 Income on unconsolidated joint ventures ​ ​ 6,088 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,088 Gain on bargain purchase ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 30,728 ​ ​ 30,728 Total non-interest income ​ $ 13,222 ​ $ 20,448 ​ $ 22,461 ​ $ 87,858 ​ $ 30,639 ​ $ 174,628 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (1,855) ​ $ (6,905) ​ $ (16,255) ​ $ (22,882) ​ $ (3,340) ​ $ (51,237) Allocated employee compensation and benefits from related party ​ (547) ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,926) ​ (5,473) Variable expenses on residential mortgage banking activities ​ — ​ ​ — ​ ​ — ​ ​ (51,760) ​ ​ — ​ (51,760) Professional fees ​ (723) ​ ​ (1,652) ​ ​ (1,011) ​ ​ (1,101) ​ ​ (2,947) ​ (7,434) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,578) ​ (9,578) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (106) ​ ​ (106) Loan servicing expense ​ (4,662) ​ ​ (5,695) ​ ​ (261) ​ ​ (7,225) ​ ​ (133) ​ (17,976) Merger related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,750) ​ ​ (7,750) Other operating expenses ​ (4,573) ​ ​ (11,199) ​ ​ (6,591) ​ ​ (7,717) ​ ​ (3,082) ​ (33,162) Total non-interest expense ​ $ (12,360) ​ $ (25,451) ​ $ (24,118) ​ $ (90,685) ​ $ (31,862) ​ $ (184,476) Income (loss) before provision for income taxes ​ $ 25,474 ​ $ 31,496 ​ $ 13,018 ​ $ (4,261) ​ $ (1,223) ​ $ 64,504 Total assets ​ $ 1,264,226 ​ $ 2,492,156 ​ $ 760,031 ​ $ 330,363 ​ $ 130,242 ​ $ 4,977,018 ​ Reportable segments for the year ended December 31, 2018 are summarized in the below table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBA Originations, Residential ​ ​ ​ ​ ​ ​ SBC ​ Acquisitions, ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ and Servicing ​ Banking ​ Other ​ Consolidated Interest income ​ $ 47,243 ​ $ 81,752 ​ $ 36,706 ​ $ 3,798 ​ $ — ​ $ 169,499 Interest expense ​ ​ (28,946) ​ ​ (60,879) ​ ​ (16,218) ​ ​ (3,195) ​ ​ — ​ ​ (109,238) Net interest income before provision for loan losses ​ $ 18,297 ​ $ 20,873 ​ $ 20,488 ​ $ 603 ​ $ — ​ $ 60,261 Provision for loan losses ​ (1,727) ​ (13) ​ 39 ​ — ​ — ​ (1,701) Net interest income after provision for loan losses ​ $ 16,570 ​ $ 20,860 ​ $ 20,527 ​ $ 603 ​ $ — ​ $ 58,560 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 59,852 ​ $ — ​ $ 59,852 Net realized gain (loss) on financial instruments ​ ​ 5,023 ​ ​ 17,482 ​ ​ 15,904 ​ ​ — ​ ​ — ​ ​ 38,409 Net unrealized gain (loss) on financial instruments ​ ​ (1,156) ​ ​ 142 ​ ​ 173 ​ ​ 5,694 ​ ​ — ​ ​ 4,853 Servicing income ​ ​ 20 ​ ​ 1,396 ​ ​ 5,390 ​ ​ 20,269 ​ ​ — ​ ​ 27,075 Income on unconsolidated joint venture ​ 12,148 ​ — ​ — ​ — ​ — ​ 12,148 Other income ​ ​ 368 ​ ​ 4,366 ​ ​ 621 ​ ​ 200 ​ ​ 31 ​ ​ 5,586 Total non-interest income ​ $ 16,403 ​ $ 23,386 ​ $ 22,088 ​ $ 86,015 ​ $ 31 ​ $ 147,923 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ (386) ​ (8,815) ​ (13,077) ​ (33,401) ​ (923) ​ (56,602) Allocated employee compensation and benefits from related party ​ (420) ​ — ​ — ​ — ​ (3,780) ​ (4,200) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (22,228) ​ ​ — ​ ​ (22,228) Professional fees ​ (1,310) ​ (1,285) ​ (820) ​ (607) ​ (2,977) ​ (6,999) Management fees – related party ​ — ​ — ​ — ​ — ​ (8,176) ​ (8,176) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,143) ​ ​ (1,143) Loan servicing expense ​ (3,926) ​ (3,883) ​ (260) ​ (7,444) ​ (32) ​ (15,545) Other operating expenses ​ (3,214) ​ (10,392) ​ (4,070) ​ (8,254) ​ (2,817) ​ (28,747) Total non-interest expense ​ $ (9,256) ​ $ (24,375) ​ $ (18,227) ​ $ (71,934) ​ $ (19,848) ​ $ (143,640) Income (loss) before provision for income taxes ​ $ 23,717 ​ $ 19,871 ​ $ 24,388 ​ $ 14,684 ​ $ (19,817) ​ $ 62,843 Total Assets ​ $ 644,512 ​ $ 1,606,210 ​ $ 455,513 ​ $ 260,523 ​ $ 70,085 ​ $ 3,036,843 ​

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	Note 28. Quarterly Financial Data (Unaudited) ​ The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ June 30 ​ September 30 ​ December 31 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income after provision for loan losses $ (17,183) ​ $ 20,394 ​ $ 21,482 ​ $ 23,749 Non-interest income ​ 22,523 ​ ​ 120,927 ​ ​ 107,906 ​ ​ 83,406 Non-interest expense ​ (64,793) ​ ​ (101,158) ​ ​ (87,471) ​ ​ (75,328) Net income ​ (51,516) ​ ​ 34,663 ​ ​ 35,363 ​ ​ 27,559 Net income attributable to Ready Capital Corporation ​ (50,452) ​ ​ 33,853 ​ ​ 34,558 ​ ​ 26,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share - Basic $ (0.98) ​ $ 0.62 ​ $ 0.63 ​ $ 0.49 Earnings per share - Diluted $ (0.98) ​ $ 0.62 ​ $ 0.63 ​ $ 0.49 Dividends declared per share of common stock $ 0.40 ​ $ 0.25 ​ $ 0.30 ​ $ 0.35 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income after provision for loan losses $ 12,460 ​ $ 19,933 ​ $ 19,640 ​ $ 22,319 Non-interest income ​ 56,266 ​ ​ 32,956 ​ ​ 39,984 ​ ​ 45,422 Non-interest expense ​ (41,279) ​ ​ (44,600) ​ ​ (49,842) ​ ​ (48,755) Net income ​ 30,450 ​ ​ 11,245 ​ ​ 12,427 ​ ​ 20,934 Net income attributable to Ready Capital Corporation ​ 29,467 ​ ​ 10,969 ​ ​ 12,104 ​ ​ 20,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share - Basic $ 0.90 ​ $ 0.25 ​ $ 0.27 ​ $ 0.43 Earnings per share - Diluted $ 0.90 ​ $ 0.25 ​ $ 0.27 ​ $ 0.43 Dividends declared per share of common stock $ 0.40 ​ $ 0.40 ​ $ 0.40 ​ $ 0.40 ​ Annual amounts may not equal the sum of each quarter due to rounding and other computational factors.

Supplemental Financial Data

Supplemental Financial Data	12 Months Ended
	Dec. 31, 2020
Supplemental Financial Data
Supplemental Financial Data	Note 29. Supplemental Financial Data ​ Summarized financial information of our unconsolidated subsidiaries In accordance with the SEC’s Regulation S-X and GAAP, the Company had certain unconsolidated subsidiaries as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 that met at least one of the significance conditions under the SEC’s Regulation S-X. Accordingly, pursuant to Rule 4-08 of Regulation S-X, summarized, comparative financial information is presented below for our significant unconsolidated subsidiaries, which include WFLLA, LLC, which the Company has a 50% interest, and Girod HoldCo, LLC, in which WFLLA, LLC holds a 49.9% interest. Pursuant to the consolidation guidance, it is determined the Company’s interest in WFLLA, LLC is a VIE however, the entity is not consolidated as we are not the primary beneficiary. The Company’s proportional ownership interest in unconsolidated subsidiaries reflected in Investments in unconsolidated joint ventures within the Balance Sheet is detailed in the tables below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 (In Thousands) ​ ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC Cash ​ $ 9,746 ​ $ 4,947 $ 22,585 ​ $ 11,270 Loans, held-for-investment ​ ​ 92,053 ​ ​ 45,934 ​ 103,751 ​ ​ 51,772 Real estate owned ​ ​ 12,701 ​ ​ 6,338 ​ 7,929 ​ ​ 3,957 Other assets ​ ​ 429 ​ ​ 214 ​ 487 ​ ​ 239 Total Assets ​ $ 114,929 ​ $ 57,433 $ 134,752 ​ $ 67,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and other accrued liabilities ​ $ 80 ​ $ 52 $ 72 ​ $ 36 Other liabilities ​ ​ 1,606 ​ ​ 801 ​ 4,076 ​ ​ 2,034 Total Liabilities ​ $ 1,686 ​ $ 853 $ 4,148 ​ $ 2,070 ​ The Company’s proportional ownership interest in unconsolidated subsidiaries reflected in Income on unconsolidated joint ventures within the Statements of Income is detailed in the tables below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 (In Thousands) ​ ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC Interest income ​ $ 2,372 ​ $ 1,184 $ 6,922 ​ $ 3,454 $ 21,182 ​ $ 10,570 Realized gains (losses) ​ ​ (40) ​ ​ (20) ​ 5,218 ​ ​ 2,604 ​ 27,310 ​ ​ 13,628 Unrealized gains (losses) ​ ​ (3,456) ​ ​ (1,725) ​ 15,286 ​ ​ 7,628 ​ 8,191 ​ ​ 4,087 Servicing expense and other ​ ​ (4,359) ​ ​ (2,175) ​ (5,996) ​ ​ (2,999) ​ (7,972) ​ ​ (3,989) Income (loss) before provision for income taxes ​ $ (5,483) ​ $ (2,736) $ 21,430 ​ $ 10,687 $ 48,711 ​ $ 24,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 2018 Income (loss) on unconsolidated joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ WFLLA, LLC ​ $ (1,368) ​ $ 5,344 ​ $ 12,148 Other unconsolidated joint ventures ​ ​ 3,772 ​ ​ 744 ​ ​ — Income (loss) on unconsolidated joint ventures ​ $ 2,404 ​ $ 6,088 ​ $ 12,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Subsequent Events	Note 30. Subsequent events ​ As of March 15, 2021, the Company has facilitated the fundings of over $1 billion of loans through the U.S. Small Business Administration’s Paycheck Protection Program (“PPP”). Through the CARES Act, the initiative calls for existing SBA lenders to extend loans to small businesses to cover payroll, occupancy and operating expenses through the PPP. Furthermore, the PPP includes a 100% guarantee from the federal government for loans up to $2 million and principal forgiveness for borrowers if the funds are used primarily for retaining employees. In addition, the 7(a) program’s loan guarantee rate has increased from 85% for loans of $150,000 or less and 75% for loans greater than $150,000 (up to a maximum guarantee of $3.75 million and 75% of $5 million) to 90% throughout 2021. ​ On February 10, 2021, the Company completed the issuance of a public offering of $201.3 million in 5.75% senior notes due 2026. The Company intends to use the net proceeds from this offering to redeem the outstanding aggregate principal amount of our 6.50% Senior Notes due 2021. The Company intends to use the remainder of the net proceeds for general business purposes, including to fund the Company’s small balance commercial origination and acquisition pipelines. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
Schedule IV - Mortgage Loans on Real Estate
Schedule IV - Mortgage Loans on Real Estate	Ready Capital Corporation Schedule IV – Mortgage Loans on Real Estate ​ There are no individual loans that exceed 3% of the total carrying amount of all mortgages. The following table discloses the Company’s mortgage loans on real estate, categorized by product type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product Type UPB Grouping Loan Count ​ Interest Rate ​ Maturity Date ​ Carrying Value ​ UPB ​ UPB of loans subject to delinquent principal or interest Acquired loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 1574 ​ 1.00 - 11.50% ​ 2004 - 2039 ​ $ 317,851 ​ $ 321,809 ​ $ 27,596 ​ 500k - 1mm 295 ​ 2.66 - 10.25% ​ 2020 - 2038 ​ ​ 202,853 ​ ​ 203,428 ​ ​ 9,644 ​ 1mm - 1.5mm 95 ​ 1.00 - 9.50% ​ 2019 - 2038 ​ ​ 114,776 ​ ​ 115,586 ​ ​ 6,116 ​ 1.5mm - 2mm 43 ​ 3.50 - 7.38% ​ 2020 - 2037 ​ ​ 73,974 ​ ​ 74,002 ​ ​ 3,206 ​ 2mm - 2.5mm 24 ​ 1.48 - 8.00% ​ 2020 - 2037 ​ ​ 54,201 ​ ​ 54,240 ​ ​ 4,585 ​ > 2.5mm 51 ​ 3.23 - 11.00% ​ 2019 - 2030 ​ ​ 282,964 ​ ​ 285,113 ​ ​ 21,989 Total Acquired loans ​ 2,082 ​ ​ ​ ​ ​ $ 1,046,619 ​ $ 1,054,178 ​ $ 73,136 Acquired SBA 7(a) loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 884 ​ 0.00 - 8.75% ​ 2017 - 2041 ​ $ 96,731 ​ $ 112,074 ​ $ 9,058 ​ 500k - 1mm 115 ​ 3.50 - 7.50% ​ 2014 - 2041 ​ ​ 74,325 ​ ​ 79,703 ​ ​ 6,254 ​ 1mm - 1.5mm 30 ​ 3.75 - 7.50% ​ 2026 - 2042 ​ ​ 34,022 ​ ​ 35,873 ​ ​ 1,376 ​ 1.5mm - 2mm 2 ​ 6.00 - 6.00% ​ 2037 - 2042 ​ ​ 3,445 ​ ​ 3,563 ​ ​ - ​ 2mm - 2.5mm 3 ​ 5.00 - 6.00% ​ 2037 - 2040 ​ ​ 6,753 ​ ​ 6,777 ​ ​ - ​ > 2.5mm 7 ​ 4.75- 5.25% ​ 2035 - 2042 ​ ​ 24,162 ​ ​ 24,581 ​ ​ - Total Acquired SBA 7(a) loans ​ 1,041 ​ ​ ​ ​ ​ $ 239,438 ​ $ 262,571 ​ $ 16,688 Originated transitional loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 37 ​ 4.35 - 6.95% ​ 2021 - 2024 ​ $ 4,119 ​ $ 4,120 ​ $ - ​ 500k - 1mm 9 ​ 5.00 - 9.25% ​ 2020 - 2027 ​ ​ 6,136 ​ ​ 6,112 ​ ​ 679 ​ 1mm - 1.5mm 14 ​ 4.54 - 7.21% ​ 2021 - 2025 ​ ​ 17,722 ​ ​ 17,858 ​ ​ - ​ 1.5mm - 2mm 11 ​ 4.85 - 6.66% ​ 2020 - 2026 ​ ​ 18,655 ​ ​ 19,061 ​ ​ 1,982 ​ 2mm - 2.5mm 9 ​ 4.67 - 6.40% ​ 2021 - 2022 ​ ​ 19,464 ​ ​ 19,584 ​ ​ - ​ > 2.5mm 137 ​ 3.56 - 8.83% ​ 2020 - 2024 ​ ​ 1,252,978 ​ ​ 1,261,660 ​ ​ 34,897 Total Originated transitional loans ​ 217 ​ ​ ​ ​ ​ $ 1,319,074 ​ $ 1,328,395 ​ $ 37,558 Originated Freddie Mac loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 500k - 1mm 2 ​ 3.27 - 3.37% ​ 2041 - 2041 ​ $ 2,060 ​ $ 2,000 ​ $ - ​ 1mm - 1.5mm 3 ​ 3.31 - 3.53% ​ 2031 - 2041 ​ ​ 4,066 ​ ​ 3,952 ​ ​ - ​ 1.5mm - 2mm 3 ​ 2.97 - 3.53% ​ 2031 - 2041 ​ ​ 5,973 ​ ​ 5,816 ​ ​ - ​ 2mm - 2.5mm 2 ​ 3.16 - 3.48% ​ 2041 - 2041 ​ ​ 4,831 ​ ​ 4,742 ​ ​ - ​ > 2.5mm 9 ​ 2.96 - 3.74% ​ 2041 - 2041 ​ ​ 34,318 ​ ​ 33,898 ​ ​ - Total Originated Freddie loans ​ 19 ​ ​ ​ ​ ​ $ 51,248 ​ $ 50,408 ​ $ - Originated Residential Agency loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 1130 ​ 1.75- 6.13% ​ 2031 - 2051 ​ $ 246,022 ​ $ 235,930 ​ $ 2,892 ​ 500k - 1mm 25 ​ 2.13 - 4.99% ​ 2036 - 2051 ​ ​ 14,217 ​ ​ 13,757 ​ ​ - ​ 1mm - 1.5mm 3 ​ 2.63 - 4.99% ​ 2051 - 2051 ​ ​ 3,416 ​ ​ 3,373 ​ ​ - Total Originated Residential Agency loans ​ 1,158 ​ ​ ​ ​ ​ $ 263,655 ​ $ 253,060 ​ $ 2,892 Originated SBA 7(a) loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 500 ​ 0.00 - 7.75% ​ 2023 - 2046 ​ $ 103,482 ​ $ 109,225 ​ $ 3,099 ​ 500k - 1mm 118 ​ 4.50 - 6.00% ​ 2026 - 2046 ​ ​ 83,155 ​ ​ 86,778 ​ ​ 4,309 ​ 1mm - 1.5mm 58 ​ 4.50 - 6.00% ​ 2027 - 2045 ​ ​ 68,215 ​ ​ 69,221 ​ ​ - ​ 1.5mm - 2mm 20 ​ 4.75 - 6.00% ​ 2028 - 2044 ​ ​ 33,956 ​ ​ 34,569 ​ ​ - ​ 2mm - 2.5mm 11 ​ 4.50 - 5.50% ​ 2028 - 2046 ​ ​ 25,114 ​ ​ 25,186 ​ ​ - ​ > 2.5mm 23 ​ 4.50 - 6.00% ​ 2041 - 2044 ​ ​ 71,101 ​ ​ 71,846 ​ ​ - Total Originated SBA 7(a) loans ​ 730 ​ ​ ​ ​ ​ $ 385,023 ​ $ 396,825 ​ $ 7,408 Originated SBC loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 16 ​ 4.69 - 5.96% ​ 2021 - 2043 ​ $ 5,035 ​ $ 4,952 ​ $ - ​ 500k - 1mm 42 ​ 4.50 - 6.52% ​ 2021 - 2030 ​ ​ 34,535 ​ ​ 34,011 ​ ​ - ​ 1mm - 1.5mm 49 ​ 4.59 - 7.15% ​ 2019 - 2030 ​ ​ 60,596 ​ ​ 59,997 ​ ​ 6,606 ​ 1.5mm - 2mm 45 ​ 4.25 - 7.15% ​ 2019 - 2032 ​ ​ 77,776 ​ ​ 78,158 ​ ​ 4,827 ​ 2mm - 2.5mm 29 ​ 4.60 - 6.06% ​ 2022 - 2030 ​ ​ 65,559 ​ ​ 65,696 ​ ​ 2,085 ​ > 2.5mm 140 ​ 4.12 - 8.00% ​ 2019 - 2038 ​ ​ 830,905 ​ ​ 827,741 ​ ​ 46,056 Total Originated SBC loans ​ 321 ​ ​ ​ ​ ​ $ 1,074,406 ​ $ 1,070,555 ​ $ 59,574 Originated SBC loans, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1mm - 1.5mm 1 ​ 6.38 - 6.38% ​ 2026 - 2026 ​ $ 1,473 ​ $ 1,376 ​ $ - ​ 1.5mm - 2mm 1 ​ 5.25 - 5.25% ​ 2027 - 2027 ​ ​ 1,598 ​ ​ 1,556 ​ ​ - ​ > 2.5mm 2 ​ 6.68 - 7.75% ​ 2020 - 2020 ​ ​ 10,724 ​ ​ 11,156 ​ ​ - Total Originated SBC loans, at fair value ​ 4 ​ ​ ​ ​ ​ $ 13,795 ​ $ 14,088 ​ $ - Originated PPP loans, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 1037 ​ 1.00 - 1.00% ​ 2022 - 2022 ​ $ 70,381 ​ $ 70,381 ​ $ - ​ 500k - 1mm 4 ​ 1.00 - 1.00% ​ 2022 - 2022 ​ ​ 2,908 ​ ​ 2,908 ​ ​ - ​ 1.5mm - 2mm 1 ​ 1.00 - 1.00% ​ 2022 - 2022 ​ ​ 1,642 ​ ​ 1,642 ​ ​ - Total Originated PPP loans, at fair value ​ 1,042 ​ ​ ​ ​ ​ $ 74,931 ​ $ 74,931 ​ $ - General Allowance for Loan Losses ​ ​ ​ ​ ​ ​ ​ ​ (29,539) ​ ​ ​ ​ ​ ​ Total Loans ​ 6,614 ​ ​ ​ ​ ​ $ 4,438,650 ​ $ 4,505,011 ​ $ 197,256 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate, including loans in consolidated VIEs, from December 31, 2018 to December 31, 2020 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in Thousands) ​ Loans, net ​ Loans, held for sale, at fair value ​ Total Loan Receivables Balance at December 31, 2017 ​ $ 1,854,100 ​ $ 216,022 ​ $ 2,070,122 Origination of loan receivables ​ ​ 934,607 ​ ​ 2,407,492 ​ ​ 3,342,099 Purchases of loan receivables ​ ​ 369,418 ​ ​ 17,481 ​ ​ 386,899 Proceeds from disposition and principal payment of loan receivables ​ ​ (746,162) ​ ​ (2,586,724) ​ ​ (3,332,886) Net realized gain (loss) on sale of loan receivables ​ ​ (5,454) ​ ​ 63,067 ​ ​ 57,613 Net unrealized gain (loss) on loan receivables ​ ​ (720) ​ ​ (2,401) ​ ​ (3,121) Accretion/amortization of discount, premium and other fees ​ ​ 14,474 ​ ​ - ​ ​ 14,474 Transfers ​ ​ (503) ​ ​ 503 ​ ​ - Transfers to real estate, held for sale ​ ​ (3,693) ​ ​ (182) ​ ​ (3,875) Provision for loan losses ​ ​ (1,701) ​ ​ - ​ ​ (1,701) Balance at December 31, 2018 ​ $ 2,414,366 ​ $ 115,258 ​ $ 2,529,624 Origination of loan receivables ​ ​ 1,307,143 ​ ​ 2,621,324 ​ ​ 3,928,467 Purchases of loan receivables ​ ​ 739,002 ​ ​ 9,149 ​ ​ 748,151 Proceeds from disposition and principal payment of loan receivables ​ ​ (826,702) ​ ​ (2,628,521) ​ ​ (3,455,223) Loans acquired as part of ORM merger transaction ​ ​ 130,449 ​ ​ - ​ ​ 130,449 Net realized gain (loss) on sale of loan receivables ​ ​ (5,700) ​ ​ 76,274 ​ ​ 70,574 Net unrealized gain (loss) on loan receivables ​ ​ 760 ​ ​ 289 ​ ​ 1,049 Accretion/amortization of discount, premium and other fees ​ ​ 14,194 ​ ​ - ​ ​ 14,194 Loans consolidated as part of RCLT 2019-2 transaction ​ ​ 463,177 ​ ​ - ​ ​ 463,177 Payment of guaranteed loan financing ​ ​ (177,815) ​ ​ - ​ ​ (177,815) Transfers ​ ​ 1,262 ​ ​ (1,262) ​ ​ - Transfers to real estate, held for sale ​ ​ (2,269) ​ ​ - ​ ​ (2,269) Provision for loan losses ​ ​ (3,684) ​ ​ - ​ ​ (3,684) Balance at December 31, 2019 ​ $ 4,054,183 ​ $ 192,511 ​ $ 4,246,694 CECL Day 1 adjustment ​ ​ (7,527) ​ ​ - ​ ​ (7,527) Origination of loan receivables ​ ​ 774,581 ​ ​ 5,076,936 ​ ​ 5,851,517 Purchases of loan receivables ​ ​ 277,170 ​ ​ - ​ ​ 277,170 Proceeds from disposition and principal payment of loan receivables ​ ​ (962,404) ​ ​ (5,152,861) ​ ​ (6,115,265) Loans acquired as part of ORM merger transaction ​ ​ - ​ ​ - ​ ​ - Net realized gain (loss) on sale of loan receivables ​ ​ (5,069) ​ ​ 218,809 ​ ​ 213,740 Net unrealized gain (loss) on loan receivables ​ ​ (1,105) ​ ​ 5,607 ​ ​ 4,502 Accretion/amortization of discount, premium and other fees ​ ​ 8,434 ​ ​ - ​ ​ 8,434 Foreign currency gain (loss), net ​ ​ 4,509 ​ ​ - ​ ​ 4,509 Payment of guaranteed loan financing ​ ​ - ​ ​ - ​ ​ - Transfers ​ ​ 714 ​ ​ (714) ​ ​ - Transfers to real estate, held for sale ​ ​ (11,339) ​ ​ - ​ ​ (11,339) Provision for loan losses ​ ​ (33,785) ​ ​ - ​ ​ (33,785) Balance at December 31, 2020 ​ $ 4,098,362 ​ $ 340,288 ​ $ 4,438,650 ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Use of estimates	Use of estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires 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 income 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.
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. ​ Effective during the fourth quarter of 2018, the Company revised its presentation of residential mortgage banking activities and variable expenses on residential mortgage banking activities within our consolidated statements of income and Note 10 which no longer present these amounts as a net amount. Prior period numbers were revised to conform to the new presentation and to be consistent with our current period’s presentation. ​
Cash and cash equivalents	Cash and cash equivalents The Company accounts for cash and cash equivalents in accordance with ASC 305, Cash and Cash Equivalents.
Restricted cash	Restricted cash Restricted cash represents cash held by the Company as collateral against its derivatives, borrowings under repurchase agreements, borrowings under credit facilities with counterparties, construction and mortgage escrows, 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 restriction requirements no longer exist or at the maturity of the swap or repurchase agreement.
Loans, held-for-investment	Loans, held-for-investment. Receivables. ​ The Company uses the interest method to recognize, as a constant effective 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. ​ Recognition of interest income is suspended when any loans are placed on non-accrual status. Generally, all classes of loans are placed on non-accrual status when principal or interest has been delinquent for 90 days or when full collection is determined to be not probable. Interest income accrued, but not collected, at the date loans are placed on non-accrual status is reversed and subsequently recognized only to the extent it is received in cash or until the loan 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.
Loans, held at fair value	Loans, held at fair value.
Allowance for loan losses	Allowance for credit losses. ​ On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses ​ In connection with the Company’s adoption of ASU 2016-13 on January 1, 2020, the Company implemented new processes including the utilization of loan loss forecasting models, updates to the Company’s reserve policy documentation, changes to internal reporting processes and related internal controls. The Company has implemented loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its loan portfolio. The CECL forecasting methods used by the Company include (i) a probability of default and loss given default method using underlying third-party CMBS/CRE loan database with historical loan losses from 1998 to 2020 and (ii) probability weighted expected cash flow method, depending on the type of loan and the availability of relevant historical market loan loss data. The Company might use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. ​ The Company estimates the CECL expected credit losses for its loan and lending commitment portfolio at the individual loan level. Significant inputs to the Company’s forecasting methods include (i) key loan-specific inputs such as LTV, vintage year, loan-term, underlying property type, occupancy, geographic location, and others, and (ii) a macro-economic forecast, including unemployment rates, interest rates, commercial real estate prices, and others. These estimates may change in future periods based on available future macro-economic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. ​ In certain instances, the Company considers relevant loan-specific qualitative factors to certain loans to estimate its CECL expected credit losses. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. While we have a formal methodology to determine the adequate and appropriate level of the allowance for credit 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 credit losses is based on quarterly evaluations of the above factors. Accordingly, the provision for credit losses will vary from period to period based on management's ongoing assessment of the adequacy of the allowance for credit losses.
Non-accrual loans	Non-accrual loans.
Troubled debt restructurings	Troubled debt restructurings. ​ Generally, all loans modified in a TDR are placed or remain on non-accrual 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. ​ Additionally, based on issued regulatory guidance provided by federal and state regulatory agencies, a loan modification is not considered TDR if: (1) made in response to the COVID-19 pandemic; (2) the borrower was current on payments at the time the modification program was implemented; (3) the modification was short-term (e.g., six months).
Loans, held for sale, at fair value	Loans, held for sale, at fair value Loans, held for sale, at fair value are loans that are expected to be sold to third parties in the near term. Interest is recognized as interest income in the consolidated statements of income when earned and deemed collectible. For loans originated by our SBC originations and SBA originations segments, changes in fair value are recurring and are reported as net unrealized gain (loss) in the consolidated statements of income. For originated SBA loans, the guaranteed portion is held for sale, at fair value. For loans originated by GMFS, changes in fair value are reported as residential mortgage banking activities in the consolidated statements of income.
Mortgage backed securities, at fair value	Mortgage backed securities, at fair value The Company accounts for MBS as trading securities and carries them at fair value under ASC 320, Investments-Debt and Equity Securities. ​ MBS are recorded at fair value as determined by market prices provided by independent broker dealers or other independent valuation service providers. 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.
Loans eligible for repurchase from Ginnie Mae	Loans eligible for repurchase from Ginnie Mae When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company then records the right to repurchase the loan as an asset and liability in its consolidated balance sheets. Such amounts reflect the unpaid principal balance of the loans.
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 (“CDSs”), interest rate swaps, TBA agency securities and interest rate lock commitments (“IRLCs”) as part of our risk management. The Company accounts for derivative instruments under ASC 815, Derivatives and Hedges ​ Interest rate swap agreements. ​ TBA Agency Securities ​ IRLC. ​ FX forwards. ​ CDS. ​ Hedge accounting. ​ To qualify as an accounting hedge under the hedge accounting rules (versus an economic hedge where hedge accounting is not applied), a hedging relationship must be highly effective in offsetting the risk designated as being hedged. We use cash flow hedges to hedge the exposure to variability in cash flows from forecasted transactions, including the anticipated issuance of securitized debt obligations. ASC 815 requires that a forecasted transaction be identified as either: 1) a single transaction, or 2) a group of individual transactions that share the same risk exposures for which they are designated as being hedged. Hedges of forecasted transactions are considered cash flow hedges since the price is not fixed, hence involve variability of cash flows. For qualifying cash flow hedges, the change in the fair value of the derivative (the hedging instrument) is recorded in other comprehensive income (loss) ("OCI"), and is reclassified out of OCI and into the consolidated statements of income when the hedged cash flows affect earnings. These amounts are recognized consistent with the classification of the hedged item, primarily interest expense (for hedges of interest rate risk). If the hedge relationship is terminated, then the value of the derivative recorded in accumulated other comprehensive income (loss) ("AOCI") is recognized in earnings when the cash flows that were hedged affect earnings, so long as the forecasted transaction remains probable of occurring. For hedge relationships that are discontinued because a forecasted transaction is probable of not occurring according to the original hedge forecast (including an additional two month window), any related derivative values recorded in AOCI are immediately recognized in earnings. Hedge accounting is generally terminated at the debt issuance date because we are no longer exposed to cash flow variability subsequent to issuance. Accumulated amounts recorded in AOCI at that date are then released to earnings in future periods to reflect the difference in 1) the fixed rates economically locked in at the inception of the hedge and 2) the actual fixed rates established in the debt instrument at issuance. Because of the effects of the time value of money, the actual interest expense reported in earnings will not equal the effective yield locked in at hedge inception multiplied by the par value. Similarly, this hedging strategy does not actually fix the interest payments associated with the forecasted debt issuance.
Servicing rights	Servicing rights Servicing rights initially represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the servicing right asset against contractual servicing and ancillary fee income. ​ Servicing rights are recognized upon sale of loans, including a securitization of loans accounted for as a sale in accordance with U.S. GAAP, if servicing is retained. For servicing rights, gains related to servicing rights retained is included in net realized gain (loss) in the consolidated statements of income. For residential mortgage servicing rights, gains on servicing rights retained upon sale of a loan are included in residential mortgage banking activities in the consolidated statements of income. ​ The Company treats its servicing rights and residential mortgage servicing rights as two separate classes of servicing assets based on the class of the underlying mortgages and it treats these assets as two separate pools for risk management purposes. Servicing rights relating to the Company’s servicing of loans guaranteed by the SBA under its Section 7(a) loan program and servicing rights related to the Freddie Mac program are accounted for under ASC 860, Transfers and Servicing, Financial Instruments. ​ Servicing rights – SBA and Freddie Mac. ​ 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 servicing asset 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 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 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 estimates regarding future net servicing cash flows, forecasted loan prepayment rates, delinquency rates, 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. ​ Servicing rights - Residential (carried at fair value). ​ The Company has elected to account for its portfolio of residential mortgage servicing rights (“MSRs”) at fair value. For these assets, the Company uses a third-party vendor to assist management in estimating the fair value. The third-party vendor uses a discounted cash flow approach which consists of projecting servicing cash flows discounted at a rate that management believes market participants would use in their determinations of fair value. The key assumptions used in the estimation of the fair value of MSRs include prepayment rates, discount rates, default rates, and cost of servicing rates. Residential MSRs are classified as Level 3 in the fair value hierarchy.
Real estate, held for sale	Real estate, held for sale Real estate, held for sale, includes purchased real estate and real estate acquired in full or partial settlement of loan obligations, generally through foreclosure, that is being marketed for sale. Real estate, held for sale is recorded at acquisition at the property’s estimated fair value less estimated costs to sell. ​ After acquisition, costs incurred relating to the development and improvement of property are capitalized to the extent they do not cause the recorded value to exceed the net realizable value, whereas costs relating to holding and disposition of the property are expensed as incurred. After acquisition, real estate, held for sale is analyzed periodically for changes in fair values and any subsequent write down is charged through impairment. ​ The Company records a gain or loss from the sale of real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the real estate is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. This adjustment is based on management’s estimate of the fair value of the loan extended to the buyer to finance the sale.
Investment in unconsolidated joint venture	Investment in unconsolidated joint ventures According to ASC 323 , Equity Method and Joint Ventures
Purchased future receivables	Purchased future receivables Through Knight Capital, the Company provides working capital advances to small businesses through the purchase of their future revenues. The Company enters into a contract with the business whereby the Company pays the business an upfront amount in return for a specific amount of the business’s future revenue receivables, known as payback amounts. The payback amounts are primarily received through daily payments initiated by automated clearing house (“ACH”) transactions. ​ Revenues from purchased future receivables are realized when funds are received under each contract. The allocation of the amount received is determined by apportioning the amount received based upon the factor (discount) rate of the business's contract. Management believes that this methodology best reflects the effective interest method. ​ ​ The Company has established an allowance for doubtful purchased future receivables. An increase in the allowance for doubtful purchased future receivables results in a charge to income and is reduced when purchased future receivables are charged-off. Purchased future receivables are charged-off after 90 days past due. Management believes that the allowance reflects the risk elements and is adequate to absorb losses inherent in the portfolio. Although management has performed this evaluation, future adjustments may be necessary based on changes in economic conditions or other factors.
Intangible assets	Intangible assets The Company accounts for intangible assets under ASC 350, Intangibles- Goodwill and Other
Goodwill	Goodwill The Company recorded goodwill in connection with the Company’s acquisition of Knight Capital. Goodwill is not amortized, but rather, is tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at December 31, 2020, represents the excess of the consideration transferred over the fair value of net assets acquired in connection with the acquisition of Knight Capital in October 2019. ​ In testing goodwill for impairment, the Company follows ASC 350, Intangibles- Goodwill and Other, ​ The qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual and projected financial performance of the reporting unit, macroeconomic conditions, industry and market conditions and relevant entity specific events in determining whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. Based on our qualitative assessment during the fourth quarter of 2020, we believe the Company’s Knight Capital reporting unit, to which goodwill was attributed, is not currently at risk of impairment. ​
Deferred financing costs	Deferred financing costs Costs incurred in connection with our secured borrowings are accounted for under ASC 340, Other Assets and Deferred Costs
Due from servicers	Due from servicers The loan-servicing activities of the Company’s acquisitions and SBC originations reportable segments are performed primarily by third-party servicers. SBA loans originated by and held at RCL are internally serviced. Residential mortgage loans originated by and held at GMFS are both serviced by third-party servicers and internally serviced. 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. ​ 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.
Secured borrowings	Secured borrowings Secured borrowings include borrowings under credit facilities, repurchase agreements, and promissory notes. ​ Borrowings under credit facilities. Debt. ​ Borrowing under repurchase agreements. Transfers and Servicing
Securitized debt obligations of consolidated VIEs, net	Securitized debt obligations of consolidated VIEs, net Since 2011, we have engaged in several securitization transactions, which the Company accounts for under ASC 810. Securitization involves transferring assets to an SPE, or securitization trust, and this SPE issues debt instruments. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The consolidation of the SPE includes the issuance of senior securities to third parties, which are shown as securitized debt obligations of consolidated VIEs in 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. Debt issuance costs are amortized using the effective interest method and are included in interest expense in the consolidated statements of income.
Convertible note, net	Convertible note, net ASC 470 requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. ASC 470-20 requires that the initial proceeds from the sale of these notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. We measured the estimated fair value of the debt component of our convertible notes as of the issuance date based on our nonconvertible debt borrowing rate. The equity components of the convertible senior notes have been reflected within additional paid-in capital in our consolidated balance sheet, and the resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. ​ Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in our consolidated statements of operations. The remaining settlement consideration allocated to the equity component would be recognized as a reduction of additional paid-in capital in our consolidated balance sheets.
Senior secured notes, net	Senior secured notes, net The Company accounts for secured debt offerings under ASC 470 . ​
Corporate debt, net	Corporate debt, net The Company accounts for corporate debt offerings under ASC 470. The Company’s corporate debt is presented net of debt issuance costs. Interest paid and accrued in connection with corporate debt is recorded as interest expense in the consolidated statements of income.
Guaranteed loan financing	Guaranteed loan financing Certain partial loan sales do not qualify for sale accounting under ASC 860 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 in the consolidated balance sheets and the proceeds from 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 the SBA whole 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.
Variable interest entities	Variable interest entities VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The entity that has a financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. An entity is deemed to be the primary beneficiary of a VIE if the entity has both (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. ​ In determining whether we are the primary beneficiary of a VIE, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIE, such as our role establishing the VIE and our ongoing rights and responsibilities, the design of the VIE, our economic interests, servicing fees and servicing responsibilities, and other factors. We perform ongoing reassessments to evaluate whether changes in the entity’s capital structure or changes in the nature of our involvement with the entity result in a change to the VIE designation or a change to our consolidation conclusion.
Non-controlling interests	Non-controlling interests Non-controlling interests are presented on the consolidated balance sheets and the consolidated statements of income and represent direct investment in the Operating Partnership by Sutherland OP Holdings II, Ltd., which is managed by our Manager, and third parties.
Fair value option	Fair value option ASC 825, Financial Instruments ​ We have elected the fair value option for certain loans held-for-sale originated by the Company that we intend to sell in the near term. The fair value elections for loans, held for sale, at fair value originated by the Company were made due to the short-term nature of these instruments. ​ We have elected the fair value option for loans held-for-sale originated by GMFS that the Company intends to sell in the near term. We have elected the fair value option for certain residential mortgage servicing rights acquired as part of the merger transaction.
Share repurchase program	Share repurchase program The Company accounts for repurchases of its common stock as a reduction in additional paid in capital. The amounts recognized represent the amount paid to repurchase these shares and are categorized on the balance sheet and changes in equity as a reduction in additional paid in capital.
Earnings per share	Earnings per share We present both basic and diluted earnings per share (“EPS”) amounts in our consolidated financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from our share-based compensation, consisting of unvested restricted stock units (“RSUs”), unvested restricted stock awards (“RSAs”), as well as “in-the-money” conversion options associated with our outstanding convertible senior notes. Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. ​ All of the Company’s unvested RSUs and unvested RSAs contain rights to receive non-forfeitable dividends and, thus, are participating securities. Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities.
Income taxes	Income taxes U.S. 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 period and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s consolidated 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 December 31, 2020 and 2019, 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.
Revenue recognition	Revenue recognition Revenue is recognized upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized through the following five-step process: ​ Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. ​ ​ Since the guidance does not apply to revenue associated with financial instruments, including interest income, realized or unrealized gains on financial instruments, loan servicing fees, loan origination fees, among other revenue streams, the revenue recognition guidance does not have a material impact on our consolidated financial statements. In addition, revisions to existing accounting rules regarding the determination of whether a company is acting as a principal or agent in an arrangement and accounting for sales of nonfinancial assets where the seller has continuing involvement, did not materially impact the Company. ​ Interest income. ​ Realized gains (losses). ​ Origination income and expense.
Residential Mortgage Banking Activities	Residential mortgage banking activities Residential mortgage banking activities, reflects revenue within our residential mortgage banking business directly related to loan origination and sale activity. This primarily consists of the realized gains on sales of residential loans held for sale and loan origination fee income, Residential mortgage banking activities also consists of unrealized gains and losses associated with the changes in fair value of the loans held for sale, the fair value of retained MSR additions, and the realized and unrealized gains and losses from derivative instruments. ​ Gains and losses from the sale of mortgage loans held for sale are recognized based upon the difference between the sales proceeds and carrying value of the related loans upon sale and is included in residential mortgage banking activities, in the consolidated statements of income. Sales proceeds reflect the cash received from investors from the sale of a loan plus the servicing release premium if the related MSR is sold. Gains and losses also includes the unrealized gains and losses associated with the mortgage loans held for sale and the realized and unrealized gains and losses from IRLCs. ​ Loan origination fee income represents revenue earned from originating mortgage loans held for sale and are reflected in residential mortgage banking activities, when loans are sold. ​ Variable expenses on residential mortgage banking activities.
Foreign currency transactions	​ ​ ​ Foreign currency transactions Assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars using foreign currency exchange rates prevailing at the end of the reporting period. Revenue and expenses are translated at the average exchange rates for each reporting period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of taxes, in the consolidated statements of comprehensive income.

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2020
Owens Realty Mortgage, Inc.
Acquisitions
Schedule of fair value of assets acquired and liabilities acquired	​ ​ ​ ​ ​ (In Thousands) March 29, 2019 Assets ​ ​ ​ Cash and cash equivalents ​ $ 10,822 Loans ​ 130,449 Real estate, held for sale ​ 67,973 Investment in unconsolidated joint ventures ​ 8,619 Deferred tax assets ​ ​ 4,660 Accrued interest ​ 1,209 Other ​ 379 Total assets acquired ​ $ 224,111 Liabilities ​ ​ ​ Secured borrowings ​ 12,713 Accounts payable and other accrued liabilities ​ ​ 1,000 Due to Manager ​ ​ 228 Deferred tax liabilities ​ ​ 123 Total liabilities assumed ​ $ 14,064 Net assets acquired ​ $ 210,047
Schedule of aggregate consideration transferred, net assets acquired, and related bargain purchase gain	​ ​ ​ ​ Total consideration transferred (in thousands, except share and per share data) FV of net assets acquired $ 210,047 ​ ​ ​ ORM shares outstanding at March 29, 2019 ​ 8,482,880 Exchange ratio x 1.441 Shares issued ​ 12,223,830 Market price as of March 29, 2019 $ 14.67 Total consideration transferred based on value of shares issued $ 179,324 ​ ​ ​ Bargain purchase gain $ 30,728
Schedule of pro-forma revenue and earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ For the year ended (In Thousands) ​ ​ December 31, 2019 ​ ​ December 31, 2018 Selected Financial Data ​ ​ ​ ​ ​ ​ Interest income ​ $ 232,706 ​ $ 181,780 Interest expense ​ ​ (152,428) ​ ​ (111,371) Provision for loan losses ​ ​ (3,684) ​ ​ (1,462) Non-interest income ​ ​ 145,393 ​ ​ 157,049 Non-interest expense ​ ​ (180,140) ​ ​ (155,704) Income before provision for income taxes ​ ​ 41,847 ​ ​ 70,292 Income tax benefit ​ ​ 10,545 ​ ​ (1,945) Net income ​ $ 52,392 ​ $ 68,347
Knight Capital
Acquisitions
Schedule of fair value of assets acquired and liabilities acquired	​ ​ ​ ​ ​ (In Thousands) October 25, 2019 Assets ​ ​ ​ Cash and cash equivalents ​ $ 1,673 Purchased future receivables, ​ 39,540 Prepaid expenses and other ​ ​ 1,265 Intangible assets ​ ​ 5,880 Total assets acquired ​ $ 48,358 Liabilities ​ ​ ​ Secured borrowings ​ 30,600 Accounts payable and other accrued liabilities ​ ​ 1,173 Total liabilities assumed ​ $ 31,773 Net assets acquired ​ $ 16,585
Schedule of aggregate consideration transferred, net assets acquired, and related bargain purchase gain	​ ​ ​ ​ Total Consideration Transferred (in thousands) ​ ​ Cash consideration $ 17,500 Common stock consideration ​ 10,290 Total consideration transferred $ 27,790 ​ ​ ​ Net Tangible Assets $ 10,705 Identified Intangible Assets ​ 5,880 FV of net assets acquired $ 16,585 ​ ​ ​ Goodwill $ 11,205
Schedule of acquired intangible assets are definite-lived assets	​ ​ ​ ​ ​ ​ (In Thousands) Fair Value ​ Weighted Average Amortization Life Internally developed software $ 3,800 ​ 6 years Broker network ​ 1,200 ​ 4.5 years Trade name ​ 880 ​ 6 years Total Intangible Assets $ 5,880 ​ 6 years
Schedule of pro-forma revenue and earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ For the year ended (In Thousands) ​ ​ December 31, 2019 ​ ​ December 31, 2018 Selected Financial Data ​ ​ ​ ​ ​ ​ Interest income ​ $ 229,916 ​ $ 169,499 Interest expense ​ ​ (151,880) ​ ​ (109,238) Provision for loan losses ​ ​ (3,684) ​ ​ (1,701) Non-interest income ​ ​ 223,197 ​ ​ 192,181 Non-interest expense ​ ​ (229,648) ​ ​ (201,454) Income before provision for income taxes ​ ​ 67,901 ​ ​ 49,287 Income tax benefit ​ ​ 10,552 ​ ​ (1,386) Net income ​ $ 78,453 ​ $ 47,901 ​ ​ ​ ​ ​ ​ ​

Loans and Allowance for Loan _2

Loans and Allowance for Loan Losses (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule of classification, unpaid principal balance, and carrying value of loans held including loans of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 (In Thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 530,671 ​ $ 535,963 ​ ​ $ 593,657 ​ $ 600,226 Originated SBA 7(a) loans ​ ​ 310,537 ​ ​ 314,938 ​ ​ ​ 297,934 ​ ​ 299,580 Acquired SBA 7(a) loans ​ ​ 201,066 ​ ​ 210,115 ​ ​ ​ 255,240 ​ ​ 269,396 Originated SBC loans ​ ​ 173,190 ​ ​ 167,470 ​ ​ ​ 133,118 ​ ​ 132,227 Acquired loans ​ ​ 351,381 ​ ​ 352,546 ​ ​ ​ 430,307 ​ ​ 433,079 Originated PPP loans, at fair value ​ ​ 74,931 ​ ​ 74,931 ​ ​ ​ — ​ ​ — Originated SBC loans, at fair value ​ ​ 13,795 ​ ​ 14,088 ​ ​ ​ 20,212 ​ ​ 19,565 Originated Residential Agency loans ​ ​ 3,208 ​ ​ 3,208 ​ ​ ​ 3,396 ​ ​ 3,395 Total Loans, before allowance for loan losses ​ $ 1,658,779 ​ $ 1,673,259 ​ ​ $ 1,733,864 ​ $ 1,757,468 Allowance for loan losses ​ $ (33,224) ​ $ — ​ ​ $ (5,880) ​ $ — Total Loans, net ​ $ 1,625,555 ​ $ 1,673,259 ​ ​ $ 1,727,984 ​ $ 1,757,468 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated SBC loans ​ $ 889,566 ​ $ 885,235 ​ ​ $ 1,037,844 ​ $ 1,026,921 Originated Transitional loans ​ ​ 788,403 ​ ​ 792,432 ​ ​ ​ 490,913 ​ ​ 493,217 Acquired loans ​ ​ 697,567 ​ ​ 701,133 ​ ​ ​ 666,226 ​ ​ 671,698 Originated SBA 7(a) loans ​ ​ 68,625 ​ ​ 72,451 ​ ​ ​ 79,457 ​ ​ 83,559 Acquired SBA 7(a) loans ​ ​ 42,154 ​ ​ 52,456 ​ ​ ​ 53,320 ​ ​ 66,997 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 2,486,315 ​ $ 2,503,707 ​ ​ $ 2,327,760 ​ $ 2,342,392 Allowance for loan losses on loans in consolidated VIEs ​ $ (13,508) ​ $ — ​ ​ $ (1,561) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 2,472,807 ​ $ 2,503,707 ​ ​ $ 2,326,199 ​ $ 2,342,392 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ $ 260,447 ​ $ 249,852 ​ ​ $ 136,506 ​ $ 132,016 Originated Freddie Mac loans ​ ​ 51,248 ​ ​ 50,408 ​ ​ ​ 21,775 ​ ​ 21,513 Originated SBC loans ​ ​ 17,850 ​ ​ 17,850 ​ ​ ​ — ​ ​ — Originated SBA 7(a) loans ​ ​ 10,232 ​ ​ 9,436 ​ ​ ​ 28,551 ​ ​ 26,669 Acquired loans ​ ​ 511 ​ ​ 499 ​ ​ ​ 1,245 ​ ​ 1,208 Total Loans, held for sale, at fair value ​ $ 340,288 ​ $ 328,045 ​ ​ $ 188,077 ​ $ 181,406 Loans, held for sale, at fair value in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired loans ​ $ — ​ $ — ​ ​ $ 4,434 ​ $ 4,400 Total Loans, held for sale, at fair value in consolidated VIEs ​ $ — ​ $ — ​ ​ $ 4,434 ​ $ 4,400 Total Loan portfolio ​ $ 4,438,650 ​ $ 4,505,011 ​ ​ $ 4,246,694 ​ $ 4,285,666 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of summary of the classification, UPB, and carrying value of loans by year of origination	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,328,395 ​ $ 385,183 ​ $ 583,593 ​ $ 306,971 ​ $ 23,783 ​ $ 18,480 ​ $ 1,064 ​ $ 1,319,074 Originated SBC loans ​ ​ 1,052,705 ​ ​ 66,715 ​ ​ 486,033 ​ ​ 237,313 ​ ​ 110,354 ​ ​ 43,696 ​ ​ 112,444 ​ ​ 1,056,555 Acquired loans ​ ​ 1,053,679 ​ ​ 21,414 ​ ​ 40,572 ​ ​ 42,167 ​ ​ 38,649 ​ ​ 19,533 ​ ​ 883,774 ​ ​ 1,046,109 Originated SBA 7(a) loans ​ ​ 387,389 ​ ​ 47,939 ​ ​ 98,568 ​ ​ 133,812 ​ ​ 68,375 ​ ​ 22,056 ​ ​ 4,041 ​ ​ 374,791 Acquired SBA 7(a) loans ​ ​ 262,571 ​ ​ 139 ​ ​ 19,658 ​ ​ 14,636 ​ ​ 283 ​ ​ 19 ​ ​ 204,703 ​ ​ 239,438 Originated PPP loans, at fair value ​ ​ 74,931 ​ ​ 74,931 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 74,931 Originated SBC loans, at fair value ​ ​ 14,088 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,598 ​ ​ 6,442 ​ ​ 5,755 ​ ​ 13,795 Originated Residential Agency loans ​ ​ 3,208 ​ 1,571 ​ 645 ​ 705 ​ ​ — ​ ​ 88 ​ 199 ​ 3,208 Total Loans, before general allowance for loans losses ​ $ 4,176,966 ​ $ 597,892 ​ $ 1,229,069 ​ $ 735,604 ​ $ 243,042 ​ $ 110,314 ​ $ 1,211,980 ​ $ 4,127,901 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,098,362 (1) Loan balances include specific allowance for loan losses of $17.2 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of delinquency information on loans by year of origination	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 3,979,225 ​ $ 591,405 ​ $ 1,221,227 ​ $ 707,068 ​ $ 203,331 ​ $ 100,003 ​ $ 1,125,100 ​ $ 3,948,134 30 - 59 days past due ​ ​ 38,836 ​ ​ 5,812 ​ ​ 5,191 ​ ​ 15,097 ​ ​ 401 ​ ​ 2 ​ ​ 11,933 ​ ​ 38,436 60+ days past due ​ ​ 158,905 ​ ​ 675 ​ ​ 2,651 ​ ​ 13,439 ​ ​ 39,310 ​ ​ 10,309 ​ ​ 74,947 ​ ​ 141,331 Total Loans, before general allowance for loans losses ​ $ 4,176,966 ​ $ 597,892 ​ $ 1,229,069 ​ $ 735,604 ​ $ 243,042 ​ $ 110,314 ​ $ 1,211,980 ​ $ 4,127,901 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,098,362 (1) Loan balances include specific allowance for loan losses of $17.2 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of delinquency information on loans, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Loans (In Thousands) Current and less than 30 days past due 30-59 days 60+ days Total Loans Carrying Value ​ Non-Accrual ​ 90+ days past due and Accruing Loans (1)(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 1,281,579 $ 17,713 $ 19,782 $ 1,319,074 ​ $ 19,416 ​ $ — Originated SBC loans ​ 1,000,878 ​ 6,591 ​ 49,086 ​ 1,056,555 ​ ​ 37,635 ​ ​ — Acquired loans ​ 978,346 ​ 7,729 ​ 60,034 ​ 1,046,109 ​ ​ 57,020 ​ ​ — Originated SBA 7(a) loans ​ 369,416 ​ 1,741 ​ 3,634 ​ 374,791 ​ ​ 8,668 ​ ​ — Acquired SBA 7(a) loans ​ 228,651 ​ 4,008 ​ 6,779 ​ 239,438 ​ ​ 9,001 ​ ​ — Originated PPP loans, at fair value ​ 74,931 ​ — ​ — ​ 74,931 ​ ​ — ​ ​ — Originated SBC loans, at fair value ​ 13,795 ​ — ​ — ​ 13,795 ​ ​ — ​ ​ — Originated Residential Agency loans ​ 538 ​ 654 ​ 2,016 ​ 3,208 ​ ​ 2,418 ​ ​ — Total Loans, before general allowance for loans losses $ 3,948,134 $ 38,436 $ 141,331 $ 4,127,901 ​ $ 134,158 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ $ (29,539) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ $ 4,098,362 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 95.7% ​ 0.9% ​ 3.4% ​ 100% ​ ​ 3.3% ​ ​ 0.0% (1) Loan balances include specific allowance for loan losses of $17.2 million (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Loans (In Thousands) Current and less than 30 days past due 30-59 days 60+ days Total Loans Carrying Value ​ Non-Accrual ​ 90+ days past due and Accruing Loans (1)(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 1,074,955 $ 5,728 $ 5,645 $ 1,086,328 ​ $ 24,587 ​ $ — Originated SBC loans ​ 1,137,140 ​ 11,769 ​ 19,990 ​ 1,168,899 ​ ​ 16,089 ​ ​ — Acquired loans ​ 1,032,259 ​ 41,830 ​ 20,194 ​ 1,094,283 ​ ​ 23,500 ​ ​ 3,382 Acquired SBA 7(a) loans ​ 297,172 ​ 4,048 ​ 5,640 ​ 306,860 ​ ​ 9,177 ​ ​ 1,326 Originated SBC loans, at fair value ​ 20,212 ​ — ​ — ​ 20,212 ​ ​ — ​ ​ — Originated SBA 7(a) loans ​ 370,101 ​ 2,085 ​ 4,443 ​ 376,629 ​ ​ 8,882 ​ ​ — Originated Residential Agency loans ​ 582 ​ 209 ​ 2,605 ​ 3,396 ​ ​ 2,105 ​ ​ 74 Total Loans, before general allowance for loans losses $ 3,932,421 $ 65,669 $ 58,517 $ 4,056,607 ​ $ 84,340 ​ $ 4,782 General allowance for loan losses ​ ​ ​ ​ ​ ​ $ (2,424) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ $ 4,054,183 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 97.0% ​ 1.6% ​ 1.4% ​ 100% ​ ​ 2.1% ​ ​ 0.1% (1) Loan balances include specific allowance for loan losses of $5.0 million (2) Includes Loans, net in consolidated VIEs ​
Schedule of information on credit quality of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan-to-Value (1) (In Thousands) 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 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (2) (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 5,485 $ 8,269 $ 252,798 $ 891,895 $ 157,900 $ 2,727 $ 1,319,074 Originated SBC loans ​ 5,372 ​ 76,899 ​ 453,381 ​ 515,023 ​ — ​ 5,880 ​ 1,056,555 Acquired loans ​ 266,345 ​ 385,579 ​ 228,262 ​ 113,023 ​ 40,838 ​ 12,062 ​ 1,046,109 Originated SBA 7(a) loans ​ 1,203 ​ 15,013 ​ 51,133 ​ 147,020 ​ 61,297 ​ 99,125 ​ 374,791 Acquired SBA 7(a) loans ​ 7,523 ​ 39,086 ​ 89,644 ​ 54,007 ​ 28,332 ​ 20,846 ​ 239,438 Originated PPP loans, at fair value ​ — ​ — ​ — ​ — ​ — ​ 74,931 ​ 74,931 Originated SBC loans, at fair value ​ — ​ 7,354 ​ — ​ 6,441 ​ — ​ — ​ 13,795 Originated Residential Agency loans — — 88 ​ 1,236 ​ 1,552 332 3,208 Total Loans, before general allowance for loans losses $ 285,928 $ 532,200 $ 1,075,306 $ 1,728,645 $ 289,919 $ 215,903 $ 4,127,901 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,098,362 Percentage of loans outstanding ​ 6.9% % 12.9% % 26.1% % 41.9% % 7.0% % 5.2% % ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (2) (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 1,736 $ 28,108 $ 277,388 $ 750,298 $ 28,059 $ 739 $ 1,086,328 Originated SBC loans — ​ 60,601 ​ 431,312 ​ 660,733 ​ 8,045 ​ 8,208 1,168,899 Acquired loans 218,679 ​ 371,471 ​ 293,216 ​ 161,431 ​ 35,731 ​ 13,755 1,094,283 Acquired SBA 7(a) loans ​ 7,712 ​ 39,566 ​ 103,590 ​ 83,954 ​ 39,726 ​ 32,312 ​ 306,860 Originated SBC loans, at fair value — ​ 8,192 ​ — ​ 6,422 ​ 5,598 ​ — 20,212 Originated SBA 7(a) loans ​ 865 ​ 13,843 ​ 41,166 ​ 130,177 ​ 78,544 ​ 112,034 ​ 376,629 Originated Residential Agency loans — 51 — ​ 830 ​ 2,393 122 3,396 Total Loans, before general allowance for loans losses $ 228,992 $ 521,832 $ 1,146,672 $ 1,793,845 $ 198,096 $ 167,170 $ 4,056,607 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (2,424) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,054,183 Percentage of loans outstanding ​ 5.6% % 12.9% % 28.3% % 44.2% % 4.9% % 4.1% % ​ (1) Loan-to-value is calculated as carrying amount as a percentage of current collateral value (2) Loan balances include specific allowance for loan loss reserves (3) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of activity of the allowance for loan losses for loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for General $ 2,640 $ 14,995 $ 5,457 $ 767 $ 5,680 $ — $ 29,539 Specific ​ 6,200 ​ — ​ 2,840 ​ 3,782 ​ 4,371 ​ — ​ 17,193 Ending balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ — $ 46,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for General $ 124 $ 64 $ 803 $ 414 $ 1,019 $ — $ 2,424 Specific ​ 180 ​ 124 ​ 86 ​ 941 ​ 762 ​ — ​ 2,093 PCD ​ — ​ — ​ 2,165 ​ 759 ​ — ​ — ​ 2,924 Ending balance $ 304 $ 188 $ 3,054 $ 2,114 $ 1,781 $ — $ 7,441 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for Beginning balance $ 304 $ 188 $ 3,054 $ 2,114 $ 1,781 $ — $ 7,441 Cumulative-effect adjustment upon adoption of ASU 2016-13 ​ 2,400 ​ 1,906 ​ 1,878 ​ 3,562 ​ 1,379 ​ — ​ 11,125 Provision for (Recoveries of) loan losses ​ 6,335 ​ 16,247 ​ 3,502 ​ 141 ​ 7,560 ​ — ​ 33,785 Charge-offs and sales ​ (199) ​ (3,346) ​ (137) ​ (1,396) ​ (717) ​ — ​ (5,795) Recoveries ​ — ​ — ​ — ​ 128 ​ 48 ​ — ​ 176 Ending balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ — $ 46,732 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for Beginning balance $ 11 $ 353 $ 5,052 $ 2,318 $ 586 $ — $ 8,320 Provision for (recoveries of) loan losses ​ 420 ​ (167) ​ 781 ​ 939 ​ 1,711 ​ — ​ 3,684 Charge-offs and sales ​ (127) ​ — ​ (1,144) ​ (1,282) ​ (516) ​ — ​ (3,069) Recoveries ​ — ​ 2 ​ (1,635) ​ 139 ​ — ​ — ​ (1,494) Ending balance $ 304 $ 188 $ 3,054 $ 2,114 $ 1,781 $ — $ 7,441
Schedule of recorded investment of TDRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 (In Thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Recorded carrying value modified loans classified as TDRs $ 7,327 ​ $ 17,932 ​ $ 25,259 ​ $ 6,258 ​ $ 14,204 ​ $ 20,462 Allowance for loan losses on loans classified as TDRs $ 17 ​ $ 3,323 ​ $ 3,340 ​ $ 274 ​ $ 454 ​ $ 728 Carrying value of modified loans classified as TDRs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value of modified loans classified as TDRs on accrual status $ 307 ​ $ 6,888 ​ $ 7,195 ​ $ 333 ​ $ 7,437 ​ $ 7,770 Carrying value of modified loans classified as TDRs on non-accrual status ​ 7,020 ​ ​ 11,044 ​ ​ 18,064 ​ ​ 5,925 ​ ​ 6,767 ​ ​ 12,692 Total carrying value of modified loans classified as TDRs $ 7,327 ​ $ 17,932 ​ $ 25,259 ​ $ 6,258 ​ $ 14,204 ​ $ 20,462
Schedule of TDR modifications by primary modification type and related financial effects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Year Ended December 31, 2019 (In Thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 5 ​ ​ 28 ​ ​ 33 ​ ​ 3 ​ ​ 31 ​ ​ 34 Pre-modification recorded balance (a) $ 10,963 ​ $ 8,420 ​ $ 19,383 ​ $ 2,169 ​ $ 4,045 ​ $ 6,214 Post-modification recorded balance (a) $ 10,963 ​ ​ 8,455 ​ $ 19,418 ​ $ 2,169 ​ $ 3,778 ​ $ 5,947 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default as of 2020 (b) ​ 3 ​ ​ 4 ​ ​ 7 ​ ​ 3 ​ ​ 8 ​ ​ 11 Balance of loans that remain in default as of 2020 (b) $ 5,285 ​ $ 302 ​ $ 5,587 ​ $ 2,240 ​ $ 534 ​ $ 2,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 7,020 ​ $ 7,020 ​ $ — ​ $ 4,033 ​ $ 4,033 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 5,285 ​ ​ 302 ​ ​ 5,587 ​ ​ 2,240 ​ ​ 264 ​ ​ 2,504 Total $ 5,285 ​ $ 7,322 ​ $ 12,607 ​ $ 2,240 ​ $ 4,297 ​ $ 6,537 (a) Represents carrying value. (b) Represents the December 31, 2020 carrying values of the TDRs that occurred during the year ended December 31, 2020 and 2019 that remained in default as of December 31, 2020. Generally, all loans modified in a TDR are placed or remain on non-accrual 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.
Non-accrual loans
Schedule of non-accrual loans	​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 ​ December 31, 2019 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 75,862 ​ $ 20,657 Without an allowance ​ 58,296 ​ ​ 63,683 Total recorded carrying value of non-accrual loans $ 134,158 ​ $ 84,340 Allowance for loan losses related to non-accrual loans $ (17,367) ​ $ (3,581) Unpaid principal balance of non-accrual loans $ 158,471 ​ $ 98,498 Interest income on non-accrual loans for the year ended $ 3,212 ​ $ 3,132
Geographical concentration
Schedule of concentration risk of loans secured by real estate	​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) December 31, 2020 ​ December 31, 2019 California 18.1 % ​ 16.9 % Texas 14.2 ​ ​ 15.2 ​ New York 9.8 ​ ​ 8.3 ​ Florida 7.8 ​ ​ 8.3 ​ Illinois 5.2 ​ ​ 5.2 ​ Georgia 4.9 ​ ​ 4.8 ​ North Carolina 3.1 ​ ​ 3.2 ​ Washington 3.1 ​ ​ 2.8 ​ Arizona 2.8 ​ ​ 3.4 ​ Colorado ​ 2.8 ​ ​ 2.8 ​ Other 28.2 ​ ​ 29.1 ​ Total 100.0 % ​ 100.0 %
Collateral concentration
Schedule of concentration risk of loans secured by real estate	The following table displays the collateral type concentration of the Company’s loans, net, on our consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) December 31, 2020 ​ December 31, 2019 Multi-family 23.8 % ​ 26.6 % SBA (1) 17.4 ​ ​ 17.6 ​ Retail 17.3 ​ ​ 17.5 ​ Office 13.1 ​ ​ 12.9 ​ Mixed Use 13.1 ​ ​ 10.4 ​ Industrial 7.0 ​ ​ 6.4 ​ Lodging/Residential 3.2 ​ ​ 3.3 ​ Other 5.1 ​ ​ 5.3 ​ Total 100.0 % ​ 100.0 % (1) Further detail provided on SBA collateral concentration is included in table below. ​ ​ ​ ​ ​ ​ ​ The following table displays the collateral type concentration of the Company’s SBA loans within loans, net, on our consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) December 31, 2020 ​ December 31, 2019 Lodging ​ 17.2 % ​ 17.3 % Offices of Physicians ​ 12.0 ​ ​ 14.1 ​ Child Day Care Services 7.2 ​ ​ 8.1 ​ Eating Places 5.3 ​ ​ 6.1 ​ Gasoline Service Stations 3.4 ​ ​ 3.7 ​ Veterinarians ​ 3.3 ​ ​ 4.1 ​ Executive Search Services ​ 2.6 ​ ​ — ​ All Other Miscellaneous Store Retailers (except Tobacco Stores) ​ 2.3 ​ ​ — ​ Funeral Service & Crematories 1.8 ​ ​ 2.0 ​ Grocery Stores 1.7 ​ ​ 2.0 ​ Other 43.2 ​ ​ 42.6 ​ Total 100.0 % ​ 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
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 December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 340,288 ​ $ — ​ $ 340,288 Loans, net, at fair value — ​ — ​ 88,726 ​ 88,726 Mortgage backed securities, at fair value — ​ 62,880 ​ 25,131 ​ 88,011 Derivative instruments, at fair value ​ — ​ ​ — ​ ​ 16,363 ​ ​ 16,363 Residential mortgage servicing rights, at fair value — ​ — ​ 76,840 ​ 76,840 Total assets $ — ​ $ 403,168 ​ $ 207,060 ​ $ 610,228 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 11,604 ​ $ — ​ $ 11,604 Total liabilities $ — ​ $ 11,604 ​ $ — ​ $ 11,604 ​ The following table presents the Company’s financial instruments carried at fair value on a recurring basis as of December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 192,510 ​ $ — ​ $ 192,510 Loans, net, at fair value — ​ — ​ 20,212 ​ 20,212 Mortgage backed securities, at fair value — ​ 92,006 ​ 460 ​ 92,466 Derivative instruments, at fair value — ​ — ​ 2,814 ​ 2,814 Residential mortgage servicing rights, at fair value — ​ — ​ 91,174 ​ 91,174 Total assets $ — ​ $ 284,516 ​ $ 114,660 ​ $ 399,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 5,250 ​ $ — ​ $ 5,250 Total liabilities $ — ​ $ 5,250 ​ $ — ​ $ 5,250 ​
Summary of changes in the fair value of financial instruments held at fair value classified as Level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 (In Thousands) MBS Derivatives Loans, net, at fair value Residential MSRs, at fair value Beginning Balance ​ $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ 91,174 Purchases or Originations ​ 12,640 ​ — ​ 106,704 ​ — Additions due to loans sold, servicing retained ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,701 Sales / Principal payments ​ ​ (13) ​ ​ — ​ ​ (37,435) ​ ​ (20,777) Realized gains, net ​ ​ — ​ ​ — ​ ​ 350 ​ ​ — Unrealized gains (losses), net ​ ​ (348) ​ ​ 13,549 ​ ​ (1,105) ​ ​ (37,258) Accreted discount, net ​ ​ 12 ​ ​ — ​ ​ — ​ ​ — Transfer to (from) Level 3 ​ ​ 12,380 ​ ​ — ​ ​ — ​ ​ — Ending Balance ​ $ 25,131 ​ $ 16,363 ​ $ 88,726 ​ $ 76,840 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains (losses), net on assets/liabilities held at the end of the period ​ $ 602 ​ $ 16,363 ​ $ (293) ​ $ (47,209) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 (In Thousands) MBS Derivatives Loans, net, at fair value Residential MSRs, at fair value Beginning Balance ​ $ 12,148 ​ $ 1,776 ​ $ 22,664 ​ $ 93,065 Purchases or Originations ​ 9,593 ​ — ​ — ​ — Additions due to loans sold, servicing retained ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,854 Sales / Principal payments ​ ​ (2,230) ​ ​ — ​ ​ (2,744) ​ ​ (10,178) Realized gains (losses), net ​ ​ 517 ​ ​ — ​ ​ (141) ​ ​ — Unrealized gains (losses), net ​ ​ 98 ​ ​ 1,038 ​ ​ 433 ​ ​ (18,567) Accreted discount, net ​ ​ 141 ​ ​ — ​ ​ — ​ ​ — Transfer to (from) Level 3 ​ ​ (19,807) ​ ​ — ​ ​ — ​ ​ — Ending Balance ​ $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ 91,174 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains (losses), net on assets/liabilities held at the end of the period ​ $ 355 ​ $ 1,038 ​ $ 647 ​ $ (18,567)
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 December 31, 2020 using third party information without adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands, except price) Fair Value Predominant Valuation Technique (a) Type Range Weighted Average Residential mortgage servicing rights, at fair value $ 76,840 Income Approach Discounted cash flow ​ N/A ​ N/A Derivative instruments, at fair value $ 16,363 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 47.62 - 100% | 0.51 - 12.8% | 0.13 to 2.9% ​ 84.1% | 3.6% | 1.1% (a) Prices are weighted based on the unpaid principal balance of the loans and securities included in the range for each class. ​ 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, 2019 using third-party information without adjustment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands, except price) Fair Value ​ Predominant Valuation Technique (a) ​ Type Range Weighted Average Residential mortgage servicing rights, at fair value $ 91,174 ​ Income Approach Discounted cash flow $ N/A ​ N/A Derivative instruments, at fair value $ 2,814 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 48.00 - 100% | 0.35 - 8.0% | 0.09 to 3.3% ​ 84.1% | 5.2% | 1.7% (a) Prices are weighted based on the unpaid principal balance of the loans and securities included in the range for each class. ​
Summary of the carrying value and estimated fair value of financial instruments not carried at fair value on the consolidated balance sheets and are classified as Level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 (In Thousands) Carrying Value Estimated Carrying Value Estimated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 4,009,636 ​ $ 4,103,200 ​ $ 4,033,972 ​ $ 4,147,831 Purchased future receivables, net ​ ​ 17,308 ​ ​ 17,308 ​ ​ 43,265 ​ ​ 43,265 Servicing rights ​ ​ 37,823 ​ 47,567 ​ 30,795 ​ 34,723 Total assets ​ $ 4,064,767 ​ $ 4,168,075 ​ $ 4,108,032 ​ $ 4,225,819 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 1,370,519 ​ $ 1,370,519 ​ $ 1,189,392 ​ $ 1,189,392 Securitized debt obligations of consolidated VIEs, net ​ 1,905,749 ​ 1,907,541 ​ 1,815,154 ​ 1,859,047 Senior secured note, net ​ ​ 179,659 ​ ​ 188,114 ​ ​ 179,289 ​ ​ 190,923 Guaranteed loan financing ​ 401,705 ​ 426,348 ​ 485,461 ​ 515,182 Convertible notes, net ​ ​ 112,129 ​ ​ 68,186 ​ ​ 111,040 ​ ​ 116,654 Corporate debt, net ​ ​ 150,989 ​ ​ 151,209 ​ ​ 149,986 ​ ​ 161,098 Total liabilities ​ $ 4,120,750 ​ $ 4,111,917 ​ $ 3,930,322 ​ $ 4,032,296

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Mortgage Backed Securities
Schedule of information about the Company's MBS portfolio	The following table presents certain information about the Company’s MBS portfolio, which are classified as trading securities and carried at fair value, as of December 31, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ Average ​ Interest ​ Principal ​ Amortized ​ ​ ​ ​ Unrealized ​ Unrealized (In Thousands) ​ Maturity (a) ​ Rate (a) ​ Balance ​ Cost ​ Fair Value ​ Gains ​ Losses December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 01/2037 ​ 3.7 % $ 139,408 ​ $ 52,320 ​ $ 53,509 ​ $ 1,880 ​ $ (691) Commercial Loans ​ 11/2050 ​ 4.5 ​ ​ 73,074 ​ ​ 39,224 ​ ​ 34,411 ​ ​ 226 ​ ​ (5,039) Tax Liens 09/2026 6.0 ​ 92 ​ 92 ​ 91 ​ — ​ (1) Total Mortgage backed securities, at fair value ​ 10/2041 ​ 4.1 % $ 212,574 ​ $ 91,636 ​ $ 88,011 ​ $ 2,106 ​ $ (5,731) December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 06/2037 ​ 4.3 % $ 83,149 ​ $ 61,207 ​ $ 66,108 ​ $ 4,915 ​ $ (14) Commercial Loans ​ 02/2051 ​ 5.4 ​ ​ 35,984 ​ ​ 25,358 ​ ​ 26,255 ​ ​ 924 ​ ​ (27) Tax Liens 09/2026 6.0 ​ 104 ​ 104 ​ 103 ​ — ​ (1) Total Mortgage backed securities, at fair value ​ 07/2041 ​ 4.6 % $ 119,237 ​ $ 86,669 ​ $ 92,466 ​ $ 5,839 ​ $ (42) (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 December 31, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Principal ​ Amortized ​ ​ (In Thousands) ​ Interest Rate (a) ​ Balance ​ Cost ​ Fair Value December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years 6.0 % $ 92 ​ $ 92 ​ $ 91 After ten years 2.8 ​ 212,482 ​ 91,544 ​ 87,920 Total Mortgage backed securities, at fair value ​ 4.1 % $ 212,574 ​ $ 91,636 ​ $ 88,011 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years 3.8 % $ 2,869 ​ $ 2,641 ​ $ 2,825 After ten years 4.7 ​ 116,368 ​ 84,028 ​ 89,641 Total Mortgage backed securities, at fair value ​ 4.6 % $ 119,237 ​ $ 86,669 ​ $ 92,466 ​ ​ ​ (a) Weighted based on current principal balance

Servicing rights (Tables)

Servicing rights (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule of information regarding portfolio of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 SBA servicing rights, at amortized cost ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 17,660 ​ $ 16,749 Additions due to loans sold, servicing retained ​ ​ 4,153 ​ ​ 4,364 Amortization ​ ​ (3,555) ​ ​ (3,393) Impairment ​ ​ 506 ​ ​ (60) Ending net carrying value of SBA servicing rights ​ $ 18,764 ​ $ 17,660 Freddie Mac multi-family servicing rights, at amortized cost ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 13,135 ​ $ 10,248 Additions due to loans sold, servicing retained ​ ​ 8,850 ​ ​ 5,195 Amortization ​ ​ (2,926) ​ ​ (2,308) Ending net carrying value of Freddie Mac multi-family servicing rights ​ $ 19,059 ​ $ 13,135 Total servicing rights, at amortized cost ​ $ 37,823 ​ $ 30,795 Residential mortgage servicing rights, at fair value ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 91,174 ​ $ 93,065 Additions due to loans sold, servicing retained ​ ​ 43,701 ​ ​ 26,854 Loan pay-offs ​ ​ (20,777) ​ ​ (10,178) Unrealized losses ​ ​ (37,258) ​ ​ (18,567) Ending fair value of Residential mortgage servicing rights ​ $ 76,840 ​ $ 91,174 Total servicing rights ​ $ 114,663 ​ $ 121,969
Schedule of future amortization expense for the servicing rights	​ ​ ​ ​ ​ (In Thousands) December 31, 2020 2021 ​ $ 7,146 2022 ​ 6,265 2023 ​ 5,492 2024 ​ 4,815 2025 ​ 4,217 Thereafter ​ 9,888 Total ​ $ 37,823
Residential MSRs
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ As of December 31, 2019 (In Thousands) ​ Unpaid Principal Amount ​ Fair Value ​ Unpaid Principal Amount ​ Fair Value Fannie Mae ​ $ 3,700,450 ​ $ 27,632 ​ $ 3,388,630 ​ $ 37,309 Ginnie Mae ​ ​ 2,757,124 ​ ​ 25,899 ​ ​ 2,504,993 ​ ​ 29,869 Freddie Mac ​ ​ 3,071,312 ​ ​ 23,309 ​ ​ 2,270,981 ​ ​ 23,996 Total ​ $ 9,528,886 ​ $ 76,840 ​ $ 8,164,604 ​ $ 91,174
Schedule of mortgage servicing rights portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ Range of input ​ Weighted Range of input ​ Weighted Residential mortgage servicing rights (at fair value) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ 12.6 - 31.4 % ​ 14.3 % ​ 7.1 - 18.7 % ​ 10.1 % ​ Discount rate ​ 9.1 - 11.7 % ​ 9.8 % ​ 9.0 - 11.0 % ​ 9.6 % ​ Servicing expense ​ $70 - $85 ​ ​ $74 ​ ​ $70 - $85 ​ ​ $75 ​
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 ​ December 31, 2019 Residential mortgage servicing rights (at fair value) ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,049) ​ $ (4,195) Impact of 20% adverse change ​ $ (9,701) ​ $ (8,091) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,601) ​ $ (3,450) Impact of 20% adverse change ​ $ (5,028) ​ $ (6,654) Cost of servicing ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,469) ​ $ (1,648) Impact of 20% adverse change ​ $ (2,938) ​ $ (3,297)
SBA | Freddie Mac
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ As of December 31, 2019 ​ ​ Unpaid Principal ​ ​ ​ Unpaid Principal ​ ​ (In Thousands) ​ Amount ​ Carrying Value ​ Amount ​ Carrying Value SBA ​ $ 643,135 ​ $ 18,764 ​ $ 568,017 ​ $ 17,660 Freddie Mac multi-family ​ ​ 1,501,998 ​ ​ 19,059 ​ ​ 1,167,476 ​ ​ 13,135 Total ​ $ 2,145,133 ​ $ 37,823 ​ $ 1,735,493 ​ $ 30,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 December 31, 2019 SBA servicing rights (at amortized cost) ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (729) ​ $ (563) ​ Impact of 20% adverse change ​ $ (1,420) ​ $ (1,097) ​ Default rate ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (150) ​ $ (94) ​ Impact of 20% adverse change ​ $ (298) ​ $ (186) ​ Discount rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (395) ​ $ (520) ​ Impact of 20% adverse change ​ $ (777) ​ $ (1,011) ​ Freddie Mac multi-family servicing rights (at amortized cost) ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (163) ​ $ (285) ​ Impact of 20% adverse change ​ $ (324) ​ $ (558) ​ Default rate ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (6) ​ $ (5) ​ Impact of 20% adverse change ​ $ (13) ​ $ (10) ​ Discount rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (678) ​ $ (381) ​ Impact of 20% adverse change ​ $ (1,324) ​ $ (746) ​
SBA | Freddie Mac | Commercial
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights (at amortized cost) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ 6.7 - 20.8 % ​ 8.5 % ​ 6.3 - 21.2 % ​ 9.3 % ​ Forward default rate ​ 0.0 - 10.5 % ​ 8.2 % ​ 0.0 - 10.8 % ​ 7.3 % ​ Discount rate ​ 4.5 - 4.5 % ​ 4.5 % ​ 8.8 - 8.8 % ​ 8.8 % ​ Servicing expense ​ 0.4 - 0.4 % ​ 0.4 % ​ 0.4 - 0.4 % ​ 0.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac multi-family servicing rights (at amortized cost) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ 0.1 - 5.1 % ​ 2.4 % ​ 0.5 - 15.9 % ​ 6.6 % ​ Forward default rate ​ 0.0 - 0.4 % ​ 0.3 % ​ 0.0 - 0.5 % ​ 0.4 % ​ Discount rate ​ 6.0 - 6.0 % ​ 6.0 % ​ 6.0 - 6.0 % ​ 6.0 % ​ Servicing expense ​ 0.2 - 0.3 % ​ 0.2 % ​ 0.2 - 0.3 % ​ 0.2 %

Residential mortgage banking _2

Residential mortgage banking activities and variable expenses on residential mortgage banking activities (Tables)	12 Months Ended
	Dec. 31, 2020
Residential mortgage banking activities and variable expenses on residential mortgage banking activities
Schedule of the components of gains on residential mortgage banking activities, net of variable loan expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (In Thousands) ​ 2020 2019 2018 Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ ​ $ 198,937 ​ $ 54,640 ​ $ 36,240 Creation of new mortgage servicing rights, net of payoffs ​ ​ ​ 22,919 ​ ​ 16,676 ​ ​ 15,075 Loan origination fee income on residential mortgage loans ​ ​ ​ 20,802 ​ ​ 10,702 ​ ​ 9,371 Unrealized gains (loss) on IRLCs and other derivatives ​ ​ 10,062 ​ 1,521 ​ (834) Residential mortgage banking activities ​ ​ $ 252,720 ​ $ 83,539 ​ $ 59,852 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ ​ $ (114,510) ​ $ (51,760) ​ $ (22,228)

Secured Borrowings (Tables)

Secured Borrowings (Tables)	12 Months Ended
	Dec. 31, 2020
Secured Borrowings
Schedule of characteristics of secured borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at Lender Asset Class Current Maturity Pricing Facility Size Pledged Assets December 31, 2020 December 31, 2019 JPMorgan Acquired loans, SBA loans June 2021 ​ 1M L + 2.25% to 2.875% ​ $ 200,000 ​ $ 52,068 ​ $ 36,604 ​ $ 88,972 Keybank Freddie Mac loans February 2021 ​ 1M L + 1.30% ​ ​ 100,000 ​ ​ 51,248 ​ ​ 50,408 ​ ​ 21,513 East West Bank SBA loans October 2022 ​ Prime - 0.821% to + 0.29% ​ ​ 50,000 ​ ​ 50,516 ​ ​ 40,542 ​ ​ 13,294 Credit Suisse Acquired loans (non USD) December 2021 ​ Euribor + 2.50% to 3.00% ​ ​ 244,280 (a) ​ 59,353 ​ ​ 36,840 ​ ​ 37,646 FCB Acquired loans June 2021 ​ 2.75% ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,354 Comerica Bank Residential loans March 2021 ​ 1M L + 1.75% ​ ​ 125,000 ​ ​ 84,755 ​ ​ 78,312 ​ ​ 56,822 TBK Bank Residential loans October 2021 ​ Variable Pricing ​ ​ 150,000 ​ ​ 129,043 ​ ​ 123,951 ​ ​ 52,151 Origin Bank Residential loans June 2021 ​ Variable Pricing ​ ​ 60,000 ​ ​ 29,381 ​ ​ 27,450 ​ ​ 15,343 Associated Bank Residential loans November 2021 ​ 1M L + 1.50% ​ ​ 60,000 ​ ​ 16,962 ​ ​ 15,556 ​ ​ 5,823 East West Bank Residential MSRs September 2023 ​ 1M L + 2.50% ​ ​ 50,000 ​ ​ 50,941 ​ ​ 34,400 ​ ​ 39,900 Credit Suisse Purchased future receivables, PPP loans June 2021 ​ 1M L + 4.50% ​ ​ 150,000 ​ ​ — ​ ​ — ​ ​ 34,900 Rabobank Real estate January 2021 ​ 4.22% ​ ​ 14,500 ​ ​ — ​ ​ — ​ ​ 12,485 Federal Reserve Bank of Minneapolis PPP loans April 2022 ​ 0.35% ​ ​ 105,222 ​ ​ 73,799 ​ ​ 76,276 ​ ​ — Bank of the Sierra Real estate August 2050 ​ 3.25% to 3.45% ​ ​ 22,750 ​ ​ 32,948 ​ ​ 22,611 ​ ​ — Total borrowings under credit facilities (b) ​ ​ ​ $ 1,331,752 ​ $ 631,014 ​ $ 542,950 ​ $ 380,203 Citibank Fixed rate, Transitional, Acquired loans October 2021 ​ 1M L + 2.50% to 3.25% ​ $ 500,000 ​ $ 196,304 ​ $ 210,735 ​ $ 124,718 Deutsche Bank Fixed rate, Transitional loans November 2021 ​ 3M L + 2.00% to 2.40% ​ ​ 350,000 ​ ​ 266,014 ​ ​ 190,567 ​ ​ 141,356 JPMorgan Transitional loans November 2022 ​ 1M L + 2.25% to 4.00% ​ ​ 400,000 ​ ​ 375,035 ​ ​ 247,616 ​ ​ 250,466 JPMorgan MBS March 2021 ​ 1.54% to 4.75% ​ ​ 65,407 ​ ​ 107,347 ​ ​ 65,407 ​ ​ 93,715 Deutsche Bank MBS January 2021 ​ 3.54% ​ ​ 16,354 ​ ​ 20,189 ​ ​ 16,354 ​ ​ 44,730 Citibank MBS February 2021 ​ 3.25% to 3.75% ​ ​ 58,076 ​ ​ 111,796 ​ ​ 58,076 ​ ​ 56,189 Bank of America MBS Matured ​ 1.31% to 1.61% ​ ​ — ​ ​ — ​ ​ — ​ ​ 38,954 RBC MBS February 2021 ​ 3.05% to 4.43% ​ ​ 38,814 ​ ​ 59,620 ​ ​ 38,814 ​ ​ 59,061 Total borrowings under repurchase agreements (c) ​ $ 1,428,651 ​ $ 1,136,305 ​ $ 827,569 ​ $ 809,189 Total secured borrowings ​ $ 2,760,403 ​ $ 1,767,319 ​ $ 1,370,519 ​ $ 1,189,392 (a) The current facility size is €200.0 million, but has been converted into USD for purposes of this disclosure. (b) The weighted average interest rate of borrowings under credit facilities was 2.8% and 4.0% as of December 31, 2020 and 2019, respectively. (c) The weighted average interest rate of borrowings under repurchase agreements was 3.3% and 4.2% as of December 31, 2020 and 2019, respectively. ​
Schedule of carrying value of collateral pledged with respect to borrowings under credit facilities and promissory note payable outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value at (In Thousands) ​ December 31, 2020 December 31, 2019 Collateral pledged - borrowings under credit facilities ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 313,844 $ 159,928 Loans, net ​ ​ 159,482 ​ 276,810 Loans, held at fair value ​ ​ 73,799 ​ — Mortgage servicing rights ​ ​ 50,941 ​ 61,304 Purchased future receivables ​ ​ — ​ 43,265 Real estate, held for sale ​ ​ 32,948 ​ 19,950 Total ​ $ 631,014 $ 561,257 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 815,603 $ 721,887 Mortgage backed securities ​ 72,179 113,436 Retained interest in assets of consolidated VIEs ​ ​ 226,773 ​ 271,880 Loans, held for sale, at fair value ​ ​ 17,850 ​ — Loans, held at fair value ​ 3,071 — Real estate acquired in settlement of loans ​ ​ 829 ​ — Total ​ $ 1,136,305 $ 1,107,203 Total collateral pledged on secured borrowings ​ $ 1,767,319 $ 1,668,460 ​ ​ ​ ​ ​ ​

Senior secured notes, convert_2

Senior secured notes, convertible notes, and corporate debt, net (Tables)	12 Months Ended
	Dec. 31, 2020
Senior secured notes, convertible notes, and corporate debt, net
Schedule of components of the Senior Secured Notes, Convertible Notes, and Corporate debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, except rates) Coupon Rate ​ Maturity Date December 31, 2020 Senior secured notes principal amount (1) ​ 7.50 % ​ 2/15/2022 ​ $ 180,000 Unamortized premium - Senior secured notes ​ ​ ​ ​ ​ ​ ​ 896 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (1,236) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 179,659 Convertible notes - principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (1,059) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (1,812) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 112,129 Corporate debt principal amount (4) ​ 6.50 % ​ 4/30/2021 ​ $ 50,000 Corporate debt principal amount (5) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,250 Unamortized discount - Corporate debt ​ ​ ​ ​ ​ ​ ​ 378 Unamortized deferred financing costs - Corporate debt ​ ​ ​ ​ ​ ​ ​ (3,639) Total Corporate debt, net ​ ​ ​ ​ ​ ​ $ 150,989 Total carrying amount of debt components ​ ​ ​ ​ ​ ​ $ 442,777 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 1,059 (1) Interest on the senior secured notes is payable semiannually on each February 15 and August 15, beginning on August 15, 2017. (2) Interest on the convertible notes is payable quarterly on February 15, May 15, August 15, and November 15 of each year, beginning on November 15, 2017. (3) Represents the discount created by separating the conversion option from the debt host instrument. (4) Interest on the corporate debt is payable January 30, April 30, July 30, and October 30 of each year, beginning on July 30, 2018. (5) Interest on the corporate debt is payable January 30, April 30, July 30, and October 30 of each year, beginning on October 30, 2019.
Schedule of contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt	​ ​ ​ ​ ​ (In Thousands) December 31, 2020 2021 $ 50,000 2022 ​ 180,000 2023 ​ 115,000 2024 ​ — 2025 ​ ​ — Thereafter ​ 104,250 Total contractual amounts ​ $ 449,250 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (6,473) Total carrying amount of debt components ​ $ 442,777

Guaranteed loan financing (Tabl

Guaranteed loan financing (Tables)	12 Months Ended
	Dec. 31, 2020
Guaranteed loan financing.
Schedule of guaranteed loan financing and the related interest rates and maturity dates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Range of ​ Range of ​ ​ ​ (In Thousands) ​ Interest Rate ​ Interest Rates ​ Maturities (Years) ​ Ending Balance ​ December 31, 2020 ​ 3.76 % 0.99 - 6.50 % 2021 - 2044 ​ $ 401,705 ​ December 31, 2019 ​ 5.45 % 1.70 - 7.50 % 2020 - 2044 ​ $ 485,461 ​
Summary of contractual maturities of total guaranteed loan financing outstanding	​ ​ ​ ​ ​ (In Thousands) December 31, 2020 2021 ​ ​ 395 2022 ​ 1,420 2023 ​ 2,340 2024 ​ 3,429 2025 ​ 3,689 Thereafter ​ 390,432 Total ​ $ 401,705

Variable interest entities an_2

Variable interest entities and securitization activities (Tables)	12 Months Ended
	Dec. 31, 2020
Consolidated VIEs
Variable interest entities
Summary of information on securitized debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 ​ ​ 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 ​ $ 4,055 ​ $ 4,055 ​ 5.5 % ​ $ 6,399 ​ $ 6,399 ​ 5.5 % ReadyCap Lending Small Business Trust 2019-2 ​ ​ 103,030 ​ ​ 101,468 ​ 3.1 ​ ​ ​ 131,032 ​ ​ 129,007 ​ 4.3 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 27,035 ​ ​ 26,555 ​ 3.6 ​ ​ ​ 42,309 ​ ​ 41,486 ​ 3.4 ​ Sutherland Commercial Mortgage Trust 2018-SBC7 ​ ​ 79,302 ​ ​ 78,168 ​ 4.7 ​ ​ ​ 138,235 ​ ​ 136,212 ​ 4.7 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 178,911 ​ ​ 176,307 ​ 2.9 ​ ​ ​ 219,617 ​ ​ 216,981 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ 131,729 ​ ​ 129,014 ​ 3.8 ​ ​ ​ — ​ ​ — ​ — ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ 10,880 ​ ​ 10,858 ​ 5.8 ​ ​ 18,626 ​ ​ 18,632 ​ 5.6 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 45,075 ​ ​ 35,183 ​ 4.8 ​ ​ 64,239 ​ ​ 61,443 ​ 4.5 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 26,371 ​ ​ 25,286 ​ 4.7 ​ ​ 32,269 ​ ​ 30,777 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 94,273 ​ ​ 91,098 ​ 4.0 ​ ​ ​ 121,179 ​ ​ 117,428 ​ 3.9 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 229,232 ​ ​ 220,605 ​ 4.2 ​ ​ ​ 309,296 ​ ​ 299,273 ​ 4.1 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 359,266 ​ ​ 348,773 ​ 3.2 ​ ​ ​ 379,400 ​ ​ 371,939 ​ 3.2 ​ Ready Capital Mortgage Financing 2018-FL2 ​ ​ 48,979 ​ ​ 48,975 ​ 2.4 ​ ​ ​ 115,381 ​ ​ 114,057 ​ 3.8 ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ 229,440 ​ ​ 227,950 ​ 2.0 ​ ​ ​ 267,904 ​ ​ 264,249 ​ 3.5 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 324,219 ​ ​ 318,385 ​ 3.1 ​ ​ ​ — ​ ​ — ​ — ​ Total (1) ​ $ 1,891,797 $ 1,842,680 ​ 3.3 % $ 1,845,886 $ 1,807,883 ​ 3.7 % (1) Excludes non-company sponsored securitized debt obligations of $63.1 million and $7.3 million that are consolidated in the consolidated balance sheets as of December 31, 2020 and December 31, 2019, respectively .
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 December 31, 2019 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 20 $ 23 Restricted cash ​ 13,790 ​ ​ 8,301 Loans, net ​ ​ 2,472,807 ​ ​ 2,326,199 Loans, held for sale, at fair value ​ ​ — ​ ​ 4,434 Real estate, held for sale ​ ​ 4,456 ​ ​ — Due from servicers ​ ​ 10,995 ​ ​ 27,964 Accrued interest ​ ​ 16,675 ​ ​ 11,565 Total assets ​ $ 2,518,743 ​ $ 2,378,486 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 1,905,749 ​ ​ 1,815,154 Total liabilities ​ $ 1,905,749 ​ $ 1,815,154
Unconsolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (In Thousands) ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2020 ​ December 31, 2019 Mortgage backed securities, at fair value (2) $ 80,690 ​ $ 66,108 $ 80,690 ​ $ 66,108 Investment in unconsolidated joint ventures ​ ​ 28,290 ​ ​ 58,850 ​ ​ 28,290 ​ ​ 58,850 Total assets in unconsolidated VIEs ​ $ 108,980 ​ $ 124,958 ​ $ 108,980 ​ $ 124,958 (1) Maximum exposure to loss is limited to the greater of the fair value or carrying value of the assets as of the consolidated balance sheet date. (2) Retained interest in Freddie Mac sponsored securitizations.

Interest income and interest _2

Interest income and interest expense (Tables)	12 Months Ended
	Dec. 31, 2020
Interest income and interest expense
Schedule of components of interest income and expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 2018 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ ​ $ 88,271 ​ $ 69,217 ​ $ 48,499 Originated SBC loans ​ ​ ​ 57,134 ​ ​ 51,617 ​ ​ 24,948 Acquired loans ​ ​ ​ 57,471 ​ ​ 63,879 ​ ​ 46,154 Acquired SBA 7(a) loans ​ ​ ​ 18,251 ​ ​ 20,687 ​ ​ 32,278 Originated SBA 7(a) loans ​ ​ ​ 20,434 ​ ​ 11,409 ​ ​ 4,428 Originated SBC loans, at fair value ​ ​ ​ 1,938 ​ ​ 1,383 ​ ​ 3,599 Originated Residential Agency loans ​ ​ ​ 149 ​ ​ 75 ​ ​ 51 Total loans (1) ​ ​ $ 243,648 ​ $ 218,267 ​ $ 159,957 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ ​ $ 7,532 ​ $ 4,328 ​ $ 3,747 Originated Freddie loans ​ ​ ​ 1,193 ​ ​ 1,008 ​ ​ 1,428 Acquired loans ​ ​ ​ 166 ​ ​ 217 ​ ​ 153 Total loans, held for sale, at fair value (1) ​ ​ $ 8,891 ​ $ 5,553 ​ $ 5,328 Mortgage backed securities, at fair value ​ ​ $ 6,097 ​ $ 6,096 ​ $ 4,214 Total interest income ​ ​ $ 258,636 ​ $ 229,916 ​ $ 169,499 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ $ (45,430) ​ $ (49,009) ​ $ (35,481) Securitized debt obligations of consolidated VIEs ​ ​ (78,029) ​ (69,152) ​ (36,988) Guaranteed loan financing ​ ​ ​ (18,399) ​ ​ (5,125) ​ ​ (11,613) Senior secured note ​ ​ (13,870) ​ (13,920) ​ (13,702) Convertible note ​ ​ ​ (8,752) ​ ​ (8,752) ​ ​ (8,748) Corporate debt ​ ​ ​ (11,001) ​ ​ (5,922) ​ ​ (2,706) Total interest expense ​ ​ $ (175,481) ​ $ (151,880) ​ $ (109,238) Net interest income before provision for loan losses ​ ​ $ 83,155 ​ $ 78,036 ​ $ 60,261 (1) Includes interest income on loans in consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivative instruments (Tables)

Derivative instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative instruments
Schedule of the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ As of December 31, 2019 ​ ​ ​ ​ Asset Liability ​ ​ Asset Liability ​ ​ ​ ​ Notional ​ Derivatives ​ Derivatives ​ Notional ​ Derivatives ​ Derivatives (In Thousands) ​ Primary Underlying Risk ​ Amount ​ Fair Value ​ Fair Value ​ Amount ​ Fair Value ​ Fair Value Interest rate lock commitments ​ Interest rate risk ​ $ 614,358 ​ $ 16,363 ​ $ — ​ $ 238,283 ​ $ 2,814 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 160,801 ​ ​ — ​ ​ (952) ​ ​ 63,501 ​ ​ — ​ ​ (2,665) Interest Rate Swaps - designated as hedges ​ Interest rate risk ​ ​ 132,325 ​ ​ — ​ ​ (5,701) ​ ​ 158,325 ​ ​ — ​ ​ (1,709) TBA Agency Securities ​ Interest rate risk ​ ​ 565,000 ​ ​ ​ ​ ​ (4,004) ​ ​ 227,500 ​ ​ — ​ ​ (516) Credit Default Swaps Credit risk ​ ​ 15,000 ​ ​ — ​ ​ (174) ​ ​ 15,000 ​ ​ — ​ ​ (110) FX forwards ​ Foreign exchange rate risk ​ ​ 3,866 ​ ​ — ​ ​ (773) ​ ​ 15,000 ​ ​ — ​ ​ (250) Total ​ ​ ​ $ 1,491,350 ​ $ 16,363 ​ $ (11,604) ​ $ 717,609 ​ $ 2,814 ​ $ (5,250)
Schedule of gains and losses on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Year Ended December 31, 2019 ​ ​ ​ ​ ​ Net Change in ​ ​ ​ Net Change in ​ ​ ​ Net Realized ​ Unrealized ​ Net Realized ​ Unrealized ​ (In Thousands) ​ (Loss) ​ Gain (Loss) ​ (Loss) ​ Gain (Loss) ​ Credit default swaps (1) ​ $ — ​ $ (65) ​ $ — ​ $ (404) ​ Interest rate swaps (1)(2) ​ (3,981) ​ (7,297) ​ ​ (6,221) ​ (1,747) ​ TBA Agency Securities (3) ​ — ​ (3,527) ​ — ​ ​ 483 ​ Interest rate lock commitments (3) ​ ​ — ​ 13,589 ​ ​ — ​ 1,038 ​ FX forwards (1) ​ ​ (1,017) ​ ​ (523) ​ ​ — ​ ​ (250) ​ Total ​ $ (4,998) ​ $ 2,177 ​ $ (6,221) ​ $ (880) ​ (1) Gains (losses) are recorded in net unrealized gain (loss) on financial instruments or net realized gain (loss) on financial instruments in the consolidated statements of income. ​
Schedule of gains and losses on the Company's derivatives which have qualified for hedge accounting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Derivatives - effective portion reclassified from AOCI to income ​ Hedge ineffectiveness recorded directly in income (2) Total income statement impact ​ Derivatives- effective portion recorded in OCI (3) ​ Total change in OCI for period (3) Hedge type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate - forecasted transactions (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 $ (1,359) ​ $ (1,694) ​ $ (3,053) ​ $ (4,579) ​ $ (1,526) Year Ended December 31, 2019 $ (513) ​ $ — $ (513) ​ $ (6,237) ​ $ (5,724) (1) Consists of benchmark interest rate hedges of LIBOR-indexed floating-rate liabilities. (2) Hedge ineffectiveness is the amount by which the cumulative gain or loss on the designated derivative instrument exceeds the present value of the cumulative expected change in cash flows on the hedged item attributable to the hedged risk. (3) Represents after tax amounts recorded in OCI.

Real estate, held for sale (Tab

Real estate, held for sale (Tables)	12 Months Ended
	Dec. 31, 2020
Real estate, held for sale
Summary of the carrying amount of the Company's real estate holdings	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 December 31, 2019 Acquired ORM Portfolio: ​ ​ ​ ​ ​ ​ Retail ​ $ 18,700 ​ $ 19,950 Mixed Use ​ 14,248 ​ 17,478 Land ​ ​ 7,256 ​ ​ 7,919 Lodging/Residential ​ ​ 3,230 ​ ​ 6,280 Office ​ ​ — ​ ​ 1,256 Total Acquired ORM REO ​ $ 43,434 ​ $ 52,883 Other REO held for sale: ​ ​ ​ ​ ​ ​ Office ​ $ 829 ​ $ 4,465 Retail ​ ​ 660 ​ ​ 660 SBA ​ 425 ​ 286 Mixed Use ​ ​ — ​ ​ 279 Total Other REO (1) ​ $ 1,914 ​ $ 5,690 Total Real Estate, held for sale ​ $ 45,348 ​ $ 58,573 (1) Excludes $4.5 million of real estate, held for sale within consolidated VIEs. ​ ​ ​ ​ ​ ​

Agreements and transactions w_2

Agreements and transactions with related parties (Tables)	12 Months Ended
	Dec. 31, 2020
Management fee
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 Management fee - total ​ $ 10.7 million ​ $ 9.6 million Management fee - amount unpaid ​ $ 2.7 million ​ $ 2.6 million
Incentive distribution
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 Incentive fee distribution - total ​ $ 6.0 million ​ $ 0.1 million Incentive fee distribution - amount unpaid ​ $ 1.3 million ​ $ 0.1 million
Expense reimbursement
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 Reimbursable expenses payable to our Manager - total ​ $ 8.4 million ​ $ 7.0 million Reimbursable expenses payable to our Manager - amount unpaid ​ $ 5.3 million ​ $ 4.2 million

Other assets and other liabil_2

Other assets and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Other assets and other liabilities
Schedule of other assets and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 December 31, 2019 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 18,396 $ 31,803 ​ Tax receivable ​ ​ — ​ ​ 4,019 ​ Deferred loan exit fees ​ ​ 13,940 ​ ​ 13,039 ​ Accrued interest ​ ​ 12,656 ​ ​ 10,583 ​ Goodwill ​ ​ 11,206 ​ ​ 11,206 ​ Due from servicers ​ ​ 11,171 ​ ​ 10,127 ​ Right-of-use lease asset ​ ​ 3,172 ​ ​ 4,531 ​ Intangible assets ​ 6,986 ​ 8,309 ​ Deferred financing costs ​ ​ 2,612 ​ ​ 2,046 ​ Other assets ​ ​ 9,364 ​ ​ 11,262 ​ Other assets $ 89,503 ​ $ 106,925 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 16,839 ​ $ 18,757 ​ Accrued salaries, wages and commissions ​ ​ 35,724 ​ ​ 21,146 ​ Accrued interest payable ​ 19,695 ​ 17,305 ​ Servicing principal and interest payable ​ ​ 7,318 ​ ​ 14,145 ​ Repair and denial reserve ​ 9,557 ​ 5,179 ​ Payable to related parties ​ 4,088 ​ 2,697 ​ Accrued professional fees ​ ​ 1,365 ​ ​ 1,809 ​ Lease payable ​ ​ 3,670 ​ ​ 4,618 ​ Deferred PPP loan revenue ​ 10,700 ​ — ​ Other liabilities ​ 26,699 ​ 11,751 ​ Total accounts payable and other accrued liabilities ​ $ 135,655 ​ $ 97,407 ​
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) December 31, 2020 ​ December 31, 2019 Estimated Useful Life Internally developed software - Knight Capital $ 3,061 ​ $ 3,694 6 years Broker network - Knight Capital ​ 889 ​ ​ 1,156 4.5 years SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Favorable lease ​ 768 ​ ​ 905 12 years Trade name - Knight Capital ​ 709 ​ ​ 855 6 years Trade name - GMFS ​ 559 ​ ​ 699 15 years Total Intangible Assets $ 6,986 ​ $ 8,309 ​
Schedule of accumulated amortization for finite-lived intangible assets	​ ​ ​ ​ (In Thousands) December 31, 2020 Favorable lease $ 712 Trade name - GMFS ​ 664 Internally developed software - Knight Capital ​ 739 Broker network - Knight Capital ​ 311 Trade name - Knight Capital ​ 171 Total Accumulated Amortization $ 2,597
Amortization expense related to the intangible assets	​ ​ ​ ​ (In Thousands) December 31, 2020 2021 ​ 1,295 2022 ​ 1,268 2023 ​ 1,242 2024 ​ 1,032 2025 ​ 787 Thereafter ​ 362 Total $ 5,986

Other income and operating ex_2

Other income and operating expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Other income and operating expenses
Schedule of the financial position related to the Paycheck Protection Program (PPP) activities	​ ​ ​ ​ ​ (In Thousands) December 31, 2020 Assets ​ ​ ​ Restricted cash ​ $ 178 PPP loans, at fair value ​ 74,931 Other assets ​ ​ Prepaid expenses ​ ​ 77 PPP fee receivable ​ 18 Accrued interest receivable ​ 510 Total PPP related assets ​ $ 75,714 Liabilities ​ ​ ​ Secured borrowings ​ $ 76,276 Interest payable ​ ​ 104 Deferred LSP revenue ​ ​ 10,700 Accrued PPP related costs ​ ​ 498 Payable to third parties ​ 2,716 Repair and denial reserve ​ ​ 3,305 Total PPP related liabilities ​ $ 93,599 ​ ​ ​ ​
Schedule of the income and expenses related to the Paycheck Protection Program (PPP) activities.	​ ​ ​ ​ ​ ​ (In Thousands) Year Ended December 31, 2020 ​ Financial statement account Income ​ ​ ​ ​ LSP origination fees $ 27,768 ​ Other income - origination fees PPP processing fees ​ 5,162 ​ Other income - origination fees LSP fee income ​ 4,829 ​ Servicing income Interest income ​ 739 ​ Interest income Total PPP related income $ 38,498 ​ ​ Expense ​ ​ ​ ​ Direct operating expenses $ 9,600 ​ Other operating expenses - origination costs R&D reserve ​ 3,305 ​ Other income - change in repair and denial reserve Interest expense ​ 2,174 ​ Interest expense Total PPP related expenses (direct) $ 15,079 ​ ​ Net PPP related income $ 23,419 ​ ​
Schedule of other income and operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (In Thousands) ​ 2020 2019 2018 Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income ​ $ 40,836 $ 5,860 $ 4,590 Change in repair and denial reserve ​ ​ (4,133) ​ 345 ​ 163 Other ​ ​ 4,813 ​ 4,873 ​ 833 Total other income ​ $ 41,516 ​ $ 11,078 ​ $ 5,586 Other operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs ​ $ 19,815 ​ $ 10,168 ​ $ 7,752 Technology expense ​ 6,722 ​ 4,834 ​ 3,624 Impairment on real estate ​ 3,520 ​ 1,317 ​ 1,086 Rent and property tax expense ​ 5,006 ​ 4,310 ​ 2,524 Recruiting, training and travel expense ​ 1,419 ​ 2,352 ​ 2,287 Marketing expense ​ ​ 1,970 ​ ​ 2,052 ​ ​ 2,433 Loan acquisition costs ​ ​ 722 ​ ​ 575 ​ ​ 1,458 Financing costs on purchased future receivables ​ ​ 1,495 ​ ​ 376 ​ ​ — Other ​ 13,700 ​ 7,178 ​ 7,583 Total other operating expenses ​ $ 54,369 ​ $ 33,162 ​ $ 28,747

Stockholders Equity (Tables)

Stockholders Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Schedule of cash dividends declared by the Board of Directors	The following table presents cash dividends declared by our board of directors on our common stock from January 1, 2019 through December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ Record Date ​ Payment Date ​ Dividend per Share March 12, 2019 ​ March 28, 2019 ​ April 30, 2019 ​ $ 0.40 ​ June 11, 2019 ​ June 28, 2019 ​ July 31, 2019 ​ $ 0.40 ​ September 10, 2019 ​ September 30, 2019 ​ October 31, 2019 ​ $ 0.40 ​ December 11, 2019 ​ December 31, 2019 ​ January 31, 2020 ​ $ 0.40 ​ March 11, 2020 ​ March 31, 2020 ​ April 30, 2020 ​ $ 0.40 (1) June 15, 2020 ​ June 30, 2020 ​ July 31, 2020 ​ $ 0.25 ​ September 16, 2020 ​ September 30, 2020 ​ October 30, 2020 ​ $ 0.30 ​ December 14, 2020 ​ December 31, 2020 ​ January 29, 2021 ​ $ 0.35 ​
Schedule of Restricted Stock Unit RSU and RSA activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards (In Thousands, except share data) Number of Grant date fair value Weighted-average grant date fair value (per share) Outstanding, January 1 1,009,617 ​ $ 15,722 $ 15.57 Granted 208,514 ​ 3,298 ​ 15.82 Vested (60,370) ​ ​ (894) ​ 14.81 Outstanding, March 31, 2020 1,157,761 $ 18,126 $ 15.66 Vested (16,452) ​ ​ (227) ​ 13.78 Outstanding, June 30, 2020 1,141,309 $ 17,900 $ 15.68 Granted 17,200 ​ ​ 200 ​ 11.63 Vested (26,602) ​ ​ (320) ​ 12.03 Forfeited (2,258) ​ ​ (37) ​ 16.26 Outstanding, September 30, 2020 1,129,649 $ 17,743 $ 15.71 Vested (254,521) ​ ​ (3,958) ​ 15.55 Canceled (3,049) ​ ​ (48) ​ 15.86 Outstanding, December 31, 2020 872,079 $ 13,737 $ 15.75

Earnings per Share of Common _2

Earnings per Share of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings per Share of Common Stock
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands, except for share and per share amounts) 2020 2019 2018 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ 46,069 ​ $ 75,056 ​ $ 61,457 Less: Income (loss) attributable to non-controlling interest ​ ​ ​ 1,199 ​ ​ 2,088 ​ ​ 2,199 Less: Income attributable to participating shares ​ ​ ​ 1,392 ​ ​ 653 ​ ​ 217 Basic earnings ​ ​ $ 43,478 ​ $ 72,315 ​ $ 59,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ 46,069 ​ $ 75,056 ​ $ 61,457 Less: Income (loss) attributable to non-controlling interest ​ ​ ​ 1,199 ​ ​ 2,088 ​ ​ 2,199 Less: Income attributable to participating shares ​ ​ ​ 1,392 ​ ​ 653 ​ ​ 217 Diluted earnings ​ ​ $ 43,478 ​ $ 72,315 ​ $ 59,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ ​ 53,736,523 ​ ​ 42,011,750 ​ ​ 32,085,975 Effect of dilutive securities — Unvested participating shares ​ ​ ​ 81,855 ​ ​ 35,898 ​ ​ 16,209 Diluted — Average shares outstanding ​ ​ ​ 53,818,378 ​ ​ 42,047,648 ​ ​ 32,102,184 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 0.81 ​ $ 1.72 ​ $ 1.84 Diluted ​ ​ $ 0.81 ​ $ 1.72 ​ $ 1.84

Offsetting assets and liabili_2

Offsetting assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Offsetting assets and liabilities
Schedule of effect of offsetting recognized assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the Consolidated Balance Sheets (1) (in thousands) Gross amounts of recognized Assets / Liabilities ​ Gross amounts offset in the Consolidated Balance Sheets ​ Amounts presented in the Consolidated Balance Sheets ​ Financial Instruments ​ Cash Collateral Received / Paid ​ Net Amount December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate lock commitments ​ 16,363 ​ ​ — ​ ​ 16,363 ​ ​ — ​ $ — ​ $ 16,363 Total $ 16,363 ​ $ — ​ $ 16,363 ​ $ — ​ $ — ​ $ 16,363 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate swaps $ 11,670 ​ $ 5,017 ​ $ 6,653 ​ $ — ​ $ 6,653 ​ $ — Derivative instruments - Credit default swaps ​ 174 ​ ​ — ​ ​ 174 ​ ​ — ​ ​ 174 ​ ​ — Derivative instruments - TBA Agency Securities ​ 4,004 ​ ​ — ​ ​ 4,004 ​ ​ — ​ ​ — ​ ​ 4,004 Derivative instruments - FX forwards ​ 773 ​ ​ ​ ​ ​ 773 ​ ​ — ​ ​ — ​ ​ 773 Secured borrowings ​ 1,370,519 ​ ​ — ​ ​ 1,370,519 ​ ​ 1,370,519 ​ ​ — ​ ​ — Total $ 1,387,140 ​ $ 5,017 ​ $ 1,382,123 ​ $ 1,370,519 ​ $ 6,827 ​ $ 4,776 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate lock commitments $ 2,814 ​ $ — ​ $ 2,814 ​ $ — ​ $ 2,814 ​ $ — Total $ 2,814 ​ $ — ​ $ 2,814 ​ $ — ​ $ 2,814 ​ $ — Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate swaps $ 4,374 ​ $ — ​ $ 4,374 ​ $ — ​ $ 4,374 ​ $ — Derivative instruments - TBA Agency Securities ​ 516 ​ ​ ​ ​ ​ 516 ​ ​ ​ ​ ​ — ​ ​ 516 Derivative instruments - Credit default swaps ​ 110 ​ ​ — ​ ​ 110 ​ ​ — ​ ​ 110 ​ ​ — Derivative instruments - FX forwards ​ 250 ​ ​ — ​ ​ 250 ​ ​ — ​ ​ 250 ​ ​ — Secured borrowings ​ 1,189,392 ​ ​ — ​ ​ 1,189,392 ​ ​ 1,189,392 ​ ​ — ​ ​ — Total $ 1,194,642 ​ $ — ​ $ 1,194,642 ​ $ 1,189,392 ​ $ 4,734 ​ $ 516 (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty that exceed the financial liabilities subject to a master netting repurchase arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.

Commitments, Contingencies an_2

Commitments, Contingencies and Indemnifications (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments, Contingencies and Indemnifications
Schedule of unfunded loan commitments and commitments to originate loans	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ December 31, 2020 ​ December 31, 2019 Loans, net ​ $ 285,389 ​ $ 128,719 Loans, held for sale at fair value ​ $ 7,809 ​ $ 6,982 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ December 31, 2020 ​ December 31, 2019 Commitments to originate residential agency loans ​ $ 575,600 ​ $ 190,806 ​ ​ ​ ​ ​ ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of income tax provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 2018 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax (benefit) ​ $ (1,795) ​ $ 523 ​ $ 356 ​ State and local income tax (benefit) ​ 57 ​ 47 ​ 169 ​ Net current tax provision (benefit) ​ (1,738) ​ 570 ​ 525 ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax (benefit) ​ 8,776 ​ (9,739) ​ 1,167 ​ State and local income tax (benefit) ​ 1,346 ​ (1,383) ​ (306) ​ Net deferred tax provision (benefit) ​ 10,122 ​ (11,122) ​ 861 ​ Total income tax provision (benefit) ​ $ 8,384 ​ $ (10,552) ​ $ 1,386 ​
Schedule of income tax reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 ​ 2019 ​ U.S. statutory tax $ 12,381 ​ 21.0 % ​ $ 13,579 ​ 21.0 % State and local income tax (benefit) 1,716 ​ 2.9 ​ ​ (1,717) ​ (2.6) ​ Income attributable to REIT (3,090) ​ (5.3) ​ ​ (19,641) ​ (30.4) ​ Income attributable to Non-controlling interests (67) ​ (0.1) ​ ​ (462) ​ (0.7) ​ Nondeductible (242) ​ (0.4) ​ ​ (2,692) ​ (4.2) ​ Change in tax rate / Deferred true-up ​ (91) ​ (0.2) ​ ​ ​ 381 ​ 0.6 ​ NOL carryback rate impact ​ (2,702) ​ (4.6) ​ ​ ​ — ​ — ​ Current write-off 479 ​ 0.8 ​ ​ — ​ — ​ Effective income tax (benefit) $ 8,384 ​ 14.1 % ​ $ (10,552) ​ (16.3) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule showing temporary differences with respect to deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 12,893 ​ $ 23,277 Unrealized losses ​ 313 ​ 40 Accruals ​ 723 ​ 2,917 Depreciation and amortization ​ 1,185 ​ 1,379 Goodwill ​ ​ 3,171 ​ ​ 3,702 Compensation ​ ​ — ​ ​ 248 Other ​ 111 ​ 240 Total deferred tax assets ​ $ 18,396 ​ $ 31,803 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Loan / servicing rights balance ​ $ 11,600 ​ $ 17,793 Derivative instruments ​ ​ 3,868 ​ ​ 439 Other taxable temporary difference ​ 1,371 ​ 525 Total deferred tax liabilities ​ $ 16,839 ​ $ 18,757 Net deferred tax assets (liabilities) ​ $ 1,557 ​ $ 13,046

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBA Originations, Residential ​ ​ ​ ​ Loan ​ SBC ​ Acquisitions, ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ and Servicing ​ Banking ​ Other ​ Consolidated Interest income ​ $ 61,156 ​ $ 150,369 ​ $ 39,430 ​ $ 7,681 ​ $ — ​ $ 258,636 Interest expense ​ ​ (43,383) ​ ​ (95,061) ​ ​ (27,472) ​ ​ (8,294) ​ ​ (1,271) ​ ​ (175,481) Net interest income before provision for loan losses ​ $ 17,773 ​ $ 55,308 ​ $ 11,958 ​ $ (613) ​ $ (1,271) ​ $ 83,155 (Provision for) recovery of loan losses ​ (3,502) ​ ​ (23,432) ​ ​ (7,792) ​ ​ — ​ ​ — ​ (34,726) Net interest income after (provision for) recovery of loan losses ​ $ 14,271 ​ $ 31,876 ​ $ 4,166 ​ $ (613) ​ $ (1,271) ​ $ 48,429 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 252,720 ​ $ — ​ $ 252,720 Net realized gain on financial instruments and real estate owned ​ ​ (5,077) ​ ​ 18,426 ​ ​ 18,564 ​ ​ — ​ ​ — ​ ​ 31,913 Net unrealized gain (loss) on financial instruments ​ ​ (7,189) ​ ​ (2,574) ​ ​ (1,084) ​ ​ (37,254) ​ ​ — ​ ​ (48,101) Other income ​ ​ 7,240 ​ ​ 4,431 ​ ​ 29,473 ​ ​ 183 ​ ​ 189 ​ ​ 41,516 Servicing income ​ 723 ​ ​ 2,265 ​ ​ 10,377 ​ ​ 25,229 ​ ​ — ​ 38,594 Income on purchased future receivables, net of allowance for doubtful accounts ​ ​ 15,711 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,711 Income (loss) on unconsolidated joint ventures ​ ​ 2,404 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,404 Total non-interest income ​ $ 13,812 ​ $ 22,548 ​ $ 57,330 ​ $ 240,878 ​ $ 189 ​ $ 334,757 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (9,491) ​ $ (14,137) ​ $ (19,516) ​ $ (45,368) ​ $ (3,408) ​ $ (91,920) Allocated employee compensation and benefits from related party ​ (700) ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,300) ​ (7,000) Variable expenses on residential mortgage banking activities ​ — ​ ​ — ​ ​ — ​ ​ (114,510) ​ ​ — ​ (114,510) Professional fees ​ (1,796) ​ ​ (1,224) ​ ​ (993) ​ ​ (1,777) ​ ​ (7,570) ​ (13,360) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,682) ​ (10,682) Incentive fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,973) ​ (5,973) Loan servicing expense ​ (6,017) ​ ​ (8,373) ​ ​ (675) ​ ​ (15,754) ​ ​ (37) ​ (30,856) Merger related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (63) ​ ​ (63) Other operating expenses ​ (16,259) ​ ​ (13,582) ​ ​ (12,550) ​ ​ (8,737) ​ ​ (3,241) ​ (54,369) Total non-interest expense ​ $ (34,263) ​ $ (37,316) ​ $ (33,734) ​ $ (186,146) ​ $ (37,274) ​ $ (328,733) Income (loss) before provision for income taxes ​ $ (6,180) ​ $ 17,108 ​ $ 27,762 ​ $ 54,119 ​ $ (38,356) ​ $ 54,453 Total assets ​ $ 1,189,825 ​ $ 2,621,478 ​ $ 734,196 ​ $ 626,035 ​ $ 200,561 ​ $ 5,372,095 ​ Reportable segments for the year ended December 31, 2019 are summarized in the below table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBA Originations, Residential ​ ​ ​ ​ Loan ​ SBC ​ Acquisitions, ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ and Servicing ​ Banking ​ Other ​ Consolidated Interest income ​ $ 65,922 ​ $ 127,495 ​ $ 32,096 ​ $ 4,403 ​ $ — ​ $ 229,916 Interest expense ​ ​ (40,502) ​ ​ (90,677) ​ ​ (14,864) ​ ​ (5,837) ​ ​ — ​ ​ (151,880) Net interest income before provision for loan losses ​ $ 25,420 ​ $ 36,818 ​ $ 17,232 ​ $ (1,434) ​ $ — ​ $ 78,036 (Provision for) recovery of loan losses ​ (808) ​ (319) ​ (2,557) ​ ​ — ​ ​ — ​ (3,684) Net interest income after provision for loan losses ​ $ 24,612 ​ $ 36,499 ​ $ 14,675 ​ $ (1,434) ​ $ — ​ $ 74,352 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 83,539 ​ $ — ​ $ 83,539 Net realized gain (loss) on financial instruments ​ ​ 18 ​ ​ 13,750 ​ ​ 15,190 ​ ​ — ​ ​ — ​ ​ 28,958 Net unrealized gain (loss) on financial instruments ​ ​ (254) ​ ​ (107) ​ ​ 393 ​ ​ (18,569) ​ ​ (253) ​ ​ (18,790) Other income ​ ​ 4,210 ​ ​ 4,907 ​ ​ 1,548 ​ ​ 249 ​ ​ 164 ​ ​ 11,078 Income on purchased future receivables, net ​ ​ 2,362 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,362 Servicing income ​ ​ 798 ​ ​ 1,898 ​ ​ 5,330 ​ ​ 22,639 ​ ​ — ​ ​ 30,665 Income on unconsolidated joint ventures ​ ​ 6,088 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,088 Gain on bargain purchase ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 30,728 ​ ​ 30,728 Total non-interest income ​ $ 13,222 ​ $ 20,448 ​ $ 22,461 ​ $ 87,858 ​ $ 30,639 ​ $ 174,628 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (1,855) ​ $ (6,905) ​ $ (16,255) ​ $ (22,882) ​ $ (3,340) ​ $ (51,237) Allocated employee compensation and benefits from related party ​ (547) ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,926) ​ (5,473) Variable expenses on residential mortgage banking activities ​ — ​ ​ — ​ ​ — ​ ​ (51,760) ​ ​ — ​ (51,760) Professional fees ​ (723) ​ ​ (1,652) ​ ​ (1,011) ​ ​ (1,101) ​ ​ (2,947) ​ (7,434) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,578) ​ (9,578) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (106) ​ ​ (106) Loan servicing expense ​ (4,662) ​ ​ (5,695) ​ ​ (261) ​ ​ (7,225) ​ ​ (133) ​ (17,976) Merger related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,750) ​ ​ (7,750) Other operating expenses ​ (4,573) ​ ​ (11,199) ​ ​ (6,591) ​ ​ (7,717) ​ ​ (3,082) ​ (33,162) Total non-interest expense ​ $ (12,360) ​ $ (25,451) ​ $ (24,118) ​ $ (90,685) ​ $ (31,862) ​ $ (184,476) Income (loss) before provision for income taxes ​ $ 25,474 ​ $ 31,496 ​ $ 13,018 ​ $ (4,261) ​ $ (1,223) ​ $ 64,504 Total assets ​ $ 1,264,226 ​ $ 2,492,156 ​ $ 760,031 ​ $ 330,363 ​ $ 130,242 ​ $ 4,977,018 ​ Reportable segments for the year ended December 31, 2018 are summarized in the below table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBA Originations, Residential ​ ​ ​ ​ ​ ​ SBC ​ Acquisitions, ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ and Servicing ​ Banking ​ Other ​ Consolidated Interest income ​ $ 47,243 ​ $ 81,752 ​ $ 36,706 ​ $ 3,798 ​ $ — ​ $ 169,499 Interest expense ​ ​ (28,946) ​ ​ (60,879) ​ ​ (16,218) ​ ​ (3,195) ​ ​ — ​ ​ (109,238) Net interest income before provision for loan losses ​ $ 18,297 ​ $ 20,873 ​ $ 20,488 ​ $ 603 ​ $ — ​ $ 60,261 Provision for loan losses ​ (1,727) ​ (13) ​ 39 ​ — ​ — ​ (1,701) Net interest income after provision for loan losses ​ $ 16,570 ​ $ 20,860 ​ $ 20,527 ​ $ 603 ​ $ — ​ $ 58,560 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 59,852 ​ $ — ​ $ 59,852 Net realized gain (loss) on financial instruments ​ ​ 5,023 ​ ​ 17,482 ​ ​ 15,904 ​ ​ — ​ ​ — ​ ​ 38,409 Net unrealized gain (loss) on financial instruments ​ ​ (1,156) ​ ​ 142 ​ ​ 173 ​ ​ 5,694 ​ ​ — ​ ​ 4,853 Servicing income ​ ​ 20 ​ ​ 1,396 ​ ​ 5,390 ​ ​ 20,269 ​ ​ — ​ ​ 27,075 Income on unconsolidated joint venture ​ 12,148 ​ — ​ — ​ — ​ — ​ 12,148 Other income ​ ​ 368 ​ ​ 4,366 ​ ​ 621 ​ ​ 200 ​ ​ 31 ​ ​ 5,586 Total non-interest income ​ $ 16,403 ​ $ 23,386 ​ $ 22,088 ​ $ 86,015 ​ $ 31 ​ $ 147,923 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ (386) ​ (8,815) ​ (13,077) ​ (33,401) ​ (923) ​ (56,602) Allocated employee compensation and benefits from related party ​ (420) ​ — ​ — ​ — ​ (3,780) ​ (4,200) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (22,228) ​ ​ — ​ ​ (22,228) Professional fees ​ (1,310) ​ (1,285) ​ (820) ​ (607) ​ (2,977) ​ (6,999) Management fees – related party ​ — ​ — ​ — ​ — ​ (8,176) ​ (8,176) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,143) ​ ​ (1,143) Loan servicing expense ​ (3,926) ​ (3,883) ​ (260) ​ (7,444) ​ (32) ​ (15,545) Other operating expenses ​ (3,214) ​ (10,392) ​ (4,070) ​ (8,254) ​ (2,817) ​ (28,747) Total non-interest expense ​ $ (9,256) ​ $ (24,375) ​ $ (18,227) ​ $ (71,934) ​ $ (19,848) ​ $ (143,640) Income (loss) before provision for income taxes ​ $ 23,717 ​ $ 19,871 ​ $ 24,388 ​ $ 14,684 ​ $ (19,817) ​ $ 62,843 Total Assets ​ $ 644,512 ​ $ 1,606,210 ​ $ 455,513 ​ $ 260,523 ​ $ 70,085 ​ $ 3,036,843

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Data (Unaudited)
Summary of quarterly financial data	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ June 30 ​ September 30 ​ December 31 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income after provision for loan losses $ (17,183) ​ $ 20,394 ​ $ 21,482 ​ $ 23,749 Non-interest income ​ 22,523 ​ ​ 120,927 ​ ​ 107,906 ​ ​ 83,406 Non-interest expense ​ (64,793) ​ ​ (101,158) ​ ​ (87,471) ​ ​ (75,328) Net income ​ (51,516) ​ ​ 34,663 ​ ​ 35,363 ​ ​ 27,559 Net income attributable to Ready Capital Corporation ​ (50,452) ​ ​ 33,853 ​ ​ 34,558 ​ ​ 26,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share - Basic $ (0.98) ​ $ 0.62 ​ $ 0.63 ​ $ 0.49 Earnings per share - Diluted $ (0.98) ​ $ 0.62 ​ $ 0.63 ​ $ 0.49 Dividends declared per share of common stock $ 0.40 ​ $ 0.25 ​ $ 0.30 ​ $ 0.35 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income after provision for loan losses $ 12,460 ​ $ 19,933 ​ $ 19,640 ​ $ 22,319 Non-interest income ​ 56,266 ​ ​ 32,956 ​ ​ 39,984 ​ ​ 45,422 Non-interest expense ​ (41,279) ​ ​ (44,600) ​ ​ (49,842) ​ ​ (48,755) Net income ​ 30,450 ​ ​ 11,245 ​ ​ 12,427 ​ ​ 20,934 Net income attributable to Ready Capital Corporation ​ 29,467 ​ ​ 10,969 ​ ​ 12,104 ​ ​ 20,428 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share - Basic $ 0.90 ​ $ 0.25 ​ $ 0.27 ​ $ 0.43 Earnings per share - Diluted $ 0.90 ​ $ 0.25 ​ $ 0.27 ​ $ 0.43 Dividends declared per share of common stock $ 0.40 ​ $ 0.40 ​ $ 0.40 ​ $ 0.40

Supplemental Financial Data (Ta

Supplemental Financial Data (Tables) - Unconsolidated VIEs	12 Months Ended
	Dec. 31, 2020
Schedule of financial information for unconsolidated subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 (In Thousands) ​ ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC Cash ​ $ 9,746 ​ $ 4,947 $ 22,585 ​ $ 11,270 Loans, held-for-investment ​ ​ 92,053 ​ ​ 45,934 ​ 103,751 ​ ​ 51,772 Real estate owned ​ ​ 12,701 ​ ​ 6,338 ​ 7,929 ​ ​ 3,957 Other assets ​ ​ 429 ​ ​ 214 ​ 487 ​ ​ 239 Total Assets ​ $ 114,929 ​ $ 57,433 $ 134,752 ​ $ 67,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and other accrued liabilities ​ $ 80 ​ $ 52 $ 72 ​ $ 36 Other liabilities ​ ​ 1,606 ​ ​ 801 ​ 4,076 ​ ​ 2,034 Total Liabilities ​ $ 1,686 ​ $ 853 $ 4,148 ​ $ 2,070
Schedule of income from unconsolidated joint ventures within the consolidated statement of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 (In Thousands) ​ ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC ​ Girod HoldCo, LLC ​ ​ WFLLA, LLC Interest income ​ $ 2,372 ​ $ 1,184 $ 6,922 ​ $ 3,454 $ 21,182 ​ $ 10,570 Realized gains (losses) ​ ​ (40) ​ ​ (20) ​ 5,218 ​ ​ 2,604 ​ 27,310 ​ ​ 13,628 Unrealized gains (losses) ​ ​ (3,456) ​ ​ (1,725) ​ 15,286 ​ ​ 7,628 ​ 8,191 ​ ​ 4,087 Servicing expense and other ​ ​ (4,359) ​ ​ (2,175) ​ (5,996) ​ ​ (2,999) ​ (7,972) ​ ​ (3,989) Income (loss) before provision for income taxes ​ $ (5,483) ​ $ (2,736) $ 21,430 ​ $ 10,687 $ 48,711 ​ $ 24,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In Thousands) 2020 2019 2018 Income (loss) on unconsolidated joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ WFLLA, LLC ​ $ (1,368) ​ $ 5,344 ​ $ 12,148 Other unconsolidated joint ventures ​ ​ 3,772 ​ ​ 744 ​ ​ — Income (loss) on unconsolidated joint ventures ​ $ 2,404 ​ $ 6,088 ​ $ 12,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2020
Operating Partnership
Ownership percentage in operating partnership	97.90%

Organization - Acquisitions (De

Organization - Acquisitions (Details) $ / shares in Units, $ in Thousands	Oct. 25, 2019USD ($)	Mar. 29, 2019USD ($)$ / sharesshares	Dec. 31, 2020
Owens Realty Mortgage, Inc.
Organization
Common share fixed exchange ratio		1.441
Number of common shares issued in acquisition | shares		12,223,830
Total purchase price		$ 179,324
Closing share price | $ / shares		$ 14.67
Knight Capital
Organization
Common stock consideration	$ 10,290
Total purchase price	27,790
Cash consideration	$ 17,500
Ready Capital Shareholders | Owens Realty Mortgage, Inc.
Organization
Percentage of equity interests held after closing		72.00%
Owens Realty Shareholders | Owens Realty Mortgage, Inc.
Organization
Percentage of equity interests held after closing		28.00%
Minimum
Organization
Percentage of taxable income distributed in the form of qualifying distributions			90.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)itemclasssegment	Dec. 31, 2019USD ($)
Number of reportable segments | segment	4
Cash collateral offset against derivative liability positions	$ 5
Number of separate classes of servicing rights used for risk management purposes | class	2
Number of repurchase agreements accounted for as components of linked transactions | item	0
Unrecognized accrued taxes, interest and penalties	$ 0	$ 0
The number of consecutive months contractual payments that must be received on a loan in non-accrual status before resuming recognition of interest income | item	3
Borrowings under credit facilities | Maximum
Maturity period	2 years
Restricted cash
Cash collateral not offset against derivative liability positions	$ 10.5	$ 9.5

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' equity		$ 834,208	$ 844,784	$ 564,075	$ 555,467
Retained earnings (deficit)		(24,203)	8,746
ASU 2016-13 | Accrual Loans
Increase in allowance for loan losses	$ 11,100
ASU 2016-13 | Accrual Loans | PCD Loans
Increase in allowance for loan losses	$ 3,600
Retained Earnings (Deficit)
Stockholders' equity		$ (24,203)	8,746	$ 5,272	$ (3,385)
Retained Earnings (Deficit) | Cumulative Effect Adjusted Balance | ASU 2016-13
Stockholders' equity			$ (6,800)

Business Combinations - Acquisi

Business Combinations - Acquisitions (Details) $ / shares in Units, $ in Thousands	Oct. 25, 2019USD ($)	Mar. 29, 2019USD ($)$ / sharesshares	Nov. 07, 2018
Owens Realty Mortgage, Inc.
Acquisitions
Percentage of adjusted OMR book value			99.00%
Number of common shares issued in acquisition | shares		12,223,830
Common share fixed exchange ratio		1.441
Total consideration transferred		$ 179,324
Closing share price | $ / shares		$ 14.67
Gross contractual unpaid principal acquired		$ 134,800
Knight Capital
Acquisitions
Common stock consideration	$ 10,290
Cash consideration	17,500
Total consideration transferred	$ 27,790

Business Combinations - Fair Va

Business Combinations - Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Oct. 25, 2019	Mar. 29, 2019
Assets:
Real estate, held for sale	$ 43,434	$ 52,883
Owens Realty Mortgage, Inc.
Assets:
Cash and cash equivalents				$ 10,822
Loans				130,449
Real estate, held for sale				67,973
Investment in unconsolidated joint ventures				8,619
Deferred tax assets				4,660
Accrued interest				1,209
Other				379
Total assets acquired				224,111
Liabilities:
Secured borrowings				12,713
Accounts payable and other accrued liabilities				1,000
Due to Manager				228
Deferred tax liabilities				123
Total liabilities assumed				14,064
Net assets acquired				$ 210,047
Knight Capital
Assets:
Cash and cash equivalents			$ 1,673
Purchased future receivables,			39,540
Prepaid expenses and other			1,265
Intangible assets			5,880
Total assets acquired			48,358
Liabilities:
Secured borrowings			30,600
Accounts payable and other accrued liabilities			1,173
Total liabilities assumed			31,773
Net assets acquired			$ 16,585

Business Combinations - Bargain

Business Combinations - Bargain Purchase (Details) $ / shares in Units, $ in Thousands	Oct. 25, 2019USD ($)	Mar. 29, 2019USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)
Aggregate consideration transferred, net of assets acquired and bargain purchase gain
Bargain purchase gain			$ 30,728
Goodwill			11,206	$ 11,206
Owens Realty Mortgage, Inc.
Aggregate consideration transferred, net of assets acquired and bargain purchase gain
FV of Net Assets Acquired		$ 210,047
ORM shares outstanding at March 29, 2019 | shares		8,482,880
Exchange ratio		1.441
Shares issued | shares		12,223,830
Closing share price | $ / shares		$ 14.67
Total consideration transferred based on value of shares issued		$ 179,324
Bargain purchase gain		$ 30,728
Acquisition related costs			6,200
Knight Capital
Aggregate consideration transferred, net of assets acquired and bargain purchase gain
Cash consideration	$ 17,500
Common stock consideration	10,290
FV of Net Assets Acquired	16,585
Net Tangible Assets	10,705
Identified Intangible Assets	5,880
Total consideration transferred based on value of shares issued	27,790
Goodwill	$ 11,205
Acquisition related costs			$ 1,500

Business Combinations - Intangi

Business Combinations - Intangible Assets and Goodwill (Details) - Knight Capital $ in Thousands	Oct. 25, 2019USD ($)
Acquisitions
Intangible assets	$ 5,880
Weighted Average Amortization Life	6 years
Internally developed software
Acquisitions
Intangible assets	$ 3,800
Weighted Average Amortization Life	6 years
Broker network
Acquisitions
Intangible assets	$ 1,200
Weighted Average Amortization Life	4 years 6 months
Trade name
Acquisitions
Intangible assets	$ 880
Weighted Average Amortization Life	6 years

Business Combinations - Pro-for

Business Combinations - Pro-forma Information (Details) - USD ($) $ in Thousands	Mar. 29, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pro-forma information
Bargain purchase gain			$ 30,728
Owens Realty Mortgage, Inc.
Pro-forma information
Interest income		$ 232,706		$ 181,780
Interest expense		(152,428)		(111,371)
Provision for loan losses		(3,684)		(1,462)
Noninterest income		145,393		157,049
Noninterest expense		(180,140)		(155,704)
Income before provision for income taxes		41,847		70,292
Income tax benefit (provision)		10,545		(1,945)
Net income		$ 52,392		68,347
Nonrecurring transaction costs excluded from pro forma non-interest expense			9,200
Bargain purchase gain	$ 30,728
Knight Capital
Pro-forma information
Interest income			229,916	169,499
Interest expense			(151,880)	(109,238)
Provision for loan losses			(3,684)	(1,701)
Noninterest income			223,197	192,181
Noninterest expense			(229,648)	(201,454)
Income before provision for income taxes			67,901	49,287
Income tax benefit (provision)			10,552	(1,386)
Net income			78,453	$ 47,901
Nonrecurring transaction costs excluded from pro forma non-interest expense			$ 2,200

Loans and Allowance for Loan _3

Loans and Allowance for Loan Losses - Classification, unpaid principal balance, and carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Carrying Value
Total Loans, before allowance for loan losses	$ 1,658,779	$ 1,733,864
Allowance for loan losses	(33,224)	(5,880)
Total Loans, net	1,625,555	1,727,984
Allowance for loan losses on loans in consolidated VIEs	(46,732)	(7,441)	$ (8,320)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	4,098,362	4,054,183
Loans, held for sale, at fair value	340,288	188,077
Total Loans, held for sale, at fair value in consolidated VIEs		4,434
Total loan portfolio	4,438,650	4,246,694
UPB
Total Loans, before allowance for loan losses	1,673,259	1,757,468
Total Loans, net	1,673,259	1,757,468
Total Loans, net, and Loans, net in consolidated VIEs	4,176,966
Total Loans, held for sale, at fair value	328,045	181,406
Total Loans, held for sale, at fair value in consolidated VIEs		4,400
Total Loan portfolio	4,505,011	4,285,666
Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	2,486,315	2,327,760
Allowance for loan losses on loans in consolidated VIEs	(13,508)	(1,561)
Total Loans, net, in consolidated VIEs	2,472,807	2,326,199
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	2,503,707	2,342,392
Total Loans, net, in consolidated VIEs	2,503,707	2,342,392
Originated Transitional loans
Carrying Value
Total Loans, before allowance for loan losses	530,671	593,657
Allowance for loan losses on loans in consolidated VIEs	(14,995)	(188)	(353)
UPB
Total Loans, before allowance for loan losses	535,963	600,226
Total Loans, net, and Loans, net in consolidated VIEs	1,328,395
Originated Transitional loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	788,403	490,913
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	792,432	493,217
Originated SBA 7(a) loans
Carrying Value
Total Loans, before allowance for loan losses	310,537	297,934
Allowance for loan losses on loans in consolidated VIEs	(10,051)	(1,781)	(586)
Loans, held for sale, at fair value	10,232	28,551
UPB
Total Loans, before allowance for loan losses	314,938	299,580
Total Loans, net, and Loans, net in consolidated VIEs	387,389
Total Loans, held for sale, at fair value	9,436	26,669
Originated SBA 7(a) loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	68,625	79,457
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	72,451	83,559
Acquired SBA 7(a) loans
Carrying Value
Total Loans, before allowance for loan losses	201,066	255,240
Allowance for loan losses on loans in consolidated VIEs	(4,549)	(2,114)	(2,318)
UPB
Total Loans, before allowance for loan losses	210,115	269,396
Total Loans, net, and Loans, net in consolidated VIEs	262,571
Acquired SBA 7(a) loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	42,154	53,320
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	52,456	66,997
Originated SBC loans
Carrying Value
Total Loans, before allowance for loan losses	173,190	133,118
Allowance for loan losses on loans in consolidated VIEs	(8,840)	(304)	(11)
Loans, held for sale, at fair value	17,850
UPB
Total Loans, before allowance for loan losses	167,470	132,227
Total Loans, net, and Loans, net in consolidated VIEs	1,052,705
Total Loans, held for sale, at fair value	17,850
Originated SBC loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	889,566	1,037,844
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	885,235	1,026,921
Acquired loans
Carrying Value
Total Loans, before allowance for loan losses	351,381	430,307
Allowance for loan losses on loans in consolidated VIEs	(8,297)	(3,054)	$ (5,052)
Loans, held for sale, at fair value	511	1,245
Total Loans, held for sale, at fair value in consolidated VIEs		4,434
UPB
Total Loans, before allowance for loan losses	352,546	433,079
Total Loans, net, and Loans, net in consolidated VIEs	1,053,679
Total Loans, held for sale, at fair value	499	1,208
Total Loans, held for sale, at fair value in consolidated VIEs		4,400
Acquired loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	697,567	666,226
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	701,133	671,698
Originated PPP loans, at fair value
Carrying Value
Total Loans, before allowance for loan losses	74,931
UPB
Total Loans, before allowance for loan losses	74,931
Total Loans, net, and Loans, net in consolidated VIEs	74,931
Originated SBC loans, at fair value
Carrying Value
Total Loans, before allowance for loan losses	13,795	20,212
UPB
Total Loans, before allowance for loan losses	14,088	19,565
Total Loans, net, and Loans, net in consolidated VIEs	14,088
Originated Residential Agency loans
Carrying Value
Total Loans, before allowance for loan losses	3,208	3,396
Loans, held for sale, at fair value	260,447	136,506
UPB
Total Loans, before allowance for loan losses	3,208	3,395
Total Loans, net, and Loans, net in consolidated VIEs	3,208
Total Loans, held for sale, at fair value	249,852	132,016
Originated Freddie Mac loans
Carrying Value
Loans, held for sale, at fair value	51,248	21,775
UPB
Total Loans, held for sale, at fair value	$ 50,408	$ 21,513

Loans and Allowance for Loan _4

Loans and Allowance for Loan Losses - Loan Vintage (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loan classification and delinquency by year of origination
UPB	$ 4,176,966
2020	597,892
2019	1,229,069
2018	735,604
2017	243,042
2016	110,314
Pre 2016	1,211,980
Total	4,127,901	$ 4,056,607
General allowance for loan losses	(29,539)	(2,424)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	4,098,362	4,054,183
Specific allowance for loan losses	17,200	5,000
Current and less than 30 days past due
Loan classification and delinquency by year of origination
UPB	3,979,225
2020	591,405
2019	1,221,227
2018	707,068
2017	203,331
2016	100,003
Pre 2016	1,125,100
Total	3,948,134	3,932,421
30-59 Days Past Due
Loan classification and delinquency by year of origination
UPB	38,836
2020	5,812
2019	5,191
2018	15,097
2017	401
2016	2
Pre 2016	11,933
Total	38,436	65,669
60+ Days Past Due
Loan classification and delinquency by year of origination
UPB	158,905
2020	675
2019	2,651
2018	13,439
2017	39,310
2016	10,309
Pre 2016	74,947
Total	141,331	58,517
Originated Transitional loans
Loan classification and delinquency by year of origination
UPB	1,328,395
2020	385,183
2019	583,593
2018	306,971
2017	23,783
2016	18,480
Pre 2016	1,064
Total	1,319,074	1,086,328
General allowance for loan losses	(14,995)	(64)
Originated Transitional loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,281,579	1,074,955
Originated Transitional loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	17,713	5,728
Originated Transitional loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	19,782	5,645
Originated SBC loans
Loan classification and delinquency by year of origination
UPB	1,052,705
2020	66,715
2019	486,033
2018	237,313
2017	110,354
2016	43,696
Pre 2016	112,444
Total	1,056,555	1,168,899
General allowance for loan losses	(2,640)	(124)
Originated SBC loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,000,878	1,137,140
Originated SBC loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	6,591	11,769
Originated SBC loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	49,086	19,990
Acquired loans
Loan classification and delinquency by year of origination
UPB	1,053,679
2020	21,414
2019	40,572
2018	42,167
2017	38,649
2016	19,533
Pre 2016	883,774
Total	1,046,109	1,094,283
General allowance for loan losses	(5,457)	(803)
Acquired loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	978,346	1,032,259
Acquired loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	7,729	41,830
Acquired loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	60,034	20,194
Originated SBA 7(a) loans
Loan classification and delinquency by year of origination
UPB	387,389
2020	47,939
2019	98,568
2018	133,812
2017	68,375
2016	22,056
Pre 2016	4,041
Total	374,791	376,629
General allowance for loan losses	(5,680)	(1,019)
Originated SBA 7(a) loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	369,416	370,101
Originated SBA 7(a) loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	1,741	2,085
Originated SBA 7(a) loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	3,634	4,443
Acquired SBA 7(a) loans
Loan classification and delinquency by year of origination
UPB	262,571
2020	139
2019	19,658
2018	14,636
2017	283
2016	19
Pre 2016	204,703
Total	239,438	306,860
General allowance for loan losses	(767)	(414)
Acquired SBA 7(a) loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	228,651	297,172
Acquired SBA 7(a) loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	4,008	4,048
Acquired SBA 7(a) loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	6,779	5,640
Originated PPP loans, at fair value
Loan classification and delinquency by year of origination
UPB	74,931
2020	74,931
Total	74,931
Originated PPP loans, at fair value | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	74,931
Originated SBC loans, at fair value
Loan classification and delinquency by year of origination
UPB	14,088
2017	1,598
2016	6,442
Pre 2016	5,755
Total	13,795	20,212
Originated SBC loans, at fair value | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	13,795	20,212
Originated Residential Agency loans
Loan classification and delinquency by year of origination
UPB	3,208
2020	1,571
2019	645
2018	705
2016	88
Pre 2016	199
Total	3,208	3,396
Originated Residential Agency loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	538	582
Originated Residential Agency loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	654	209
Originated Residential Agency loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	$ 2,016	$ 2,605

Loans and Allowance for Loan _5

Loans and Allowance for Loan Losses - Delinquency (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loan delinquency information
Total Loans Carrying Value	$ 4,127,901	$ 4,056,607
Non-Accrual Loans	134,158	84,340
90+ Days Past Due but Accruing		4,782
General allowance for loan losses	(29,539)	(2,424)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 4,098,362	$ 4,054,183
Percentage of loans outstanding	100.00%	100.00%
Percentage of outstanding, Non-Accrual Loans	3.30%	2.10%
Percentage of outstandings - Accruing	0.00%	0.10%
Specific allowance for loan losses	$ 17,200	$ 5,000
Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	$ 3,948,134	$ 3,932,421
Percentage of loans outstanding	95.70%	97.00%
30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 38,436	$ 65,669
Percentage of loans outstanding	0.90%	1.60%
60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 141,331	$ 58,517
Percentage of loans outstanding	3.40%	1.40%
Originated Transitional loans
Loan delinquency information
Total Loans Carrying Value	$ 1,319,074	$ 1,086,328
Non-Accrual Loans	19,416	24,587
General allowance for loan losses	(14,995)	(64)
Originated Transitional loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,281,579	1,074,955
Originated Transitional loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	17,713	5,728
Originated Transitional loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	19,782	5,645
Originated SBC loans
Loan delinquency information
Total Loans Carrying Value	1,056,555	1,168,899
Non-Accrual Loans	37,635	16,089
General allowance for loan losses	(2,640)	(124)
Originated SBC loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,000,878	1,137,140
Originated SBC loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	6,591	11,769
Originated SBC loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	49,086	19,990
Acquired loans
Loan delinquency information
Total Loans Carrying Value	1,046,109	1,094,283
Non-Accrual Loans	57,020	23,500
90+ Days Past Due but Accruing		3,382
General allowance for loan losses	(5,457)	(803)
Acquired loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	978,346	1,032,259
Acquired loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	7,729	41,830
Acquired loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	60,034	20,194
Acquired SBA 7(a) loans
Loan delinquency information
Total Loans Carrying Value	239,438	306,860
Non-Accrual Loans	9,001	9,177
90+ Days Past Due but Accruing		1,326
General allowance for loan losses	(767)	(414)
Acquired SBA 7(a) loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	228,651	297,172
Acquired SBA 7(a) loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	4,008	4,048
Acquired SBA 7(a) loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	6,779	5,640
Originated SBC loans, at fair value
Loan delinquency information
Total Loans Carrying Value	13,795	20,212
Originated SBC loans, at fair value | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	13,795	20,212
Originated SBA 7(a) loans
Loan delinquency information
Total Loans Carrying Value	374,791	376,629
Non-Accrual Loans	8,668	8,882
General allowance for loan losses	(5,680)	(1,019)
Originated SBA 7(a) loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	369,416	370,101
Originated SBA 7(a) loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,741	2,085
Originated SBA 7(a) loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	3,634	4,443
Originated Residential Agency loans
Loan delinquency information
Total Loans Carrying Value	3,208	3,396
Non-Accrual Loans	2,418	2,105
90+ Days Past Due but Accruing		74
Originated Residential Agency loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	538	582
Originated Residential Agency loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	654	209
Originated Residential Agency loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 2,016	$ 2,605

Loans and Allowance for Loan _6

Loans and Allowance for Loan Losses - Credit Quality (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 4,127,901	$ 4,056,607
General allowance for loan losses	(29,539)	(2,424)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 4,098,362	$ 4,054,183
Percentage of loans outstanding	100.00%	100.00%
Carrying amount of loan foreclosure in process	$ 2,200	$ 800
0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 285,928	$ 228,992
Percentage of loans outstanding	6.90%	5.60%
20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 532,200	$ 521,832
Percentage of loans outstanding	12.90%	12.90%
40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,075,306	$ 1,146,672
Percentage of loans outstanding	26.10%	28.30%
60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,728,645	$ 1,793,845
Percentage of loans outstanding	41.90%	44.20%
80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 289,919	$ 198,096
Percentage of loans outstanding	7.00%	4.90%
Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 215,903	$ 167,170
Percentage of loans outstanding	5.20%	4.10%
Originated Transitional loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,319,074	$ 1,086,328
General allowance for loan losses	(14,995)	(64)
Originated Transitional loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	5,485	1,736
Originated Transitional loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	8,269	28,108
Originated Transitional loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	252,798	277,388
Originated Transitional loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	891,895	750,298
Originated Transitional loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	157,900	28,059
Originated Transitional loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	2,727	739
Originated SBC loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,056,555	1,168,899
General allowance for loan losses	(2,640)	(124)
Originated SBC loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	5,372
Originated SBC loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	76,899	60,601
Originated SBC loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	453,381	431,312
Originated SBC loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	515,023	660,733
Originated SBC loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		8,045
Originated SBC loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	5,880	8,208
Acquired loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,046,109	1,094,283
General allowance for loan losses	(5,457)	(803)
Acquired loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	266,345	218,679
Acquired loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	385,579	371,471
Acquired loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	228,262	293,216
Acquired loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	113,023	161,431
Acquired loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	40,838	35,731
Acquired loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	12,062	13,755
Originated SBA 7(a) loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	374,791	376,629
General allowance for loan losses	(5,680)	(1,019)
Originated SBA 7(a) loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,203	865
Originated SBA 7(a) loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	15,013	13,843
Originated SBA 7(a) loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	51,133	41,166
Originated SBA 7(a) loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	147,020	130,177
Originated SBA 7(a) loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	61,297	78,544
Originated SBA 7(a) loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	99,125	112,034
Acquired SBA 7(a) loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	239,438	306,860
General allowance for loan losses	(767)	(414)
Acquired SBA 7(a) loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	7,523	7,712
Acquired SBA 7(a) loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	39,086	39,566
Acquired SBA 7(a) loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	89,644	103,590
Acquired SBA 7(a) loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	54,007	83,954
Acquired SBA 7(a) loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	28,332	39,726
Acquired SBA 7(a) loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	20,846	32,312
Originated PPP loans, at fair value
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	74,931
Originated PPP loans, at fair value | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	74,931
Originated SBC loans, at fair value
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	13,795	20,212
Originated SBC loans, at fair value | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	7,354	8,192
Originated SBC loans, at fair value | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	6,441	6,422
Originated SBC loans, at fair value | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		5,598
Originated Residential Agency loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	3,208	3,396
Originated Residential Agency loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		51
Originated Residential Agency loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	88
Originated Residential Agency loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,236	830
Originated Residential Agency loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,552	2,393
Originated Residential Agency loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 332	$ 122

Loans and Allowance for Loan _7

Loans and Allowance for Loan Losses - Geographic and Collateral Concentration (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Geographical concentration
Concentration risk
Percentage of loan	100.00%	100.00%
Geographical concentration | California
Concentration risk
Percentage of loan	18.10%	16.90%
Geographical concentration | Texas
Concentration risk
Percentage of loan	14.20%	15.20%
Geographical concentration | New York
Concentration risk
Percentage of loan	9.80%	8.30%
Geographical concentration | Florida
Concentration risk
Percentage of loan	7.80%	8.30%
Geographical concentration | Illinois
Concentration risk
Percentage of loan	5.20%	5.20%
Geographical concentration | Georgia
Concentration risk
Percentage of loan	4.90%	4.80%
Geographical concentration | North Carolina
Concentration risk
Percentage of loan	3.10%	3.20%
Geographical concentration | Washington
Concentration risk
Percentage of loan	3.10%	2.80%
Geographical concentration | Arizona
Concentration risk
Percentage of loan	2.80%	3.40%
Geographical concentration | Colorado
Concentration risk
Percentage of loan	2.80%	2.80%
Geographical concentration | Other
Concentration risk
Percentage of loan	28.20%	29.10%
Collateral concentration
Concentration risk
Percentage of loan	100.00%	100.00%
Percentage of SBA loan	100.00%	100.00%
Collateral concentration | Lodging
Concentration risk
Percentage of SBA loan	17.20%	17.30%
Collateral concentration | Offices of Physicians
Concentration risk
Percentage of SBA loan	12.00%	14.10%
Collateral concentration | Child Day Care Services
Concentration risk
Percentage of SBA loan	7.20%	8.10%
Collateral concentration | Eating Places
Concentration risk
Percentage of SBA loan	5.30%	6.10%
Collateral concentration | Gasoline Service Stations
Concentration risk
Percentage of SBA loan	3.40%	3.70%
Collateral concentration | Veterinarians
Concentration risk
Percentage of SBA loan	3.30%	4.10%
Collateral concentration | Executive Search Services
Concentration risk
Percentage of SBA loan	2.60%
Collateral concentration | Other Miscellaneous Store Retailers Except Tobacco Stores
Concentration risk
Percentage of SBA loan	2.30%
Collateral concentration | Funeral Service and Crematories
Concentration risk
Percentage of SBA loan	1.80%	2.00%
Collateral concentration | Grocery Stores
Concentration risk
Percentage of SBA loan	1.70%	2.00%
Collateral concentration | Other
Concentration risk
Percentage of SBA loan	43.20%	42.60%
Collateral concentration | Multi-family
Concentration risk
Percentage of loan	23.80%	26.60%
Collateral concentration | SBA
Concentration risk
Percentage of loan	17.40%	17.60%
Collateral concentration | Retail
Concentration risk
Percentage of loan	17.30%	17.50%
Collateral concentration | Office
Concentration risk
Percentage of loan	13.10%	12.90%
Collateral concentration | Mixed Use
Concentration risk
Percentage of loan	13.10%	10.40%
Collateral concentration | Industrial
Concentration risk
Percentage of loan	7.00%	6.40%
Collateral concentration | Lodging/Residential
Concentration risk
Percentage of loan	3.20%	3.30%
Collateral concentration | Other
Concentration risk
Percentage of loan	5.10%	5.30%

Loans and Allowance for Loan _8

Loans and Allowance for Loan Losses - Allowance for loan losses by loan product and impairment methodology (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for loan losses
General	$ 29,539	$ 2,424
Specific	17,193	2,093
PCD		2,924
Ending Balance	46,732	7,441	$ 8,320
Originated SBC loans
Allowance for loan losses
General	2,640	124
Specific	6,200	180
Ending Balance	8,840	304	11
Originated Transitional loans
Allowance for loan losses
General	14,995	64
Specific		124
Ending Balance	14,995	188	353
Acquired loans
Allowance for loan losses
General	5,457	803
Specific	2,840	86
PCD		2,165
Ending Balance	8,297	3,054	5,052
Acquired SBA 7(a) loans
Allowance for loan losses
General	767	414
Specific	3,782	941
PCD		759
Ending Balance	4,549	2,114	2,318
Originated SBA 7(a) loans
Allowance for loan losses
General	5,680	1,019
Specific	4,371	762
Ending Balance	$ 10,051	$ 1,781	$ 586

Loans and Allowance for Loan _9

Loans and Allowance for Loan Losses - Investment Loans Allowance Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for loan losses
Beginning Balance	$ 7,441	$ 8,320
Provision for (recoveries of) loan losses	33,785	3,684	$ 1,701
Charge-offs and sales	(5,795)	(3,069)
Recoveries	176	(1,494)
Ending Balance	46,732	7,441	8,320
Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance	11,125
Ending Balance		11,125
Originated SBC loans
Allowance for loan losses
Beginning Balance	304	11
Provision for (recoveries of) loan losses	6,335	420
Charge-offs and sales	(199)	(127)
Ending Balance	8,840	304	11
Originated SBC loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance	2,400
Ending Balance		2,400
Originated Transitional loans
Allowance for loan losses
Beginning Balance	188	353
Provision for (recoveries of) loan losses	16,247	(167)
Charge-offs and sales	(3,346)
Recoveries		2
Ending Balance	14,995	188	353
Originated Transitional loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance	1,906
Ending Balance		1,906
Acquired loans
Allowance for loan losses
Beginning Balance	3,054	5,052
Provision for (recoveries of) loan losses	3,502	781
Charge-offs and sales	(137)	(1,144)
Recoveries		(1,635)
Ending Balance	8,297	3,054	5,052
Acquired loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance	1,878
Ending Balance		1,878
Acquired SBA 7(a) loans
Allowance for loan losses
Beginning Balance	2,114	2,318
Provision for (recoveries of) loan losses	141	939
Charge-offs and sales	(1,396)	(1,282)
Recoveries	128	139
Ending Balance	4,549	2,114	2,318
Acquired SBA 7(a) loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance	3,562
Ending Balance		3,562
Originated SBA 7(a) loans
Allowance for loan losses
Beginning Balance	1,781	586
Provision for (recoveries of) loan losses	7,560	1,711
Charge-offs and sales	(717)	(516)
Recoveries	48
Ending Balance	10,051	1,781	$ 586
Originated SBA 7(a) loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance	1,379
Ending Balance		1,379
Unfunded Loan Commitment
Allowance for loan losses
Beginning Balance	0
Ending Balance	$ 900	$ 0

Loans and Allowance for Loan_10

Loans and Allowance for Loan Losses - Non-accrual Loans (Details) - Non-accrual loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Non-accrual loans
Non-accrual loans with an allowance	$ 75,862	$ 20,657
Non-accrual loans without an allowance	58,296	63,683
Total recorded carrying value of non-accrual loans	134,158	84,340
Allowance for loan losses related to non-accrual loans	(17,367)	(3,581)
Unpaid principal balance of non-accrual loans	158,471	98,498
Interest income on non-accrual loans	$ 3,212	$ 3,132

Loans and Allowance for Loan_11

Loans and Allowance for Loan Losses - TDR Accrual Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	$ 25,259	$ 20,462
Allowance for loan losses on loans classified as TDRs	3,340	728
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	7,195	7,770
Carrying value of modified loans classified as TDRs on non-accrual status	18,064	12,692
Total carrying value of modified loans classified as TDRs	25,259	20,462
SBC
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	7,327	6,258
Allowance for loan losses on loans classified as TDRs	17	274
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	307	333
Carrying value of modified loans classified as TDRs on non-accrual status	7,020	5,925
Total carrying value of modified loans classified as TDRs	7,327	6,258
SBA
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	17,932	14,204
Allowance for loan losses on loans classified as TDRs	3,323	454
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	6,888	7,437
Carrying value of modified loans classified as TDRs on non-accrual status	11,044	6,767
Total carrying value of modified loans classified as TDRs	$ 17,932	$ 14,204

Loans and Allowance for Loan_12

Loans and Allowance for Loan Losses - TDR Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	33	34
Pre-modification recorded balance	$ 19,383	$ 6,214
Post-modification recorded balance	$ 19,418	$ 5,947
Number of loans that remain in default | loan	7	11
Balance of loans that remain in default	$ 5,587	$ 2,774
TDR Modifications including financial effects	$ 12,607	$ 6,537
SBC
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	5	3
Pre-modification recorded balance	$ 10,963	$ 2,169
Post-modification recorded balance	$ 10,963	$ 2,169
Number of loans that remain in default | loan	3	3
Balance of loans that remain in default	$ 5,285	$ 2,240
TDR Modifications including financial effects	$ 5,285	$ 2,240
SBA
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	28	31
Pre-modification recorded balance	$ 8,420	$ 4,045
Post-modification recorded balance	$ 8,455	$ 3,778
Number of loans that remain in default | loan	4	8
Balance of loans that remain in default	$ 302	$ 534
TDR Modifications including financial effects	7,322	4,297
Term Extension
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	7,020	4,033
Term Extension | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	7,020	4,033
Foreclosure
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	5,587	2,504
Foreclosure | SBC
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	5,285	2,240
Foreclosure | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	$ 302	$ 264

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Loans, held for sale, at fair value	$ 340,288	$ 188,077
Derivative instruments, at fair value	16,363	2,814
Residential mortgage servicing rights, at fair value	76,840	91,174
Liabilities:
Derivative instruments, at fair value	11,604	5,250
Recurring
Assets:
Loans, held for sale, at fair value	340,288	192,510
Loans, net at fair value	88,726	20,212
Mortgage backed securities, at fair value	88,011	92,466
Derivative instruments, at fair value	16,363	2,814
Residential mortgage servicing rights, at fair value	76,840	91,174
Total assets	610,228	399,176
Liabilities:
Derivative instruments, at fair value	11,604	5,250
Total liabilities	11,604	5,250
Recurring | Level 2 inputs
Assets:
Loans, held for sale, at fair value	340,288	192,510
Mortgage backed securities, at fair value	62,880	92,006
Total assets	403,168	284,516
Liabilities:
Derivative instruments, at fair value	11,604	5,250
Total liabilities	11,604	5,250
Recurring | Level 3 inputs
Assets:
Loans, net at fair value	88,726	20,212
Mortgage backed securities, at fair value	25,131	460
Derivative instruments, at fair value	16,363	2,814
Residential mortgage servicing rights, at fair value	76,840	91,174
Total assets	$ 207,060	$ 114,660

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Mortgage backed securities
Changes in fair value of assets
Beginning Balance	$ 460	$ 12,148
Purchases or Originations	12,640	9,593
Sales / Principal payments	(13)	(2,230)
Realized gains (losses), net		517
Unrealized gains (losses), net	(348)	98
Accreted discount, net	12	141
Transfer to (from) Level 3	12,380	(19,807)
Ending Balance	25,131	460
Total unrealized gain (loss)	602	355
Derivatives
Changes in fair value of assets
Beginning Balance	2,814	1,776
Unrealized gains (losses), net	13,549	1,038
Ending Balance	16,363	2,814
Total unrealized gain (loss)	16,363	1,038
Loans, held at fair value
Changes in fair value of assets
Beginning Balance	20,212	22,664
Purchases or Originations	106,704
Sales / Principal payments	(37,435)	(2,744)
Realized gains (losses), net	350	(141)
Unrealized gains (losses), net	(1,105)	433
Ending Balance	88,726	20,212
Total unrealized gain (loss)	(293)	647
Mortgage servicing rights
Changes in fair value of assets
Beginning Balance	91,174	93,065
Additions due to loans sold, servicing retained	43,701	26,854
Sales / Principal payments	(20,777)	(10,178)
Unrealized gains (losses), net	(37,258)	(18,567)
Ending Balance	76,840	91,174
Total unrealized gain (loss)	$ (47,209)	$ (18,567)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation and Inputs, at FV (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Recurring
Fair value inputs, quantitative information
Asset, fair value	$ 610,228	$ 399,176
Liabilities, fair value	11,604	5,250
Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	207,060	114,660
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	113,900	20,700
Loans, held at fair value
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	88,726	20,212	$ 22,664
Mortgage backed securities
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	25,131	460	12,148
Mortgage servicing rights
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	76,840	91,174	$ 93,065
Mortgage servicing rights | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 76,840	91,174
Servicing Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Mortgage servicing rights | Recurring | Level 3 inputs | Discounted Cash Flow
Fair value inputs, quantitative information
Servicing Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivative instruments | Recurring | Level 3 inputs | Market Approach
Fair value inputs, quantitative information
Asset, fair value	$ 16,363	$ 2,814
Derivative instruments | Recurring | Level 3 inputs | Origination Pull-Through Rate | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.4762	0.4800
Derivative instruments | Recurring | Level 3 inputs | Origination Pull-Through Rate | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	1	1
Derivative instruments | Recurring | Level 3 inputs | Origination Pull-Through Rate | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.841	0.841
Derivative instruments | Recurring | Level 3 inputs | Servicing Fee Multiple | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.0051	0.0035
Derivative instruments | Recurring | Level 3 inputs | Servicing Fee Multiple | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.128	0.080
Derivative instruments | Recurring | Level 3 inputs | Servicing Fee Multiple | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.036	0.052
Derivative instruments | Recurring | Level 3 inputs | Percentage of Unpaid Principal Balance | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.0013	0.0009
Derivative instruments | Recurring | Level 3 inputs | Percentage of Unpaid Principal Balance | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.029	0.033
Derivative instruments | Recurring | Level 3 inputs | Percentage of Unpaid Principal Balance | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.011	0.017

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities, Not at FV (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Purchased future receivables, net	$ 17,308	$ 43,265
Liabilities:
Senior secured notes, net	179,659	179,289
Carrying Amount
Assets:
Loans, held-for-investment	4,009,636	4,033,972
Purchased future receivables, net	17,308	43,265
Servicing rights	37,823	30,795
Total assets	4,064,767	4,108,032
Liabilities:
Secured borrowings	1,370,519	1,189,392
Securitized debt obligations of consolidated VIEs	1,905,749	1,815,154
Senior secured notes, net	179,659	179,289
Guaranteed loan financing	401,705	485,461
Convertible note, net	112,129	111,040
Corporate debt, net	150,989	149,986
Total liabilities	4,120,750	3,930,322
Carrying Amount | Level 3 inputs
Assets:
Due from servicers and accrued interest	23,800	20,700
Receivable from third parties	1,200
Liabilities:
Payable to related parties and accrued interest payable	23,800	20,000
Fair Value
Assets:
Loans, held-for-investment	4,103,200	4,147,831
Purchased future receivables, net	17,308	43,265
Servicing rights	47,567	34,723
Total assets	4,168,075	4,225,819
Liabilities:
Secured borrowings	1,370,519	1,189,392
Securitized debt obligations of consolidated VIEs	1,907,541	1,859,047
Senior secured notes, net	188,114	190,923
Guaranteed loan financing	426,348	515,182
Convertible note, net	68,186	116,654
Corporate debt, net	151,209	161,098
Total liabilities	$ 4,111,917	$ 4,032,296

Mortgage Backed Securities (Det

Mortgage Backed Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Mortgage Backed Securities
Fair Value	$ 88,011	$ 92,466
Mortgage backed securities
Mortgage Backed Securities
Weighted Average Interest Rate	4.10%	4.60%
Principal Balance	$ 212,574	$ 119,237
Amortized Cost	91,636	86,669
Fair Value	88,011	92,466
Gross Unrealized Gains	2,106	5,839
Gross Unrealized Losses	$ (5,731)	$ (42)
Mortgage Backed Securities Weighted Average Interest Rate
After five years through ten years (as percent)	6.00%	3.80%
After ten years (as percent)	2.80%	4.70%
Mortgage Backed Securities Principal Balance
After five years through ten years	$ 92	$ 2,869
After ten years	212,482	116,368
Mortgage Backed Securities Amortized Cost
After five years through ten years	92	2,641
After ten years	91,544	84,028
Mortgage Backed Securities Estimated Fair Value
After five years through ten years	91	2,825
After ten years	$ 87,920	$ 89,641
Freddie Mac Loans
Mortgage Backed Securities
Weighted Average Interest Rate	3.70%	4.30%
Principal Balance	$ 139,408	$ 83,149
Amortized Cost	52,320	61,207
Fair Value	53,509	66,108
Gross Unrealized Gains	1,880	4,915
Gross Unrealized Losses	$ (691)	$ (14)
Commercial Loans
Mortgage Backed Securities
Weighted Average Interest Rate	4.50%	5.40%
Principal Balance	$ 73,074	$ 35,984
Amortized Cost	39,224	25,358
Fair Value	34,411	26,255
Gross Unrealized Gains	226	924
Gross Unrealized Losses	$ (5,039)	$ (27)
Tax Liens
Mortgage Backed Securities
Weighted Average Interest Rate	6.00%	6.00%
Principal Balance	$ 92	$ 104
Amortized Cost	92	104
Fair Value	91	103
Gross Unrealized Losses	$ (1)	$ (1)

Servicing rights (Details)

Servicing rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Servicing rights
Unpaid Principal Amount			$ 2,145,133	$ 1,735,493
Carrying Value	$ 37,823	$ 30,795	37,823	30,795
Total servicing rights			114,663	121,969
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	30,795
Ending net carrying value at amortized cost	37,823	30,795
Residential MSRs
Servicing rights
Unpaid Principal Amount			9,528,886	8,164,604
Servicing rights activity at fair value
Beginning net carrying value at fair value	91,174	93,065
Additions due to loans sold, servicing retained	43,701	26,854
Loan pay-offs	(20,777)	(10,178)
Unrealized gains (losses)	(37,258)	(18,567)
Ending net carrying value at fair value	76,840	91,174
Freddie Mac
Servicing rights
Unpaid Principal Amount			1,501,998	1,167,476
Carrying Value	19,059	10,248	19,059	13,135
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	13,135	10,248
Additions due to loans sold, servicing retained	8,850	5,195
Amortization	(2,926)	(2,308)
Ending net carrying value at amortized cost	19,059	13,135
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount			3,071,312	2,270,981
Servicing rights activity at fair value
Beginning net carrying value at fair value	23,996
Ending net carrying value at fair value	23,309	23,996
SBA
Servicing rights
Unpaid Principal Amount			643,135	568,017
Carrying Value	18,764	16,749	18,764	17,660
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	17,660	16,749
Additions due to loans sold, servicing retained	4,153	4,364
Amortization	(3,555)	(3,393)
Impairment	506	(60)
Ending net carrying value at amortized cost	18,764	17,660
SBA | Freddie Mac
Servicing rights
Carrying Value	30,795	30,795	$ 37,823	$ 30,795
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	30,795
Ending net carrying value at amortized cost	$ 37,823	$ 30,795

Servicing rights - Estimated va

Servicing rights - Estimated valuation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Freddie Mac | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	0.10%	0.50%
Forward default rate	0.00%	0.00%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.20%	0.20%
Freddie Mac | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	5.10%	15.90%
Forward default rate	0.40%	0.50%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.30%	0.30%
Freddie Mac | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	2.40%	6.60%
Forward default rate	0.30%	0.40%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.20%	0.20%
SBA | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	6.70%	6.30%
Forward default rate	0.00%	0.00%
Discount rate	4.50%	8.80%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	20.80%	21.20%
Forward default rate	10.50%	10.80%
Discount rate	4.50%	8.80%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	8.50%	9.30%
Forward default rate	8.20%	7.30%
Discount rate	4.50%	8.80%
Servicing expense (as a percent)	0.40%	0.40%

Servicing rights - Assumptions

Servicing rights - Assumptions (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Freddie Mac
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	$ (163)	$ (285)
Prepayment rate (20% adverse change)	(324)	(558)
Default rate (10% adverse change)	(6)	(5)
Default rate (20% adverse change)	(13)	(10)
Discount rate (10% adverse change)	(678)	(381)
Discount rate (20% adverse change)	(1,324)	(746)
SBA
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	(729)	(563)
Prepayment rate (20% adverse change)	(1,420)	(1,097)
Default rate (10% adverse change)	(150)	(94)
Default rate (20% adverse change)	(298)	(186)
Discount rate (10% adverse change)	(395)	(520)
Discount rate (20% adverse change)	$ (777)	$ (1,011)

Servicing rights - Amortization

Servicing rights - Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Future amortization expense for the servicing rights
2021	$ 7,146
2022	6,265
2023	5,492
2024	4,815
2025	4,217
Thereafter	9,888
Total	$ 37,823	$ 30,795

Servicing rights - Residential

Servicing rights - Residential mortgage servicing rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Servicing rights
Unpaid Principal Amount	$ 2,145,133	$ 1,735,493
Residential MSRs
Servicing rights
Unpaid Principal Amount	9,528,886	8,164,604
Fair Value	76,840	91,174	$ 93,065
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(5,049)	(4,195)
Prepayment rate (20% adverse change)	(9,701)	(8,091)
Discount rate (10% adverse change)	(2,601)	(3,450)
Discount rate (20% adverse change)	(5,028)	(6,654)
Cost of servicing (10% adverse change)	(1,469)	(1,648)
Cost of servicing (20% adverse change)	(2,938)	(3,297)
Fannie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,700,450	3,388,630
Fair Value	27,632	37,309
Ginnie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	2,757,124	2,504,993
Fair Value	25,899	29,869
Freddie Mac
Servicing rights
Unpaid Principal Amount	1,501,998	1,167,476
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(163)	(285)
Prepayment rate (20% adverse change)	(324)	(558)
Discount rate (10% adverse change)	(678)	(381)
Discount rate (20% adverse change)	(1,324)	(746)
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,071,312	2,270,981
Fair Value	$ 23,309	$ 23,996
Minimum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	12.60%	7.10%
Discount rate	9.10%	9.00%
Servicing expense	$ 70	$ 70
Minimum | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	0.10%	0.50%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.20%	0.20%
Maximum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	31.40%	18.70%
Discount rate	11.70%	11.00%
Servicing expense	$ 85	$ 85
Maximum | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	5.10%	15.90%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.30%	0.30%
Weighted Average | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	14.30%	10.10%
Discount rate	9.80%	9.60%
Servicing expense	$ 74	$ 75
Weighted Average | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	2.40%	6.60%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.20%	0.20%

Residential mortgage banking _3

Residential mortgage banking activities and variable expenses on residential mortgage banking activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Residential mortgage banking activities
Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value	$ 198,937	$ 54,640	$ 36,240
Creation of new mortgage servicing rights, net of payoffs	22,919	16,676	15,075
Loan origination fee income on residential mortgage loans	20,802	10,702	9,371
Unrealized gains (loss) on IRLCs and other derivatives	10,062	1,521	(834)
Residential mortgage banking activities	252,720	83,539	59,852
Variable expenses on residential mortgage banking activities	$ (114,510)	$ (51,760)	$ (22,228)

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2019USD ($)
Secured borrowings and promissory note
Carrying Value, Secured borrowings	$ 1,370,519		$ 1,189,392
Secured borrowings
Secured borrowings and promissory note
Current facility size	2,760,403
Pledged Assets Carrying Value	1,767,319		1,668,460
Carrying Value, Secured borrowings	1,370,519		1,189,392
Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	1,331,752
Pledged Assets Carrying Value	631,014		561,257
Carrying Value, Secured borrowings	$ 542,950		$ 380,203
Weighted average interest rate of borrowings (as a percent)	2.80%	2.80%	4.00%
Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 1,428,651
Pledged Assets Carrying Value	1,136,305		$ 1,107,203
Carrying Value, Secured borrowings	$ 827,569		$ 809,189
Weighted average interest rate of borrowings (as a percent)	3.30%	3.30%	4.20%
PPP Loans
Secured borrowings and promissory note
Carrying Value, Secured borrowings	$ 76,276
Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Pledged Assets Carrying Value			$ 43,265
Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Pledged Assets Carrying Value	72,179		113,436
JPMorgan | Acquired SBA Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	200,000
Pledged Assets Carrying Value	52,068
Carrying Value, Secured borrowings	$ 36,604		88,972
JPMorgan | Acquired SBA Loans | Borrowings under credit facilities | One Month LIBOR | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.25%
JPMorgan | Acquired SBA Loans | Borrowings under credit facilities | One Month LIBOR | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.875%
JPMorgan | Transitional loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 400,000
Pledged Assets Carrying Value	375,035
Carrying Value, Secured borrowings	$ 247,616		250,466
JPMorgan | Transitional loans | Borrowings under repurchase agreements | One Month LIBOR | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.25%
JPMorgan | Transitional loans | Borrowings under repurchase agreements | One Month LIBOR | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	4.00%
JPMorgan | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 65,407
Pledged Assets Carrying Value	107,347
Carrying Value, Secured borrowings	$ 65,407		93,715
JPMorgan | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.54%
JPMorgan | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	4.75%
Keybank | Freddie Mac Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 100,000
Pledged Assets Carrying Value	51,248
Carrying Value, Secured borrowings	$ 50,408		21,513
Keybank | Freddie Mac Loans | Borrowings under credit facilities | One Month LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.30%
East West Bank | SBA loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 50,000
Pledged Assets Carrying Value	50,516
Carrying Value, Secured borrowings	$ 40,542		13,294
East West Bank | SBA loans | Borrowings under credit facilities | Prime rate | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	(0.821%)
East West Bank | SBA loans | Borrowings under credit facilities | Prime rate | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	0.29%
East West Bank | Residential MSRs | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 50,000
Pledged Assets Carrying Value	50,941
Carrying Value, Secured borrowings	$ 34,400		39,900
East West Bank | Residential MSRs | Borrowings under credit facilities | One Month LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.50%
Credit Suisse | Acquired loans (non USD) | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 244,280	€ 200
Pledged Assets Carrying Value	59,353
Carrying Value, Secured borrowings	$ 36,840		37,646
Credit Suisse | Acquired loans (non USD) | Borrowings under credit facilities | Euribor Rate | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.50%
Credit Suisse | Acquired loans (non USD) | Borrowings under credit facilities | Euribor Rate | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.00%
Credit Suisse | Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 150,000
Carrying Value, Secured borrowings			$ 34,900
Credit Suisse | Purchased future receivables | Borrowings under credit facilities | One Month LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	4.50%
FCB | Acquired loans | Borrowings under credit facilities
Secured borrowings and promissory note
Pricing, stated rate (as a percent)			2.75%
Carrying Value, Secured borrowings			$ 1,354
Comerica Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 125,000
Pledged Assets Carrying Value	84,755
Carrying Value, Secured borrowings	$ 78,312		56,822
Comerica Bank | Residential loans | Borrowings under credit facilities | One Month LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.75%
TBK Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 150,000
Pledged Assets Carrying Value	129,043
Carrying Value, Secured borrowings	123,951		52,151
Origin Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Pledged Assets Carrying Value	29,381
Carrying Value, Secured borrowings	27,450		15,343
Associated Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Pledged Assets Carrying Value	16,962
Carrying Value, Secured borrowings	$ 15,556		5,823
Associated Bank | Residential loans | Borrowings under credit facilities | One Month LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.50%
Rabobank | Real estate | Borrowings under credit facilities
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	4.22%	4.22%
Current facility size	$ 14,500
Carrying Value, Secured borrowings			12,485
Federal Reserve Bank of Minneapolis | PPP Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	0.35%	0.35%
Current facility size	$ 105,222
Pledged Assets Carrying Value	73,799
Carrying Value, Secured borrowings	76,276
Bank of the Sierra | Real estate | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	22,750
Pledged Assets Carrying Value	32,948
Carrying Value, Secured borrowings	$ 22,611
Bank of the Sierra | Real estate | Borrowings under credit facilities | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	3.25%	3.25%
Bank of the Sierra | Real estate | Borrowings under credit facilities | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	3.45%	3.45%
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 500,000
Pledged Assets Carrying Value	196,304
Carrying Value, Secured borrowings	$ 210,735		124,718
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.50%
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | One Month LIBOR | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.25%
Citibank | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 58,076
Pledged Assets Carrying Value	111,796
Carrying Value, Secured borrowings	$ 58,076		56,189
Citibank | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.25%
Citibank | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.75%
Deutsche Bank | Fixed rate, Transitional loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 350,000
Pledged Assets Carrying Value	266,014
Carrying Value, Secured borrowings	$ 190,567		141,356
Deutsche Bank | Fixed rate, Transitional loans | Borrowings under repurchase agreements | Three Month LIBOR | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.00%
Deutsche Bank | Fixed rate, Transitional loans | Borrowings under repurchase agreements | Three Month LIBOR | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.40%
Deutsche Bank | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.54%
Current facility size	$ 16,354
Pledged Assets Carrying Value	20,189
Carrying Value, Secured borrowings	16,354		44,730
Bank of America | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Carrying Value, Secured borrowings			$ 38,954
Bank of America | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)			1.31%
Bank of America | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)			1.61%
RBC | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	38,814
Pledged Assets Carrying Value	59,620
Carrying Value, Secured borrowings	$ 38,814		$ 59,061
RBC | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	3.05%	3.05%
RBC | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	4.43%	4.43%

Secured Borrowings - Collateral

Secured Borrowings - Collateral Pledged (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Secured borrowings
Collateral pledged
Pledged Assets Carrying Value	$ 1,767,319	$ 1,668,460
Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	631,014	561,257
Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	1,136,305	1,107,203
Real estate, held for sale | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	32,948	19,950
Real estate acquired in settlement of loans | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	829
Loans, held for sale, at fair value | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	313,844	159,928
Loans, held for sale, at fair value | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	17,850
Loans, net | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	159,482	276,810
Loans, net | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	815,603	721,887
Loans, held at fair value | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	73,799
Loans, held at fair value | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	3,071
Mortgage servicing rights | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	50,941	61,304
Purchased future receivables | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value		43,265
Mortgage backed securities | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	72,179	113,436
Retained interest in assets of consolidated VIEs | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	$ 226,773	$ 271,880

Senior secured notes, convert_3

Senior secured notes, convertible notes, and corporate debt, net (Details)	Jul. 22, 2019USD ($)	Apr. 29, 2018	Apr. 27, 2018USD ($)	Aug. 09, 2017USD ($)$ / shares	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 02, 2019USD ($)	Jan. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Senior secured notes, Convertible notes, and Corporate debt
Unamortized deferred financing costs					$ (2,612,000)	$ (2,046,000)
Total Senior secured notes, net					179,659,000	179,289,000
Total Corporate debt, net					150,989,000	149,986,000
Total Convertible notes, net					112,129,000	111,040,000
Total carrying amount of debt components					442,777,000
Total carrying amount of conversion option of equity components recorded in additional paid-in capital					1,059,000
Proceeds from Issuance of Secured Debt					(50,000)	$ 104,687,000	$ 91,328,000
Contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt
2021					50,000,000
2022					180,000,000
2023					115,000,000
Thereafter					104,250,000
Total contractual amounts					449,250,000
Unamortized deferred financing costs, discounts, and premiums, net					(6,473,000)
Total carrying amount of debt components					442,777,000
On or after July 30, 2022 and before July 30, 2025
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)	101.00%
Senior Secured Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value					$ 180,000,000
Interest rate (as a percent)					7.50%
Unamortized premium					$ 896,000
Unamortized deferred financing costs					(1,236,000)
Total Senior secured notes, net					179,659,000
Convertible Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value				$ 115,000,000	$ 115,000,000
Interest rate (as a percent)				7.00%	7.00%
Conversion ratio				1.5994
Principal amount of notes for conversion				$ 25
Initial conversion price | $ / shares				$ 15.63
Principal amount of the notes to be redeemed (as a percent)				100.00%
Threshold period of specified consecutive trading days within which common stock price to conversion price of convertible debt instruments must exceed threshold percentage for a specified number of trading days to trigger conversion feature					30
Threshold period of specified consecutive trading days within which the common stock price, used in a calculation with with the conversion rate, the result of which must exceed the threshold percentage					5 days
Specified period of time used to calculate average closing market price of common stock to be used as a factor in determining potential trigger of conversion feature					10 days
Gross carrying value of convertible notes				$ 112,700,000
Gross carrying value of the equity component				$ 2,300,000
Unamortized discount					$ (1,059,000)
Unamortized deferred financing costs					(1,812,000)
Total Convertible notes, net					$ 112,129,000
Convertible Notes | Minimum
Senior secured notes, Convertible notes, and Corporate debt
Percentage of common stock price to conversion price of convertible debt instruments to determine eligibility of conversion					120.00%
Threshold number of specified trading days that common stock price to conversion price of convertible debt instruments must exceed threshold percentage within a specified consecutive trading period to trigger conversion feature | item					20
The threshold percentage that per share value of distributions exceeds the average market price which may trigger the conversion feature					10.00%
Convertible Notes | Maximum
Senior secured notes, Convertible notes, and Corporate debt
Threshold percentage of the trading price of the convertible debt instrument to the product of the conversion rate and the closing stock price during any five consecutive trading day period					98.00%
Corporate Debt
Senior secured notes, Convertible notes, and Corporate debt
Unamortized premium					$ 378,000
Unamortized deferred financing costs					(3,639,000)
Total Corporate debt, net					150,989,000
6.50% Senior Notes due 2021
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value			$ 50,000,000		$ 50,000,000
Interest rate (as a percent)			6.50%		6.50%
6.50% Senior Notes due 2021 | On or after April 30, 2019 and before April 30, 2020
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)		101.00%	101.00%
6.50% Senior Notes due 2021 | On or after April 30, 2020
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)			100.00%
6.20% Senior Notes due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value	$ 57,500,000				$ 104,250,000			$ 45,000,000
Interest rate (as a percent)	6.20%				6.20%
Proceeds from Issuance of Secured Debt	$ 55,300,000
6.20% Senior Notes due 2026 | On or after July 30, 2022 and before July 30, 2025
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)	101.00%
6.20% Senior Notes due 2026 | On or after July 30, 2025
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)	100.00%
6.20% Senior Notes due 2026 | Over-allotment option
Senior secured notes, Convertible notes, and Corporate debt
Proceeds from Issuance of Secured Debt	$ 7,500,000
ReadyCap Holdings LLC | Senior Secured Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value									$ 40,000,000	$ 140,000,000
Interest rate (as a percent)									7.50%	7.50%
Yield-to-maturity (as a percent)									6.50%

Guaranteed Loan Financing (Deta

Guaranteed Loan Financing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Ending balance	$ 401,705	$ 485,461
Guaranteed loan financing
Ending balance	$ 401,705	$ 485,461
Guaranteed loan financing | Weighted Average
Interest Rates	3.76%	5.45%
Guaranteed loan financing | Minimum
Interest Rates	0.99%	1.70%
Guaranteed loan financing | Maximum
Interest Rates	6.50%	7.50%

Guaranteed Loan Financing - Mat

Guaranteed Loan Financing - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Contractual maturities of total guaranteed loan financing outstanding
2021	$ 395
2022	1,420
2023	2,340
2024	3,429
2025	3,689
Thereafter	390,432
Total	401,705
Guaranteed loan financing
Contractual maturities of total guaranteed loan financing outstanding
Loans held-for-investment pledged as security against guaranteed loan financing	$ 403,000	$ 487,200

Variable interest entities an_3

Variable interest entities and securitization activities - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable interest entities
Current Principal Balance	$ 2,145,133	$ 1,735,493
Current principal balance of non-company sponsored securitized loans	63,100	7,300
Consolidated VIEs
Variable interest entities
Current Principal Balance	1,891,797	1,845,886
Carrying value	$ 1,842,680	$ 1,807,883
Weighted Average Rate	3.30%	3.70%
Waterfall Victoria Mortgage Trust 2011-SBC2
Variable interest entities
Current Principal Balance	$ 4,055	$ 6,399
Carrying value	$ 4,055	$ 6,399
Weighted Average Rate	5.50%	5.50%
ReadyCap Lending Small Business Trust 2019-2
Variable interest entities
Current Principal Balance	$ 103,030	$ 131,032
Carrying value	$ 101,468	$ 129,007
Weighted Average Rate	3.10%	4.30%
Sutherland Commercial Mortgage Trust 2017-SBC6
Variable interest entities
Current Principal Balance	$ 27,035	$ 42,309
Carrying value	$ 26,555	$ 41,486
Weighted Average Rate	3.60%	3.40%
Sutherland Commercial Mortgage Trust 2018-SBC7
Variable interest entities
Current Principal Balance	$ 79,302	$ 138,235
Carrying value	$ 78,168	$ 136,212
Weighted Average Rate	4.70%	4.70%
Sutherland Commercial Mortgage Trust 2019-SBC8
Variable interest entities
Current Principal Balance	$ 178,911	$ 219,617
Carrying value	$ 176,307	$ 216,981
Weighted Average Rate	2.90%	2.90%
Sutherland Commercial Mortgage Trust 2020-SBC9
Variable interest entities
Current Principal Balance	$ 131,729
Carrying value	$ 129,014
Weighted Average Rate	3.80%
ReadyCap Commercial Mortgage Trust 2014-1
Variable interest entities
Current Principal Balance	$ 10,880	$ 18,626
Carrying value	$ 10,858	$ 18,632
Weighted Average Rate	5.80%	5.60%
ReadyCap Commercial Mortgage Trust 2015-2
Variable interest entities
Current Principal Balance	$ 45,075	$ 64,239
Carrying value	$ 35,183	$ 61,443
Weighted Average Rate	4.80%	4.50%
ReadyCap Commercial Mortgage Trust 2016-3
Variable interest entities
Current Principal Balance	$ 26,371	$ 32,269
Carrying value	$ 25,286	$ 30,777
Weighted Average Rate	4.70%	4.70%
ReadyCap Commercial Mortgage Trust 2018-4
Variable interest entities
Current Principal Balance	$ 94,273	$ 121,179
Carrying value	$ 91,098	$ 117,428
Weighted Average Rate	4.00%	3.90%
ReadyCap Commercial Mortgage Trust 2019-5
Variable interest entities
Current Principal Balance	$ 229,232	$ 309,296
Carrying value	$ 220,605	$ 299,273
Weighted Average Rate	4.20%	4.10%
ReadyCap Commercial Mortgage Trust 2019-6
Variable interest entities
Current Principal Balance	$ 359,266	$ 379,400
Carrying value	$ 348,773	$ 371,939
Weighted Average Rate	3.20%	3.20%
Ready Capital Mortgage Financing 2018-FL2
Variable interest entities
Current Principal Balance	$ 48,979	$ 115,381
Carrying value	$ 48,975	$ 114,057
Weighted Average Rate	2.40%	3.80%
Ready Capital Mortgage Financing 2019-FL3
Variable interest entities
Current Principal Balance	$ 229,440	$ 267,904
Carrying value	$ 227,950	$ 264,249
Weighted Average Rate	2.00%	3.50%
Ready Capital Mortgage Financing 2020-FL4
Variable interest entities
Current Principal Balance	$ 324,219
Carrying value	$ 318,385
Weighted Average Rate	3.10%

Variable interest entities an_4

Variable interest entities and securitization activities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 138,975	$ 67,928	$ 54,406
Restricted cash	47,697	51,728	$ 28,921
Loans, held for sale, at fair value	340,288	188,077
Accrued interest	12,656	10,583
Total Assets	5,372,095	4,977,018
Liabilities
Secured borrowings	1,370,519	1,189,392
Total Liabilities	4,537,887	4,132,234
Consolidated VIEs
Assets
Loans, net	2,472,807	2,326,199
Total Assets	2,518,743	2,378,486
Liabilities
Secured borrowings	1,905,749	1,815,154
Reportable Legal Entities | Consolidated VIEs
Assets
Cash and cash equivalents	20	23
Restricted cash	13,790	8,301
Loans, net	2,472,807	2,326,199
Loans, held for sale, at fair value		4,434
Real estate, held for sale	4,456
Due from servicers	10,995	27,964
Accrued interest	16,675	11,565
Total Assets	2,518,743	2,378,486
Liabilities
Secured borrowings	1,905,749	1,815,154
Total Liabilities	$ 1,905,749	$ 1,815,154

Variable interest entities an_5

Variable interest entities and securitization activities - Assets of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying amount
Mortgage backed securities, at fair value	$ 88,011	$ 92,466
Investment in unconsolidated joint ventures	79,509	58,850
Total Assets	5,372,095	4,977,018
Unconsolidated VIEs
Carrying amount
Mortgage backed securities, at fair value	80,690	66,108
Investment in unconsolidated joint ventures	28,290	58,850
Total Assets	108,980	124,958
Maximum Exposure to Loss
Mortgage backed securities, at fair value	80,690	66,108
Investment in unconsolidated joint venture	28,290	58,850
Total assets in unconsolidated VIEs maximum exposure to loss	$ 108,980	$ 124,958

Interest income and interest _3

Interest income and interest expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest income
Total loans	$ 243,648	$ 218,267	$ 159,957
Total loans, held for sale, at fair value	8,891	5,553	5,328
Mortgage backed securities, at fair value	6,097	6,096	4,214
Total interest income	258,636	229,916	169,499
Interest expense
Secured borrowings	(45,430)	(49,009)	(35,481)
Securitized debt obligations of consolidated VIEs	(78,029)	(69,152)	(36,988)
Guaranteed loan financing	(18,399)	(5,125)	(11,613)
Senior secured note	(13,870)	(13,920)	(13,702)
Convertible note	(8,752)	(8,752)	(8,748)
Corporate debt	(11,001)	(5,922)	(2,706)
Total interest expense	(175,481)	(151,880)	(109,238)
Net interest income before provision for loan losses	83,155	78,036	60,261
Acquired SBA 7(a) loans
Interest income
Total loans	18,251	20,687	32,278
Acquired loans
Interest income
Total loans	57,471	63,879	46,154
Total loans, held for sale, at fair value	166	217	153
Originated Transitional loans
Interest income
Total loans	88,271	69,217	48,499
Originated SBC loans, at fair value
Interest income
Total loans	1,938	1,383	3,599
Originated SBC loans
Interest income
Total loans	57,134	51,617	24,948
Originated SBA 7(a) loans
Interest income
Total loans	20,434	11,409	4,428
Originated Residential Agency loans
Interest income
Total loans	149	75	51
Total loans, held for sale, at fair value	7,532	4,328	3,747
Originated Freddie Mac loans
Interest income
Total loans, held for sale, at fair value	$ 1,193	$ 1,008	$ 1,428

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Notional Amount	$ 1,491,350	$ 717,609
Asset Derivatives Fair Value	16,363	2,814
Liabilities Derivatives Fair Value	(11,604)	(5,250)
Derivative gain (loss)
Net Realized Gain (Loss)	(4,998)	(6,221)
Unrealized Gain (Loss)	2,177	(880)
Total change in OCI for period	(1,526)	(5,724)
Total income statement impact			$ (954)
Designated as Hedging
Derivative gain (loss)
Derivatives - effective portion reclassified from AOCI to income	(1,359)	(513)
Hedge ineffectiveness recorded directly in income	(1,694)
Total income statement impact	(3,053)	(513)
Derivatives- effective portion recorded in OCI	(4,579)	(6,237)
Total change in OCI for period	(1,526)	(5,724)
Credit default swaps
Liabilities Derivatives Fair Value	(174)	(110)
Derivative gain (loss)
Unrealized Gain (Loss)	(65)	(404)
Credit default swaps | Credit Risk
Notional Amount	15,000	15,000
Liabilities Derivatives Fair Value	(174)	(110)
Interest rate swap
Liabilities Derivatives Fair Value	(11,670)	(4,374)
Derivative gain (loss)
Net Realized Gain (Loss)	(3,981)	(6,221)
Unrealized Gain (Loss)	(7,297)	(1,747)
Interest rate swap | Not Designated as Hedging | Interest Rate Risk
Notional Amount	160,801	63,501
Liabilities Derivatives Fair Value	(952)	(2,665)
Interest rate swap | Designated as Hedging | Interest Rate Risk
Notional Amount	132,325	158,325
Liabilities Derivatives Fair Value	(5,701)	(1,709)
TBA agency securities
Liabilities Derivatives Fair Value	(4,004)	(516)
Derivative gain (loss)
Unrealized Gain (Loss)	(3,527)	483
TBA agency securities | Interest Rate Risk
Notional Amount	565,000	227,500
Liabilities Derivatives Fair Value	(4,004)	(516)
Interest rate lock commitments (IRLCs)
Derivative gain (loss)
Unrealized Gain (Loss)	13,589	1,038
Interest rate lock commitments (IRLCs) | Interest Rate Risk
Notional Amount	614,358	238,283
Asset Derivatives Fair Value	16,363	2,814
FX forwards
Liabilities Derivatives Fair Value	(773)	(250)
Derivative gain (loss)
Net Realized Gain (Loss)	(1,017)
Unrealized Gain (Loss)	(523)	(250)
FX forwards | Foreign Exchange Rate Risk
Notional Amount	3,866	15,000
Liabilities Derivatives Fair Value	$ (773)	$ (250)

Real estate, held for sale (Det

Real estate, held for sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate acquired
Acquired ORM portfolio	$ 43,434	$ 52,883
Other REO held for sale	1,914	5,690
Total Real estate, held for sale	45,348	58,573
Consolidated VIEs
Real estate acquired
Other REO held for sale	4,500	4,500
Retail
Real estate acquired
Acquired ORM portfolio	18,700	19,950
Other REO held for sale	660	660
Mixed Use
Real estate acquired
Acquired ORM portfolio	14,248	17,478
Other REO held for sale		279
Land
Real estate acquired
Acquired ORM portfolio	7,256	7,919
Lodging/Residential
Real estate acquired
Acquired ORM portfolio	3,230	6,280
Office
Real estate acquired
Acquired ORM portfolio		1,256
Other REO held for sale	829	4,465
SBA
Real estate acquired
Other REO held for sale	$ 425	$ 286

Agreements and transactions w_3

Agreements and transactions with related parties (Details)	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related-party transactions
Amount unpaid	$ 4,088,000	$ 2,697,000
Purchase of loans, held-for-investment	242,532,000	739,002,000	$ 369,418,000
Investment in unconsolidated joint ventures	$ 79,509,000	58,850,000
Management agreement
Related-party transactions
Automatically renewal period	1 year
Minimum notice period for termination	180 days
Termination fee multiplier	3
Period immediately preceding the termination used as basis for determination of the termination fee due	24 months
Management fee
Related-party transactions
Fee percentage for results up to threshold	1.50%
Fee threshold	$ 500,000,000
Fee percentage for results in excess of threshold	1.00%
Temporary reduction in the quarterly base management fee following the effective date of the merger	$ 1,000,000
Number of quarters the temporary reduction in quarterly base management fee is effective | item	4
Incentive distribution
Related-party transactions
Incentive multiplier	15.00%
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
Minimum | Management agreement
Related-party transactions
Independent director votes required for approval	0.667%
Manager | Management fee
Related-party transactions
Fees	$ 10,700,000	9,600,000
Amount unpaid	2,700,000	2,600,000
Manager | Incentive distribution
Related-party transactions
Fees	6,000,000	100,000
Amount unpaid	1,300,000	100,000
Manager | Expense reimbursement
Related-party transactions
Reimbursable expenses	8,400,000	7,000,000
Amount unpaid	$ 5,300,000	$ 4,200,000

Other assets and other liabil_3

Other assets and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other assets:
Deferred tax asset	$ 18,396	$ 31,803
Tax receivable		4,019
Deferred loan exit fees	13,940	13,039
Accrued interest	12,656	10,583
Due from servicers	11,171	10,127
Right-of-use assets	3,172	4,531
Goodwill	11,206	11,206
Intangible assets	6,986	8,309
Deferred financing costs	2,612	2,046
Other assets	9,364	11,262
Total other assets	89,503	106,925
Accounts payable and other accrued liabilities:
Deferred tax liability	16,839	18,757
Accrued salaries, wages and commissions	35,724	21,146
Accrued interest payable	19,695	17,305
Servicing principal and interest payable	7,318	14,145
Repair and denial reserve	9,557	5,179
Payable to related parties	4,088	2,697
Accrued professional fees	1,365	1,809
Lease payable	3,670	4,618
Deferred PPP loan revenue	10,700
Other liabilities	26,699	11,751
Total accounts payable and other accrued liabilities	135,655	97,407
Loan indemnification reserve
Loan indemnification reserve	$ 4,100	$ 2,100

Other Asset and Other Liabiliti

Other Asset and Other Liabilities - Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-lived intangible assets	$ 5,986
Total Intangible Assets	6,986	$ 8,309
Amortization expense	1,300	500
Total Accumulated Amortization	2,597
Future amortization of lease intangibles
2021	1,295
2022	1,268
2023	1,242
2024	1,032
2025	787
Thereafter	362
Net amount	5,986
SBA license
Indefinite-lived intangible assets	1,000	1,000
Internally developed software | Knight Capital
Finite-lived intangible assets	$ 3,061	3,694
Estimated Useful Life	6 years
Total Accumulated Amortization	$ 739
Future amortization of lease intangibles
Net amount	3,061	3,694
Broker network | Knight Capital
Finite-lived intangible assets	$ 889	1,156
Estimated Useful Life	4 years 6 months
Total Accumulated Amortization	$ 311
Future amortization of lease intangibles
Net amount	889	1,156
Trade name | Knight Capital
Finite-lived intangible assets	$ 709	855
Estimated Useful Life	6 years
Total Accumulated Amortization	$ 171
Future amortization of lease intangibles
Net amount	709	855
Trade name | GMFS
Finite-lived intangible assets	$ 559	699
Estimated Useful Life	15 years
Total Accumulated Amortization	$ 664
Future amortization of lease intangibles
Net amount	559	699
Favorable lease
Finite-lived intangible assets	$ 768	905
Estimated Useful Life	12 years
Total Accumulated Amortization	$ 712
Future amortization of lease intangibles
Net amount	$ 768	$ 905

Other income and operating ex_3

Other income and operating expenses - Paycheck Protection Program (Details) $ in Thousands	Apr. 28, 2020	Apr. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Paycheck Protection Program (PPP)
Number of non-bank SBA lenders | item				14
Origination costs				$ 19,815	$ 10,168	$ 7,752
Deferred servicing and forgiveness fees				10,700
PPP Loans
Paycheck Protection Program (PPP)
Loans funded		$ 114,700		2,700,000
PPP processing fees		$ 5,200
Deferred servicing and forgiveness fees				10,700
Lender Service Provider Agreement
Paycheck Protection Program (PPP)
Fees received as a percentage of total fees received by third party from SBA	50.00%
Lender Service Provider Agreement | PPP Loans
Paycheck Protection Program (PPP)
Amount of PPP loans underwritten and sold to third party			$ 2,500,000
Cash proceeds from origination and servicing fees			43,300
Origination fee and fee income			27,800
Deferred servicing and forgiveness fees			$ 15,500	$ 10,700

Other income and operating ex_4

Other income and operating expenses - Balance Sheet Impact of PPP Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Restricted cash	$ 47,697	$ 51,728	$ 28,921
PPP loans, at fair value	1,658,779	1,733,864
Other assets
Accrued interest	12,656	10,583
Total Assets	5,372,095	4,977,018
Liabilities
Secured borrowings	1,370,519	1,189,392
Interest payable	19,695	17,305
Deferred PPP loan revenue	10,700
Repair and denial reserve	9,557	5,179
Total Liabilities	4,537,887	$ 4,132,234
PPP Loans
Assets
Restricted cash	178
PPP loans, at fair value	74,931
Other assets
Prepaid expenses	77
PPP fee receivable	18
Accrued interest	510
Total Assets	75,714
Liabilities
Secured borrowings	76,276
Interest payable	104
Deferred PPP loan revenue	10,700
Accrued PPP Related Costs	498
Payable to third parties	2,716
Repair and denial reserve	3,305
Total Liabilities	$ 93,599

Other income and operating ex_5

Other income and operating expenses - Income and Expenses Related to Activities (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Apr. 30, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other income
LSP origination fees										$ 40,836	$ 5,860	$ 4,590
Interest income										258,636	229,916	169,499
Interest and Fee Income										243,648	218,267	159,957
Other operating expenses
Direct operating expenses										19,815	10,168	7,752
R&D reserve										(4,133)	345	163
Interest expense										175,481	151,880	109,238
Total other operating expenses										54,369	33,162	28,747
Net income (loss)		$ 27,559	$ 35,363	$ 34,663	$ (51,516)	$ 20,934	$ 12,427	$ 11,245	$ 30,450	46,069	$ 75,056	$ 61,457
PPP Loans
Other income
PPP processing fees	$ 5,200
Interest and Fee Income										38,498
Other operating expenses
Total other operating expenses										15,079
Net income (loss)										23,419
PPP Loans | Other Income
Other income
LSP origination fees										27,768
PPP processing fees										5,162
Other operating expenses
R&D reserve										3,305
PPP Loans | Servicing income
Other income
LSP fee income										4,829
PPP Loans | Interest income
Other income
Interest income										739
PPP Loans | Other operating expenses
Other operating expenses
Direct operating expenses										9,600
PPP Loans | Interest expense
Other operating expenses
Interest expense										$ 2,174

Other income and operating ex_6

Other income and operating expenses - Components of Other Income and Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other income
Origination income	$ 40,836	$ 5,860	$ 4,590
Release of repair and denial reserve	(4,133)	345	163
Other	4,813	4,873	833
Total other income	41,516	11,078	5,586
Other operating expenses
Origination costs	19,815	10,168	7,752
Technology expense	6,722	4,834	3,624
Impairment on real estate	3,520	1,317	1,086
Rent and property tax expense	5,006	4,310	2,524
Recruiting, training and travel expenses	1,419	2,352	2,287
Marketing expense	1,970	2,052	2,433
Loan acquisition costs	722	575	1,458
Financing costs on purchased future receivables	1,495	376
Other	13,700	7,178	7,583
Total other operating expenses	$ 54,369	$ 33,162	$ 28,747

Stockholders Equity - Common St

Stockholders Equity - Common Stock Dividends (Details) - $ / shares	Jan. 29, 2021	Dec. 14, 2020	Oct. 30, 2020	Sep. 16, 2020	Jul. 31, 2020	Jun. 15, 2020	Apr. 30, 2020	Mar. 11, 2020	Jan. 31, 2020	Dec. 11, 2019	Oct. 31, 2019	Sep. 10, 2019	Jul. 31, 2019	Jun. 11, 2019	Apr. 30, 2019	Mar. 12, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends
Dividend per Share, declared		$ 0.35		$ 0.30		$ 0.25		$ 0.40		$ 0.40		$ 0.40		$ 0.40		$ 0.40	$ 0.35	$ 0.30	$ 0.25	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 1.30	$ 1.60	$ 1.57
Dividend per Share, paid	$ 0.35		$ 0.30		$ 0.25		$ 0.40		$ 0.40		$ 0.40		$ 0.40		$ 0.40
Maximum
Dividends
Percentage of the aggregate dividend declared to be paid in cash							20.00%

Stockholders Equity - Manager E

Stockholders Equity - Manager Equity Incentive (Details)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Percentage of shares of common stock issued and outstanding on a fully diluted basis	5.00%

Stockholders Equity - RSU activ

Stockholders Equity - RSU activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Weighted-average grant date fair value (per share)
Stock-based compensation					$ 5,400	$ 1,500
Non-cash compensation expense not yet charged to net income					$ 13,700	$ 15,700
RSAs | Certain employees
Number of shares
Outstanding, Beginning balance	1,129,649	1,141,309	1,157,761	1,009,617	1,009,617
Granted (in shares)		17,200		208,514
Vested (in shares)	(254,521)	(26,602)	(16,452)	(60,370)
Forfeited (in shares)		(2,258)
Canceled (in shares)	(3,049)				(3,049)
Outstanding, Ending balance	872,079	1,129,649	1,141,309	1,157,761	872,079	1,009,617
Grant date fair value
Beginning balance	$ 17,743	$ 17,900	$ 18,126	$ 15,722	$ 15,722
Granted		200		3,298
Vested	(3,958)	(320)	(227)	(894)
Forfeited		(37)
Canceled	(48)
Ending balance	$ 13,737	$ 17,743	$ 17,900	$ 18,126	$ 13,737	$ 15,722
Weighted-average grant date fair value (per share)
Beginning balance	$ 15.71	$ 15.68	$ 15.66	$ 15.57	$ 15.57
Granted (in per share)		11.63		15.82
Vested (in per share)	15.55	12.03	13.78	14.81
Forfeited (in per share)		16.26
Canceled (in per share)	15.86
Ending balance	$ 15.75	$ 15.71	$ 15.68	$ 15.66	$ 15.75	$ 15.57

Earnings per Share of Common _3

Earnings per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Continuing Operations
Net income									$ 46,069	$ 75,056	$ 61,457
Less: Income attributable to non-controlling interest									1,199	2,088	2,199
Less: Income attributable to participating shares									1,392	653	217
Basic earnings									43,478	72,315	59,041
Diluted Earnings
Net income									46,069	75,056	61,457
Less: Income attributable to non-controlling interest									1,199	2,088	2,199
Less: Income attributable to participating shares									1,392	653	217
Diluted earnings									$ 43,478	$ 72,315	$ 59,041
Basic - Average shares outstanding									53,736,523	42,011,750	32,085,975
Effect of dilutive securities - Unvested participating shares									81,855	35,898	16,209
Diluted - Average shares outstanding									53,818,378	42,047,648	32,102,184
Earnings Per Share Attributable to RC Common Stockholders:
Basic	$ 0.49	$ 0.63	$ 0.62	$ (0.98)	$ 0.43	$ 0.27	$ 0.25	$ 0.90	$ 0.81	$ 1.72	$ 1.84
Diluted	$ 0.49	$ 0.63	$ 0.62	$ (0.98)	$ 0.43	$ 0.27	$ 0.25	$ 0.90	$ 0.81	$ 1.72	$ 1.84
Conversion spread value on Convertible Notes									$ 0
Impact of Convertible Notes on diluted EPS									$ 0

Earnings per Common Share - Ope

Earnings per Common Share - Operating Partnership Units (Details) - Operating Partnership - Noncontrolling Interests - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling interest
Number of common shares issued for OP unit redeemed by a noncontrolling interest unit holder	1
Units held by noncontrolling interest unit holders	1,175,205	1,117,169

Offsetting assets and liabili_3

Offsetting assets and liabilities - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	$ 16,363	$ 2,814
Amounts presented in the Consolidated Balance Sheets	16,363	2,814
Cash Collateral Received		2,814
Net Amount	16,363
Interest rate lock commitments (IRLCs)
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	16,363	2,814
Amounts presented in the Consolidated Balance Sheets	16,363	2,814
Cash Collateral Received		$ 2,814
Net Amount	$ 16,363

Offsetting assets and liabili_4

Offsetting assets and liabilities - Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	$ 11,604	$ 5,250
Effect of offsetting recognized liabilities, Total
Gross Amounts of Recognized Liabilities, Total	1,387,140	1,194,642
Gross Amounts Offset in the Consolidated Balance Sheets, Total	5,017
Liabilities Presented in the Consolidated Balance Sheets, Total	1,382,123	1,194,642
Financial Instruments, Total	1,370,519	1,189,392
Cash Collateral Paid, Total	6,827	4,734
Net Amount, Total	4,776	516
Interest rate swap
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	11,670	4,374
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	5,017
Liabilities Presented in the Consolidated Balance Sheets, Derivative	6,653	4,374
Cash Collateral Paid, Derivative	6,653	4,374
Credit default swaps
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	174	110
Liabilities Presented in the Consolidated Balance Sheets, Derivative	174	110
Cash Collateral Paid, Derivative	174	110
TBA agency securities
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	4,004	516
Liabilities Presented in the Consolidated Balance Sheets, Derivative	4,004	516
Cash Collateral Paid, Derivative		516
Net Amount, Derivative	4,004
FX forwards
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	773	250
Liabilities Presented in the Consolidated Balance Sheets, Derivative	773	250
Cash Collateral Paid, Derivative		250
Net Amount, Derivative	773
Secured borrowings
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	1,370,519	1,189,392
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	1,370,519	1,189,392
Financial Instruments, Borrowings	$ 1,370,519	$ 1,189,392

Commitments, Contingencies an_3

Commitments, Contingencies and Indemnifications (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Originated Residential Agency loans
Commitments, contingencies and indemnifications
Commitments to originate residential agency loans	$ 575,600	$ 190,806
Unfunded loan commitments
Commitments, contingencies and indemnifications
Loans, net	285,389	128,719
Loans, held for sale at fair value	$ 7,809	$ 6,982

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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%
Uncertain tax positions	$ 0	$ 0
Number of taxable years an entity would not be able to qualify as a REIT if qualification lapses	4 years
Statutory federal income tax rate (as a percent)	21.00%	21.00%
Income tax expense (benefit)	$ 8,384	$ (10,552)	$ 1,386
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%
Federal
REIT requirements and income tax information
Net operating loss carryovers	$ 43,000
State
REIT requirements and income tax information
Net operating loss carryovers	$ 100,000

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal income tax (benefit)	$ (1,795)	$ 523	$ 356
State and local income tax (benefit)	57	47	169
Net current tax provision (benefit)	(1,738)	570	525
Deferred:
Federal income tax (benefit)	8,776	(9,739)	1,167
State and local income tax (benefit)	1,346	(1,383)	(306)
Net deferred tax provision (benefit)	10,122	(11,122)	861
Total income tax provision (benefit)	$ 8,384	$ (10,552)	$ 1,386

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of federal income tax determined using statutory federal tax rate to our reported income tax provision
U.S. statutory tax	$ 12,381	$ 13,579
State and local income tax	1,716	(1,717)
Income attributable to REIT	(3,090)	(19,641)
Income attributable to Non-controlling interests	(67)	(462)
Nondeductible	(242)	(2,692)
Change in tax rate/deferred true up	(91)	381
NOL carryback rate impact	(2,702)
Current write-off	479
Total income tax provision (benefit)	$ 8,384	$ (10,552)	$ 1,386
Number of years net operating losses can be carried back under provisions of the CARES Act	5 years
Reconciliation of effective income tax rate determined using statutory federal tax rate to our reported income tax provision
U.S. statutory tax, Percent	21.00%	21.00%
State and local income tax (benefit), Percent	2.90%	(2.60%)
Income attributable to REIT, Percent	(5.30%)	(30.40%)
Income attributable to Non-controlling interests, Percent	(0.10%)	(0.70%)
Nondeductible, Percent	(0.40%)	(4.20%)
Change in tax rate, Percent	(0.20%)	0.60%
NOL carryback rate impact	(4.60%)
Current write-off	0.80%
Effective income tax (benefit), Percent, Total	14.10%	(16.30%)

Income Taxes - Schedule Of Defe

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 12,893	$ 23,277
Unrealized losses	313	40
Accruals	723	2,917
Depreciation and amortization	1,185	1,379
Goodwill	3,171	3,702
Compensation		248
Other	111	240
Total deferred tax assets	18,396	31,803
Deferred tax liabilities:
Loan / servicing rights balance	11,600	17,793
Derivative instruments	3,868	439
Other taxable temporary difference	1,371	525
Total deferred tax liabilities	16,839	18,757
Net deferred tax assets	$ 1,557	$ 13,046

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment reporting
Number of Reportable Segments | segment					4
Interest income					$ 258,636	$ 229,916	$ 169,499
Interest expense					(175,481)	(151,880)	(109,238)
Net interest income before provision for loan losses					83,155	78,036	60,261
Provision for (Recovery of) loan losses					(34,726)	(3,684)	(1,701)
Net interest income after provision for (recovery of) loan losses	$ 22,319	$ 19,640	$ 19,933	$ 12,460	48,429	74,352	58,560
Non-interest income
Residential mortgage banking activities					252,720	83,539	59,852
Net realized gains on financial instruments and real estate owned					31,913	28,958	38,409
Net unrealized gain (loss) on financial instruments					(48,101)	(18,790)	4,853
Other income					41,516	11,078	5,586
Servicing income					38,594	30,665	27,075
Income on purchased future receivables, net of allowance for doubtful accounts					15,711	2,362
Income (Loss) from unconsolidated joint ventures					2,404	6,088	12,148
Gain on bargain purchase						30,728
Total non-interest income (loss)	45,422	39,984	32,956	56,266	334,757	174,628	147,923
Non-interest expense
Employee compensation and benefits					(91,920)	(51,237)	(56,602)
Allocated employee compensation and benefits from related party					(7,000)	(5,473)	(4,200)
Variable expenses on residential mortgage banking activities					(114,510)	(51,760)	(22,228)
Professional fees					(13,360)	(7,434)	(6,999)
Management fees - related party					(10,682)	(9,578)	(8,176)
Incentive fees - related party					(5,973)	(106)	(1,143)
Loan servicing expense					(30,856)	(17,976)	(15,545)
Merger related expenses					(63)	(7,750)
Other operating expenses					(54,369)	(33,162)	(28,747)
Total non-interest expense	(48,755)	$ (49,842)	$ (44,600)	$ (41,279)	(328,733)	(184,476)	(143,640)
Income (loss) before provision for income taxes					54,453	64,504	62,843
Total Assets	4,977,018				5,372,095	4,977,018	3,036,843
Corporate- Other
Segment reporting
Interest expense					(1,271)
Net interest income before provision for loan losses					(1,271)
Net interest income after provision for (recovery of) loan losses					(1,271)
Non-interest income
Net unrealized gain (loss) on financial instruments						(253)
Other income					189	164	31
Gain on bargain purchase						30,728
Total non-interest income (loss)					189	30,639	31
Non-interest expense
Employee compensation and benefits					(3,408)	(3,340)	(923)
Allocated employee compensation and benefits from related party					(6,300)	(4,926)	(3,780)
Professional fees					(7,570)	(2,947)	(2,977)
Management fees - related party					(10,682)	(9,578)	(8,176)
Incentive fees - related party					(5,973)	(106)	(1,143)
Loan servicing expense					(37)	(133)	(32)
Merger related expenses					(63)	(7,750)
Other operating expenses					(3,241)	(3,082)	(2,817)
Total non-interest expense					(37,274)	(31,862)	(19,848)
Income (loss) before provision for income taxes					(38,356)	(1,223)	(19,817)
Total Assets	130,242				200,561	130,242	70,085
Loan Acquisitions | Operating Segments
Segment reporting
Interest income					61,156	65,922	47,243
Interest expense					(43,383)	(40,502)	(28,946)
Net interest income before provision for loan losses					17,773	25,420	18,297
Provision for (Recovery of) loan losses					(3,502)	(808)	(1,727)
Net interest income after provision for (recovery of) loan losses					14,271	24,612	16,570
Non-interest income
Net realized gains on financial instruments and real estate owned					(5,077)	18	5,023
Net unrealized gain (loss) on financial instruments					(7,189)	(254)	(1,156)
Other income					7,240	4,210	368
Servicing income					723	798	20
Income on purchased future receivables, net of allowance for doubtful accounts					15,711	2,362
Income (Loss) from unconsolidated joint ventures					2,404	6,088	12,148
Total non-interest income (loss)					13,812	13,222	16,403
Non-interest expense
Employee compensation and benefits					(9,491)	(1,855)	(386)
Allocated employee compensation and benefits from related party					(700)	(547)	(420)
Professional fees					(1,796)	(723)	(1,310)
Loan servicing expense					(6,017)	(4,662)	(3,926)
Other operating expenses					(16,259)	(4,573)	(3,214)
Total non-interest expense					(34,263)	(12,360)	(9,256)
Income (loss) before provision for income taxes					(6,180)	25,474	23,717
Total Assets	1,264,226				1,189,825	1,264,226	644,512
SBC Originations | Operating Segments
Segment reporting
Interest income					150,369	127,495	81,752
Interest expense					(95,061)	(90,677)	(60,879)
Net interest income before provision for loan losses					55,308	36,818	20,873
Provision for (Recovery of) loan losses					(23,432)	(319)	(13)
Net interest income after provision for (recovery of) loan losses					31,876	36,499	20,860
Non-interest income
Net realized gains on financial instruments and real estate owned					18,426	13,750	17,482
Net unrealized gain (loss) on financial instruments					(2,574)	(107)	142
Other income					4,431	4,907	4,366
Servicing income					2,265	1,898	1,396
Total non-interest income (loss)					22,548	20,448	23,386
Non-interest expense
Employee compensation and benefits					(14,137)	(6,905)	(8,815)
Professional fees					(1,224)	(1,652)	(1,285)
Loan servicing expense					(8,373)	(5,695)	(3,883)
Other operating expenses					(13,582)	(11,199)	(10,392)
Total non-interest expense					(37,316)	(25,451)	(24,375)
Income (loss) before provision for income taxes					17,108	31,496	19,871
Total Assets	2,492,156				2,621,478	2,492,156	1,606,210
SBA Originations, Acquisitions, and Servicing | Operating Segments
Segment reporting
Interest income					39,430	32,096	36,706
Interest expense					(27,472)	(14,864)	(16,218)
Net interest income before provision for loan losses					11,958	17,232	20,488
Provision for (Recovery of) loan losses					(7,792)	(2,557)	39
Net interest income after provision for (recovery of) loan losses					4,166	14,675	20,527
Non-interest income
Net realized gains on financial instruments and real estate owned					18,564	15,190	15,904
Net unrealized gain (loss) on financial instruments					(1,084)	393	173
Other income					29,473	1,548	621
Servicing income					10,377	5,330	5,390
Total non-interest income (loss)					57,330	22,461	22,088
Non-interest expense
Employee compensation and benefits					(19,516)	(16,255)	(13,077)
Professional fees					(993)	(1,011)	(820)
Loan servicing expense					(675)	(261)	(260)
Other operating expenses					(12,550)	(6,591)	(4,070)
Total non-interest expense					(33,734)	(24,118)	(18,227)
Income (loss) before provision for income taxes					27,762	13,018	24,388
Total Assets	760,031				734,196	760,031	455,513
Residential Mortgage Banking | Operating Segments
Segment reporting
Interest income					7,681	4,403	3,798
Interest expense					(8,294)	(5,837)	(3,195)
Net interest income before provision for loan losses					(613)	(1,434)	603
Net interest income after provision for (recovery of) loan losses					(613)	(1,434)	603
Non-interest income
Residential mortgage banking activities					252,720	83,539	59,852
Net unrealized gain (loss) on financial instruments					(37,254)	(18,569)	5,694
Other income					183	249	200
Servicing income					25,229	22,639	20,269
Total non-interest income (loss)					240,878	87,858	86,015
Non-interest expense
Employee compensation and benefits					(45,368)	(22,882)	(33,401)
Variable expenses on residential mortgage banking activities					(114,510)	(51,760)	(22,228)
Professional fees					(1,777)	(1,101)	(607)
Loan servicing expense					(15,754)	(7,225)	(7,444)
Other operating expenses					(8,737)	(7,717)	(8,254)
Total non-interest expense					(186,146)	(90,685)	(71,934)
Income (loss) before provision for income taxes					54,119	(4,261)	14,684
Total Assets	$ 330,363				$ 626,035	$ 330,363	$ 260,523

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 14, 2020	Sep. 16, 2020	Jun. 15, 2020	Mar. 11, 2020	Dec. 11, 2019	Sep. 10, 2019	Jun. 11, 2019	Mar. 12, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Data (Unaudited)
Net interest income after provision for loan losses									$ 23,749	$ 21,482	$ 20,394	$ (17,183)
Net interest income after provision for loan losses													$ 22,319	$ 19,640	$ 19,933	$ 12,460	$ 48,429	$ 74,352	$ 58,560
Non-interest income									83,406	107,906	120,927	22,523
Non-interest income													45,422	39,984	32,956	56,266	334,757	174,628	147,923
Non-interest expense									75,328	87,471	101,158	64,793
Non-interest expense													(48,755)	(49,842)	(44,600)	(41,279)	(328,733)	(184,476)	(143,640)
Net income (loss)									27,559	35,363	34,663	(51,516)	20,934	12,427	11,245	30,450	46,069	75,056	61,457
Net income attributable to Ready Capital Corporation									$ 26,911	$ 34,558	$ 33,853	$ (50,452)	$ 20,428	$ 12,104	$ 10,969	$ 29,467	$ 44,870	$ 72,968	$ 59,258
Earnings (loss) per common share - basic									$ 0.49	$ 0.63	$ 0.62	$ (0.98)	$ 0.43	$ 0.27	$ 0.25	$ 0.90	$ 0.81	$ 1.72	$ 1.84
Earnings (loss) per common share - diluted									0.49	0.63	0.62	(0.98)	0.43	0.27	0.25	0.90	0.81	1.72	1.84
Dividends declared per share of common stock	$ 0.35	$ 0.30	$ 0.25	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.35	$ 0.30	$ 0.25	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 0.40	$ 1.30	$ 1.60	$ 1.57

Supplemental Financial Data (De

Supplemental Financial Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance sheet related
Loans, held-for-investment	$ 4,438,650	$ 4,246,694
Other assets	9,364	11,262
Total Assets	5,372,095	4,977,018
Total Liabilities	4,537,887	4,132,234
Income statement related
Realized gains	31,913	28,958	$ 38,409
Unrealized gains (losses)	(48,101)	(18,790)	4,853
Income (loss) before provision for income taxes	54,453	64,504	62,843
Income (loss) on unconsolidated joint ventures	$ 2,404	6,088	12,148
WFLLA LLC
Supplemental Financial Data
Ownership percentage	50.00%
Girod HoldCo, LLC
Balance sheet related
Cash	$ 9,746	22,585
Loans, held-for-investment	92,053	103,751
Real estate owned	12,701	7,929
Other assets	429	487
Total Assets	114,929	134,752
Accounts payable and accrued liabilities	80	72
Other liabilities	1,606	4,076
Total Liabilities	1,686	4,148
Income statement related
Interest income	2,372	6,922	21,182
Realized gains	(40)	5,218	27,310
Unrealized gains (losses)	(3,456)	15,286	8,191
Servicing expense and other	(4,359)	(5,996)	(7,972)
Income (loss) before provision for income taxes	(5,483)	21,430	48,711
WFLLA LLC
Balance sheet related
Cash	4,947	11,270
Loans, held-for-investment	45,934	51,772
Real estate owned	6,338	3,957
Other assets	214	239
Total Assets	57,433	67,238
Accounts payable and accrued liabilities	52	36
Other liabilities	801	2,034
Total Liabilities	853	2,070
Income statement related
Interest income	1,184	3,454	10,570
Realized gains	(20)	2,604	13,628
Unrealized gains (losses)	(1,725)	7,628	4,087
Servicing expense and other	(2,175)	(2,999)	(3,989)
Income (loss) before provision for income taxes	(2,736)	10,687	24,296
Income (loss) on unconsolidated joint ventures	$ (1,368)	5,344	$ 12,148
WFLLA LLC | Girod HoldCo, LLC
Supplemental Financial Data
Ownership percentage	49.90%
Other Unconsolidated Joint Ventures
Income statement related
Income (loss) on unconsolidated joint ventures	$ 3,772	$ 744

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Mar. 15, 2021	Feb. 10, 2021	Dec. 31, 2020	Apr. 27, 2018	Aug. 09, 2017
Senior Secured Notes
Subsequent Event
Debt instrument, face value			$ 180,000,000
Interest rate (as a percent)			7.50%
Convertible Notes
Subsequent Event
Debt instrument, face value			$ 115,000,000		$ 115,000,000
Interest rate (as a percent)			7.00%		7.00%
6.50% Senior Notes due 2021
Subsequent Event
Debt instrument, face value			$ 50,000,000	$ 50,000,000
Interest rate (as a percent)			6.50%	6.50%
Subsequent event | 5.75% Senior Notes Due 2026
Subsequent Event
Debt instrument, face value		$ 201,300,000
Interest rate (as a percent)		5.75%
Subsequent event | PPP Loans | Minimum
Subsequent Event
Loans funded	$ 1,000,000,000

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Product Type (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	6,614
UPB	$ 4,505,011
UPB of loans subject to DQ principal or interest	197,256
General allowance for loan losses	(29,539)	$ (2,424)
Total Loans	$ 4,438,650	$ 4,246,694	$ 2,529,624	$ 2,070,122
Acquired loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2,082
Carrying Value	$ 1,046,619
UPB	1,054,178
UPB of loans subject to DQ principal or interest	$ 73,136
Acquired loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,574
Carrying Value	$ 317,851
UPB	321,809
UPB of loans subject to DQ principal or interest	$ 27,596
Acquired loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Acquired loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	11.50%
Acquired loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	295
Carrying Value	$ 202,853
UPB	203,428
UPB of loans subject to DQ principal or interest	$ 9,644
Acquired loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.66%
Acquired loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	10.25%
Acquired loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	95
Carrying Value	$ 114,776
UPB	115,586
UPB of loans subject to DQ principal or interest	$ 6,116
Acquired loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Acquired loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	9.50%
Acquired loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	43
Carrying Value	$ 73,974
UPB	74,002
UPB of loans subject to DQ principal or interest	$ 3,206
Acquired loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.50%
Acquired loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.38%
Acquired loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	24
Carrying Value	$ 54,201
UPB	54,240
UPB of loans subject to DQ principal or interest	$ 4,585
Acquired loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.48%
Acquired loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.00%
Acquired loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	51
Carrying Value	$ 282,964
UPB	285,113
UPB of loans subject to DQ principal or interest	$ 21,989
Acquired loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.23%
Acquired loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	11.00%
Acquired SBA 7(a) loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,041
Carrying Value	$ 239,438
UPB	262,571
UPB of loans subject to DQ principal or interest	$ 16,688
Acquired SBA 7(a) loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	884
Carrying Value	$ 96,731
UPB	112,074
UPB of loans subject to DQ principal or interest	$ 9,058
Acquired SBA 7(a) loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	0.00%
Acquired SBA 7(a) loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.75%
Acquired SBA 7(a) loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	115
Carrying Value	$ 74,325
UPB	79,703
UPB of loans subject to DQ principal or interest	$ 6,254
Acquired SBA 7(a) loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.50%
Acquired SBA 7(a) loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.50%
Acquired SBA 7(a) loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	30
Carrying Value	$ 34,022
UPB	35,873
UPB of loans subject to DQ principal or interest	$ 1,376
Acquired SBA 7(a) loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.75%
Acquired SBA 7(a) loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.50%
Acquired SBA 7(a) loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2
Carrying Value	$ 3,445
UPB	$ 3,563
Acquired SBA 7(a) loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Acquired SBA 7(a) loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Acquired SBA 7(a) loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	3
Carrying Value	$ 6,753
UPB	$ 6,777
Acquired SBA 7(a) loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.00%
Acquired SBA 7(a) loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Acquired SBA 7(a) loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	7
Carrying Value	$ 24,162
UPB	$ 24,581
Acquired SBA 7(a) loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.75%
Acquired SBA 7(a) loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.25%
Originated Transitional loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	217
Carrying Value	$ 1,319,074
UPB	1,328,395
UPB of loans subject to DQ principal or interest	$ 37,558
Originated Transitional loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	37
Carrying Value	$ 4,119
UPB	$ 4,120
Originated Transitional loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.35%
Originated Transitional loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.95%
Originated Transitional loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	9
Carrying Value	$ 6,136
UPB	6,112
UPB of loans subject to DQ principal or interest	$ 679
Originated Transitional loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.00%
Originated Transitional loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	9.25%
Originated Transitional loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	14
Carrying Value	$ 17,722
UPB	$ 17,858
Originated Transitional loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.54%
Originated Transitional loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.21%
Originated Transitional loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	11
Carrying Value	$ 18,655
UPB	19,061
UPB of loans subject to DQ principal or interest	$ 1,982
Originated Transitional loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.85%
Originated Transitional loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.66%
Originated Transitional loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	9
Carrying Value	$ 19,464
UPB	$ 19,584
Originated Transitional loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.67%
Originated Transitional loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.40%
Originated Transitional loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	137
Carrying Value	$ 1,252,978
UPB	1,261,660
UPB of loans subject to DQ principal or interest	$ 34,897
Originated Transitional loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.56%
Originated Transitional loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.83%
Originated Freddie Mac loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	19
Carrying Value	$ 51,248
UPB	$ 50,408
Originated Freddie Mac loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2
Carrying Value	$ 2,060
UPB	$ 2,000
Originated Freddie Mac loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.27%
Originated Freddie Mac loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.37%
Originated Freddie Mac loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	3
Carrying Value	$ 4,066
UPB	$ 3,952
Originated Freddie Mac loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.31%
Originated Freddie Mac loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.53%
Originated Freddie Mac loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	3
Carrying Value	$ 5,973
UPB	$ 5,816
Originated Freddie Mac loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.97%
Originated Freddie Mac loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.53%
Originated Freddie Mac loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2
Carrying Value	$ 4,831
UPB	$ 4,742
Originated Freddie Mac loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.16%
Originated Freddie Mac loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.48%
Originated Freddie Mac loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	9
Carrying Value	$ 34,318
UPB	$ 33,898
Originated Freddie Mac loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.96%
Originated Freddie Mac loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.74%
Originated Residential Agency loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,158
Carrying Value	$ 263,655
UPB	253,060
UPB of loans subject to DQ principal or interest	$ 2,892
Originated Residential Agency loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,130
Carrying Value	$ 246,022
UPB	235,930
UPB of loans subject to DQ principal or interest	$ 2,892
Originated Residential Agency loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.75%
Originated Residential Agency loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.13%
Originated Residential Agency loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	25
Carrying Value	$ 14,217
UPB	$ 13,757
Originated Residential Agency loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.13%
Originated Residential Agency loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.99%
Originated Residential Agency loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	3
Carrying Value	$ 3,416
UPB	$ 3,373
Originated Residential Agency loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.63%
Originated Residential Agency loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.99%
Originated SBA 7(a) loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	730
Carrying Value	$ 385,023
UPB	396,825
UPB of loans subject to DQ principal or interest	$ 7,408
Originated SBA 7(a) loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	500
Carrying Value	$ 103,482
UPB	109,225
UPB of loans subject to DQ principal or interest	$ 3,099
Originated SBA 7(a) loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	0.00%
Originated SBA 7(a) loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.75%
Originated SBA 7(a) loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	118
Carrying Value	$ 83,155
UPB	86,778
UPB of loans subject to DQ principal or interest	$ 4,309
Originated SBA 7(a) loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.50%
Originated SBA 7(a) loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBA 7(a) loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	58
Carrying Value	$ 68,215
UPB	$ 69,221
Originated SBA 7(a) loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.50%
Originated SBA 7(a) loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBA 7(a) loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	20
Carrying Value	$ 33,956
UPB	$ 34,569
Originated SBA 7(a) loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.75%
Originated SBA 7(a) loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBA 7(a) loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	11
Carrying Value	$ 25,114
UPB	$ 25,186
Originated SBA 7(a) loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.50%
Originated SBA 7(a) loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.50%
Originated SBA 7(a) loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	23
Carrying Value	$ 71,101
UPB	$ 71,846
Originated SBA 7(a) loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.50%
Originated SBA 7(a) loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBC loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	321
Carrying Value	$ 1,074,406
UPB	1,070,555
UPB of loans subject to DQ principal or interest	$ 59,574
Originated SBC loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	16
Carrying Value	$ 5,035
UPB	$ 4,952
Originated SBC loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.69%
Originated SBC loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.96%
Originated SBC loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	42
Carrying Value	$ 34,535
UPB	$ 34,011
Originated SBC loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.50%
Originated SBC loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.52%
Originated SBC loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	49
Carrying Value	$ 60,596
UPB	59,997
UPB of loans subject to DQ principal or interest	$ 6,606
Originated SBC loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.59%
Originated SBC loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.15%
Originated SBC loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	45
Carrying Value	$ 77,776
UPB	78,158
UPB of loans subject to DQ principal or interest	$ 4,827
Originated SBC loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.25%
Originated SBC loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.15%
Originated SBC loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	29
Carrying Value	$ 65,559
UPB	65,696
UPB of loans subject to DQ principal or interest	$ 2,085
Originated SBC loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.60%
Originated SBC loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.06%
Originated SBC loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	140
Carrying Value	$ 830,905
UPB	827,741
UPB of loans subject to DQ principal or interest	$ 46,056
Originated SBC loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.12%
Originated SBC loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.00%
Originated SBC loans, at fair value
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	4
Carrying Value	$ 13,795
UPB	$ 14,088
Originated SBC loans, at fair value | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1
Carrying Value	$ 1,473
UPB	$ 1,376
Originated SBC loans, at fair value | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.38%
Originated SBC loans, at fair value | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.38%
Originated SBC loans, at fair value | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1
Carrying Value	$ 1,598
UPB	$ 1,556
Originated SBC loans, at fair value | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.25%
Originated SBC loans, at fair value | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.25%
Originated SBC loans, at fair value | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2
Carrying Value	$ 10,724
UPB	$ 11,156
Originated SBC loans, at fair value | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.68%
Originated SBC loans, at fair value | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.75%
Originated PPP loans, at fair value
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,042
Carrying Value	$ 74,931
UPB	$ 74,931
Originated PPP loans, at fair value | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,037
Carrying Value	$ 70,381
UPB	$ 70,381
Originated PPP loans, at fair value | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Originated PPP loans, at fair value | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Originated PPP loans, at fair value | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	4
Carrying Value	$ 2,908
UPB	$ 2,908
Originated PPP loans, at fair value | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Originated PPP loans, at fair value | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Originated PPP loans, at fair value | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1
Carrying Value	$ 1,642
UPB	$ 1,642
Originated PPP loans, at fair value | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Originated PPP loans, at fair value | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconcile mortgage loans on real estate
Balance at beginning	$ 4,246,694	$ 2,529,624	$ 2,070,122
CECL Day 1 adjustment	(7,527)
Origination of loan receivables	5,851,517	3,928,467	3,342,099
Purchases of loan receivables	277,170	748,151	386,899
Proceeds from disposition and principal payment of loan receivables	(6,115,265)	(3,455,223)	(3,332,886)
Loans acquired as part of ORM merger transaction		130,449
Net realized gain (loss) on sale of loan receivables	213,740	70,574	57,613
Net unrealized gain (loss) on loan receivables	4,502	1,049	(3,121)
Accretion/amortization of discount, premium and other fees	8,434	14,194	14,474
Loans consolidated as part of RCLT 2019-2 transaction		463,177
Foreign currency gain (loss), net	4,509
Payment of guaranteed loan financing		(177,815)
Transfers to real estate, held for sale	(11,339)	(2,269)	(3,875)
Provision for loan losses	(33,785)	(3,684)	(1,701)
Balance at Ending	4,438,650	4,246,694	2,529,624
Loans, net
Reconcile mortgage loans on real estate
Balance at beginning	4,054,183	2,414,366	1,854,100
CECL Day 1 adjustment	(7,527)
Origination of loan receivables	774,581	1,307,143	934,607
Purchases of loan receivables	277,170	739,002	369,418
Proceeds from disposition and principal payment of loan receivables	(962,404)	(826,702)	(746,162)
Loans acquired as part of ORM merger transaction		130,449
Net realized gain (loss) on sale of loan receivables	(5,069)	(5,700)	(5,454)
Net unrealized gain (loss) on loan receivables	(1,105)	760	(720)
Accretion/amortization of discount, premium and other fees	8,434	14,194	14,474
Loans consolidated as part of RCLT 2019-2 transaction		463,177
Foreign currency gain (loss), net	4,509
Payment of guaranteed loan financing		(177,815)
Transfers	714	1,262	(503)
Transfers to real estate, held for sale	(11,339)	(2,269)	(3,693)
Provision for loan losses	(33,785)	(3,684)	(1,701)
Balance at Ending	4,098,362	4,054,183	2,414,366
Loans, held for sale, at fair value
Reconcile mortgage loans on real estate
Balance at beginning	192,511	115,258	216,022
Origination of loan receivables	5,076,936	2,621,324	2,407,492
Purchases of loan receivables		9,149	17,481
Proceeds from disposition and principal payment of loan receivables	(5,152,861)	(2,628,521)	(2,586,724)
Net realized gain (loss) on sale of loan receivables	218,809	76,274	63,067
Net unrealized gain (loss) on loan receivables	5,607	289	(2,401)
Transfers	(714)	(1,262)	503
Transfers to real estate, held for sale			(182)
Balance at Ending	$ 340,288	$ 192,511	$ 115,258