Ready Capital (RC) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,221,699
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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
Series B Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 8.625% Series B Cumulative, par value $0.0001 per share
Trading Symbol	RC PRB
Security Exchange Name	NYSE
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share
Trading Symbol	RC PRC
Security Exchange Name	NYSE
Series D Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.625% Series D Cumulative Redeemable, par value $0.0001 per share
Trading Symbol	RC PRD
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
6.20% 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	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 308,428
Restricted cash	62,961
Loans, net (including $13,618 and $13,795 held at fair value)	1,611,826	$ 1,550,624
Paycheck Protection Program loans (including $38,388 and $74,931 held at fair value)	1,292,808	74,931
Mortgage backed securities, at fair value	682,948	88,011
Loans eligible for repurchase from Ginnie Mae	221,464	250,132
Investment in unconsolidated joint ventures	75,048	79,509
Purchased future receivables, net	13,240	17,308
Derivative instruments	12,529	16,363
Servicing rights (including $98,542 and $76,840 held at fair value)	138,941	114,663
Other assets	151,503	89,503
Total Assets	8,016,955	5,372,095
Liabilities
Secured borrowings	2,064,785	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,132,536	76,276
Convertible notes, net	112,405	112,129
Senior secured notes, net	179,744	179,659
Corporate debt, net	333,317	150,989
Guaranteed loan financing	386,036	401,705
Liabilities for loans eligible for repurchase from Ginnie Mae	221,464	250,132
Derivative instruments	4,403	11,604
Dividends payable	9,631	19,746
Accounts payable and other accrued liabilities	162,465	135,655
Total Liabilities	6,818,709	4,537,887
Preferred stock Series C liquidation preference, $25.00 per share (refer to Note 21)	19,494
Stockholders' Equity
Preferred stock Series B and D, liquidation preference $25.00 per share (refer to Note 21)	98,241
Common stock, $0.0001 par value, 500,000,000 shares authorized, 71,221,699 and 54,368,999 shares issued and outstanding, respectively	7	5
Additional paid-in capital	1,088,512	849,541
Retained earnings (deficit)	(20,027)	(24,203)
Accumulated other comprehensive loss	(7,042)	(9,947)
Total Ready Capital Corporation equity	1,159,691	815,396
Non-controlling interests	19,061	18,812
Total Stockholders' Equity	1,178,752	834,208
Total Liabilities, Redeemable Preferred Stock, and Stockholders' Equity	8,016,955	5,372,095
Consolidated Excluding VIEs
Assets
Cash and cash equivalents	308,428	138,975
Restricted cash	62,961	47,697
Loans, net (including $13,618 and $13,795 held at fair value)	1,611,826	1,550,624
Loans, held-for-sale, at fair value	473,078	340,288
Real estate, held for sale	73,454	45,348
Other assets	151,503	89,503
Consolidated VIEs
Assets
Total Assets	2,898,727	2,518,743
Liabilities
Secured borrowings	$ 2,211,923	$ 1,905,749

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Parenthetical information
Loans, net, held at fair value	$ 13,618	$ 13,795
Paycheck Protection Program loans, held at fair value	38,388	74,931
Servicing rights held at fair value	$ 98,542	$ 76,840
Preferred stock Series C, liquidation preference	$ 25
Preferred stock Series B and D, liquidation preference	25
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized capital	500,000,000	500,000,000
Common stock, issued	71,221,699	54,368,999
Common stock, outstanding	71,221,699	54,368,999

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 73,371	$ 69,551
Interest expense	(50,761)	(46,930)
Net interest income before provision for loan losses	22,610	22,621
Provision for (recovery of) loan losses	8	(39,804)
Net interest income after provision for (recovery of) loan losses	22,618	(17,183)
Non-interest income
Residential mortgage banking activities	41,409	36,669
Net realized gains on financial instruments and real estate owned	8,846	7,172
Net unrealized gain (loss) on financial instruments	20,996	(33,434)
Servicing income, net of amortization and impairment of $1,942 and $1,725	15,635	8,097
Income on purchased future receivables, net of allowance for doubtful accounts of $995 and $6,917	2,317	3,483
Income (loss) on unconsolidated joint ventures	(809)	(3,537)
Other income	571	4,073
Total non-interest income (loss)	88,965	22,523
Non-interest expense
Employee compensation and benefits	(22,777)	(18,936)
Allocated employee compensation and benefits from related party	(2,123)	(1,250)
Variable expenses on residential mortgage banking activities	(15,485)	(20,129)
Professional fees	(2,982)	(2,556)
Management fees - related party	(2,693)	(2,561)
Loan servicing expense	(6,104)	(5,570)
Merger related expenses	(6,307)	(47)
Other operating expenses	(15,484)	(13,744)
Total non-interest expense	(73,955)	(64,793)
Income (loss) before provision for income taxes	37,628	(59,453)
Income tax (provision) benefit	(8,681)	7,937
Net income (loss)	28,947	(51,516)
Less: Dividends on preferred stock	281
Less: Net income (loss) attributable to non-controlling interest	659	(1,064)
Net income (loss) attributable to Ready Capital Corporation	$ 28,007	$ (50,452)
Earnings (loss) per basic common share
Earnings (loss) per common share - basic	$ 0.49	$ (0.98)
Earnings (loss) per diluted common share
Earnings (loss) per common share - basic	0.49	(0.98)
Earnings (loss) per common share - diluted	$ 0.49	$ (0.98)
Weighted-average shares outstanding
Basic	56,817,632	51,984,040
Diluted	56,843,448	51,990,013
Dividends declared per share of common stock	$ 0.40	$ 0.40

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF INCOME
Servicing income, amortization and impairment	$ 1,942	$ 1,725
Income on purchased future receivable, allowance for doubtful accounts	$ 995	$ 6,917

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$ 28,947	$ (51,516)
Other comprehensive income (loss) - net change by component
Net change in hedging derivatives (cash flow hedges)	1,978	(3,128)
Foreign currency translation adjustment	991	(304)
Other comprehensive (loss)	2,969	(3,432)
Comprehensive income (loss)	31,916	(54,948)
Comprehensive income (loss) attributable to non-controlling interests	723	(1,136)
Comprehensive income (loss) attributable to Ready Capital Corporation	$ 31,193	$ (53,812)

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	Preferred stockSeries B Preferred Stock	Preferred stockSeries D Preferred Stock	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, 2019	$ (6,599)	$ 825,412			$ 5	$ 822,837	$ (6,599)	$ 8,746	$ (6,176)	$ (155)	$ 19,372	$ (6,754)	$ 844,784
Balance at beginning of period (in shares) at Dec. 31, 2019					51,127,326
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(21,300)						(21,300)					(21,300)
Dividend declared on OP units											(447)		(447)
Equity issuances		13,410				13,410							13,410
Equity issuances (shares)					900,000
Offering costs		(38)				(38)					(1)		(39)
Equity component of 2017 convertible note issuance		(92)				(92)					(2)		(94)
Stock-based compensation		894				894							894
Stock-based compensation (shares)					60,370
Manager incentive fee paid in stock		53				53							53
Manager incentive fee paid in stock (shares)					4,154
Net income (loss)		(50,452)						(50,452)			(1,064)		(51,516)
Other comprehensive income (loss)		(3,360)							(3,360)		(72)		(3,432)
Balance at end of period at Mar. 31, 2020		757,928			$ 5	837,064		(69,605)	(9,536)		17,631		775,559
Balance at end of period (in shares) at Mar. 31, 2020					52,091,850
Balance at beginning of period at Dec. 31, 2020		815,396			$ 5	849,541		(24,203)	(9,947)		18,812		834,208
Balance at beginning of period (in shares) at Dec. 31, 2020					54,368,999
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(23,833)						(23,833)					(23,833)
Dividend declared on OP units											(470)		(470)
Dividend declared - $0.5390625 per Series B preferred share		(126)						(126)			(1)		(127)
Dividend declared - $0.390625 per Series C preferred share		(37)						(37)					(37)
Dividend declared - $0.4765625 per Series D preferred share		(116)						(116)			(1)		(117)
Shares issued pursuant to merger transactions		337,778	$ 47,984	$ 50,257	$ 2	239,535							337,778
Shares issued pursuant merger to merger transactions (shares)			1,919,378	2,010,278	16,774,337
Equity component of 2017 convertible note issuance		(99)				(99)					(2)		(101)
Stock-based compensation		522				522							522
Stock-based compensation (shares)					115,604
Share repurchases		(987)				(987)							(987)
Share repurchases (shares)					(37,241)
Net income (loss)		28,288						28,288			659		28,947
Other comprehensive income (loss)		2,905							2,905		64		2,969
Balance at end of period at Mar. 31, 2021		$ 1,159,691	$ 47,984	$ 50,257	$ 7	$ 1,088,512		$ (20,027)	$ (7,042)		$ 19,061		$ 1,178,752
Balance at end of period (in shares) at Mar. 31, 2021			1,919,378	2,010,278	71,221,699

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2021$ / shares
Dividends declared per share of common stock	$ 0.40
Series B Preferred Stock
Dividends declared per share of preferred stock	0.5390625
Series C Preferred Stock
Dividends declared per share of preferred stock	0.390625
Series D Preferred Stock
Dividends declared per share of preferred stock	$ 0.4765625

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities:
Net income (loss)	$ 28,947	$ (51,516)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Amortization of premiums, discounts, and debt issuance costs, net	5,053	9,366
Provision for (recovery of) loan losses	(8)	39,804
Impairment loss on real estate, held for sale		2,969
Change in repair and denial reserve	2,069	(136)
Net settlement of derivative instruments	(58,499)	(8,818)
Origination of loans, held for sale, at fair value	(1,467,502)	(881,549)
Proceeds from disposition and principal payments of loans, held for sale, at fair value	1,475,565	793,428
Realized (gains) losses, net	(44,022)	(40,538)
Unrealized (gains) losses, net	(23,006)	33,488
Net loss (income) of unconsolidated joint ventures, net of distributions	909	3,537
Foreign currency (gain) loss. net	1,876	(83)
Payoff of purchased future receivables, net of originations	3,073	(12,802)
Allowance for doubtful accounts on purchased future receivables	995	6,917
Net changes in operating assets and liabilities
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	10,203	17,764
Receivable from third parties	27,249	674
Other assets	(33,801)	(8,563)
Accounts payable and other accrued liabilities	20,698	(3,954)
Net cash (used in) provided by operating activities	(50,201)	(100,012)
Cash Flows From Investing Activities:
Origination of loans	(661,053)	(328,509)
Purchase of loans	(2,316)	(52,067)
Origination of Paycheck Protection Program loans	(1,248,895)
Purchase of Paycheck Protection Program loans	(3,866)
Proceeds from disposition and principal payment of Paycheck Protection Program loans	40,409
Purchase of mortgage backed securities, at fair value		(1,576)
Funding of unconsolidated joint ventures	(4,669)	(1,644)
Proceeds on unconsolidated joint venture in excess of earnings recognized	8,221	3,578
Proceeds from disposition and principal payment of loans	192,763	222,868
Proceeds from sale and principal payment of mortgage backed securities, at fair value	1,417,871	5,031
Proceeds from sale of real estate	1,077	7,851
Cash acquired in connection with the ORM Merger	49,917
Net cash (used in) provided by investing activities	(210,541)	(144,468)
Cash Flows From Financing Activities:
Proceeds from secured borrowings	3,597,363	1,866,732
Payment of secured borrowings	(4,609,399)	(1,356,573)
Proceeds from the Paycheck Protection Program Liquidity Facility borrowings	1,095,900
Payment of Paycheck Protection Program Liquidity Facility borrowings	(39,640)
Proceeds from issuance of securitized debt obligations of consolidated VIEs	510,955
Payment of securitized debt obligations of consolidated VIEs	(201,310)	(125,468)
Payment of guaranteed loan financing	(19,320)	(34,672)
Payment of deferred financing costs	(12,337)	(1,602)
Equity issuance, net of offering costs		13,372
Dividend payments	(34,699)	(21,302)
Proceeds from corporate debt	195,768
Payments of corporate debt	(50,000)
Shares repurchase program	(987)
Net cash provided by (used in) provided by financing activities	432,294	340,487
Net increase (decrease) in cash, cash equivalents, and restricted cash	171,552	96,007
Cash, cash equivalents, and restricted cash at beginning of period	200,482	127,980
Cash, cash equivalents, and restricted cash at end of period	372,034	223,987
Supplemental disclosure of operating cash flow
Cash paid for interest	47,536	44,576
Stock-based compensation	522	894
Supplemental disclosure of non-cash investing activities
Loans transferred from loans, held for sale, at fair value to loans, net		509
Loans transferred from loans, net to loans, held for sale, at fair value	1,571
Loans transferred to real estate owned	1,276
Supplemental disclosure of non-cash financing activities
Common stock issued in connection with merger transactions	239,537
Share-based component of incentive fees		53
Cash and restricted cash reconciliation
Cash and cash equivalents	308,428	122,265
Restricted cash	62,961	93,164
Cash, cash equivalents, and restricted cash in Assets of consolidated VIEs	645	8,558
Cash, cash equivalents, and restricted cash at end of period	$ 372,034	$ 223,987

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization
Organization	READY CAPITAL CORPORATION NOTES TO the CONS OLIDATED FINANCIAL STATEMENTS (UNAUDITED) ​ 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 March 31, 2021 and December 31, 2020, the Company owned approximately 98.4% and 97.9% of the Operating Partnership, respectively. The Company, as sole general partner of the Operating Partnership, has responsibility and discretion in the management and control of the Operating Partnership, and the limited partners of the Operating Partnership, in such capacity, have no authority to transact business for, or participate in the management activities of the Operating Partnership. Therefore, the Company consolidates the Operating Partnership. ​ The Company reports its results of operations through the following four business segments: i) Acquisitions, ii) SBC Originations, iii) SBA Originations, Acquisitions and Servicing, and iv) Residential Mortgage Banking, with the remaining amounts recorded in Corporate- Other. The Company’s acquisition and origination platforms consist of the following four operating segments: ​ ● Acquisitions . We acquire performing and non-performing SBC loans as part of our business strategy. We hold performing SBC loans to term, and we seek to maximize the value of the non-performing SBC loans acquired by us through borrower-based resolution strategies. We typically acquire non-performing loans at a discount to their unpaid principal balance (“UPB”) when we believe that resolution of the loans will provide attractive risk-adjusted returns. We also acquire purchased future receivables through our Knight Capital platform (“Knight Capital”). Knight Capital, which we acquired in 2019, is a technology-driven platform that provides working capital to small and medium sized businesses across the U.S. ​ ● SBC Originations . We originate SBC loans secured by stabilized or transitional investor properties using multiple loan origination channels through our wholly-owned subsidiary, ReadyCap Commercial, LLC (“ReadyCap Commercial”). These originated loans are generally held-for-investment or placed into securitization structures. Additionally, as part of this segment, we originate and service multi-family loan products under the Federal Home Loan Mortgage Corporation’s Small Balance Loan Program (“Freddie Mac” and the “Freddie Mac program”). These originated loans are held for sale, then sold to Freddie Mac. ​ ● SBA Originations, Acquisitions and Servicing . We acquire, originate and service owner-occupied loans guaranteed by the SBA under its Section 7(a) loan program (the “SBA Section 7(a) Program”) through our wholly-owned subsidiary, ReadyCap Lending, LLC (“ReadyCap Lending”). We hold an SBA license as one of only 14 non-bank Small Business Lending Companies (“SBLCs”) and have been granted preferred lender status by the SBA. These originated loans are either held-for-investment, placed into securitization structures, or sold. ​ ● Residential Mortgage Banking . We operate our residential mortgage loan origination segment through our wholly-owned subsidiary, GMFS, LLC ("GMFS"). GMFS originates residential mortgage loans eligible to be purchased, guaranteed or insured by the Federal National Mortgage Association (“Fannie Mae”), Freddie Mac, Federal Housing Administration (“FHA”), U.S. Department of Agriculture (“USDA”) and U.S. Department of Veterans Affairs (“VA”) through retail, correspondent and broker channels. These originated loans are then sold to third parties, primarily agency lending programs. ​ On March 19, 2021, the Company completed the acquisition of Anworth Mortgage Asset Corporation (“ANH”), through a merger of ANH with and into a wholly-owned subsidiary of the Company, in exchange for approximately 16.8 million shares of the Company’s common stock and approximately $60.6 million in cash (“ANH Merger”). In accordance with the Agreement and Plan of Merger, dated as of December 6, 2020 (the "Merger Agreement"), by and among the Company, RC Merger Subsidiary, LLC and ANH, the number of shares of the Company’s common stock issued was based on an exchange ratio of 0.1688 per share plus $0.61 in cash. The total purchase price for the merger of $417.9 million consists of the Company’s common stock issued in exchange for shares of ANH common stock and cash paid in lieu of fractional shares of the Company’s common stock, which was based on a price of $14.28 of the Company’s common stock on the acquisition date, and $0.61 in cash per share. ​ In addition, the Company issued 1,919,378 shares of newly designated 8.625% Series B Cumulative Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), 779,743 shares of newly designated 6.25% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), and 2,010,278 shares of newly designated 7.625% Series D Cumulative Redeemable Preferred Stock, par value $0.0001 per share (the “Series D Preferred Stock”), in exchange for all shares of ANH’s 8.625% Series A Cumulative Preferred Stock, 6.25% Series B Cumulative Convertible Preferred Stock and 7.625% Series C Cumulative Redeemable preferred stock outstanding prior to the effective time of the ANH Merger. ​ Upon the closing of the transaction and after giving effect to the issuance of shares of common stock as consideration in the merger, the Company’s historical stockholders owned approximately 77% of the combined Company’s outstanding common stock, while historical ANH stockholders owned approximately 23% of the combined Company’s outstanding common stock. Refer to Note 5 for assets acquired and liabilities assumed in the merger. ​ The acquisition of ANH 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 ANH enhanced the trading volume and liquidity for our stockholders. In addition, part of our strategy in acquiring ANH was to manage the liquidation and runoff of certain assets within the ANH portfolio and repay certain indebtedness on the ANH portfolio following the completion of the ANH Merger, and to redeploy the capital into opportunities in our core SBC strategies and other assets we expect will generate attractive risk-adjusted returns and long-term earnings accretion. Consistent with this strategy, at March 31, 2021, we have liquidated approximately $1.4 billion of assets within the ANH portfolio, primarily consisting of Agency RMBS, and repaid approximately $1.3 billion of indebtedness on the portfolio. ​ In addition, concurrently with entering into the Merger Agreement, we, the Operating Partnership and the Manager entered into the First Amendment to the Amended and Restated Management Agreement (the “Amendment”), pursuant to which, upon the closing of the ANH Merger, the Manager’s base management fee will be reduced by $1,000,000 per quarter for each of the first full four quarters following the effective time of the ANH Merger (the “Temporary Fee Reduction”). Other than the Temporary Fee Reduction set forth in the Amendment, the terms of the Management Agreement remain the same. ​ 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	3 Months Ended
	Mar. 31, 2021
Basis of Presentation
Basis of Presentation	Note 2. Basis of Presentation ​ The unaudited interim consolidated financial statements herein referred to as the “consolidated financial statements” as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and 2020 and 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”). ​ The accompanying interim consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements have been condensed or omitted. In the opinion of management, the accompanying consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim period or the entire year. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 materially 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. ​ 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 and other financing agreements 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 credit 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. ​ 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. ​ Paycheck Protection Program loans Paycheck Protection Program (“PPP”) loans originated in response to the COVID-19 pandemic are described in Note 20. The Company has elected the fair value option for the loans originated by the Company for the first round of the program. Interest is recognized as interest income in the consolidated statements of income when earned and deemed collectible. Changes in fair value are recurring and are reported as net unrealized gain (loss) in the consolidated statements of income, although the PPP includes a 100% guarantee from the federal government and principal forgiveness for borrowers if the funds were used for defined purposes. ​ The Company’s loan originations in the second round of the program are accounted for as loans, held-for-investment under ASC 310. Loan origination fees and related direct loan origination costs are capitalized into the initial recorded investment in the loan and are deferred over the loan term. ​ 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 along with expected prepayments from loan forgiveness by the federal government. ​ 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 and the ANH Merger. Goodwill is not amortized, but rather, is tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill as of March 31, 2021, represents the excess of the consideration transferred over the fair value of net assets acquired in connection with the acquisition of Knight Capital and the ANH Merger. ​ 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. ​ 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 and other financing agreements and repurchase agreements. ​ Borrowings under credit facilities and other financing agreements. Debt. ​ Borrowings under repurchase agreements. Transfers and Servicing ​ Paycheck Protection Program Liquidity Facility borrowings The Company accounts for borrowings under the Paycheck Protection Program Liquidity Facility (“PPPLF”) borrowings under ASC 470, Debt ​ 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, which typically qualifies as a VIE. 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 is the primary beneficiary 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 also elected the fair value option for loans originated in round 1 of the Paycheck Protection Program. ​ 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”), performance-based equity awards, as well as “in-the-money” conversion options associated with our outstanding convertible senior notes and convertible preferred stock. 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 met

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 4. Recent accounting pronouncements ​ Financial Accounting Standards Board (“FASB”) Standards ​ ​ ​ ​ ​ ​ Standard ​ Summary of guidance ​ Effects on financial statements ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ Provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ​ The Company has loan, security, and debt agreements that incorporate LIBOR as a reference interest rate. It is difficult to predict what effect, if any, the phase-out of LIBOR and the use of alternative benchmarks may have on our business or on the overall financial markets. Issued March 2020 ​ Generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. ​ The Company has not adopted any of the optional expedients or exceptions through March 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions. ​ ​ Guidance is optional and may be elected over time, through December 31, 2022 using a prospective application on all eligible contract modifications. ​ ​ ASU 2020-6, Debt – Debt with Conversion and other Options and Derivatives and Hedging-Contracts in Entity’s Own Equity (Topic 470-20) ​ Addresses the complexities in accounting for certain financial instruments with a debt and equity component. The number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted “Earnings per share” under ASC 260. ​ The Company is currently assessing the impact this guidance will have on our consolidated financial statements. Issued August 2020 ​ Effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. ​ ​ ​

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2021
Business Combinations
Business Combinations	Note 5. Business Combinations ​ ANH Merger On March 19, 2021, the Company completed the ANH Merger. See Note 1 for more information about the ANH Merger. 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 19, 2021 Assets ​ ​ ​ Cash and cash equivalents ​ $ 110,545 Mortgage backed, securities, at fair value ​ 2,010,504 Loans, held for sale, at fair value ​ 102,798 Real estate, held for sale ​ 26,107 Accrued interest ​ 8,453 Other assets ​ ​ 38,707 Total assets acquired ​ $ 2,297,114 Liabilities ​ ​ ​ Secured borrowings ​ 1,784,047 Corporate debt, net ​ ​ 36,250 Derivative instruments, at fair value ​ ​ 60,719 Accounts payable and other accrued liabilities ​ ​ 4,811 Total liabilities assumed ​ $ 1,885,827 Net assets acquired ​ $ 411,287 ​ For acquired loan receivables, the gross contractual unpaid principal acquired is $98.3 million and we expect to collect all contractual amounts. ​ The aggregate consideration transferred, net assets acquired, and the related goodwill was as follows: ​ ​ ​ ​ Total consideration transferred (in thousands, except per share data) Fair value of net assets acquired $ 411,287 ​ ​ ​ ANH shares outstanding at March 19, 2021 ​ 99,374 Exchange ratio x 0.1688 Shares issued ​ 16,774 Market price as of March 19, 2021 $ 14.28 Consideration transferred based on value of common shares issued $ 239,537 ​ ​ ​ Cash paid per share $ 0.61 Cash paid based on outstanding ANH shares $ 60,626 ​ ​ ​ Preferred Stock, Series B Issued ​ 1,919,378 Market price as of March 19, 2021 $ 25.00 Consideration transferred based on value of Preferred Stock, Series B issued $ 47,984 ​ ​ ​ Preferred Stock, Series C Issued ​ 779,743 Market price as of March 19, 2021 $ 25.00 Consideration transferred based on value of Preferred Stock, Series C issued $ 19,494 ​ ​ ​ Preferred Stock, Series D Issued ​ 2,010,278 Market price as of March 19, 2021 $ 25.00 Consideration transferred based on value of Preferred Stock, Series D shares issued $ 50,257 ​ ​ ​ Total consideration transferred $ 417,898 ​ ​ ​ Goodwill $ 6,611 ​ Acquisition-related costs directly attributable to the ANH Merger, including legal, accounting, valuation, and other professional or consulting fees, totaling $6.3 million for the three months ended March 31, 2021, were expensed as incurred and are reflected separately within the consolidated statements of income. In a business combination, the initial allocation of the purchase price is considered preliminary and, therefore, is subject to change until the end of the measurement period. The final determination must occur within one year of the acquisition date. Because the measurement period is still open, certain fair value estimates may change once all information necessary to make a final fair value assessment has been received. ​ As of March 31, 2021, the goodwill recorded in the ANH Merger has not been allocated to any reporting unit because the benefitting reportable segment has yet to be determined. ​ The following pro-forma income and earnings (unaudited) of the combined company are presented as if the merger had occurred on January 1, 2021 and January 1, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the three months ended (In Thousands) ​ ​ March 31, 2021 ​ ​ March 31, 2020 Selected Financial Data ​ ​ ​ ​ ​ ​ Interest income ​ $ 85,120 ​ $ 105,314 Interest expense ​ ​ (54,289) ​ ​ (70,317) Recovery of (provision for) loan losses ​ ​ 8 ​ ​ (39,860) Non-interest income ​ ​ 91,690 ​ ​ 19,463 Non-interest expense ​ ​ (79,584) ​ ​ (296,474) Income (loss) before provision for income taxes ​ ​ 42,945 ​ ​ (281,874) Income tax benefit (expense) ​ ​ (8,681) ​ ​ 7,937 Net income (loss) ​ $ 34,264 ​ $ (273,937) ​ Non-recurring pro-forma transaction costs directly attributable to the merger were $6.3 million for the three months ended March 31, 2021, 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 Credit

Loans and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2021
Loans and Allowance for Credit Losses
Loans and Allowance for Credit 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 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 ● Paycheck Protection Program loans, held at fair value – SBA loans originated in round 1 of the PPP program for which the Company has elected the fair value option ● Paycheck Protection Program loans, held-for-investment - SBA loans originated in round 2 of the PPP program ​ Loan portfolio The following table summarizes the classification, UPB, and carrying value of loans held by the Company including loans of consolidated VIEs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ December 31, 2020 (In Thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 522,747 ​ $ 525,615 ​ ​ $ 530,671 ​ $ 535,963 Originated SBA 7(a) loans ​ ​ 309,487 ​ ​ 314,182 ​ ​ ​ 310,537 ​ ​ 314,938 Acquired SBA 7(a) loans ​ ​ 188,462 ​ ​ 196,983 ​ ​ ​ 201,066 ​ ​ 210,115 Originated SBC loans ​ ​ 167,772 ​ ​ 161,763 ​ ​ ​ 173,190 ​ ​ 167,470 Acquired loans ​ ​ 439,936 ​ ​ 444,742 ​ ​ ​ 351,381 ​ ​ 352,546 Originated SBC loans, at fair value ​ ​ 13,618 ​ ​ 13,881 ​ ​ ​ 13,795 ​ ​ 14,088 Originated Residential Agency loans ​ ​ 3,138 ​ ​ 3,083 ​ ​ ​ 3,208 ​ ​ 3,208 Total Loans, before allowance for loan losses ​ $ 1,645,160 ​ $ 1,660,249 ​ ​ $ 1,583,848 ​ $ 1,598,328 Allowance for loan losses ​ $ (33,334) ​ $ — ​ ​ $ (33,224) ​ $ — Total Loans, net ​ $ 1,611,826 ​ $ 1,660,249 ​ ​ $ 1,550,624 ​ $ 1,598,328 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated SBC loans ​ $ 877,461 ​ $ 873,517 ​ ​ $ 889,566 ​ $ 885,235 Originated Transitional loans ​ ​ 1,352,642 ​ ​ 1,363,543 ​ ​ ​ 788,403 ​ ​ 792,432 Acquired loans ​ ​ 552,582 ​ ​ 553,122 ​ ​ ​ 697,567 ​ ​ 701,133 Originated SBA 7(a) loans ​ ​ 67,214 ​ ​ 70,902 ​ ​ ​ 68,625 ​ ​ 72,451 Acquired SBA 7(a) loans ​ ​ 40,253 ​ ​ 49,795 ​ ​ ​ 42,154 ​ ​ 52,456 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 2,890,152 ​ $ 2,910,879 ​ ​ $ 2,486,315 ​ $ 2,503,707 Allowance for loan losses on loans in consolidated VIEs ​ $ (12,315) ​ $ — ​ ​ $ (13,508) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 2,877,837 ​ $ 2,910,879 ​ ​ $ 2,472,807 ​ $ 2,503,707 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ $ 310,892 ​ $ 305,487 ​ ​ $ 260,447 ​ $ 249,852 Originated Freddie Mac loans ​ ​ 24,707 ​ ​ 24,260 ​ ​ ​ 51,248 ​ ​ 50,408 Originated SBC loans ​ ​ 23,661 ​ ​ 23,822 ​ ​ ​ 17,850 ​ ​ 17,850 Originated SBA 7(a) loans ​ ​ 14,571 ​ ​ 13,261 ​ ​ ​ 10,232 ​ ​ 9,436 Acquired loans ​ ​ 99,247 ​ ​ 94,898 ​ ​ ​ 511 ​ ​ 499 Total Loans, held for sale, at fair value ​ $ 473,078 ​ $ 461,728 ​ ​ $ 340,288 ​ $ 328,045 Total Loans, net and Loans, held for sale, at fair value ​ $ 4,962,741 ​ $ 5,032,856 ​ ​ $ 4,363,719 ​ $ 4,430,080 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 1,254,420 ​ $ 1,322,188 ​ ​ $ — ​ $ — Paycheck Protection Program loans, held at fair value ​ ​ 38,388 ​ ​ 38,388 ​ ​ ​ 74,931 ​ ​ 74,931 Total Paycheck Protection Program loans ​ $ 1,292,808 ​ $ 1,360,576 ​ ​ $ 74,931 ​ $ 74,931 Total Loan portfolio ​ $ 6,255,549 ​ $ 6,393,432 ​ ​ $ 4,438,650 ​ $ 4,505,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 tables summarize the classification, UPB and carrying value of loans by year of origination: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2021 2020 2019 2018 ​ 2017 Pre 2017 Total As of March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,889,158 ​ $ 599,301 ​ $ 397,349 ​ $ 570,278 ​ $ 277,650 ​ $ 13,292 ​ $ 15,294 ​ $ 1,873,164 Originated SBC loans ​ ​ 1,035,280 ​ ​ — ​ ​ 62,606 ​ ​ 479,979 ​ ​ 235,716 ​ ​ 105,628 ​ ​ 155,608 ​ ​ 1,039,537 Acquired loans ​ ​ 997,864 ​ ​ — ​ ​ 21,042 ​ ​ 40,618 ​ ​ 41,301 ​ ​ 37,507 ​ ​ 849,833 ​ ​ 990,301 Originated SBA 7(a) loans ​ ​ 385,084 ​ ​ 6,599 ​ ​ 47,218 ​ ​ 97,040 ​ ​ 129,904 ​ ​ 66,195 ​ ​ 25,332 ​ ​ 372,288 Acquired SBA 7(a) loans ​ ​ 246,778 ​ ​ — ​ ​ 129 ​ ​ 19,485 ​ ​ 14,315 ​ ​ 279 ​ ​ 190,812 ​ ​ 225,020 Originated SBC loans, at fair value ​ ​ 13,881 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,597 ​ ​ 12,021 ​ ​ 13,618 Originated Residential Agency loans ​ ​ 3,083 ​ 935 ​ 659 ​ 644 ​ ​ 702 ​ ​ — ​ 198 ​ 3,138 Total Loans, before general allowance for loan losses ​ $ 4,571,128 ​ $ 606,835 ​ $ 529,003 ​ $ 1,208,044 ​ $ 699,588 ​ $ 224,498 ​ $ 1,249,098 ​ $ 4,517,066 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (27,403) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,489,663 (1) Loan balances include specific allowance for loan losses of $18.2 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total As of 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 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 loan losses ​ $ 4,102,035 ​ $ 522,961 ​ $ 1,229,069 ​ $ 735,604 ​ $ 243,042 ​ $ 110,314 ​ $ 1,211,980 ​ $ 4,052,970 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,023,431 (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 by year of origination: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2021 2020 2019 2018 ​ 2017 Pre 2017 Total As of March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 4,351,956 ​ $ 606,638 ​ $ 512,632 ​ $ 1,178,806 ​ $ 632,881 ​ $ 205,280 ​ $ 1,178,466 ​ $ 4,314,703 30 - 59 days past due ​ ​ 79,654 ​ ​ — ​ ​ 15,711 ​ ​ 24,790 ​ ​ 21,139 ​ ​ 4,841 ​ ​ 12,081 ​ ​ 78,562 60+ days past due ​ ​ 139,518 ​ ​ 197 ​ ​ 660 ​ ​ 4,448 ​ ​ 45,568 ​ ​ 14,377 ​ ​ 58,551 ​ ​ 123,801 Total Loans, before general allowance for loan losses ​ $ 4,571,128 ​ $ 606,835 ​ $ 529,003 ​ $ 1,208,044 ​ $ 699,588 ​ $ 224,498 ​ $ 1,249,098 ​ $ 4,517,066 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (27,403) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,489,663 (1) Loan balances include specific allowance for loan losses of $18.2 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 3,904,294 ​ $ 516,474 ​ $ 1,221,227 ​ $ 707,068 ​ $ 203,331 ​ $ 100,003 ​ $ 1,125,100 ​ $ 3,873,203 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 loan losses ​ $ 4,102,035 ​ $ 522,961 ​ $ 1,229,069 ​ $ 735,604 ​ $ 243,042 ​ $ 110,314 ​ $ 1,211,980 ​ $ 4,052,970 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,023,431 (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 (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 $ 1,794,270 $ 30,315 $ 48,579 $ 1,873,164 ​ $ 39,574 ​ $ — Originated SBC loans ​ 993,570 ​ 16,953 ​ 29,014 ​ 1,039,537 ​ ​ 38,599 ​ ​ — Acquired loans ​ 934,265 ​ 14,485 ​ 41,551 ​ 990,301 ​ ​ 54,750 ​ ​ — Originated SBA 7(a) loans ​ 356,600 ​ 14,789 ​ 899 ​ 372,288 ​ ​ 7,076 ​ ​ — Acquired SBA 7(a) loans ​ 221,444 ​ 2,020 ​ 1,556 ​ 225,020 ​ ​ 8,436 ​ ​ — Originated SBC loans, at fair value ​ 13,618 ​ — ​ — ​ 13,618 ​ ​ — ​ ​ — Originated Residential Agency loans ​ 936 ​ — ​ 2,202 ​ 3,138 ​ ​ 2,202 ​ ​ — Total Loans, before general allowance for loan losses $ 4,314,703 $ 78,562 $ 123,801 $ 4,517,066 ​ $ 150,637 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ $ (27,403) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ $ 4,489,663 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 95.6% ​ 1.7% ​ 2.7% ​ 100% ​ ​ 3.3% ​ ​ 0.0% (1) Loan balances include specific allowance for loan losses of $18.2 million (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (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 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 loan losses $ 3,873,203 $ 38,436 $ 141,331 $ 4,052,970 ​ $ 134,158 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ $ (29,539) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ $ 4,023,431 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 95.6% ​ 0.9% ​ 3.5% ​ 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 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (2) (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 11,669 $ 11,319 $ 237,489 $ 1,359,157 $ 236,062 $ 17,468 $ 1,873,164 Originated SBC loans ​ 5,248 ​ 73,432 ​ 520,800 ​ 428,041 ​ 6,136 ​ 5,880 ​ 1,039,537 Acquired loans ​ 261,037 ​ 373,055 ​ 224,470 ​ 94,011 ​ 25,307 ​ 12,421 ​ 990,301 Originated SBA 7(a) loans ​ 1,138 ​ 15,519 ​ 46,789 ​ 138,676 ​ 66,520 ​ 103,646 ​ 372,288 Acquired SBA 7(a) loans ​ 6,575 ​ 33,186 ​ 79,334 ​ 55,506 ​ 27,673 ​ 22,746 ​ 225,020 Originated SBC loans, at fair value ​ — ​ 8,643 ​ — ​ 4,975 ​ — ​ — ​ 13,618 Originated Residential Agency loans — — 198 ​ 577 ​ 1,985 378 3,138 Total Loans, before general allowance for loan losses $ 285,667 $ 515,154 $ 1,109,080 $ 2,080,943 $ 363,683 $ 162,539 $ 4,517,066 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (27,403) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,489,663 Percentage of loans outstanding ​ 6.3% ​ 11.4% ​ 24.6% ​ 46.1% ​ 8.1% ​ 3.5% ​ ​ 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 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 loan losses $ 285,928 $ 532,200 $ 1,075,306 $ 1,728,645 $ 289,919 $ 140,972 $ 4,052,970 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,023,431 Percentage of loans outstanding ​ 7.1% ​ 13.0% ​ 26.5% ​ 42.7% ​ 7.2% ​ 3.5% ​ ​ (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 March 31, 2021 and December 31, 2020, the Company’s total carrying amount of loans in the foreclosure process was $1.1 million and $2.2 million, respectively. ​ The following table displays the geographic concentration of the Company’s loans, net, secured by real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) March 31, 2021 ​ December 31, 2020 California 19.2 % ​ 18.1 % Texas 14.3 ​ ​ 14.2 ​ New York 10.5 ​ ​ 9.8 ​ Florida 7.4 ​ ​ 7.8 ​ Georgia 6.3 ​ ​ 4.9 ​ Illinois 6.0 ​ ​ 5.2 ​ North Carolina 3.1 ​ ​ 3.1 ​ Arizona 3.1 ​ ​ 2.8 ​ Washington 2.7 ​ ​ 3.1 ​ Colorado ​ 2.6 ​ ​ 2.8 ​ Other 24.8 ​ ​ 28.2 ​ Total 100.0 % ​ 100.0 % ​ The following table displays the collateral type concentration of the Company’s loans, net: ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) March 31, 2021 ​ December 31, 2020 Multi-family 31.4 % ​ 23.8 % Retail 15.7 ​ ​ 17.3 ​ SBA (1) 13.8 ​ ​ 17.4 ​ Office 12.8 ​ ​ 13.1 ​ Mixed Use 11.9 ​ ​ 12.9 ​ Industrial 6.7 ​ ​ 7.1 ​ Lodging/Residential 2.8 ​ ​ 3.2 ​ Other 4.9 ​ ​ 5.2 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) March 31, 2021 ​ December 31, 2020 Lodging ​ 19.3 % ​ 17.2 % Offices of Physicians ​ 12.9 ​ ​ 12.0 ​ Child Day Care Services 8.0 ​ ​ 7.2 ​ Eating Places 5.6 ​ ​ 5.3 ​ Gasoline Service Stations 3.9 ​ ​ 3.4 ​ Veterinarians ​ 3.4 ​ ​ 3.3 ​ Funeral Service & Crematories 2.0 ​ ​ 1.8 ​ Grocery Stores 2.0 ​ ​ 1.7 ​ Car washes ​ 1.6 ​ ​ 1.4 ​ Couriers ​ 1.1 ​ ​ 1.0 ​ Other 40.2 ​ ​ 45.7 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 (In Thousands) Originated ​ Originated Transitional loans ​ Acquired ​ Acquired ​ Originated ​ Total Allowance for General $ 2,729 ​ $ 14,848 ​ $ 4,335 ​ $ 627 ​ $ 4,864 ​ $ 27,403 Specific ​ 5,243 ​ ​ 2,195 ​ ​ 2,700 ​ ​ 3,695 ​ ​ 4,413 ​ ​ 18,246 Ending balance $ 7,972 ​ $ 17,043 ​ $ 7,035 ​ $ 4,322 ​ $ 9,277 ​ $ 45,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (In Thousands) Originated ​ Originated Transitional loans ​ Acquired ​ Acquired ​ Originated ​ 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 ​ The following tables detail the activity of the allowance for loan losses for loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Total Allowance for Beginning balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ 46,732 Provision for (recoveries of) loan losses ​ 132 ​ 2,048 ​ (1,262) ​ 47 ​ (402) ​ 563 Charge-offs and sales ​ (1,000) ​ — ​ — ​ (283) ​ (375) ​ (1,658) Recoveries ​ — ​ — ​ — ​ 9 ​ 3 ​ 12 Ending balance $ 7,972 $ 17,043 $ 7,035 $ 4,322 $ 9,277 $ 45,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated 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 ​ 7,658 ​ 22,170 ​ 5,722 ​ 12 ​ 4,242 ​ 39,804 Charge-offs and sales ​ — ​ — ​ (8) ​ (131) ​ (329) ​ (468) Recoveries ​ — ​ — ​ — ​ 65 ​ 1 ​ 66 Ending balance $ 10,362 $ 24,264 $ 10,646 $ 5,622 $ 7,074 $ 57,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The tables above exclude $0.4 million and $0.9 million of allowance for loan losses on unfunded lending commitments as of March 31, 2021 and December 31, 2020, respectively. Refer to Note 3 – Summary of Significant Accounting Policies 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) March 31, 2021 ​ December 31, 2020 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 105,141 ​ $ 75,862 Without an allowance ​ 45,496 ​ ​ 58,296 Total recorded carrying value of non-accrual loans $ 150,637 ​ $ 134,158 Allowance for loan losses related to non-accrual loans $ (18,433) ​ $ (17,367) Unpaid principal balance of non-accrual loans $ 175,570 ​ $ 158,471 ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ March 31, 2020 Interest income on non-accrual loans for the three months ended $ 615 ​ $ 157 ​ ​ 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. ​ The following table summarizes the recorded investment of TDRs in the consolidated balance sheet by loan type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 (In Thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Carrying value of modified loans classified as TDRs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On accrual status $ 304 ​ $ 6,661 ​ $ 6,965 ​ $ 307 ​ $ 6,888 ​ $ 7,195 On non-accrual status ​ 8,291 ​ ​ 9,108 ​ ​ 17,399 ​ ​ 7,020 ​ ​ 11,044 ​ ​ 18,064 Total carrying value of modified loans classified as TDRs $ 8,595 ​ $ 15,769 ​ $ 24,364 ​ $ 7,327 ​ $ 17,932 ​ $ 25,259 Allowance for loan losses on loans classified as TDRs $ 16 ​ $ 3,701 ​ $ 3,717 ​ $ 17 ​ $ 3,323 ​ $ 3,340 ​ ​ The following table summarizes the TDR activity and the financial effects of these modifications. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Three Months Ended March 31, 2020 (In Thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 1 ​ ​ 7 ​ ​ 8 ​ ​ 1 ​ ​ 7 ​ ​ 8 Pre-modification recorded balance (a) $ 1,276 ​ $ 1,442 ​ $ 2,718 ​ $ 151 ​ $ 2,767 ​ $ 2,918 Post-modification recorded balance (a) $ 1,276 ​ ​ 975 ​ $ 2,251 ​ $ 151 ​ $ 2,769 ​ $ 2,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default as of March 31, 2021 (b) ​ 1 ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ 3 ​ ​ 4 Balance of loans that remain in default as of March 31, 2021 (b) $ 1,276 ​ $ — ​ $ 1,276 ​ $ 151 ​ $ 160 ​ $ 311 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 974 ​ $ 974 ​ $ — ​ $ 1,564 ​ $ 1,564 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 1,276 ​ ​ — ​ ​ 1,276 ​ ​ 151 ​ ​ 152 ​ ​ 303 Total $ 1,276 ​ $ 974 ​ $ 2,250 ​ $ 151 ​ $ 1,716 ​ $ 1,867 (a) Represents carrying value. (b) Represents the March 31, 2021 carrying values of the TDRs that occurred during the three months ended March 31, 2021 and 2020 that remained in default as of March 31, 2021. 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 in the three months ended March 31, 2021 and 2020.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 473,078 ​ $ — ​ $ 473,078 Loans, net, at fair value — ​ — ​ 13,618 ​ 13,618 Paycheck Protection Program loans — ​ — ​ 38,388 ​ 38,388 Mortgage backed securities, at fair value — ​ 677,315 ​ 5,633 ​ 682,948 Derivative instruments, at fair value ​ — ​ ​ 805 ​ ​ 11,724 ​ ​ 12,529 Residential mortgage servicing rights, at fair value — ​ — ​ 98,542 ​ 98,542 Total assets $ — ​ $ 1,151,198 ​ $ 167,905 ​ $ 1,319,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 4,403 ​ $ — ​ $ 4,403 Total liabilities $ — ​ $ 4,403 ​ $ — ​ $ 4,403 ​ 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 — ​ — ​ 13,795 ​ 13,795 Paycheck Protection Program loans — ​ — ​ 74,931 ​ 74,931 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 tables present a summary of changes in our Level 3 assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 (In Thousands) MBS Derivatives Loans, net, at fair value Paycheck Protection Program loans Residential MSRs, at fair value Total Beginning Balance ​ $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ 74,931 ​ $ 76,840 ​ $ 207,060 Originations ​ — ​ — ​ — ​ 3,866 ​ — ​ 3,866 Accreted discount, net ​ ​ 58 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 58 Additions due to loans sold, servicing retained ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,048 ​ ​ 12,048 Sales / Principal payments ​ ​ (92) ​ ​ — ​ ​ (201) ​ ​ (40,409) ​ ​ (5,700) ​ ​ (46,402) Realized gains, net ​ ​ — ​ ​ — ​ ​ (5) ​ ​ — ​ ​ — ​ ​ (5) Unrealized gains (losses), net ​ ​ 1,069 ​ ​ (4,639) ​ ​ 29 ​ ​ — ​ ​ 15,354 ​ ​ 11,813 Transfer to (from) Level 3 ​ ​ (20,533) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (20,533) Ending Balance ​ $ 5,633 ​ $ 11,724 ​ $ 13,618 ​ $ 38,388 ​ $ 98,542 ​ $ 167,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains (losses), net on assets/liabilities held at the end of the period ​ $ (319) ​ $ 11,724 ​ $ (263) ​ $ — ​ $ (31,855) ​ $ (20,713) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 (In Thousands) MBS Derivatives Loans, net, at fair value Residential MSRs, at fair value Total Beginning Balance ​ $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ 91,174 ​ $ 114,660 Additions due to loans sold, servicing retained ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,147 ​ ​ 7,147 Sales / Principal payments ​ ​ (2) ​ ​ — ​ ​ (8) ​ ​ (3,253) ​ ​ (3,263) Unrealized gains (losses), net ​ ​ (40) ​ ​ 14,436 ​ ​ (391) ​ ​ (16,437) ​ ​ (2,432) Transfer to (from) Level 3 ​ ​ (315) ​ ​ — ​ ​ — ​ ​ — ​ ​ (315) Ending Balance ​ $ 103 ​ $ 17,250 ​ $ 19,813 ​ $ 78,631 ​ $ 115,797 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains (losses), net on assets or liabilities held at the end of the period ​ $ (1) ​ $ 17,250 ​ $ 255 ​ $ (26,392) ​ $ (8,888) ​ 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 financial instruments 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 financial instruments. 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 March 31, 2021, 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 $ 98,542 Income Approach Discounted cash flow ​ N/A ​ N/A Derivative instruments, at fair value $ 11,724 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 65.0 - 100% | 0.5 - 5.0% | 0.1 to 2.9% ​ 86.5% | 3.9% | 1.2% (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 $167.9 million is $57.7 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 Note 9 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, 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 ​ 47.6 - 100% | 0.5 - 12.8% | 0.1 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 Note 9 - Servicing Rights 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 (In Thousands) Carrying Value Estimated Carrying Value Estimated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 4,476,045 ​ $ 4,581,610 ​ $ 4,009,636 ​ $ 4,103,200 Paycheck Protection Program loans ​ ​ 1,254,420 ​ ​ 1,322,188 ​ ​ — ​ ​ — Purchased future receivables, net ​ ​ 13,240 ​ ​ 13,240 ​ ​ 17,308 ​ ​ 17,308 Servicing rights ​ ​ 40,399 ​ 50,365 ​ 37,823 ​ 47,567 Total assets ​ $ 5,784,104 ​ $ 5,967,403 ​ $ 4,064,767 ​ $ 4,168,075 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 2,064,785 ​ $ 2,064,785 ​ $ 1,294,243 ​ $ 1,294,243 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 1,132,536 ​ ​ 1,132,536 ​ ​ 76,276 ​ ​ 76,276 Securitized debt obligations of consolidated VIEs, net ​ 2,211,923 ​ 2,145,650 ​ 1,905,749 ​ 1,907,541 Senior secured note, net ​ ​ 179,744 ​ ​ 185,277 ​ ​ 179,659 ​ ​ 188,114 Guaranteed loan financing ​ 386,036 ​ 412,644 ​ 401,705 ​ 426,348 Convertible notes, net ​ ​ 112,405 ​ ​ 66,544 ​ ​ 112,129 ​ ​ 68,186 Corporate debt, net ​ ​ 333,317 ​ ​ 351,865 ​ ​ 150,989 ​ ​ 151,209 Total liabilities ​ $ 6,420,746 ​ $ 6,359,301 ​ $ 4,120,750 ​ $ 4,111,917 ​ Other assets of $32.6 million at March 31, 2021, and $23.8 million at December 31, 2020, 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 $11.1 million at March 31, 2021, and $1.2 million at December 31, 2020, 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 $24.0 million at March 31, 2021, and $23.8 million at December 31, 2020, 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	3 Months Ended
	Mar. 31, 2021
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ Average ​ Interest ​ Principal ​ Amortized ​ ​ ​ ​ Unrealized ​ Unrealized (In Thousands) ​ Maturity (a) ​ Rate (a) ​ Balance ​ Cost ​ Fair Value ​ Gains ​ Losses March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 02/2037 ​ 3.8 % $ 131,326 ​ $ 51,390 ​ $ 54,693 ​ $ 3,433 ​ $ (130) Commercial Loans ​ 11/2050 ​ 4.6 ​ ​ 72,985 ​ ​ 39,162 ​ ​ 34,062 ​ ​ 333 ​ ​ (5,433) Residential 10/2042 3.5 ​ 637,395 ​ 594,193 ​ 594,193 ​ — ​ — Total Mortgage backed securities, at fair value ​ 08/2042 ​ 3.6 % $ 841,706 ​ $ 684,745 ​ $ 682,948 ​ $ 3,766 ​ $ (5,563) 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) (a) Weighted based on current principal balance ​ The following table presents certain information about the maturity of the Company’s MBS portfolio. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Principal ​ Amortized ​ ​ (In Thousands) ​ Interest Rate (a) ​ Balance ​ Cost ​ Fair Value March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years 2.9 % $ 8,500 ​ $ 8,500 ​ $ 8,500 After ten years 3.4 ​ 833,206 ​ 676,245 ​ 674,448 Total Mortgage backed securities, at fair value ​ 3.6 % $ 841,706 ​ $ 684,745 ​ $ 682,948 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 ​ ​ ​ (a) Weighted based on current principal balance

Servicing Rights

Servicing Rights	3 Months Ended
	Mar. 31, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (In Thousands) 2021 2020 SBA servicing rights, at amortized cost Beginning net carrying amount ​ $ 18,764 ​ $ 17,660 Additions due to loans sold, servicing retained ​ 959 ​ 961 Acquisitions ​ ​ — ​ ​ ​ Amortization ​ (1,047) ​ (873) Impairment ​ (34) ​ (212) Ending net carrying value of SBA servicing rights ​ $ 18,642 ​ $ 17,536 Freddie Mac multi-family servicing rights, at amortized cost Beginning net carrying amount ​ $ 19,059 ​ $ 13,135 Additions due to loans sold, servicing retained ​ 3,559 ​ 1,449 Amortization ​ (861) ​ (640) Ending net carrying value of Freddie Mac multi-family servicing rights ​ $ 21,757 ​ $ 13,944 Total servicing rights, at amortized cost ​ $ 40,399 ​ $ 31,480 Residential mortgage servicing rights, at fair value Beginning net carrying amount ​ $ 76,840 ​ $ 91,174 Additions due to loans sold, servicing retained ​ 12,048 ​ 7,147 Loan pay-offs ​ ​ (5,700) ​ ​ (3,253) Unrealized losses ​ 15,354 ​ (16,437) Ending fair value of Residential mortgage servicing rights ​ $ 98,542 ​ $ 78,631 Total servicing rights ​ $ 138,941 ​ $ 110,111 ​ 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 March 31, 2021 ​ As of December 31, 2020 ​ ​ Unpaid Principal ​ ​ ​ Unpaid Principal ​ ​ (In Thousands) ​ Amount ​ Carrying Value ​ Amount ​ Carrying Value SBA ​ $ 656,216 ​ $ 18,642 ​ $ 643,135 ​ $ 18,764 Freddie Mac multi-family ​ ​ 1,647,443 ​ ​ 21,757 ​ ​ 1,501,998 ​ ​ 19,059 Total ​ $ 2,303,659 ​ $ 40,399 ​ $ 2,145,133 ​ $ 37,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The significant assumptions used in the estimated valuation of the Company’s SBA and Freddie Mac multi-family servicing rights carried at amortized cost include: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Range of input values ​ Weighted Range of input values ​ Weighted SBA servicing rights (at amortized cost) ​ Forward prepayment rate ​ 6.7 - 20.9 % ​ 8.4 % ​ 6.7 - 20.8 % ​ 8.5 % ​ Forward default rate ​ 0.0 - 10.4 % ​ 8.3 % ​ 0.0 - 10.5 % ​ 8.2 % ​ Discount rate ​ 4.5 - 4.5 % ​ 4.5 % ​ 4.5 - 4.5 % ​ 4.5 % ​ 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 % ​ 0.1 - 5.1 % ​ 2.4 % ​ Forward default rate ​ 0.0 - 0.4 % ​ 0.3 % ​ 0.0 - 0.4 % ​ 0.3 % ​ 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) March 31, 2021 December 31, 2020 SBA servicing rights (at amortized cost) ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (730) ​ $ (729) ​ Impact of 20% adverse change ​ $ (1,421) ​ $ (1,420) ​ Default rate ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (154) ​ $ (150) ​ Impact of 20% adverse change ​ $ (305) ​ $ (298) ​ Discount rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (401) ​ $ (395) ​ Impact of 20% adverse change ​ $ (789) ​ $ (777) ​ Freddie Mac multi-family servicing rights (at amortized cost) ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (188) ​ $ (163) ​ Impact of 20% adverse change ​ $ (373) ​ $ (324) ​ Default rate ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (7) ​ $ (6) ​ Impact of 20% adverse change ​ $ (14) ​ $ (13) ​ Discount rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (761) ​ $ (678) ​ Impact of 20% adverse change ​ $ (1,487) ​ $ (1,324) ​ ​ The estimated future amortization expense for the servicing rights is expected to be as follows: ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 2021 ​ $ 5,672 2022 ​ 6,760 2023 ​ 5,944 2024 ​ 5,228 2025 ​ 4,596 Thereafter ​ 12,199 Total ​ $ 40,399 ​ Residential mortgage servicing rights. ​ The following table presents additional information about the Company’s residential mortgage servicing rights carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ As of December 31, 2020 (In Thousands) ​ Unpaid Principal Amount ​ Fair Value ​ Unpaid Principal Amount ​ Fair Value Fannie Mae ​ $ 3,787,761 ​ $ 35,390 ​ $ 3,700,450 ​ $ 27,632 Ginnie Mae ​ ​ 2,802,997 ​ ​ 30,340 ​ ​ 2,757,124 ​ ​ 25,899 Freddie Mac ​ ​ 3,357,437 ​ ​ 32,812 ​ ​ 3,071,312 ​ ​ 23,309 Total ​ $ 9,948,195 ​ $ 98,542 ​ $ 9,528,886 ​ $ 76,840 ​ The significant assumptions used in the valuation of the Company’s residential mortgage servicing rights carried at fair value include: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Range of input ​ Weighted Range of input ​ Weighted Residential mortgage servicing rights (at fair value) ​ Forward prepayment rate ​ 10.5 - 28.8 % ​ 11.2 % ​ 12.6 - 31.4 % ​ 14.3 % ​ Discount rate ​ 9.0 - 11.6 % ​ 9.8 % ​ 9.1 - 11.7 % ​ 9.8 % ​ Servicing expense ​ $70 - $85 ​ ​ $74 ​ ​ $70 - $85 ​ ​ $74 ​ ​ 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) March 31, 2021 ​ December 31, 2020 Residential mortgage servicing rights (at fair value) ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (4,958) ​ $ (5,049) Impact of 20% adverse change ​ $ (9,568) ​ $ (9,701) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (3,623) ​ $ (2,601) Impact of 20% adverse change ​ $ (6,992) ​ $ (5,028) Cost of servicing ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,785) ​ $ (1,469) Impact of 20% adverse change ​ $ (3,571) ​ $ (2,938) ​

Residential mortgage banking ac

Residential mortgage banking activities and variable expenses on residential mortgage banking activities	3 Months Ended
	Mar. 31, 2021
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ (In Thousands) 2021 2020 Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ $ 29,560 ​ $ 25,166 ​ Creation of new mortgage servicing rights, net of payoffs ​ ​ 6,348 ​ ​ 3,894 ​ Loan origination fee income on residential mortgage loans ​ ​ 6,232 ​ ​ 3,303 ​ Unrealized gain (loss) on IRLCs and other derivatives ​ (731) ​ ​ 4,306 Residential mortgage banking activities ​ $ 41,409 ​ $ 36,669 ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ $ (15,485) ​ $ (20,129) ​ ​

Secured Borrowings

Secured Borrowings	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 December 31, 2020 JPMorgan Acquired loans, SBA loans June 2021 ​ 1M L + 2.25% to 2.875% ​ $ 200,000 ​ $ 56,867 ​ $ 41,822 ​ $ 36,604 Keybank Freddie Mac loans February 2022 ​ SOFR + 1.41% ​ ​ 100,000 ​ ​ 24,707 ​ ​ 24,260 ​ ​ 50,408 East West Bank SBA loans October 2022 ​ Prime - 0.821% to + 0.29% ​ ​ 50,000 ​ ​ 45,717 ​ ​ 39,623 ​ ​ 40,542 Credit Suisse Acquired loans (non USD) December 2021 ​ Euribor + 2.50% to 3.00% ​ ​ 234,470 (a) ​ 56,895 ​ ​ 35,372 ​ ​ 36,840 Comerica Bank Residential loans June 2021 ​ 1M L + 1.75% ​ ​ 125,000 ​ ​ 83,075 ​ ​ 78,687 ​ ​ 78,312 TBK Bank Residential loans October 2021 ​ Variable Pricing ​ ​ 150,000 ​ ​ 141,092 ​ ​ 139,426 ​ ​ 123,951 Origin Bank Residential loans June 2021 ​ Variable Pricing ​ ​ 60,000 ​ ​ 35,251 ​ ​ 33,899 ​ ​ 27,450 Associated Bank Residential loans November 2021 ​ 1M L + 1.50% ​ ​ 60,000 ​ ​ 49,863 ​ ​ 47,670 ​ ​ 15,556 East West Bank Residential MSRs September 2023 ​ 1M L + 2.50% ​ ​ 50,000 ​ ​ 68,202 ​ ​ 49,400 ​ ​ 34,400 Credit Suisse Purchased future receivables June 2021 ​ 1M L + 4.50% ​ ​ 150,000 ​ ​ 13,240 ​ ​ 1,000 ​ ​ — Bank of the Sierra Real estate August 2050 ​ 3.25% to 3.45% ​ ​ 22,750 ​ ​ 32,948 ​ ​ 22,499 ​ ​ 22,611 PPP Participant PPP loans June 2021 ​ Sold 99.61% / Buyback Par ​ ​ 600,000 ​ ​ 221,940 ​ ​ 230,483 ​ ​ — Total borrowings under credit facilities and other financing agreements (b) ​ ​ ​ $ 1,802,220 ​ $ 829,797 ​ $ 744,141 ​ $ 466,674 Citibank Fixed rate, Transitional, Acquired loans October 2021 ​ 1M L + 2.50% to 3.25% ​ $ 500,000 ​ $ 247,895 ​ $ 152,097 ​ $ 210,735 Deutsche Bank Fixed rate, Transitional loans November 2021 ​ 3M L + 2.00% to 2.40% ​ ​ 350,000 ​ ​ 96,830 ​ ​ 88,831 ​ ​ 190,567 JPMorgan Transitional loans November 2022 ​ 1M L + 2.25% to 4.00% ​ ​ 650,000 ​ ​ 414,099 ​ ​ 282,974 ​ ​ 247,616 Performance Trust Acquired loans March 2024 ​ 1M T + 2.00% ​ ​ 113,000 ​ ​ 105,627 ​ ​ 93,532 ​ ​ — Credit Suisse Acquired loans July 2021 ​ L + 2.25% ​ ​ 100,000 ​ ​ 98,751 ​ ​ 81,485 ​ ​ — JPMorgan MBS June 2021 ​ 1.39% to 2.33% ​ ​ 62,300 ​ ​ 99,088 ​ ​ 62,300 ​ ​ 65,407 Deutsche Bank MBS April 2021 ​ 2.47% ​ ​ 13,227 ​ ​ 20,083 ​ ​ 13,227 ​ ​ 16,354 Citibank MBS April 2021 ​ 2.72% ​ ​ 46,847 ​ ​ 85,593 ​ ​ 46,847 ​ ​ 58,076 RBC MBS April 2021 ​ 2.39% to 2.59% ​ ​ 39,053 ​ ​ 60,495 ​ ​ 39,053 ​ ​ 38,814 CSFB MBS April 2021 ​ 2.45% ​ ​ 4,078 ​ ​ 6,549 ​ ​ 4,078 ​ ​ — Various MBS April 2021 ​ Variable Pricing ​ ​ 106,737 ​ ​ 183,588 ​ ​ 106,737 ​ ​ — Various Agency MBS May 2021 ​ Variable Pricing ​ ​ 349,483 ​ ​ 387,388 ​ ​ 349,483 ​ ​ — Total borrowings under repurchase agreements (c) ​ $ 2,334,725 ​ $ 1,805,986 ​ $ 1,320,644 ​ $ 827,569 Total secured borrowings ​ $ 4,136,945 ​ $ 2,635,783 ​ $ 2,064,785 ​ $ 1,294,243 (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 2.0% and 2.8% as of March 31, 2021 and December 31, 2020, respectively. (c) The weighted average interest rate of borrowings under repurchase agreements was 2.1% and 3.3% as of March 31, 2021 and December 31, 2020, 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 (In Thousands) ​ March 31, 2021 December 31, 2020 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 192,492 $ 313,844 Loans, net ​ ​ 159,883 ​ 159,482 Loans, held at fair value ​ ​ 141,092 ​ 73,799 Mortgage servicing rights ​ ​ 68,202 ​ 50,941 Paycheck Protection Program loans ​ ​ 221,940 ​ — Purchased future receivables ​ ​ 13,240 ​ — Real estate, held for sale ​ ​ 32,948 ​ 32,948 Total ​ $ 829,797 $ 631,014 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 835,211 $ 815,603 Mortgage backed securities ​ 742,299 72,179 Retained interest in assets of consolidated VIEs ​ ​ 100,485 ​ 226,773 Loans, held for sale, at fair value ​ ​ 122,413 ​ 17,850 Loans, held at fair value ​ 3,071 3,071 Real estate acquired in settlement of loans ​ ​ 2,507 ​ 829 Total ​ $ 1,805,986 $ 1,136,305 Total collateral pledged on secured borrowings ​ $ 2,635,783 $ 1,767,319 ​ ​ ​ ​ ​ ​ ​ The agreements governing the Company’s secured borrowings require the Company to maintain certain financial and debt covenants. The Company was in compliance with all debt and financial covenants as of March 31, 2021 and December 31, 2020.

Senior secured notes, convertib

Senior secured notes, convertible notes, and corporate debt, net	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, 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 (the “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 March 31, 2021, the conversion rate was 1.5994 shares of common stock per $25 principal amount of the Convertible Notes, which is equals a conversion price of approximately $15.63 per share of the Company’s 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 March 31, 2021, 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, (the “base indenture”) 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. ​ On March 26, 2021, the Company redeemed all of the outstanding 2021 Notes, at a redemption price equal to 100% of the principal amount of the 2021 Notes plus accrued and unpaid interest, for cash. ​ 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 “6.20% 2026 Notes”), which includes $7.5 million aggregate principal amount of the 6.20% 2026 Notes relating to the full exercise of the underwriters’ over-allotment option. The net proceeds from the sale of the 6.20% 2026 Notes were approximately $55.3 million, after deducting underwriters’ discount and estimated offering expenses. The Company contributed the net proceeds to Sutherland Partners, L.P. (the “Operating Partnership”), the operating partnership subsidiary, in exchange for the issuance by the Operating Partnership of a senior note with terms that are substantially equivalent to the terms of the 6.20% 2026 Notes. ​ The 6.20% 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 6.20% 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 6.20% 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 6.20% 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 6.20% 2026 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 6.20% 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 6.20% 2026 Notes, in whole or in part, for cash at a repurchase price equal to 101% of the aggregate principal amount of the 6.20% 2026 Notes to be purchased, plus accrued and unpaid interest. ​ The 6.20% 2026 Notes are the Company’s senior 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 6.20% 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 an additional public offering and sale of $45.0 million aggregate principal amount of the 6.20% 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), and are fully fungible with and are treated as a single series of debt securities as the 6.20% 2026 notes the Company issued on July 22, 2019. ​ On February 10, 2021, the Company completed the public offer and sale of $201.3 million aggregate principal amount of its 5.75% Senior Notes due 2026 (the “5.75% 2026 Notes”), which includes $26.3 million aggregate principal amount of 5.75% 2026 Notes relating to the full exercise of the underwriters’ over-allotment option. The net proceeds from the sale of 5.75% Senior Notes were approximately $195.2 million, after deducting underwriters’ discount and estimated offering expenses. The Company contributed the net proceeds to the Operating Partnership in exchange for the issuance by the Operating Partnership of a senior note with terms that are substantially equivalent to the terms of the 5.75% 2026 Notes. The 5.75% 2026 Notes bear interest at a rate of 5.75% per annum, payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year, beginning on April 30, 2021. The 5.75% 2026 Notes will mature on February 15, 2026, unless earlier repurchased or redeemed. The 5.75% 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 5.75% 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. ​ As of March 31, 2021, we were in compliance with all covenants with respect to the corporate debt. ​ Junior subordinated notes A notes and $21,250,000 for I-B notes, to unrelated third party investors. Both the junior subordinated notes and the trust preferred securities require quarterly payments and bear interest at the prevailing three-month LIBOR rate plus 3.10%, reset quarterly. Both the junior subordinated notes and the trust preferred securities will mature in 2035 and are currently redeemable, at our option, in whole or in part, without penalty. ANH used the net proceeds of this issuance to invest in Agency MBS. In accordance with ASC 810-10, Anworth Capital Trust I does not meet the requirements for consolidation. ​ 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 thousands, except rates) Coupon Rate ​ Maturity Date March 31, 2021 Senior secured notes principal amount (1) ​ 7.50 % ​ 2/15/2022 ​ $ 180,000 Unamortized premium - Senior secured notes ​ ​ ​ ​ ​ ​ ​ 695 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (951) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 179,744 Convertible notes principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (958) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (1,637) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 112,405 Corporate debt principal amount (4) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,250 Corporate debt principal amount (5) ​ 5.75 % ​ 2/15/2026 ​ ​ 201,250 Unamortized discount - corporate debt ​ ​ ​ ​ ​ ​ ​ (4,966) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (3,467) Junior subordinated notes principal amount (6) ​ 3M + 3.10 % ​ 3/30/2035 ​ ​ 15,000 Junior subordinated notes principal amount (7) ​ 3M + 3.10 % ​ 4/30/2035 ​ ​ 21,250 Total corporate debt, net ​ ​ ​ ​ ​ ​ $ 333,317 Total carrying amount of debt components ​ ​ ​ ​ ​ ​ $ 625,466 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 958 (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 October 30, 2019. (5) Interest on the corporate debt is payable January 30, April 30, July 30, and October 30 of each year, beginning on April 30, 2021. (6) Interest on the Junior subordinated notes I-A payable March 30, June 30, September 30, and December 30 of each year. (7) Interest on the Junior subordinated notes I-B payable January 30, April 30, July 30, and October 30 of each year. ​ The following table presents the contractual maturities of Senior Secured Notes, Convertible Notes, and corporate debt: ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 2021 $ — 2022 ​ 180,000 2023 ​ 115,000 2024 ​ — 2025 ​ ​ — Thereafter ​ 341,750 Total contractual amounts ​ $ 636,750 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (11,284) Total carrying amount of debt components ​ $ 625,466 ​

Guaranteed loan financing

Guaranteed loan financing	3 Months Ended
	Mar. 31, 2021
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 ​ March 31, 2021 ​ 3.78 % 0.99 - 6.50 % 2021 - 2044 ​ $ 386,036 ​ December 31, 2020 ​ 3.76 % 0.99 - 6.50 % 2021 - 2044 ​ $ 401,705 ​ ​ The following table summarizes contractual maturities of total guaranteed loan financing outstanding: ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 2021 ​ 212 2022 ​ 1,257 2023 ​ 1,998 2024 ​ 3,242 2025 ​ ​ 3,410 Thereafter ​ 375,917 Total ​ $ 386,036 ​ Our guaranteed loan financings are secured by loans of $387.2 million and $403.0 million as of March 31, 2021 and December 31, 2020, respectively.

Variable interest entities and

Variable interest entities and securitization activities	3 Months Ended
	Mar. 31, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ December 31, 2020 ​ ​ 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 ​ $ 2,869 ​ $ 2,869 ​ 5.5 % ​ $ 4,055 ​ $ 4,055 ​ 5.5 % ReadyCap Lending Small Business Trust 2019-2 ​ ​ 103,030 ​ ​ 97,078 ​ 2.6 ​ ​ ​ 103,030 ​ ​ 101,468 ​ 3.1 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 24,747 ​ ​ 24,334 ​ 3.7 ​ ​ ​ 27,035 ​ ​ 26,555 ​ 3.6 ​ Sutherland Commercial Mortgage Trust 2018-SBC7 ​ ​ — ​ ​ — ​ — ​ ​ ​ 79,302 ​ ​ 78,168 ​ 4.7 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 170,678 ​ ​ 168,180 ​ 2.9 ​ ​ ​ 178,911 ​ ​ 176,307 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ 124,621 ​ ​ 122,129 ​ 3.9 ​ ​ ​ 131,729 ​ ​ 129,014 ​ 3.8 ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ 10,703 ​ ​ 10,681 ​ 5.7 ​ ​ 10,880 ​ ​ 10,858 ​ 5.8 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 35,894 ​ ​ 33,864 ​ 5.1 ​ ​ 45,075 ​ ​ 35,183 ​ 4.8 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 26,083 ​ ​ 25,068 ​ 4.8 ​ ​ 26,371 ​ ​ 25,286 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 89,739 ​ ​ 86,702 ​ 4.1 ​ ​ ​ 94,273 ​ ​ 91,098 ​ 4.0 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 225,934 ​ ​ 217,636 ​ 4.2 ​ ​ ​ 229,232 ​ ​ 220,605 ​ 4.2 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 348,901 ​ ​ 342,606 ​ 3.2 ​ ​ ​ 359,266 ​ ​ 348,773 ​ 3.2 ​ Ready Capital Mortgage Financing 2018-FL2 ​ ​ — ​ ​ — ​ — ​ ​ ​ 48,979 ​ ​ 48,975 ​ 2.4 ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ 202,993 ​ ​ 202,043 ​ 1.5 ​ ​ ​ 229,440 ​ ​ 227,950 ​ 2.0 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 324,215 ​ ​ 319,075 ​ 3.0 ​ ​ ​ 324,219 ​ ​ 318,385 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 461,432 ​ ​ 503,583 ​ 1.5 ​ ​ ​ — ​ ​ — ​ — ​ Total (1) ​ $ 2,151,839 $ 2,155,848 ​ 2.9 % $ 1,891,797 $ 1,842,680 ​ 3.3 % (1) Excludes non-company sponsored securitized debt obligations of $56.1 million and $63.1 million that are consolidated in the consolidated balance sheets as of March 31, 2021 and December 31, 2020, 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) March 31, 2021 December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 14 $ 20 Restricted cash ​ 631 ​ ​ 13,790 Loans, net ​ ​ 2,877,837 ​ ​ 2,472,807 Real estate, held for sale ​ ​ 2,778 ​ ​ 4,456 Other assets ​ ​ 17,467 ​ ​ 27,670 Total assets ​ $ 2,898,727 ​ $ 2,518,743 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 2,211,923 ​ ​ 1,905,749 Total liabilities ​ $ 2,211,923 ​ $ 1,905,749 ​ ​ 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) ​ March 31, 2021 ​ December 31, 2020 ​ March 31, 2021 ​ December 31, 2020 Mortgage backed securities, at fair value (2) $ 82,158 ​ $ 80,690 $ 82,158 ​ $ 80,690 Investment in unconsolidated joint ventures ​ ​ 26,298 ​ ​ 28,290 ​ ​ 26,298 ​ ​ 28,290 Total assets in unconsolidated VIEs ​ $ 108,456 ​ $ 108,980 ​ $ 108,456 ​ $ 108,980 (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 and other third party sponsored securitizations. ​

Interest income and interest ex

Interest income and interest expense	3 Months Ended
	Mar. 31, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ (In Thousands) 2021 2020 Interest income ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Originated transitional loans ​ $ 25,560 ​ $ 22,219 ​ Originated SBC loans ​ ​ 12,441 ​ ​ 15,998 ​ Acquired loans ​ ​ 13,810 ​ ​ 15,411 ​ Acquired SBA 7(a) loans ​ ​ 4,926 ​ ​ 6,202 ​ Originated SBA 7(a) loans ​ ​ 3,614 ​ ​ 6,269 ​ Originated SBC loans, at fair value ​ ​ 229 ​ ​ 317 ​ Originated residential agency loans ​ ​ 37 ​ ​ 20 ​ Total loans (1) ​ $ 60,617 ​ $ 66,436 ​ Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ Originated residential agency loans ​ $ 2,121 ​ $ 1,297 ​ Originated Freddie loans ​ ​ 607 ​ ​ 271 ​ Acquired loans ​ ​ 2 ​ ​ 68 ​ Total loans, held for sale, at fair value (1) ​ $ 2,730 ​ $ 1,636 ​ Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans ​ $ 6,721 ​ $ — ​ Paycheck Protection Program loans, at fair value ​ ​ 171 ​ ​ — ​ Total Paycheck Protection Program loans ​ $ 6,892 ​ $ — ​ Mortgage backed securities, at fair value ​ $ 3,132 ​ $ 1,479 ​ Total interest income ​ $ 73,371 ​ $ 69,551 ​ Interest expense ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ (17,574) ​ $ (12,758) ​ Paycheck Protection Program Liquidity Facility borrowings ​ (334) ​ — ​ Securitized debt obligations of consolidated VIEs ​ (19,093) ​ (19,529) ​ Guaranteed loan financing ​ ​ (3,651) ​ ​ (6,243) ​ Senior secured note ​ (3,459) ​ (3,472) ​ Convertible note ​ ​ (2,188) ​ ​ (2,188) ​ Corporate debt ​ ​ (4,462) ​ ​ (2,740) ​ Total interest expense ​ $ (50,761) ​ $ (46,930) ​ Net interest income before provision for loan losses ​ $ 22,610 ​ $ 22,621 ​ (1) Includes interest income on loans in consolidated VIEs. ​

Derivative instruments

Derivative instruments	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ 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 ​ $ 581,383 ​ $ 11,724 ​ $ — ​ $ 614,358 ​ $ 16,363 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 429,181 ​ ​ — ​ ​ (784) ​ ​ 160,801 ​ ​ — ​ ​ (952) Interest Rate Swaps - designated as hedges ​ Interest rate risk ​ ​ 132,325 ​ ​ — ​ ​ (3,391) ​ ​ 132,325 ​ ​ — ​ ​ (5,701) TBA Agency Securities ​ Interest rate risk ​ ​ 592,000 ​ ​ — ​ ​ (97) ​ ​ 565,000 ​ ​ — ​ ​ (4,004) Credit Default Swaps Credit risk ​ ​ 189,525 ​ ​ ​ ​ ​ (131) ​ ​ 15,000 ​ ​ — ​ ​ (174) FX forwards ​ Foreign exchange rate risk ​ ​ 25,554 ​ ​ 805 ​ ​ — ​ ​ 3,866 ​ ​ — ​ ​ (773) Total ​ ​ ​ $ 1,949,968 ​ $ 12,529 ​ $ (4,403) ​ $ 1,491,350 ​ $ 16,363 ​ $ (11,604) ​ The following tables summarize the gains and losses on the Company’s derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Three Months Ended March 31, 2020 ​ ​ ​ ​ ​ Net Change in ​ ​ Net Change in ​ ​ ​ ​ Net Realized ​ Unrealized ​ Net Realized ​ Unrealized ​ ​ (In Thousands) ​ Gain (Loss) ​ Gain (Loss) ​ Gain (Loss) ​ Gain (Loss) ​ ​ Credit default swaps (1) ​ $ — ​ $ 42 ​ $ — ​ $ 370 ​ ​ Interest rate swaps (1)(2) ​ (1,297) ​ 6,523 ​ (247) ​ (20,168) ​ ​ TBA Agency Securities (3) ​ — ​ 3,908 ​ — ​ — ​ ​ Interest rate lock commitments (3) ​ ​ — ​ ​ (4,639) ​ ​ — ​ ​ 14,487 ​ ​ FX forwards (1) ​ ​ (528) ​ ​ 1,577 ​ ​ (137) ​ ​ 485 ​ ​ Total ​ $ (1,825) ​ $ 7,411 ​ $ (384) ​ $ (4,826) ​ ​ (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) $ (298) ​ ​ — ​ ​ (298) ​ ​ 1,680 ​ ​ 1,978 Three Months Ended March 31, 2021 $ (298) ​ $ — ​ $ (298) ​ $ 1,680 ​ $ 1,978 Interest rate - forecasted transactions (1) $ (367) ​ $ (1,694) ​ $ (2,061) ​ $ (83) ​ $ 1,978 Three Months Ended March 31, 2020 $ (367) ​ $ (1,694) $ (2,061) ​ $ (5,189) ​ $ (3,128) (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	3 Months Ended
	Mar. 31, 2021
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. The Company completed the acquisition of Owens Realty Mortgage, Inc. (“ORM”), through a merger in March of 2019. Real estate, held for sale acquired in the merger with ORM is separately disclosed below. ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 December 31, 2020 Acquired ORM Portfolio: ​ ​ ​ ​ ​ ​ Retail ​ $ 18,700 ​ $ 18,700 Mixed Use ​ 14,248 ​ 14,248 Land ​ ​ 6,317 ​ ​ 7,256 Lodging/Residential ​ ​ 3,230 ​ ​ 3,230 Total Acquired ORM REO ​ $ 42,495 ​ $ 43,434 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 26,107 ​ $ — Retail ​ ​ 3,614 ​ ​ 660 Office ​ ​ 829 ​ ​ 829 SBA ​ 409 ​ 425 Total Other REO (1) ​ $ 30,959 ​ $ 1,914 Total Real Estate, held for sale ​ $ 73,454 ​ $ 45,348 (1) Excludes $2.8 million and $4.5 million of real estate, held for sale within consolidated VIEs. ​ ​ ​ ​ ​ ​ ​

Agreements and transactions wit

Agreements and transactions with related parties	3 Months Ended
	Mar. 31, 2021
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 Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Management fee - total ​ $ 2.7 million ​ $ 2.6 million ​ Management fee - amount unpaid ​ $ 5.4 million ​ $ 2.6 million ​ ​ Incentive distribution. four twelve realized gains or losses on the sales of MBS and on discontinued operations which were excluded from the definition of distributable earnings described under "Non-GAAP Financial Measures". ​ The following table presents certain information on the incentive fee payable to our Manager: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Incentive fee distribution - total ​ $ — ​ $ — ​ Incentive fee distribution - amount unpaid ​ $ 1.3 million ​ $ — ​ ​ The Management Agreement may be terminated upon the affirmative vote of at least two ​ 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 Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Reimbursable expenses payable to our Manager - total ​ $ 2.0 million ​ $ 1.3 million ​ Reimbursable expenses payable to our Manager - amount unpaid ​ $ 2.3 million ​ $ 0.2 million ​ ​

Other assets and other liabilit

Other assets and other liabilities	3 Months Ended
	Mar. 31, 2021
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 December 31, 2020 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 18,396 $ 18,396 ​ Deferred loan exit fees ​ ​ 16,725 ​ ​ 13,940 ​ Accrued interest ​ ​ 16,120 ​ ​ 12,656 ​ Goodwill ​ ​ 17,817 ​ ​ 11,206 ​ Due from servicers ​ ​ 16,487 ​ ​ 11,171 ​ Right-of-use lease asset ​ ​ 3,138 ​ ​ 3,172 ​ Intangible assets ​ 6,662 ​ 6,986 ​ Deferred financing costs ​ ​ 4,611 ​ ​ 2,612 ​ PPP fee receivable ​ ​ 31,413 ​ ​ 18 ​ Other assets ​ ​ 20,134 ​ ​ 9,346 ​ Other assets $ 151,503 ​ $ 89,503 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 16,839 ​ $ 16,839 ​ Accrued salaries, wages and commissions ​ ​ 24,442 ​ ​ 35,724 ​ Accrued interest payable ​ 17,250 ​ 19,695 ​ Servicing principal and interest payable ​ ​ 10,028 ​ ​ 7,318 ​ Repair and denial reserve ​ 11,626 ​ 9,557 ​ Payable to related parties ​ 6,769 ​ 4,088 ​ Accrued professional fees ​ ​ 5,014 ​ ​ 1,365 ​ Lease payable ​ ​ 4,349 ​ ​ 3,670 ​ Deferred LSP revenue ​ 3,959 ​ 10,700 ​ Accrued PPP related costs ​ ​ 30,620 ​ ​ 498 ​ Other liabilities ​ 31,569 ​ 26,201 ​ Total accounts payable and other accrued liabilities ​ $ 162,465 ​ $ 135,655 ​ ​ Intangible assets The following table presents information about the intangible assets held by the Company: ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 ​ December 31, 2020 Estimated Useful Life Internally developed software - Knight Capital $ 2,903 ​ $ 3,061 6 years Broker network - Knight Capital ​ 822 ​ ​ 889 4.5 years Trade name - Knight Capital ​ 672 ​ ​ 709 6 years Favorable lease ​ 736 ​ ​ 768 12 years Trade name - GMFS ​ 529 ​ ​ 559 15 years SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Total Intangible Assets $ 6,662 ​ $ 6,986 ​ ​ Amortization expense related to the intangible assets previously acquired for both the three months ended March 31, 2021 and 2020, was $0.3 million. Such amounts are recorded as other operating expenses in the consolidated statements of income. ​ Accumulated amortization for finite-lived intangible assets is as follows: ​ ​ ​ ​ (In Thousands) March 31, 2021 Favorable lease $ 744 Trade name - GMFS ​ 694 Internally developed software - Knight Capital ​ 897 Broker network - Knight Capital ​ 378 Trade name - Knight Capital ​ 208 Total Accumulated Amortization $ 2,921 ​ Amortization expense related to the finite-lived intangible assets for the subsequent five years is as follows: ​ ​ ​ ​ (In Thousands) March 31, 2021 2021 $ 971 2022 ​ 1,268 2023 ​ 1,242 2024 ​ 1,032 2025 ​ 786 2026 ​ 119 Thereafter ​ 244 Total $ 5,662 ​ 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 March 31, 2021 and December 31, 2020, the loan indemnification reserve was $4.5 million and $4.1 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 March 31, 2021 and December 31, 2020, the reasonably possible loss above the recorded loan indemnification reserve was not considered material.

Other income and operating expe

Other income and operating expenses	3 Months Ended
	Mar. 31, 2021
Other income and operating expenses
Other income and operating expenses	Note 20. Other income and operating expenses ​ Paycheck Protection Program In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “Round 1”), signed into law on March 27, 2020, and the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Economic Aid Act” or “Round 2”), signed into law on December 27, 2020, established and extended the PPP. Both the CARES Act and the Economic Aid Act, among other things, provide 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 is the PPP, an SBA loan that temporarily supports businesses to retain their workforce and cover certain operating expenses during the COVID-19 pandemic. Furthermore, the PPP includes a 100% guarantee from the federal government and principal forgiveness for borrowers if the funds are used for defined purposes. ​ The Company has participated in the PPP as both a direct lender and as service provider. Under the CARES Act, we originated $109.5 million of PPP loans and were a Lender Service Provider (“LSP”) for $2.5 billion of PPP loans. For our originations as direct lender, we classified the loans as held at fair value and elected the fair value option. Fees totaling $5.2 million, were recognized in the period of origination. For loans processed under the LSP, we were obligated to perform certain services including: 1) assistance and services to the third-party in the underwriting, marketing, processing and funding of loans, 2) processing forgiveness of the loans with the SBA and 3) servicing and management of subsequently resulting PPP loan portfolios. We do not hold these loans on balance sheet and fees totaling $43.3 million were recognized as services are performed. As of March 31, 2021, we have $4.0 million in unrecognized fees. Expenses related to PPP loans under the CARES Act were recognized in the period in which they were incurred. ​ Under the Economic Aid Act, we have originated $1.3 billion of PPP loans. These loans are classified loans as held-for-investment and are accounted for the loans under ASC 310-10, Receivables . Net fees totaling ​ The following tables present details about the Company’s financial position related to its PPP activities: ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 Assets ​ ​ ​ Restricted cash ​ $ 10,000 Paycheck Protection Program loans ​ 1,254,420 Paycheck Protection Program loans, at fair value ​ 38,388 Prepaid expenses ​ ​ 13 PPP fee receivable ​ 31,413 Deferred financing costs ​ 1,065 Accrued interest receivable ​ 1,554 Total PPP related assets ​ $ 1,336,853 Liabilities ​ ​ ​ Secured borrowings ​ $ 230,483 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 1,132,536 Interest payable ​ ​ 364 Deferred LSP revenue ​ ​ 3,959 Accrued PPP related costs ​ ​ 30,620 Payable to third parties ​ 365 Repair and denial reserve ​ ​ 4,961 Total PPP related liabilities ​ $ 1,403,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Three Months Ended March 31, 2021 ​ Financial statement account Income ​ ​ ​ ​ LSP fee income $ 6,741 ​ Servicing income Interest income ​ 6,892 ​ Interest income Total PPP related income $ 13,633 ​ ​ Expense ​ ​ ​ ​ Direct operating expenses $ 4,545 ​ Other operating expenses - origination costs Repair and denial reserve ​ 1,656 ​ Other income - change in repair and denial reserve Interest expense ​ 3,861 ​ Interest expense Total PPP related expenses (direct) $ 10,062 ​ ​ Net PPP related income $ 3,571 ​ ​ ​ Other income and expenses The following table details the Company’s other income and operating expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (In Thousands) 2021 2020 Other income ​ ​ ​ ​ ​ ​ Origination income $ 1,613 ​ $ 2,495 Change in repair and denial reserve ​ (2,069) ​ ​ 136 Other ​ 1,027 ​ ​ 1,442 Total other income ​ $ 571 ​ $ 4,073 Other operating expenses ​ ​ ​ ​ ​ ​ Origination costs ​ $ 8,145 ​ $ 3,025 Technology expense ​ 1,872 ​ ​ 1,580 Impairment on real estate ​ — ​ ​ 2,969 Rent and property tax expense ​ 1,686 ​ ​ 1,184 Recruiting, training and travel expense ​ 496 ​ ​ 624 Marketing expense ​ ​ 576 ​ ​ 546 Loan acquisition costs ​ ​ 34 ​ ​ 98 Financing costs on purchased future receivables ​ ​ 24 ​ ​ 624 Other ​ 2,651 ​ ​ 3,094 Total other operating expenses ​ $ 15,484 ​ $ 13,744 ​

Stockholders Equity

Stockholders Equity	3 Months Ended
	Mar. 31, 2021
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 March 31, 2020 through March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ Record Date ​ Payment Date ​ Dividend per Share 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 ​ March 1, 2021 ​ March 15, 2021 ​ March 18, 2021 ​ $ 0.30 ​ March 24, 2021 ​ April 5, 2021 ​ April 30, 2021 ​ $ 0.10 ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards (In Thousands, except share data) Number of Grant date fair value Weighted-average grant date fair value (per share) Outstanding, December 31, 2020 872,079 $ 13,737 $ 15.75 Granted 185,586 ​ ​ 2,379 ​ 12.82 Vested (115,604) ​ ​ (1,801) ​ 15.58 Canceled (1,547) ​ ​ (21) ​ 13.50 Outstanding, March 31, 2021 940,514 $ 14,294 $ 15.20 ​ For the three months ended March 31, 2021 and 2020, the Company recognized $1.6 million and $1.4 million, respectively of noncash compensation expense related to its stock-based incentive plan in our consolidated statements of income, respectively. ​ At March 31, 2021 and December 31, 2020, approximately $14.3 million and $13.7 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. ​ Performance-based equity awards In February 2021, the Company granted to certain key employees 61,895 shares of performance-based equity awards, which are allocated 50% to awards that vest based on absolute total shareholder return (“TSR”) for the three-year forward-looking period ended December 31, 2023 and 50% to awards that vest based on TSR for such three-year forward-looking performance period relative to the performance of a designated peer group. Subject to the absolute and relative TSR achieved during the vesting period, the actual number of shares that the key employees receive at the end of the period may range from 0% to 300% of the target shares granted. ​ The fair value of the performance-based equity awards granted is recorded as compensation expense and will cliff vest at the end of the vesting period on December 31, 2023, with an offsetting increase in stockholders’ equity. ​ Preferred stock The following is a summary of the Company’s preferred stock outstanding at March 31, 2021. In the event of a liquidation or dissolution of the Company, the Company’s then outstanding preferred stock ranks senior to the Company’s common stock with respect to payment of dividends and the distribution of assets. ​ We classify our Series C Cumulative Convertible Preferred Stock, or Series C Preferred Stock, on our balance sheets using the guidance in ASC 480‑10‑S99. Our Series C Preferred Stock contains certain fundamental change provisions that allow the holder to redeem the preferred stock for cash only if certain events occur, such as a change in control. As redemption under these circumstances is not solely within our control, we have classified our Series C Preferred Stock as temporary equity. We have analyzed whether the conversion features in our Series C Preferred Stock should be bifurcated under the guidance in ASC 815‑10 and have determined that bifurcation is not necessary. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferential Cash Dividends (1)(2) Carrying Value (in thousands) Series ​ Shares Issued and Outstanding (in thousands) ​ Par Value ​ Liquidation Preference (3) ​ Rate per Annum ​ Annual Dividend (per share) ​ March 31, 2021 B ​ 1,919 ​ $ 0.0001 ​ $ 25.00 ​ 8.63% ​ $ 2.16 ​ $ 47,984 ​ C ​ 780 ​ ​ 0.0001 ​ ​ 25.00 ​ 6.25% ​ ​ 1.56 ​ $ 19,494 ​ D ​ 2,010 ​ ​ 0.0001 ​ ​ 25.00 ​ 7.63% ​ ​ 1.91 ​ $ 50,257 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) (2) (3) ​

Earnings per Share of Common St

Earnings per Share of Common Stock	3 Months Ended
	Mar. 31, 2021
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (In Thousands, except for share and per share amounts) 2021 2020 Basic Earnings ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 28,947 ​ $ (51,516) Less: Income (loss) attributable to non-controlling interest ​ ​ 659 ​ ​ (1,064) Less: Income attributable to participating shares ​ ​ 657 ​ ​ 463 Basic earnings ​ $ 27,631 ​ $ (50,915) ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 28,947 ​ $ (51,516) Less: Income (loss) attributable to non-controlling interest ​ ​ 659 ​ ​ (1,064) Less: Income attributable to participating shares ​ ​ 657 ​ ​ 463 Diluted earnings ​ $ 27,631 ​ $ (50,915) ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 56,817,632 ​ ​ 51,984,040 Effect of dilutive securities — Unvested participating shares ​ ​ 25,816 ​ ​ 5,973 Diluted — Average shares outstanding ​ ​ 56,843,448 ​ ​ 51,990,013 ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ Basic ​ $ 0.49 ​ $ (0.98) Diluted ​ $ 0.49 ​ $ (0.98) ​ 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 March 31, 2021, 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 March 31, 2021, 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. As of March 31, 2021 and December 31, 2020, the non-controlling interest OP unit holders owned 1,175,205 OP units.

Offsetting assets and liabiliti

Offsetting assets and liabilities	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, 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 details 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 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate lock commitments ​ 11,724 ​ ​ — ​ ​ 11,724 ​ ​ — ​ $ — ​ $ 11,724 Derivative instruments - FX forwards ​ 805 ​ ​ — ​ ​ 805 ​ ​ — ​ $ — ​ $ 805 Total $ 12,529 ​ $ — ​ $ 12,529 ​ $ — ​ $ — ​ $ 12,529 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate swaps $ 7,651 ​ $ 3,476 ​ $ 4,175 ​ $ — ​ $ 4,175 ​ $ — Derivative instruments - Credit default swaps ​ 131 ​ ​ — ​ ​ 131 ​ ​ — ​ ​ 131 ​ ​ — Derivative instruments - TBA Agency Securities ​ 97 ​ ​ — ​ ​ 97 ​ ​ — ​ ​ — ​ ​ 97 Derivative instruments - FX forwards ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Secured borrowings ​ 2,064,785 ​ ​ — ​ ​ 2,064,785 ​ ​ 2,064,785 ​ ​ — ​ ​ — Total $ 2,072,664 ​ $ 3,476 ​ $ 2,069,188 ​ $ 2,064,785 ​ $ 4,306 ​ $ 97 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 - TBA Agency Securities ​ 174 ​ ​ — ​ ​ 174 ​ ​ — ​ ​ 174 ​ ​ — Derivative instruments - Credit default swaps ​ 4,004 ​ ​ — ​ ​ 4,004 ​ ​ — ​ ​ — ​ ​ 4,004 Derivative instruments - FX forwards ​ 773 ​ ​ ​ ​ ​ 773 ​ ​ — ​ ​ — ​ ​ 773 Secured borrowings ​ 1,294,243 ​ ​ — ​ ​ 1,294,243 ​ ​ 1,294,243 ​ ​ — ​ ​ — Total $ 1,310,864 ​ $ 5,017 ​ $ 1,305,847 ​ $ 1,294,243 ​ $ 6,827 ​ $ 4,777 (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	3 Months Ended
	Mar. 31, 2021
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 and other financing agreements. 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	3 Months Ended
	Mar. 31, 2021
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 Unfunded loan commitments for SBC loans were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ March 31, 2021 ​ December 31, 2020 Loans, net ​ $ 293,919 ​ $ 285,389 Loans, held for sale at fair value ​ $ 11,123 ​ $ 7,809 ​ ​ ​ ​ ​ ​ ​ ​ 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. ​ Total commitments to originate loans were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ March 31, 2021 ​ December 31, 2020 Commitments to originate residential agency loans ​ $ 590,612 ​ $ 575,600 ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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 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 March 31, 2021 and 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.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
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 Knight Capital within this segment. ​ 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 activities 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 ​ $ 14,534 ​ $ 39,693 ​ $ 15,432 ​ $ 2,044 ​ $ 1,668 ​ $ 73,371 ​ Interest expense ​ ​ (11,971) ​ ​ (24,998) ​ ​ (9,207) ​ ​ (2,328) ​ ​ (2,257) ​ ​ (50,761) ​ Net interest income before provision for loan losses ​ $ 2,563 ​ $ 14,695 ​ $ 6,225 ​ $ (284) ​ $ (589) ​ $ 22,610 ​ Recovery of (provision for) loan losses ​ 1,262 ​ ​ (1,609) ​ ​ 355 ​ ​ — ​ ​ — ​ 8 ​ Net interest income after (provision for) recovery of loan losses ​ $ 3,825 ​ $ 13,086 ​ $ 6,580 ​ $ (284) ​ $ (589) ​ $ 22,618 ​ Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 41,409 ​ $ — ​ $ 41,409 ​ Net realized gain on financial instruments and real estate owned ​ ​ (1,493) ​ ​ 5,565 ​ ​ 4,900 ​ ​ — ​ ​ (126) ​ ​ 8,846 ​ Net unrealized gain (loss) on financial instruments ​ ​ 897 ​ ​ 3,033 ​ ​ 514 ​ ​ 15,355 ​ ​ 1,197 ​ ​ 20,996 ​ Other income ​ ​ 1,183 ​ ​ 1,288 ​ ​ (1,960) ​ ​ 15 ​ ​ 45 ​ ​ 571 ​ Servicing income ​ ​ 21 ​ ​ 726 ​ ​ 7,782 ​ ​ 7,106 ​ ​ — ​ ​ 15,635 ​ Income on purchased future receivables, net of allowance for doubtful accounts ​ ​ 2,317 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,317 ​ Income (loss) on unconsolidated joint ventures ​ ​ (809) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (809) ​ Total non-interest income ​ $ 2,116 ​ $ 10,612 ​ $ 11,236 ​ $ 63,885 ​ $ 1,116 ​ $ 88,965 ​ Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ (1,485) ​ ​ (2,252) ​ ​ (4,561) ​ ​ (13,588) ​ ​ (891) ​ (22,777) ​ Allocated employee compensation and benefits from related party ​ (212) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,911) ​ (2,123) ​ Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (15,485) ​ ​ — ​ ​ (15,485) ​ Professional fees ​ (786) ​ ​ (323) ​ ​ (380) ​ ​ (251) ​ ​ (1,242) ​ (2,982) ​ Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,693) ​ (2,693) ​ Loan servicing expense ​ (1,751) ​ ​ (2,052) ​ ​ 102 ​ ​ (2,364) ​ ​ (39) ​ (6,104) ​ Merger related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,307) ​ ​ (6,307) ​ Other operating expenses ​ (2,364) ​ ​ (3,916) ​ ​ (6,285) ​ ​ (2,204) ​ ​ (715) ​ (15,484) ​ Total non-interest expense ​ $ (6,598) ​ $ (8,543) ​ $ (11,124) ​ $ (33,892) ​ $ (13,798) ​ $ (73,955) ​ Income (loss) before provision for income taxes ​ $ (657) ​ $ 15,155 ​ $ 6,692 ​ $ 29,709 ​ $ (13,271) ​ $ 37,628 ​ Total assets ​ $ 1,121,590 ​ $ 3,128,924 ​ $ 1,983,098 ​ $ 672,255 ​ $ 1,111,088 ​ $ 8,016,955 ​ ​ Reportable business segments, along with remaining unallocated amounts recorded within Corporate- Other, for the three months ended March 31, 2020 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 ​ $ 16,494 ​ $ 39,269 ​ $ 12,471 ​ $ 1,317 ​ $ — ​ $ 69,551 Interest expense ​ ​ (11,205) ​ ​ (25,627) ​ ​ (8,513) ​ ​ (1,585) ​ ​ — ​ ​ (46,930) Net interest income before provision for loan losses ​ $ 5,289 ​ $ 13,642 ​ $ 3,958 ​ $ (268) ​ $ — ​ $ 22,621 Recovery of (provision for) loan losses ​ (5,722) ​ ​ (29,828) ​ ​ (4,254) ​ ​ — ​ ​ — ​ (39,804) Net interest income after provision for loan losses ​ $ (433) ​ $ (16,186) ​ $ (296) ​ $ (268) ​ $ — ​ $ (17,183) Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 36,669 ​ $ ​ ​ $ 36,669 Net realized gain on financial instruments ​ ​ (739) ​ ​ 3,649 ​ ​ 4,262 ​ ​ — ​ ​ — ​ ​ 7,172 Net unrealized gain (loss) on financial instruments ​ ​ (9,423) ​ ​ (6,491) ​ ​ (1,082) ​ ​ (16,438) ​ ​ — ​ ​ (33,434) Other income ​ ​ 2,336 ​ ​ 1,283 ​ ​ 295 ​ ​ 60 ​ ​ 99 ​ ​ 4,073 Income on purchased future receivables, net ​ ​ 3,483 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,483 Servicing income ​ 355 ​ ​ 532 ​ ​ 1,074 ​ ​ 6,136 ​ ​ — ​ 8,097 Income from unconsolidated joint ventures ​ ​ (3,537) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,537) Total non-interest income ​ $ (7,525) ​ $ (1,027) ​ $ 4,549 ​ $ 26,427 ​ $ 99 ​ $ 22,523 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (2,833) ​ $ (2,710) ​ $ (3,910) ​ $ (8,741) ​ $ (742) ​ (18,936) Allocated employee compensation and benefits from related party ​ (125) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,125) ​ (1,250) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (20,129) ​ ​ — ​ ​ (20,129) Professional fees ​ (235) ​ ​ (338) ​ ​ (289) ​ ​ (287) ​ ​ (1,407) ​ (2,556) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,561) ​ (2,561) Loan servicing (expense) income ​ (1,365) ​ ​ (1,580) ​ ​ (335) ​ ​ (2,258) ​ ​ (32) ​ (5,570) Merger related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (47) ​ ​ (47) Other operating expenses ​ (6,245) ​ ​ (3,457) ​ ​ (1,559) ​ ​ (1,785) ​ ​ (698) ​ (13,744) Total non-interest expense ​ $ (10,803) ​ $ (8,085) ​ $ (6,093) ​ $ (33,200) ​ $ (6,612) ​ $ (64,793) Net income (loss) before provision for income taxes ​ $ (18,761) ​ $ (25,298) ​ $ (1,840) ​ $ (7,041) ​ $ (6,513) ​ $ (59,453) Total assets ​ $ 1,209,617 ​ $ 2,704,301 ​ $ 703,331 ​ $ 418,421 ​ $ 234,380 ​ $ 5,270,050 ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	Note 28. Subsequent events ​ As of April 15, 2021, the Company has fully liquidated the remaining Agency RMBS portfolio of $387.4 million acquired in the ANH Merger and repaid $349.5 million of indebtedness on the related assets. ​ The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 materially 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. ​
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 and other financing agreements 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. ​ 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.
Paycheck Protection Program loans	Paycheck Protection Program loans Paycheck Protection Program (“PPP”) loans originated in response to the COVID-19 pandemic are described in Note 20. The Company has elected the fair value option for the loans originated by the Company for the first round of the program. Interest is recognized as interest income in the consolidated statements of income when earned and deemed collectible. Changes in fair value are recurring and are reported as net unrealized gain (loss) in the consolidated statements of income, although the PPP includes a 100% guarantee from the federal government and principal forgiveness for borrowers if the funds were used for defined purposes. ​ The Company’s loan originations in the second round of the program are accounted for as loans, held-for-investment under ASC 310. Loan origination fees and related direct loan origination costs are capitalized into the initial recorded investment in the loan and are deferred over the loan term. ​ 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 along with expected prepayments from loan forgiveness by the federal government.
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 and the ANH Merger. Goodwill is not amortized, but rather, is tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill as of March 31, 2021, represents the excess of the consideration transferred over the fair value of net assets acquired in connection with the acquisition of Knight Capital and the ANH Merger. ​ 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. ​
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 and other financing agreements and repurchase agreements. ​ Borrowings under credit facilities and other financing agreements. Debt. ​ Borrowings under repurchase agreements. Transfers and Servicing ​
Paycheck Protection Program Liquidity Facility borrowings	Paycheck Protection Program Liquidity Facility borrowings The Company accounts for borrowings under the Paycheck Protection Program Liquidity Facility (“PPPLF”) borrowings under ASC 470, Debt
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, which typically qualifies as a VIE. 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 is the primary beneficiary 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 also elected the fair value option for loans originated in round 1 of the Paycheck Protection Program. ​ 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”), performance-based equity awards, as well as “in-the-money” conversion options associated with our outstanding convertible senior notes and convertible preferred stock. 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 March 31, 2021 and December 31, 2020, 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 include 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) - ANH	3 Months Ended
	Mar. 31, 2021
Acquisitions
Schedule of fair value of assets acquired and liabilities acquired	​ ​ ​ ​ ​ (In Thousands) March 19, 2021 Assets ​ ​ ​ Cash and cash equivalents ​ $ 110,545 Mortgage backed, securities, at fair value ​ 2,010,504 Loans, held for sale, at fair value ​ 102,798 Real estate, held for sale ​ 26,107 Accrued interest ​ 8,453 Other assets ​ ​ 38,707 Total assets acquired ​ $ 2,297,114 Liabilities ​ ​ ​ Secured borrowings ​ 1,784,047 Corporate debt, net ​ ​ 36,250 Derivative instruments, at fair value ​ ​ 60,719 Accounts payable and other accrued liabilities ​ ​ 4,811 Total liabilities assumed ​ $ 1,885,827 Net assets acquired ​ $ 411,287
Schedule of aggregate consideration transferred, net assets acquired, and related bargain purchase gain	​ ​ ​ ​ Total consideration transferred (in thousands, except per share data) Fair value of net assets acquired $ 411,287 ​ ​ ​ ANH shares outstanding at March 19, 2021 ​ 99,374 Exchange ratio x 0.1688 Shares issued ​ 16,774 Market price as of March 19, 2021 $ 14.28 Consideration transferred based on value of common shares issued $ 239,537 ​ ​ ​ Cash paid per share $ 0.61 Cash paid based on outstanding ANH shares $ 60,626 ​ ​ ​ Preferred Stock, Series B Issued ​ 1,919,378 Market price as of March 19, 2021 $ 25.00 Consideration transferred based on value of Preferred Stock, Series B issued $ 47,984 ​ ​ ​ Preferred Stock, Series C Issued ​ 779,743 Market price as of March 19, 2021 $ 25.00 Consideration transferred based on value of Preferred Stock, Series C issued $ 19,494 ​ ​ ​ Preferred Stock, Series D Issued ​ 2,010,278 Market price as of March 19, 2021 $ 25.00 Consideration transferred based on value of Preferred Stock, Series D shares issued $ 50,257 ​ ​ ​ Total consideration transferred $ 417,898 ​ ​ ​ Goodwill $ 6,611
Schedule of pro-forma revenue and earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the three months ended (In Thousands) ​ ​ March 31, 2021 ​ ​ March 31, 2020 Selected Financial Data ​ ​ ​ ​ ​ ​ Interest income ​ $ 85,120 ​ $ 105,314 Interest expense ​ ​ (54,289) ​ ​ (70,317) Recovery of (provision for) loan losses ​ ​ 8 ​ ​ (39,860) Non-interest income ​ ​ 91,690 ​ ​ 19,463 Non-interest expense ​ ​ (79,584) ​ ​ (296,474) Income (loss) before provision for income taxes ​ ​ 42,945 ​ ​ (281,874) Income tax benefit (expense) ​ ​ (8,681) ​ ​ 7,937 Net income (loss) ​ $ 34,264 ​ $ (273,937)

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of classification, unpaid principal balance, and carrying value of loans held including loans of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ December 31, 2020 (In Thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 522,747 ​ $ 525,615 ​ ​ $ 530,671 ​ $ 535,963 Originated SBA 7(a) loans ​ ​ 309,487 ​ ​ 314,182 ​ ​ ​ 310,537 ​ ​ 314,938 Acquired SBA 7(a) loans ​ ​ 188,462 ​ ​ 196,983 ​ ​ ​ 201,066 ​ ​ 210,115 Originated SBC loans ​ ​ 167,772 ​ ​ 161,763 ​ ​ ​ 173,190 ​ ​ 167,470 Acquired loans ​ ​ 439,936 ​ ​ 444,742 ​ ​ ​ 351,381 ​ ​ 352,546 Originated SBC loans, at fair value ​ ​ 13,618 ​ ​ 13,881 ​ ​ ​ 13,795 ​ ​ 14,088 Originated Residential Agency loans ​ ​ 3,138 ​ ​ 3,083 ​ ​ ​ 3,208 ​ ​ 3,208 Total Loans, before allowance for loan losses ​ $ 1,645,160 ​ $ 1,660,249 ​ ​ $ 1,583,848 ​ $ 1,598,328 Allowance for loan losses ​ $ (33,334) ​ $ — ​ ​ $ (33,224) ​ $ — Total Loans, net ​ $ 1,611,826 ​ $ 1,660,249 ​ ​ $ 1,550,624 ​ $ 1,598,328 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated SBC loans ​ $ 877,461 ​ $ 873,517 ​ ​ $ 889,566 ​ $ 885,235 Originated Transitional loans ​ ​ 1,352,642 ​ ​ 1,363,543 ​ ​ ​ 788,403 ​ ​ 792,432 Acquired loans ​ ​ 552,582 ​ ​ 553,122 ​ ​ ​ 697,567 ​ ​ 701,133 Originated SBA 7(a) loans ​ ​ 67,214 ​ ​ 70,902 ​ ​ ​ 68,625 ​ ​ 72,451 Acquired SBA 7(a) loans ​ ​ 40,253 ​ ​ 49,795 ​ ​ ​ 42,154 ​ ​ 52,456 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 2,890,152 ​ $ 2,910,879 ​ ​ $ 2,486,315 ​ $ 2,503,707 Allowance for loan losses on loans in consolidated VIEs ​ $ (12,315) ​ $ — ​ ​ $ (13,508) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 2,877,837 ​ $ 2,910,879 ​ ​ $ 2,472,807 ​ $ 2,503,707 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ $ 310,892 ​ $ 305,487 ​ ​ $ 260,447 ​ $ 249,852 Originated Freddie Mac loans ​ ​ 24,707 ​ ​ 24,260 ​ ​ ​ 51,248 ​ ​ 50,408 Originated SBC loans ​ ​ 23,661 ​ ​ 23,822 ​ ​ ​ 17,850 ​ ​ 17,850 Originated SBA 7(a) loans ​ ​ 14,571 ​ ​ 13,261 ​ ​ ​ 10,232 ​ ​ 9,436 Acquired loans ​ ​ 99,247 ​ ​ 94,898 ​ ​ ​ 511 ​ ​ 499 Total Loans, held for sale, at fair value ​ $ 473,078 ​ $ 461,728 ​ ​ $ 340,288 ​ $ 328,045 Total Loans, net and Loans, held for sale, at fair value ​ $ 4,962,741 ​ $ 5,032,856 ​ ​ $ 4,363,719 ​ $ 4,430,080 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 1,254,420 ​ $ 1,322,188 ​ ​ $ — ​ $ — Paycheck Protection Program loans, held at fair value ​ ​ 38,388 ​ ​ 38,388 ​ ​ ​ 74,931 ​ ​ 74,931 Total Paycheck Protection Program loans ​ $ 1,292,808 ​ $ 1,360,576 ​ ​ $ 74,931 ​ $ 74,931 Total Loan portfolio ​ $ 6,255,549 ​ $ 6,393,432 ​ ​ $ 4,438,650 ​ $ 4,505,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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 ​ 2021 2020 2019 2018 ​ 2017 Pre 2017 Total As of March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,889,158 ​ $ 599,301 ​ $ 397,349 ​ $ 570,278 ​ $ 277,650 ​ $ 13,292 ​ $ 15,294 ​ $ 1,873,164 Originated SBC loans ​ ​ 1,035,280 ​ ​ — ​ ​ 62,606 ​ ​ 479,979 ​ ​ 235,716 ​ ​ 105,628 ​ ​ 155,608 ​ ​ 1,039,537 Acquired loans ​ ​ 997,864 ​ ​ — ​ ​ 21,042 ​ ​ 40,618 ​ ​ 41,301 ​ ​ 37,507 ​ ​ 849,833 ​ ​ 990,301 Originated SBA 7(a) loans ​ ​ 385,084 ​ ​ 6,599 ​ ​ 47,218 ​ ​ 97,040 ​ ​ 129,904 ​ ​ 66,195 ​ ​ 25,332 ​ ​ 372,288 Acquired SBA 7(a) loans ​ ​ 246,778 ​ ​ — ​ ​ 129 ​ ​ 19,485 ​ ​ 14,315 ​ ​ 279 ​ ​ 190,812 ​ ​ 225,020 Originated SBC loans, at fair value ​ ​ 13,881 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,597 ​ ​ 12,021 ​ ​ 13,618 Originated Residential Agency loans ​ ​ 3,083 ​ 935 ​ 659 ​ 644 ​ ​ 702 ​ ​ — ​ 198 ​ 3,138 Total Loans, before general allowance for loan losses ​ $ 4,571,128 ​ $ 606,835 ​ $ 529,003 ​ $ 1,208,044 ​ $ 699,588 ​ $ 224,498 ​ $ 1,249,098 ​ $ 4,517,066 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (27,403) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,489,663 (1) Loan balances include specific allowance for loan losses of $18.2 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total As of 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 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 loan losses ​ $ 4,102,035 ​ $ 522,961 ​ $ 1,229,069 ​ $ 735,604 ​ $ 243,042 ​ $ 110,314 ​ $ 1,211,980 ​ $ 4,052,970 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,023,431 (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 ​ 2021 2020 2019 2018 ​ 2017 Pre 2017 Total As of March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 4,351,956 ​ $ 606,638 ​ $ 512,632 ​ $ 1,178,806 ​ $ 632,881 ​ $ 205,280 ​ $ 1,178,466 ​ $ 4,314,703 30 - 59 days past due ​ ​ 79,654 ​ ​ — ​ ​ 15,711 ​ ​ 24,790 ​ ​ 21,139 ​ ​ 4,841 ​ ​ 12,081 ​ ​ 78,562 60+ days past due ​ ​ 139,518 ​ ​ 197 ​ ​ 660 ​ ​ 4,448 ​ ​ 45,568 ​ ​ 14,377 ​ ​ 58,551 ​ ​ 123,801 Total Loans, before general allowance for loan losses ​ $ 4,571,128 ​ $ 606,835 ​ $ 529,003 ​ $ 1,208,044 ​ $ 699,588 ​ $ 224,498 ​ $ 1,249,098 ​ $ 4,517,066 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (27,403) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,489,663 (1) Loan balances include specific allowance for loan losses of $18.2 million ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 3,904,294 ​ $ 516,474 ​ $ 1,221,227 ​ $ 707,068 ​ $ 203,331 ​ $ 100,003 ​ $ 1,125,100 ​ $ 3,873,203 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 loan losses ​ $ 4,102,035 ​ $ 522,961 ​ $ 1,229,069 ​ $ 735,604 ​ $ 243,042 ​ $ 110,314 ​ $ 1,211,980 ​ $ 4,052,970 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,023,431 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 (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 $ 1,794,270 $ 30,315 $ 48,579 $ 1,873,164 ​ $ 39,574 ​ $ — Originated SBC loans ​ 993,570 ​ 16,953 ​ 29,014 ​ 1,039,537 ​ ​ 38,599 ​ ​ — Acquired loans ​ 934,265 ​ 14,485 ​ 41,551 ​ 990,301 ​ ​ 54,750 ​ ​ — Originated SBA 7(a) loans ​ 356,600 ​ 14,789 ​ 899 ​ 372,288 ​ ​ 7,076 ​ ​ — Acquired SBA 7(a) loans ​ 221,444 ​ 2,020 ​ 1,556 ​ 225,020 ​ ​ 8,436 ​ ​ — Originated SBC loans, at fair value ​ 13,618 ​ — ​ — ​ 13,618 ​ ​ — ​ ​ — Originated Residential Agency loans ​ 936 ​ — ​ 2,202 ​ 3,138 ​ ​ 2,202 ​ ​ — Total Loans, before general allowance for loan losses $ 4,314,703 $ 78,562 $ 123,801 $ 4,517,066 ​ $ 150,637 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ $ (27,403) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ $ 4,489,663 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 95.6% ​ 1.7% ​ 2.7% ​ 100% ​ ​ 3.3% ​ ​ 0.0% (1) Loan balances include specific allowance for loan losses of $18.2 million (2) Includes Loans, net in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (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 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 loan losses $ 3,873,203 $ 38,436 $ 141,331 $ 4,052,970 ​ $ 134,158 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ $ (29,539) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ $ 4,023,431 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 95.6% ​ 0.9% ​ 3.5% ​ 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 ​
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 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans (2) (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 11,669 $ 11,319 $ 237,489 $ 1,359,157 $ 236,062 $ 17,468 $ 1,873,164 Originated SBC loans ​ 5,248 ​ 73,432 ​ 520,800 ​ 428,041 ​ 6,136 ​ 5,880 ​ 1,039,537 Acquired loans ​ 261,037 ​ 373,055 ​ 224,470 ​ 94,011 ​ 25,307 ​ 12,421 ​ 990,301 Originated SBA 7(a) loans ​ 1,138 ​ 15,519 ​ 46,789 ​ 138,676 ​ 66,520 ​ 103,646 ​ 372,288 Acquired SBA 7(a) loans ​ 6,575 ​ 33,186 ​ 79,334 ​ 55,506 ​ 27,673 ​ 22,746 ​ 225,020 Originated SBC loans, at fair value ​ — ​ 8,643 ​ — ​ 4,975 ​ — ​ — ​ 13,618 Originated Residential Agency loans — — 198 ​ 577 ​ 1,985 378 3,138 Total Loans, before general allowance for loan losses $ 285,667 $ 515,154 $ 1,109,080 $ 2,080,943 $ 363,683 $ 162,539 $ 4,517,066 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (27,403) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,489,663 Percentage of loans outstanding ​ 6.3% ​ 11.4% ​ 24.6% ​ 46.1% ​ 8.1% ​ 3.5% ​ ​ 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 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 loan losses $ 285,928 $ 532,200 $ 1,075,306 $ 1,728,645 $ 289,919 $ 140,972 $ 4,052,970 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,539) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,023,431 Percentage of loans outstanding ​ 7.1% ​ 13.0% ​ 26.5% ​ 42.7% ​ 7.2% ​ 3.5% ​ ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 (In Thousands) Originated ​ Originated Transitional loans ​ Acquired ​ Acquired ​ Originated ​ Total Allowance for General $ 2,729 ​ $ 14,848 ​ $ 4,335 ​ $ 627 ​ $ 4,864 ​ $ 27,403 Specific ​ 5,243 ​ ​ 2,195 ​ ​ 2,700 ​ ​ 3,695 ​ ​ 4,413 ​ ​ 18,246 Ending balance $ 7,972 ​ $ 17,043 ​ $ 7,035 ​ $ 4,322 ​ $ 9,277 ​ $ 45,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (In Thousands) Originated ​ Originated Transitional loans ​ Acquired ​ Acquired ​ Originated ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Total Allowance for Beginning balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ 46,732 Provision for (recoveries of) loan losses ​ 132 ​ 2,048 ​ (1,262) ​ 47 ​ (402) ​ 563 Charge-offs and sales ​ (1,000) ​ — ​ — ​ (283) ​ (375) ​ (1,658) Recoveries ​ — ​ — ​ — ​ 9 ​ 3 ​ 12 Ending balance $ 7,972 $ 17,043 $ 7,035 $ 4,322 $ 9,277 $ 45,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated 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 ​ 7,658 ​ 22,170 ​ 5,722 ​ 12 ​ 4,242 ​ 39,804 Charge-offs and sales ​ — ​ — ​ (8) ​ (131) ​ (329) ​ (468) Recoveries ​ — ​ — ​ — ​ 65 ​ 1 ​ 66 Ending balance $ 10,362 $ 24,264 $ 10,646 $ 5,622 $ 7,074 $ 57,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of recorded investment of TDRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 (In Thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Carrying value of modified loans classified as TDRs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On accrual status $ 304 ​ $ 6,661 ​ $ 6,965 ​ $ 307 ​ $ 6,888 ​ $ 7,195 On non-accrual status ​ 8,291 ​ ​ 9,108 ​ ​ 17,399 ​ ​ 7,020 ​ ​ 11,044 ​ ​ 18,064 Total carrying value of modified loans classified as TDRs $ 8,595 ​ $ 15,769 ​ $ 24,364 ​ $ 7,327 ​ $ 17,932 ​ $ 25,259 Allowance for loan losses on loans classified as TDRs $ 16 ​ $ 3,701 ​ $ 3,717 ​ $ 17 ​ $ 3,323 ​ $ 3,340
Schedule of TDR modifications by primary modification type and related financial effects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Three Months Ended March 31, 2020 (In Thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 1 ​ ​ 7 ​ ​ 8 ​ ​ 1 ​ ​ 7 ​ ​ 8 Pre-modification recorded balance (a) $ 1,276 ​ $ 1,442 ​ $ 2,718 ​ $ 151 ​ $ 2,767 ​ $ 2,918 Post-modification recorded balance (a) $ 1,276 ​ ​ 975 ​ $ 2,251 ​ $ 151 ​ $ 2,769 ​ $ 2,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default as of March 31, 2021 (b) ​ 1 ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ 3 ​ ​ 4 Balance of loans that remain in default as of March 31, 2021 (b) $ 1,276 ​ $ — ​ $ 1,276 ​ $ 151 ​ $ 160 ​ $ 311 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 974 ​ $ 974 ​ $ — ​ $ 1,564 ​ $ 1,564 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 1,276 ​ ​ — ​ ​ 1,276 ​ ​ 151 ​ ​ 152 ​ ​ 303 Total $ 1,276 ​ $ 974 ​ $ 2,250 ​ $ 151 ​ $ 1,716 ​ $ 1,867 (a) Represents carrying value. (b) Represents the March 31, 2021 carrying values of the TDRs that occurred during the three months ended March 31, 2021 and 2020 that remained in default as of March 31, 2021. 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) March 31, 2021 ​ December 31, 2020 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 105,141 ​ $ 75,862 Without an allowance ​ 45,496 ​ ​ 58,296 Total recorded carrying value of non-accrual loans $ 150,637 ​ $ 134,158 Allowance for loan losses related to non-accrual loans $ (18,433) ​ $ (17,367) Unpaid principal balance of non-accrual loans $ 175,570 ​ $ 158,471 ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ March 31, 2020 Interest income on non-accrual loans for the three months ended $ 615 ​ $ 157
Geographical concentration
Schedule of concentration risk of loans secured by real estate	​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) March 31, 2021 ​ December 31, 2020 California 19.2 % ​ 18.1 % Texas 14.3 ​ ​ 14.2 ​ New York 10.5 ​ ​ 9.8 ​ Florida 7.4 ​ ​ 7.8 ​ Georgia 6.3 ​ ​ 4.9 ​ Illinois 6.0 ​ ​ 5.2 ​ North Carolina 3.1 ​ ​ 3.1 ​ Arizona 3.1 ​ ​ 2.8 ​ Washington 2.7 ​ ​ 3.1 ​ Colorado ​ 2.6 ​ ​ 2.8 ​ Other 24.8 ​ ​ 28.2 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) March 31, 2021 ​ December 31, 2020 Multi-family 31.4 % ​ 23.8 % Retail 15.7 ​ ​ 17.3 ​ SBA (1) 13.8 ​ ​ 17.4 ​ Office 12.8 ​ ​ 13.1 ​ Mixed Use 11.9 ​ ​ 12.9 ​ Industrial 6.7 ​ ​ 7.1 ​ Lodging/Residential 2.8 ​ ​ 3.2 ​ Other 4.9 ​ ​ 5.2 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) March 31, 2021 ​ December 31, 2020 Lodging ​ 19.3 % ​ 17.2 % Offices of Physicians ​ 12.9 ​ ​ 12.0 ​ Child Day Care Services 8.0 ​ ​ 7.2 ​ Eating Places 5.6 ​ ​ 5.3 ​ Gasoline Service Stations 3.9 ​ ​ 3.4 ​ Veterinarians ​ 3.4 ​ ​ 3.3 ​ Funeral Service & Crematories 2.0 ​ ​ 1.8 ​ Grocery Stores 2.0 ​ ​ 1.7 ​ Car washes ​ 1.6 ​ ​ 1.4 ​ Couriers ​ 1.1 ​ ​ 1.0 ​ Other 40.2 ​ ​ 45.7 ​ Total 100.0 % ​ 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 473,078 ​ $ — ​ $ 473,078 Loans, net, at fair value — ​ — ​ 13,618 ​ 13,618 Paycheck Protection Program loans — ​ — ​ 38,388 ​ 38,388 Mortgage backed securities, at fair value — ​ 677,315 ​ 5,633 ​ 682,948 Derivative instruments, at fair value ​ — ​ ​ 805 ​ ​ 11,724 ​ ​ 12,529 Residential mortgage servicing rights, at fair value — ​ — ​ 98,542 ​ 98,542 Total assets $ — ​ $ 1,151,198 ​ $ 167,905 ​ $ 1,319,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 4,403 ​ $ — ​ $ 4,403 Total liabilities $ — ​ $ 4,403 ​ $ — ​ $ 4,403 ​ 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 — ​ — ​ 13,795 ​ 13,795 Paycheck Protection Program loans — ​ — ​ 74,931 ​ 74,931 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 ​
Summary of changes in the fair value of financial instruments held at fair value classified as Level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 (In Thousands) MBS Derivatives Loans, net, at fair value Paycheck Protection Program loans Residential MSRs, at fair value Total Beginning Balance ​ $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ 74,931 ​ $ 76,840 ​ $ 207,060 Originations ​ — ​ — ​ — ​ 3,866 ​ — ​ 3,866 Accreted discount, net ​ ​ 58 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 58 Additions due to loans sold, servicing retained ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,048 ​ ​ 12,048 Sales / Principal payments ​ ​ (92) ​ ​ — ​ ​ (201) ​ ​ (40,409) ​ ​ (5,700) ​ ​ (46,402) Realized gains, net ​ ​ — ​ ​ — ​ ​ (5) ​ ​ — ​ ​ — ​ ​ (5) Unrealized gains (losses), net ​ ​ 1,069 ​ ​ (4,639) ​ ​ 29 ​ ​ — ​ ​ 15,354 ​ ​ 11,813 Transfer to (from) Level 3 ​ ​ (20,533) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (20,533) Ending Balance ​ $ 5,633 ​ $ 11,724 ​ $ 13,618 ​ $ 38,388 ​ $ 98,542 ​ $ 167,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains (losses), net on assets/liabilities held at the end of the period ​ $ (319) ​ $ 11,724 ​ $ (263) ​ $ — ​ $ (31,855) ​ $ (20,713) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 (In Thousands) MBS Derivatives Loans, net, at fair value Residential MSRs, at fair value Total Beginning Balance ​ $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ 91,174 ​ $ 114,660 Additions due to loans sold, servicing retained ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,147 ​ ​ 7,147 Sales / Principal payments ​ ​ (2) ​ ​ — ​ ​ (8) ​ ​ (3,253) ​ ​ (3,263) Unrealized gains (losses), net ​ ​ (40) ​ ​ 14,436 ​ ​ (391) ​ ​ (16,437) ​ ​ (2,432) Transfer to (from) Level 3 ​ ​ (315) ​ ​ — ​ ​ — ​ ​ — ​ ​ (315) Ending Balance ​ $ 103 ​ $ 17,250 ​ $ 19,813 ​ $ 78,631 ​ $ 115,797 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains (losses), net on assets or liabilities held at the end of the period ​ $ (1) ​ $ 17,250 ​ $ 255 ​ $ (26,392) ​ $ (8,888)
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 March 31, 2021, 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 $ 98,542 Income Approach Discounted cash flow ​ N/A ​ N/A Derivative instruments, at fair value $ 11,724 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 65.0 - 100% | 0.5 - 5.0% | 0.1 to 2.9% ​ 86.5% | 3.9% | 1.2% (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, 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 ​ 47.6 - 100% | 0.5 - 12.8% | 0.1 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. ​
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 (In Thousands) Carrying Value Estimated Carrying Value Estimated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 4,476,045 ​ $ 4,581,610 ​ $ 4,009,636 ​ $ 4,103,200 Paycheck Protection Program loans ​ ​ 1,254,420 ​ ​ 1,322,188 ​ ​ — ​ ​ — Purchased future receivables, net ​ ​ 13,240 ​ ​ 13,240 ​ ​ 17,308 ​ ​ 17,308 Servicing rights ​ ​ 40,399 ​ 50,365 ​ 37,823 ​ 47,567 Total assets ​ $ 5,784,104 ​ $ 5,967,403 ​ $ 4,064,767 ​ $ 4,168,075 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 2,064,785 ​ $ 2,064,785 ​ $ 1,294,243 ​ $ 1,294,243 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 1,132,536 ​ ​ 1,132,536 ​ ​ 76,276 ​ ​ 76,276 Securitized debt obligations of consolidated VIEs, net ​ 2,211,923 ​ 2,145,650 ​ 1,905,749 ​ 1,907,541 Senior secured note, net ​ ​ 179,744 ​ ​ 185,277 ​ ​ 179,659 ​ ​ 188,114 Guaranteed loan financing ​ 386,036 ​ 412,644 ​ 401,705 ​ 426,348 Convertible notes, net ​ ​ 112,405 ​ ​ 66,544 ​ ​ 112,129 ​ ​ 68,186 Corporate debt, net ​ ​ 333,317 ​ ​ 351,865 ​ ​ 150,989 ​ ​ 151,209 Total liabilities ​ $ 6,420,746 ​ $ 6,359,301 ​ $ 4,120,750 ​ $ 4,111,917

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	3 Months Ended
	Mar. 31, 2021
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ Average ​ Interest ​ Principal ​ Amortized ​ ​ ​ ​ Unrealized ​ Unrealized (In Thousands) ​ Maturity (a) ​ Rate (a) ​ Balance ​ Cost ​ Fair Value ​ Gains ​ Losses March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 02/2037 ​ 3.8 % $ 131,326 ​ $ 51,390 ​ $ 54,693 ​ $ 3,433 ​ $ (130) Commercial Loans ​ 11/2050 ​ 4.6 ​ ​ 72,985 ​ ​ 39,162 ​ ​ 34,062 ​ ​ 333 ​ ​ (5,433) Residential 10/2042 3.5 ​ 637,395 ​ 594,193 ​ 594,193 ​ — ​ — Total Mortgage backed securities, at fair value ​ 08/2042 ​ 3.6 % $ 841,706 ​ $ 684,745 ​ $ 682,948 ​ $ 3,766 ​ $ (5,563) 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) (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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Principal ​ Amortized ​ ​ (In Thousands) ​ Interest Rate (a) ​ Balance ​ Cost ​ Fair Value March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years 2.9 % $ 8,500 ​ $ 8,500 ​ $ 8,500 After ten years 3.4 ​ 833,206 ​ 676,245 ​ 674,448 Total Mortgage backed securities, at fair value ​ 3.6 % $ 841,706 ​ $ 684,745 ​ $ 682,948 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 ​ ​ ​ (a) Weighted based on current principal balance

Servicing rights (Tables)

Servicing rights (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of information regarding portfolio of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (In Thousands) 2021 2020 SBA servicing rights, at amortized cost Beginning net carrying amount ​ $ 18,764 ​ $ 17,660 Additions due to loans sold, servicing retained ​ 959 ​ 961 Acquisitions ​ ​ — ​ ​ ​ Amortization ​ (1,047) ​ (873) Impairment ​ (34) ​ (212) Ending net carrying value of SBA servicing rights ​ $ 18,642 ​ $ 17,536 Freddie Mac multi-family servicing rights, at amortized cost Beginning net carrying amount ​ $ 19,059 ​ $ 13,135 Additions due to loans sold, servicing retained ​ 3,559 ​ 1,449 Amortization ​ (861) ​ (640) Ending net carrying value of Freddie Mac multi-family servicing rights ​ $ 21,757 ​ $ 13,944 Total servicing rights, at amortized cost ​ $ 40,399 ​ $ 31,480 Residential mortgage servicing rights, at fair value Beginning net carrying amount ​ $ 76,840 ​ $ 91,174 Additions due to loans sold, servicing retained ​ 12,048 ​ 7,147 Loan pay-offs ​ ​ (5,700) ​ ​ (3,253) Unrealized losses ​ 15,354 ​ (16,437) Ending fair value of Residential mortgage servicing rights ​ $ 98,542 ​ $ 78,631 Total servicing rights ​ $ 138,941 ​ $ 110,111
Schedule of future amortization expense for the servicing rights	​ ​ ​ ​ ​ (In Thousands) March 31, 2021 2021 ​ $ 5,672 2022 ​ 6,760 2023 ​ 5,944 2024 ​ 5,228 2025 ​ 4,596 Thereafter ​ 12,199 Total ​ $ 40,399
Residential MSRs
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ As of December 31, 2020 (In Thousands) ​ Unpaid Principal Amount ​ Fair Value ​ Unpaid Principal Amount ​ Fair Value Fannie Mae ​ $ 3,787,761 ​ $ 35,390 ​ $ 3,700,450 ​ $ 27,632 Ginnie Mae ​ ​ 2,802,997 ​ ​ 30,340 ​ ​ 2,757,124 ​ ​ 25,899 Freddie Mac ​ ​ 3,357,437 ​ ​ 32,812 ​ ​ 3,071,312 ​ ​ 23,309 Total ​ $ 9,948,195 ​ $ 98,542 ​ $ 9,528,886 ​ $ 76,840
Schedule of mortgage servicing rights portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Range of input ​ Weighted Range of input ​ Weighted Residential mortgage servicing rights (at fair value) ​ Forward prepayment rate ​ 10.5 - 28.8 % ​ 11.2 % ​ 12.6 - 31.4 % ​ 14.3 % ​ Discount rate ​ 9.0 - 11.6 % ​ 9.8 % ​ 9.1 - 11.7 % ​ 9.8 % ​ Servicing expense ​ $70 - $85 ​ ​ $74 ​ ​ $70 - $85 ​ ​ $74 ​
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 ​ December 31, 2020 Residential mortgage servicing rights (at fair value) ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (4,958) ​ $ (5,049) Impact of 20% adverse change ​ $ (9,568) ​ $ (9,701) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (3,623) ​ $ (2,601) Impact of 20% adverse change ​ $ (6,992) ​ $ (5,028) Cost of servicing ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,785) ​ $ (1,469) Impact of 20% adverse change ​ $ (3,571) ​ $ (2,938)
SBA | Freddie Mac
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ As of December 31, 2020 ​ ​ Unpaid Principal ​ ​ ​ Unpaid Principal ​ ​ (In Thousands) ​ Amount ​ Carrying Value ​ Amount ​ Carrying Value SBA ​ $ 656,216 ​ $ 18,642 ​ $ 643,135 ​ $ 18,764 Freddie Mac multi-family ​ ​ 1,647,443 ​ ​ 21,757 ​ ​ 1,501,998 ​ ​ 19,059 Total ​ $ 2,303,659 ​ $ 40,399 ​ $ 2,145,133 ​ $ 37,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 December 31, 2020 SBA servicing rights (at amortized cost) ​ ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (730) ​ $ (729) ​ Impact of 20% adverse change ​ $ (1,421) ​ $ (1,420) ​ Default rate ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (154) ​ $ (150) ​ Impact of 20% adverse change ​ $ (305) ​ $ (298) ​ Discount rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (401) ​ $ (395) ​ Impact of 20% adverse change ​ $ (789) ​ $ (777) ​ Freddie Mac multi-family servicing rights (at amortized cost) ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (188) ​ $ (163) ​ Impact of 20% adverse change ​ $ (373) ​ $ (324) ​ Default rate ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (7) ​ $ (6) ​ Impact of 20% adverse change ​ $ (14) ​ $ (13) ​ Discount rate ​ ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (761) ​ $ (678) ​ Impact of 20% adverse change ​ $ (1,487) ​ $ (1,324) ​
SBA | Freddie Mac | Commercial
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Range of input values ​ Weighted Range of input values ​ Weighted SBA servicing rights (at amortized cost) ​ Forward prepayment rate ​ 6.7 - 20.9 % ​ 8.4 % ​ 6.7 - 20.8 % ​ 8.5 % ​ Forward default rate ​ 0.0 - 10.4 % ​ 8.3 % ​ 0.0 - 10.5 % ​ 8.2 % ​ Discount rate ​ 4.5 - 4.5 % ​ 4.5 % ​ 4.5 - 4.5 % ​ 4.5 % ​ 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 % ​ 0.1 - 5.1 % ​ 2.4 % ​ Forward default rate ​ 0.0 - 0.4 % ​ 0.3 % ​ 0.0 - 0.4 % ​ 0.3 % ​ 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)	3 Months Ended
	Mar. 31, 2021
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ (In Thousands) 2021 2020 Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ $ 29,560 ​ $ 25,166 ​ Creation of new mortgage servicing rights, net of payoffs ​ ​ 6,348 ​ ​ 3,894 ​ Loan origination fee income on residential mortgage loans ​ ​ 6,232 ​ ​ 3,303 ​ Unrealized gain (loss) on IRLCs and other derivatives ​ (731) ​ ​ 4,306 Residential mortgage banking activities ​ $ 41,409 ​ $ 36,669 ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ $ (15,485) ​ $ (20,129) ​

Secured Borrowings (Tables)

Secured Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Secured Borrowings
Schedule of characteristics of secured borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at Lender Asset Class Current Maturity Pricing Facility Size Pledged Assets March 31, 2021 December 31, 2020 JPMorgan Acquired loans, SBA loans June 2021 ​ 1M L + 2.25% to 2.875% ​ $ 200,000 ​ $ 56,867 ​ $ 41,822 ​ $ 36,604 Keybank Freddie Mac loans February 2022 ​ SOFR + 1.41% ​ ​ 100,000 ​ ​ 24,707 ​ ​ 24,260 ​ ​ 50,408 East West Bank SBA loans October 2022 ​ Prime - 0.821% to + 0.29% ​ ​ 50,000 ​ ​ 45,717 ​ ​ 39,623 ​ ​ 40,542 Credit Suisse Acquired loans (non USD) December 2021 ​ Euribor + 2.50% to 3.00% ​ ​ 234,470 (a) ​ 56,895 ​ ​ 35,372 ​ ​ 36,840 Comerica Bank Residential loans June 2021 ​ 1M L + 1.75% ​ ​ 125,000 ​ ​ 83,075 ​ ​ 78,687 ​ ​ 78,312 TBK Bank Residential loans October 2021 ​ Variable Pricing ​ ​ 150,000 ​ ​ 141,092 ​ ​ 139,426 ​ ​ 123,951 Origin Bank Residential loans June 2021 ​ Variable Pricing ​ ​ 60,000 ​ ​ 35,251 ​ ​ 33,899 ​ ​ 27,450 Associated Bank Residential loans November 2021 ​ 1M L + 1.50% ​ ​ 60,000 ​ ​ 49,863 ​ ​ 47,670 ​ ​ 15,556 East West Bank Residential MSRs September 2023 ​ 1M L + 2.50% ​ ​ 50,000 ​ ​ 68,202 ​ ​ 49,400 ​ ​ 34,400 Credit Suisse Purchased future receivables June 2021 ​ 1M L + 4.50% ​ ​ 150,000 ​ ​ 13,240 ​ ​ 1,000 ​ ​ — Bank of the Sierra Real estate August 2050 ​ 3.25% to 3.45% ​ ​ 22,750 ​ ​ 32,948 ​ ​ 22,499 ​ ​ 22,611 PPP Participant PPP loans June 2021 ​ Sold 99.61% / Buyback Par ​ ​ 600,000 ​ ​ 221,940 ​ ​ 230,483 ​ ​ — Total borrowings under credit facilities and other financing agreements (b) ​ ​ ​ $ 1,802,220 ​ $ 829,797 ​ $ 744,141 ​ $ 466,674 Citibank Fixed rate, Transitional, Acquired loans October 2021 ​ 1M L + 2.50% to 3.25% ​ $ 500,000 ​ $ 247,895 ​ $ 152,097 ​ $ 210,735 Deutsche Bank Fixed rate, Transitional loans November 2021 ​ 3M L + 2.00% to 2.40% ​ ​ 350,000 ​ ​ 96,830 ​ ​ 88,831 ​ ​ 190,567 JPMorgan Transitional loans November 2022 ​ 1M L + 2.25% to 4.00% ​ ​ 650,000 ​ ​ 414,099 ​ ​ 282,974 ​ ​ 247,616 Performance Trust Acquired loans March 2024 ​ 1M T + 2.00% ​ ​ 113,000 ​ ​ 105,627 ​ ​ 93,532 ​ ​ — Credit Suisse Acquired loans July 2021 ​ L + 2.25% ​ ​ 100,000 ​ ​ 98,751 ​ ​ 81,485 ​ ​ — JPMorgan MBS June 2021 ​ 1.39% to 2.33% ​ ​ 62,300 ​ ​ 99,088 ​ ​ 62,300 ​ ​ 65,407 Deutsche Bank MBS April 2021 ​ 2.47% ​ ​ 13,227 ​ ​ 20,083 ​ ​ 13,227 ​ ​ 16,354 Citibank MBS April 2021 ​ 2.72% ​ ​ 46,847 ​ ​ 85,593 ​ ​ 46,847 ​ ​ 58,076 RBC MBS April 2021 ​ 2.39% to 2.59% ​ ​ 39,053 ​ ​ 60,495 ​ ​ 39,053 ​ ​ 38,814 CSFB MBS April 2021 ​ 2.45% ​ ​ 4,078 ​ ​ 6,549 ​ ​ 4,078 ​ ​ — Various MBS April 2021 ​ Variable Pricing ​ ​ 106,737 ​ ​ 183,588 ​ ​ 106,737 ​ ​ — Various Agency MBS May 2021 ​ Variable Pricing ​ ​ 349,483 ​ ​ 387,388 ​ ​ 349,483 ​ ​ — Total borrowings under repurchase agreements (c) ​ $ 2,334,725 ​ $ 1,805,986 ​ $ 1,320,644 ​ $ 827,569 Total secured borrowings ​ $ 4,136,945 ​ $ 2,635,783 ​ $ 2,064,785 ​ $ 1,294,243 (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 2.0% and 2.8% as of March 31, 2021 and December 31, 2020, respectively. (c) The weighted average interest rate of borrowings under repurchase agreements was 2.1% and 3.3% as of March 31, 2021 and December 31, 2020, respectively
Schedule of carrying value of collateral pledged with respect to borrowings under credit facilities and promissory note payable outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets (In Thousands) ​ March 31, 2021 December 31, 2020 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 192,492 $ 313,844 Loans, net ​ ​ 159,883 ​ 159,482 Loans, held at fair value ​ ​ 141,092 ​ 73,799 Mortgage servicing rights ​ ​ 68,202 ​ 50,941 Paycheck Protection Program loans ​ ​ 221,940 ​ — Purchased future receivables ​ ​ 13,240 ​ — Real estate, held for sale ​ ​ 32,948 ​ 32,948 Total ​ $ 829,797 $ 631,014 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 835,211 $ 815,603 Mortgage backed securities ​ 742,299 72,179 Retained interest in assets of consolidated VIEs ​ ​ 100,485 ​ 226,773 Loans, held for sale, at fair value ​ ​ 122,413 ​ 17,850 Loans, held at fair value ​ 3,071 3,071 Real estate acquired in settlement of loans ​ ​ 2,507 ​ 829 Total ​ $ 1,805,986 $ 1,136,305 Total collateral pledged on secured borrowings ​ $ 2,635,783 $ 1,767,319 ​ ​ ​ ​ ​ ​

Senior secured notes, convert_2

Senior secured notes, convertible notes, and corporate debt, net (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Senior secured notes principal amount (1) ​ 7.50 % ​ 2/15/2022 ​ $ 180,000 Unamortized premium - Senior secured notes ​ ​ ​ ​ ​ ​ ​ 695 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (951) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 179,744 Convertible notes principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (958) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (1,637) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 112,405 Corporate debt principal amount (4) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,250 Corporate debt principal amount (5) ​ 5.75 % ​ 2/15/2026 ​ ​ 201,250 Unamortized discount - corporate debt ​ ​ ​ ​ ​ ​ ​ (4,966) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (3,467) Junior subordinated notes principal amount (6) ​ 3M + 3.10 % ​ 3/30/2035 ​ ​ 15,000 Junior subordinated notes principal amount (7) ​ 3M + 3.10 % ​ 4/30/2035 ​ ​ 21,250 Total corporate debt, net ​ ​ ​ ​ ​ ​ $ 333,317 Total carrying amount of debt components ​ ​ ​ ​ ​ ​ $ 625,466 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 958 (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 October 30, 2019. (5) Interest on the corporate debt is payable January 30, April 30, July 30, and October 30 of each year, beginning on April 30, 2021. (6) Interest on the Junior subordinated notes I-A payable March 30, June 30, September 30, and December 30 of each year. (7) Interest on the Junior subordinated notes I-B payable January 30, April 30, July 30, and October 30 of each year.
Schedule of contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt	​ ​ ​ ​ ​ (In Thousands) March 31, 2021 2021 $ — 2022 ​ 180,000 2023 ​ 115,000 2024 ​ — 2025 ​ ​ — Thereafter ​ 341,750 Total contractual amounts ​ $ 636,750 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (11,284) Total carrying amount of debt components ​ $ 625,466

Guaranteed loan financing (Tabl

Guaranteed loan financing (Tables)	3 Months Ended
	Mar. 31, 2021
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 ​ March 31, 2021 ​ 3.78 % 0.99 - 6.50 % 2021 - 2044 ​ $ 386,036 ​ December 31, 2020 ​ 3.76 % 0.99 - 6.50 % 2021 - 2044 ​ $ 401,705 ​
Summary of contractual maturities of total guaranteed loan financing outstanding	​ ​ ​ ​ ​ (In Thousands) March 31, 2021 2021 ​ 212 2022 ​ 1,257 2023 ​ 1,998 2024 ​ 3,242 2025 ​ ​ 3,410 Thereafter ​ 375,917 Total ​ $ 386,036

Variable interest entities an_2

Variable interest entities and securitization activities (Tables)	3 Months Ended
	Mar. 31, 2021
Consolidated VIEs
Variable interest entities
Summary of information on securitized debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ December 31, 2020 ​ ​ 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 ​ $ 2,869 ​ $ 2,869 ​ 5.5 % ​ $ 4,055 ​ $ 4,055 ​ 5.5 % ReadyCap Lending Small Business Trust 2019-2 ​ ​ 103,030 ​ ​ 97,078 ​ 2.6 ​ ​ ​ 103,030 ​ ​ 101,468 ​ 3.1 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 24,747 ​ ​ 24,334 ​ 3.7 ​ ​ ​ 27,035 ​ ​ 26,555 ​ 3.6 ​ Sutherland Commercial Mortgage Trust 2018-SBC7 ​ ​ — ​ ​ — ​ — ​ ​ ​ 79,302 ​ ​ 78,168 ​ 4.7 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 170,678 ​ ​ 168,180 ​ 2.9 ​ ​ ​ 178,911 ​ ​ 176,307 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ 124,621 ​ ​ 122,129 ​ 3.9 ​ ​ ​ 131,729 ​ ​ 129,014 ​ 3.8 ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ 10,703 ​ ​ 10,681 ​ 5.7 ​ ​ 10,880 ​ ​ 10,858 ​ 5.8 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 35,894 ​ ​ 33,864 ​ 5.1 ​ ​ 45,075 ​ ​ 35,183 ​ 4.8 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 26,083 ​ ​ 25,068 ​ 4.8 ​ ​ 26,371 ​ ​ 25,286 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 89,739 ​ ​ 86,702 ​ 4.1 ​ ​ ​ 94,273 ​ ​ 91,098 ​ 4.0 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 225,934 ​ ​ 217,636 ​ 4.2 ​ ​ ​ 229,232 ​ ​ 220,605 ​ 4.2 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 348,901 ​ ​ 342,606 ​ 3.2 ​ ​ ​ 359,266 ​ ​ 348,773 ​ 3.2 ​ Ready Capital Mortgage Financing 2018-FL2 ​ ​ — ​ ​ — ​ — ​ ​ ​ 48,979 ​ ​ 48,975 ​ 2.4 ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ 202,993 ​ ​ 202,043 ​ 1.5 ​ ​ ​ 229,440 ​ ​ 227,950 ​ 2.0 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 324,215 ​ ​ 319,075 ​ 3.0 ​ ​ ​ 324,219 ​ ​ 318,385 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 461,432 ​ ​ 503,583 ​ 1.5 ​ ​ ​ — ​ ​ — ​ — ​ Total (1) ​ $ 2,151,839 $ 2,155,848 ​ 2.9 % $ 1,891,797 $ 1,842,680 ​ 3.3 % (1) Excludes non-company sponsored securitized debt obligations of $56.1 million and $63.1 million that are consolidated in the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively.
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 14 $ 20 Restricted cash ​ 631 ​ ​ 13,790 Loans, net ​ ​ 2,877,837 ​ ​ 2,472,807 Real estate, held for sale ​ ​ 2,778 ​ ​ 4,456 Other assets ​ ​ 17,467 ​ ​ 27,670 Total assets ​ $ 2,898,727 ​ $ 2,518,743 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 2,211,923 ​ ​ 1,905,749 Total liabilities ​ $ 2,211,923 ​ $ 1,905,749
Unconsolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (In Thousands) ​ March 31, 2021 ​ December 31, 2020 ​ March 31, 2021 ​ December 31, 2020 Mortgage backed securities, at fair value (2) $ 82,158 ​ $ 80,690 $ 82,158 ​ $ 80,690 Investment in unconsolidated joint ventures ​ ​ 26,298 ​ ​ 28,290 ​ ​ 26,298 ​ ​ 28,290 Total assets in unconsolidated VIEs ​ $ 108,456 ​ $ 108,980 ​ $ 108,456 ​ $ 108,980 (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 and other third party sponsored securitizations.

Interest income and interest _2

Interest income and interest expense (Tables)	3 Months Ended
	Mar. 31, 2021
Interest income and interest expense
Schedule of components of interest income and expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ (In Thousands) 2021 2020 Interest income ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Originated transitional loans ​ $ 25,560 ​ $ 22,219 ​ Originated SBC loans ​ ​ 12,441 ​ ​ 15,998 ​ Acquired loans ​ ​ 13,810 ​ ​ 15,411 ​ Acquired SBA 7(a) loans ​ ​ 4,926 ​ ​ 6,202 ​ Originated SBA 7(a) loans ​ ​ 3,614 ​ ​ 6,269 ​ Originated SBC loans, at fair value ​ ​ 229 ​ ​ 317 ​ Originated residential agency loans ​ ​ 37 ​ ​ 20 ​ Total loans (1) ​ $ 60,617 ​ $ 66,436 ​ Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ Originated residential agency loans ​ $ 2,121 ​ $ 1,297 ​ Originated Freddie loans ​ ​ 607 ​ ​ 271 ​ Acquired loans ​ ​ 2 ​ ​ 68 ​ Total loans, held for sale, at fair value (1) ​ $ 2,730 ​ $ 1,636 ​ Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans ​ $ 6,721 ​ $ — ​ Paycheck Protection Program loans, at fair value ​ ​ 171 ​ ​ — ​ Total Paycheck Protection Program loans ​ $ 6,892 ​ $ — ​ Mortgage backed securities, at fair value ​ $ 3,132 ​ $ 1,479 ​ Total interest income ​ $ 73,371 ​ $ 69,551 ​ Interest expense ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ (17,574) ​ $ (12,758) ​ Paycheck Protection Program Liquidity Facility borrowings ​ (334) ​ — ​ Securitized debt obligations of consolidated VIEs ​ (19,093) ​ (19,529) ​ Guaranteed loan financing ​ ​ (3,651) ​ ​ (6,243) ​ Senior secured note ​ (3,459) ​ (3,472) ​ Convertible note ​ ​ (2,188) ​ ​ (2,188) ​ Corporate debt ​ ​ (4,462) ​ ​ (2,740) ​ Total interest expense ​ $ (50,761) ​ $ (46,930) ​ Net interest income before provision for loan losses ​ $ 22,610 ​ $ 22,621 ​ (1) Includes interest income on loans in consolidated VIEs.

Derivative instruments (Tables)

Derivative instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative instruments
Schedule of the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ 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 ​ $ 581,383 ​ $ 11,724 ​ $ — ​ $ 614,358 ​ $ 16,363 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 429,181 ​ ​ — ​ ​ (784) ​ ​ 160,801 ​ ​ — ​ ​ (952) Interest Rate Swaps - designated as hedges ​ Interest rate risk ​ ​ 132,325 ​ ​ — ​ ​ (3,391) ​ ​ 132,325 ​ ​ — ​ ​ (5,701) TBA Agency Securities ​ Interest rate risk ​ ​ 592,000 ​ ​ — ​ ​ (97) ​ ​ 565,000 ​ ​ — ​ ​ (4,004) Credit Default Swaps Credit risk ​ ​ 189,525 ​ ​ ​ ​ ​ (131) ​ ​ 15,000 ​ ​ — ​ ​ (174) FX forwards ​ Foreign exchange rate risk ​ ​ 25,554 ​ ​ 805 ​ ​ — ​ ​ 3,866 ​ ​ — ​ ​ (773) Total ​ ​ ​ $ 1,949,968 ​ $ 12,529 ​ $ (4,403) ​ $ 1,491,350 ​ $ 16,363 ​ $ (11,604)
Schedule of gains and losses on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Three Months Ended March 31, 2020 ​ ​ ​ ​ ​ Net Change in ​ ​ Net Change in ​ ​ ​ ​ Net Realized ​ Unrealized ​ Net Realized ​ Unrealized ​ ​ (In Thousands) ​ Gain (Loss) ​ Gain (Loss) ​ Gain (Loss) ​ Gain (Loss) ​ ​ Credit default swaps (1) ​ $ — ​ $ 42 ​ $ — ​ $ 370 ​ ​ Interest rate swaps (1)(2) ​ (1,297) ​ 6,523 ​ (247) ​ (20,168) ​ ​ TBA Agency Securities (3) ​ — ​ 3,908 ​ — ​ — ​ ​ Interest rate lock commitments (3) ​ ​ — ​ ​ (4,639) ​ ​ — ​ ​ 14,487 ​ ​ FX forwards (1) ​ ​ (528) ​ ​ 1,577 ​ ​ (137) ​ ​ 485 ​ ​ Total ​ $ (1,825) ​ $ 7,411 ​ $ (384) ​ $ (4,826) ​ ​ (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) $ (298) ​ ​ — ​ ​ (298) ​ ​ 1,680 ​ ​ 1,978 Three Months Ended March 31, 2021 $ (298) ​ $ — ​ $ (298) ​ $ 1,680 ​ $ 1,978 Interest rate - forecasted transactions (1) $ (367) ​ $ (1,694) ​ $ (2,061) ​ $ (83) ​ $ 1,978 Three Months Ended March 31, 2020 $ (367) ​ $ (1,694) $ (2,061) ​ $ (5,189) ​ $ (3,128) (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)	3 Months Ended
	Mar. 31, 2021
Real estate, held for sale
Summary of the carrying amount of the Company's real estate holdings	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 December 31, 2020 Acquired ORM Portfolio: ​ ​ ​ ​ ​ ​ Retail ​ $ 18,700 ​ $ 18,700 Mixed Use ​ 14,248 ​ 14,248 Land ​ ​ 6,317 ​ ​ 7,256 Lodging/Residential ​ ​ 3,230 ​ ​ 3,230 Total Acquired ORM REO ​ $ 42,495 ​ $ 43,434 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 26,107 ​ $ — Retail ​ ​ 3,614 ​ ​ 660 Office ​ ​ 829 ​ ​ 829 SBA ​ 409 ​ 425 Total Other REO (1) ​ $ 30,959 ​ $ 1,914 Total Real Estate, held for sale ​ $ 73,454 ​ $ 45,348 (1) Excludes $2.8 million and $4.5 million of real estate, held for sale within consolidated VIEs. ​ ​ ​ ​ ​ ​

Agreements and transactions w_2

Agreements and transactions with related parties (Tables)	3 Months Ended
	Mar. 31, 2021
Management fee
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Management fee - total ​ $ 2.7 million ​ $ 2.6 million ​ Management fee - amount unpaid ​ $ 5.4 million ​ $ 2.6 million ​
Incentive distribution
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Incentive fee distribution - total ​ $ — ​ $ — ​ Incentive fee distribution - amount unpaid ​ $ 1.3 million ​ $ — ​
Expense reimbursement
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Reimbursable expenses payable to our Manager - total ​ $ 2.0 million ​ $ 1.3 million ​ Reimbursable expenses payable to our Manager - amount unpaid ​ $ 2.3 million ​ $ 0.2 million ​

Other assets and other liabil_2

Other assets and other liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Other assets and other liabilities
Schedule of other assets and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 December 31, 2020 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 18,396 $ 18,396 ​ Deferred loan exit fees ​ ​ 16,725 ​ ​ 13,940 ​ Accrued interest ​ ​ 16,120 ​ ​ 12,656 ​ Goodwill ​ ​ 17,817 ​ ​ 11,206 ​ Due from servicers ​ ​ 16,487 ​ ​ 11,171 ​ Right-of-use lease asset ​ ​ 3,138 ​ ​ 3,172 ​ Intangible assets ​ 6,662 ​ 6,986 ​ Deferred financing costs ​ ​ 4,611 ​ ​ 2,612 ​ PPP fee receivable ​ ​ 31,413 ​ ​ 18 ​ Other assets ​ ​ 20,134 ​ ​ 9,346 ​ Other assets $ 151,503 ​ $ 89,503 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 16,839 ​ $ 16,839 ​ Accrued salaries, wages and commissions ​ ​ 24,442 ​ ​ 35,724 ​ Accrued interest payable ​ 17,250 ​ 19,695 ​ Servicing principal and interest payable ​ ​ 10,028 ​ ​ 7,318 ​ Repair and denial reserve ​ 11,626 ​ 9,557 ​ Payable to related parties ​ 6,769 ​ 4,088 ​ Accrued professional fees ​ ​ 5,014 ​ ​ 1,365 ​ Lease payable ​ ​ 4,349 ​ ​ 3,670 ​ Deferred LSP revenue ​ 3,959 ​ 10,700 ​ Accrued PPP related costs ​ ​ 30,620 ​ ​ 498 ​ Other liabilities ​ 31,569 ​ 26,201 ​ Total accounts payable and other accrued liabilities ​ $ 162,465 ​ $ 135,655 ​
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) March 31, 2021 ​ December 31, 2020 Estimated Useful Life Internally developed software - Knight Capital $ 2,903 ​ $ 3,061 6 years Broker network - Knight Capital ​ 822 ​ ​ 889 4.5 years Trade name - Knight Capital ​ 672 ​ ​ 709 6 years Favorable lease ​ 736 ​ ​ 768 12 years Trade name - GMFS ​ 529 ​ ​ 559 15 years SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Total Intangible Assets $ 6,662 ​ $ 6,986 ​
Schedule of accumulated amortization for finite-lived intangible assets	​ ​ ​ ​ (In Thousands) March 31, 2021 Favorable lease $ 744 Trade name - GMFS ​ 694 Internally developed software - Knight Capital ​ 897 Broker network - Knight Capital ​ 378 Trade name - Knight Capital ​ 208 Total Accumulated Amortization $ 2,921
Amortization expense related to the intangible assets	​ ​ ​ ​ (In Thousands) March 31, 2021 2021 $ 971 2022 ​ 1,268 2023 ​ 1,242 2024 ​ 1,032 2025 ​ 786 2026 ​ 119 Thereafter ​ 244 Total $ 5,662

Other income and operating ex_2

Other income and operating expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Other income and operating expenses
Schedule of the financial position related to the Paycheck Protection Program (PPP) activities	​ ​ ​ ​ ​ (In Thousands) March 31, 2021 Assets ​ ​ ​ Restricted cash ​ $ 10,000 Paycheck Protection Program loans ​ 1,254,420 Paycheck Protection Program loans, at fair value ​ 38,388 Prepaid expenses ​ ​ 13 PPP fee receivable ​ 31,413 Deferred financing costs ​ 1,065 Accrued interest receivable ​ 1,554 Total PPP related assets ​ $ 1,336,853 Liabilities ​ ​ ​ Secured borrowings ​ $ 230,483 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 1,132,536 Interest payable ​ ​ 364 Deferred LSP revenue ​ ​ 3,959 Accrued PPP related costs ​ ​ 30,620 Payable to third parties ​ 365 Repair and denial reserve ​ ​ 4,961 Total PPP related liabilities ​ $ 1,403,288 ​ ​ ​ ​
Schedule of the income and expenses related to the Paycheck Protection Program (PPP) activities.	​ ​ ​ ​ ​ ​ (In Thousands) Three Months Ended March 31, 2021 ​ Financial statement account Income ​ ​ ​ ​ LSP fee income $ 6,741 ​ Servicing income Interest income ​ 6,892 ​ Interest income Total PPP related income $ 13,633 ​ ​ Expense ​ ​ ​ ​ Direct operating expenses $ 4,545 ​ Other operating expenses - origination costs Repair and denial reserve ​ 1,656 ​ Other income - change in repair and denial reserve Interest expense ​ 3,861 ​ Interest expense Total PPP related expenses (direct) $ 10,062 ​ ​ Net PPP related income $ 3,571 ​ ​
Schedule of other income and operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (In Thousands) 2021 2020 Other income ​ ​ ​ ​ ​ ​ Origination income $ 1,613 ​ $ 2,495 Change in repair and denial reserve ​ (2,069) ​ ​ 136 Other ​ 1,027 ​ ​ 1,442 Total other income ​ $ 571 ​ $ 4,073 Other operating expenses ​ ​ ​ ​ ​ ​ Origination costs ​ $ 8,145 ​ $ 3,025 Technology expense ​ 1,872 ​ ​ 1,580 Impairment on real estate ​ — ​ ​ 2,969 Rent and property tax expense ​ 1,686 ​ ​ 1,184 Recruiting, training and travel expense ​ 496 ​ ​ 624 Marketing expense ​ ​ 576 ​ ​ 546 Loan acquisition costs ​ ​ 34 ​ ​ 98 Financing costs on purchased future receivables ​ ​ 24 ​ ​ 624 Other ​ 2,651 ​ ​ 3,094 Total other operating expenses ​ $ 15,484 ​ $ 13,744

Stockholders Equity (Tables)

Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2020 through March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ Record Date ​ Payment Date ​ Dividend per Share 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 ​ March 1, 2021 ​ March 15, 2021 ​ March 18, 2021 ​ $ 0.30 ​ March 24, 2021 ​ April 5, 2021 ​ April 30, 2021 ​ $ 0.10 ​
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, December 31, 2020 872,079 $ 13,737 $ 15.75 Granted 185,586 ​ ​ 2,379 ​ 12.82 Vested (115,604) ​ ​ (1,801) ​ 15.58 Canceled (1,547) ​ ​ (21) ​ 13.50 Outstanding, March 31, 2021 940,514 $ 14,294 $ 15.20
Schedule of preferred stock outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferential Cash Dividends (1)(2) Carrying Value (in thousands) Series ​ Shares Issued and Outstanding (in thousands) ​ Par Value ​ Liquidation Preference (3) ​ Rate per Annum ​ Annual Dividend (per share) ​ March 31, 2021 B ​ 1,919 ​ $ 0.0001 ​ $ 25.00 ​ 8.63% ​ $ 2.16 ​ $ 47,984 ​ C ​ 780 ​ ​ 0.0001 ​ ​ 25.00 ​ 6.25% ​ ​ 1.56 ​ $ 19,494 ​ D ​ 2,010 ​ ​ 0.0001 ​ ​ 25.00 ​ 7.63% ​ ​ 1.91 ​ $ 50,257 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) (2) (3)

Earnings per Share of Common _2

Earnings per Share of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings per Share of Common Stock
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (In Thousands, except for share and per share amounts) 2021 2020 Basic Earnings ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 28,947 ​ $ (51,516) Less: Income (loss) attributable to non-controlling interest ​ ​ 659 ​ ​ (1,064) Less: Income attributable to participating shares ​ ​ 657 ​ ​ 463 Basic earnings ​ $ 27,631 ​ $ (50,915) ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 28,947 ​ $ (51,516) Less: Income (loss) attributable to non-controlling interest ​ ​ 659 ​ ​ (1,064) Less: Income attributable to participating shares ​ ​ 657 ​ ​ 463 Diluted earnings ​ $ 27,631 ​ $ (50,915) ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 56,817,632 ​ ​ 51,984,040 Effect of dilutive securities — Unvested participating shares ​ ​ 25,816 ​ ​ 5,973 Diluted — Average shares outstanding ​ ​ 56,843,448 ​ ​ 51,990,013 ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ Basic ​ $ 0.49 ​ $ (0.98) Diluted ​ $ 0.49 ​ $ (0.98)

Offsetting assets and liabili_2

Offsetting assets and liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate lock commitments ​ 11,724 ​ ​ — ​ ​ 11,724 ​ ​ — ​ $ — ​ $ 11,724 Derivative instruments - FX forwards ​ 805 ​ ​ — ​ ​ 805 ​ ​ — ​ $ — ​ $ 805 Total $ 12,529 ​ $ — ​ $ 12,529 ​ $ — ​ $ — ​ $ 12,529 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments - Interest rate swaps $ 7,651 ​ $ 3,476 ​ $ 4,175 ​ $ — ​ $ 4,175 ​ $ — Derivative instruments - Credit default swaps ​ 131 ​ ​ — ​ ​ 131 ​ ​ — ​ ​ 131 ​ ​ — Derivative instruments - TBA Agency Securities ​ 97 ​ ​ — ​ ​ 97 ​ ​ — ​ ​ — ​ ​ 97 Derivative instruments - FX forwards ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Secured borrowings ​ 2,064,785 ​ ​ — ​ ​ 2,064,785 ​ ​ 2,064,785 ​ ​ — ​ ​ — Total $ 2,072,664 ​ $ 3,476 ​ $ 2,069,188 ​ $ 2,064,785 ​ $ 4,306 ​ $ 97 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 - TBA Agency Securities ​ 174 ​ ​ — ​ ​ 174 ​ ​ — ​ ​ 174 ​ ​ — Derivative instruments - Credit default swaps ​ 4,004 ​ ​ — ​ ​ 4,004 ​ ​ — ​ ​ — ​ ​ 4,004 Derivative instruments - FX forwards ​ 773 ​ ​ ​ ​ ​ 773 ​ ​ — ​ ​ — ​ ​ 773 Secured borrowings ​ 1,294,243 ​ ​ — ​ ​ 1,294,243 ​ ​ 1,294,243 ​ ​ — ​ ​ — Total $ 1,310,864 ​ $ 5,017 ​ $ 1,305,847 ​ $ 1,294,243 ​ $ 6,827 ​ $ 4,777 (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)	3 Months Ended
	Mar. 31, 2021
Commitments, Contingencies and Indemnifications
Schedule of unfunded loan commitments and commitments to originate loans	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ March 31, 2021 ​ December 31, 2020 Loans, net ​ $ 293,919 ​ $ 285,389 Loans, held for sale at fair value ​ $ 11,123 ​ $ 7,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ March 31, 2021 ​ December 31, 2020 Commitments to originate residential agency loans ​ $ 590,612 ​ $ 575,600 ​ ​ ​ ​ ​ ​ ​

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting
Schedule of segment reporting information	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 ​ $ 14,534 ​ $ 39,693 ​ $ 15,432 ​ $ 2,044 ​ $ 1,668 ​ $ 73,371 ​ Interest expense ​ ​ (11,971) ​ ​ (24,998) ​ ​ (9,207) ​ ​ (2,328) ​ ​ (2,257) ​ ​ (50,761) ​ Net interest income before provision for loan losses ​ $ 2,563 ​ $ 14,695 ​ $ 6,225 ​ $ (284) ​ $ (589) ​ $ 22,610 ​ Recovery of (provision for) loan losses ​ 1,262 ​ ​ (1,609) ​ ​ 355 ​ ​ — ​ ​ — ​ 8 ​ Net interest income after (provision for) recovery of loan losses ​ $ 3,825 ​ $ 13,086 ​ $ 6,580 ​ $ (284) ​ $ (589) ​ $ 22,618 ​ Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 41,409 ​ $ — ​ $ 41,409 ​ Net realized gain on financial instruments and real estate owned ​ ​ (1,493) ​ ​ 5,565 ​ ​ 4,900 ​ ​ — ​ ​ (126) ​ ​ 8,846 ​ Net unrealized gain (loss) on financial instruments ​ ​ 897 ​ ​ 3,033 ​ ​ 514 ​ ​ 15,355 ​ ​ 1,197 ​ ​ 20,996 ​ Other income ​ ​ 1,183 ​ ​ 1,288 ​ ​ (1,960) ​ ​ 15 ​ ​ 45 ​ ​ 571 ​ Servicing income ​ ​ 21 ​ ​ 726 ​ ​ 7,782 ​ ​ 7,106 ​ ​ — ​ ​ 15,635 ​ Income on purchased future receivables, net of allowance for doubtful accounts ​ ​ 2,317 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,317 ​ Income (loss) on unconsolidated joint ventures ​ ​ (809) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (809) ​ Total non-interest income ​ $ 2,116 ​ $ 10,612 ​ $ 11,236 ​ $ 63,885 ​ $ 1,116 ​ $ 88,965 ​ Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ (1,485) ​ ​ (2,252) ​ ​ (4,561) ​ ​ (13,588) ​ ​ (891) ​ (22,777) ​ Allocated employee compensation and benefits from related party ​ (212) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,911) ​ (2,123) ​ Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (15,485) ​ ​ — ​ ​ (15,485) ​ Professional fees ​ (786) ​ ​ (323) ​ ​ (380) ​ ​ (251) ​ ​ (1,242) ​ (2,982) ​ Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,693) ​ (2,693) ​ Loan servicing expense ​ (1,751) ​ ​ (2,052) ​ ​ 102 ​ ​ (2,364) ​ ​ (39) ​ (6,104) ​ Merger related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,307) ​ ​ (6,307) ​ Other operating expenses ​ (2,364) ​ ​ (3,916) ​ ​ (6,285) ​ ​ (2,204) ​ ​ (715) ​ (15,484) ​ Total non-interest expense ​ $ (6,598) ​ $ (8,543) ​ $ (11,124) ​ $ (33,892) ​ $ (13,798) ​ $ (73,955) ​ Income (loss) before provision for income taxes ​ $ (657) ​ $ 15,155 ​ $ 6,692 ​ $ 29,709 ​ $ (13,271) ​ $ 37,628 ​ Total assets ​ $ 1,121,590 ​ $ 3,128,924 ​ $ 1,983,098 ​ $ 672,255 ​ $ 1,111,088 ​ $ 8,016,955 ​ ​ Reportable business segments, along with remaining unallocated amounts recorded within Corporate- Other, for the three months ended March 31, 2020 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 ​ $ 16,494 ​ $ 39,269 ​ $ 12,471 ​ $ 1,317 ​ $ — ​ $ 69,551 Interest expense ​ ​ (11,205) ​ ​ (25,627) ​ ​ (8,513) ​ ​ (1,585) ​ ​ — ​ ​ (46,930) Net interest income before provision for loan losses ​ $ 5,289 ​ $ 13,642 ​ $ 3,958 ​ $ (268) ​ $ — ​ $ 22,621 Recovery of (provision for) loan losses ​ (5,722) ​ ​ (29,828) ​ ​ (4,254) ​ ​ — ​ ​ — ​ (39,804) Net interest income after provision for loan losses ​ $ (433) ​ $ (16,186) ​ $ (296) ​ $ (268) ​ $ — ​ $ (17,183) Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 36,669 ​ $ ​ ​ $ 36,669 Net realized gain on financial instruments ​ ​ (739) ​ ​ 3,649 ​ ​ 4,262 ​ ​ — ​ ​ — ​ ​ 7,172 Net unrealized gain (loss) on financial instruments ​ ​ (9,423) ​ ​ (6,491) ​ ​ (1,082) ​ ​ (16,438) ​ ​ — ​ ​ (33,434) Other income ​ ​ 2,336 ​ ​ 1,283 ​ ​ 295 ​ ​ 60 ​ ​ 99 ​ ​ 4,073 Income on purchased future receivables, net ​ ​ 3,483 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,483 Servicing income ​ 355 ​ ​ 532 ​ ​ 1,074 ​ ​ 6,136 ​ ​ — ​ 8,097 Income from unconsolidated joint ventures ​ ​ (3,537) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,537) Total non-interest income ​ $ (7,525) ​ $ (1,027) ​ $ 4,549 ​ $ 26,427 ​ $ 99 ​ $ 22,523 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (2,833) ​ $ (2,710) ​ $ (3,910) ​ $ (8,741) ​ $ (742) ​ (18,936) Allocated employee compensation and benefits from related party ​ (125) ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,125) ​ (1,250) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (20,129) ​ ​ — ​ ​ (20,129) Professional fees ​ (235) ​ ​ (338) ​ ​ (289) ​ ​ (287) ​ ​ (1,407) ​ (2,556) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,561) ​ (2,561) Loan servicing (expense) income ​ (1,365) ​ ​ (1,580) ​ ​ (335) ​ ​ (2,258) ​ ​ (32) ​ (5,570) Merger related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (47) ​ ​ (47) Other operating expenses ​ (6,245) ​ ​ (3,457) ​ ​ (1,559) ​ ​ (1,785) ​ ​ (698) ​ (13,744) Total non-interest expense ​ $ (10,803) ​ $ (8,085) ​ $ (6,093) ​ $ (33,200) ​ $ (6,612) ​ $ (64,793) Net income (loss) before provision for income taxes ​ $ (18,761) ​ $ (25,298) ​ $ (1,840) ​ $ (7,041) ​ $ (6,513) ​ $ (59,453) Total assets ​ $ 1,209,617 ​ $ 2,704,301 ​ $ 703,331 ​ $ 418,421 ​ $ 234,380 ​ $ 5,270,050

Organization (Details)

Organization (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Number of reporting units	4
Number of operating segments	4
Operating Partnership
Ownership percentage in operating partnership	98.40%	97.90%

Organization - Acquisitions (De

Organization - Acquisitions (Details)	Mar. 19, 2021USD ($)item$ / sharesshares	Mar. 31, 2021USD ($)$ / shares	Mar. 31, 2021$ / shares
Acquisitions
Financial assets liquidated | $		$ 1,400,000,000
Extinguishment of indebtedness on the RMDS portfolio | $		$ 1,300,000,000
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
Minimum
Acquisitions
Percentage of taxable income distributed in the form of qualifying distributions			90.00%
Series B Preferred Stock
Acquisitions
Rate per Annum			8.63%
Par Value per Share		$ 0.0001	$ 0.0001
Series B Preferred Stock | ANH
Acquisitions
Rate per Annum	6.25%
Series C Preferred Stock
Acquisitions
Rate per Annum			6.25%
Par Value per Share		0.0001	$ 0.0001
Series C Preferred Stock | ANH
Acquisitions
Rate per Annum	7.625%
Series D Preferred Stock
Acquisitions
Rate per Annum			7.63%
Par Value per Share		$ 0.0001	$ 0.0001
Series A Preferred Stock | ANH
Acquisitions
Rate per Annum	8.625%
ANH
Acquisitions
Shares issued | shares	16,774,000
Cash paid | $	$ 60,626,000
Exchange ratio	0.1688
Cash paid per share	$ 0.61
Total purchase price | $	$ 417,898,000
Market price as of March 19, 2021	$ 14.28
Common stock consideration | $	$ 239,537,000
ANH | Ready Capital Shareholders
Acquisitions
Percentage of equity interests held after closing	77.00%
ANH | ANH Shareholders
Acquisitions
Percentage of equity interests held after closing	23.00%
ANH | Series B Preferred Stock
Acquisitions
Shares issued | shares	1,919,378
Market price as of March 19, 2021	$ 25
Rate per Annum	8.625%
Par Value per Share	$ 0.0001
Common stock consideration | $	$ 47,984,000
ANH | Series C Preferred Stock
Acquisitions
Shares issued | shares	779,743
Market price as of March 19, 2021	$ 25
Rate per Annum	6.25%
Par Value per Share	$ 0.0001
Common stock consideration | $	$ 19,494,000
ANH | Series D Preferred Stock
Acquisitions
Shares issued | shares	2,010,278
Market price as of March 19, 2021	$ 25
Rate per Annum	7.625%
Par Value per Share	$ 0.0001
Common stock consideration | $	$ 50,257,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)classsegmentitem	Mar. 31, 2020segment	Dec. 31, 2020USD ($)item
Number of reportable segments | segment	4	4
Cash collateral offset against derivative liability positions	$ 3.5
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	$ 6.4		$ 10.5

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Stockholders' equity	$ 1,178,752	$ 834,208	$ 775,559	$ 844,784
Retained earnings (deficit)	(20,027)	(24,203)
Retained Earnings (Deficit)
Stockholders' equity	$ (20,027)	$ (24,203)	$ (69,605)	$ 8,746

Business Combinations - Fair Va

Business Combinations - Fair Value of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 19, 2021	Dec. 31, 2020
Assets:
Real estate, held for sale	$ 42,495		$ 43,434
ANH
Assets:
Cash and cash equivalents		$ 110,545
Mortgage backed securities, at fair value		2,010,504
Loans, held for sale, at fair value		102,798
Real estate, held for sale		26,107
Accrued interest		8,453
Other assets		38,707
Total assets acquired		2,297,114
Liabilities:
Secured borrowings		1,784,047
Corporate debt		36,250
Derivative instruments, at fair value		60,719
Accounts payable and other accrued liabilities		4,811
Total liabilities assumed		1,885,827
Net assets acquired		411,287
Gross contractual principal of acquired loan receivables.		$ 98,300

Business Combinations - Aggrega

Business Combinations - Aggregate Consideration Transferred (Details) $ / shares in Units, $ in Thousands	Mar. 19, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Acquisitions
Goodwill		$ 17,817	$ 11,206
ANH
Acquisitions
Common stock consideration	$ 239,537
Fair value of net assets acquired	$ 411,287
Exchange ratio	0.1688
Shares issued | shares	16,774,000
Market price as of March 19, 2021 | $ / shares	$ 14.28
Cash paid per share | $ / shares	$ 0.61
Cash paid based on outstanding ANH shares	$ 60,626
Consideration transferred based on value of stock issued	239,537
Total consideration transferred	417,898
Goodwill	6,611
Acquisition related costs		$ 6,300
ANH | Series B Preferred Stock
Acquisitions
Common stock consideration	$ 47,984
Shares issued | shares	1,919,378
Market price as of March 19, 2021 | $ / shares	$ 25
Consideration transferred based on value of stock issued	$ 47,984
ANH | Series C Preferred Stock
Acquisitions
Common stock consideration	$ 19,494
Shares issued | shares	779,743
Market price as of March 19, 2021 | $ / shares	$ 25
Consideration transferred based on value of stock issued	$ 19,494
ANH | Series D Preferred Stock
Acquisitions
Common stock consideration	$ 50,257
Shares issued | shares	2,010,278
Market price as of March 19, 2021 | $ / shares	$ 25
Consideration transferred based on value of stock issued	$ 50,257
ANH | ANH
Acquisitions
ANH shares outstanding at March 19, 2021 | shares	99,374

Business Combinations - Pro-for

Business Combinations - Pro-forma Information (Details) - ANH - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pro-forma information
Interest income	$ 85,120	$ 105,314
Interest expense	(54,289)	(70,317)
Recovery of (provision for) loan losses	8	(39,860)
Non-interest income	91,690	19,463
Non-interest expense	(79,584)	(296,474)
Income (loss) before provision for income taxes	42,945	(281,874)
Income tax benefit (expense)	(8,681)	7,937
Net income (loss)	34,264	$ (273,937)
Nonrecurring transaction costs excluded from pro forma non-interest expense	$ 6,300

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses - Classification, unpaid principal balance, and carrying value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Total Loans, before allowance for loan losses	$ 1,645,160	$ 1,583,848
Allowance for loan losses	(33,334)	(33,224)
Total Loans, net	1,611,826	1,550,624
Allowance for loan losses on loans in consolidated VIEs	(45,649)	(46,732)	$ (57,968)	$ (7,441)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	4,489,663	4,023,431
Loans, held for sale, at fair value	473,078	340,288
Total Loans, net and Loans held for sale, at fair value	4,962,741	4,363,719
Paycheck Protection Program loans	1,292,808	74,931
Total loan portfolio	6,255,549	4,438,650
UPB
Total Loans, before allowance for loan losses	1,660,249	1,598,328
Total Loans, net	1,660,249	1,598,328
Total Loans, held for sale, at fair value	461,728	328,045
Total Loans, net and Loans held for sale, at fair value	5,032,856	4,430,080
Total Paycheck Protection Program loans	1,360,576	74,931
Total Loan portfolio	6,393,432	4,505,011
Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	2,890,152	2,486,315
Allowance for loan losses on loans in consolidated VIEs	(12,315)	(13,508)
Total Loans, net, in consolidated VIEs	2,877,837	2,472,807
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	2,910,879	2,503,707
Total Loans, net, in consolidated VIEs	2,910,879	2,503,707
Originated Transitional loans
Carrying Value
Total Loans, before allowance for loan losses	522,747	530,671
Allowance for loan losses on loans in consolidated VIEs	(17,043)	(14,995)	(24,264)	(188)
UPB
Total Loans, before allowance for loan losses	525,615	535,963
Originated Transitional loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	1,352,642	788,403
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	1,363,543	792,432
Originated SBA 7(a) loans
Carrying Value
Total Loans, before allowance for loan losses	309,487	310,537
Allowance for loan losses on loans in consolidated VIEs	(9,277)	(10,051)	(7,074)	(1,781)
Loans, held for sale, at fair value	14,571	10,232
UPB
Total Loans, before allowance for loan losses	314,182	314,938
Total Loans, held for sale, at fair value	13,261	9,436
Originated SBA 7(a) loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	67,214	68,625
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	70,902	72,451
Acquired SBA 7(a) loans
Carrying Value
Total Loans, before allowance for loan losses	188,462	201,066
Allowance for loan losses on loans in consolidated VIEs	(4,322)	(4,549)	(5,622)	(2,114)
UPB
Total Loans, before allowance for loan losses	196,983	210,115
Acquired SBA 7(a) loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	40,253	42,154
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	49,795	52,456
Originated SBC loans
Carrying Value
Total Loans, before allowance for loan losses	167,772	173,190
Allowance for loan losses on loans in consolidated VIEs	(7,972)	(8,840)	(10,362)	(304)
Loans, held for sale, at fair value	23,661	17,850
UPB
Total Loans, before allowance for loan losses	161,763	167,470
Total Loans, held for sale, at fair value	23,822	17,850
Originated SBC loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	877,461	889,566
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	873,517	885,235
Acquired loans
Carrying Value
Total Loans, before allowance for loan losses	439,936	351,381
Allowance for loan losses on loans in consolidated VIEs	(7,035)	(8,297)	$ (10,646)	$ (3,054)
Loans, held for sale, at fair value	99,247	511
UPB
Total Loans, before allowance for loan losses	444,742	352,546
Total Loans, held for sale, at fair value	94,898	499
Acquired loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	552,582	697,567
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	553,122	701,133
Originated SBC loans, at fair value
Carrying Value
Total Loans, before allowance for loan losses	13,618	13,795
UPB
Total Loans, before allowance for loan losses	13,881	14,088
Originated Residential Agency loans
Carrying Value
Total Loans, before allowance for loan losses	3,138	3,208
Loans, held for sale, at fair value	310,892	260,447
UPB
Total Loans, before allowance for loan losses	3,083	3,208
Total Loans, held for sale, at fair value	305,487	249,852
Originated Freddie Mac loans
Carrying Value
Loans, held for sale, at fair value	24,707	51,248
UPB
Total Loans, held for sale, at fair value	24,260	50,408
Paycheck Protection Program Loans, Held For Investment
Carrying Value
Paycheck Protection Program loans	1,254,420
UPB
Total Paycheck Protection Program loans	1,322,188
Paycheck Protection Program loans, at fair value
Carrying Value
Paycheck Protection Program loans	38,388	74,931
UPB
Total Paycheck Protection Program loans	$ 38,388	$ 74,931

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loan classification and delinquency by year of origination
UPB	$ 4,571,128	$ 4,102,035
Current fiscal year	606,835	522,961
Year before current fiscal year	529,003	1,229,069
Two years before current fiscal year	1,208,044	735,604
Three years before current fiscal year	699,588	243,042
Four years before current fiscal year	224,498	110,314
Five or more years before current fiscal year	1,249,098	1,211,980
Total	4,517,066	4,052,970
General allowance for loan losses	(27,403)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	4,489,663	4,023,431
Specific allowance for loan losses	18,200	17,200
Current and less than 30 days past due
Loan classification and delinquency by year of origination
UPB	4,351,956	3,904,294
Current fiscal year	606,638	516,474
Year before current fiscal year	512,632	1,221,227
Two years before current fiscal year	1,178,806	707,068
Three years before current fiscal year	632,881	203,331
Four years before current fiscal year	205,280	100,003
Five or more years before current fiscal year	1,178,466	1,125,100
Total	4,314,703	3,873,203
30-59 Days Past Due
Loan classification and delinquency by year of origination
UPB	79,654	38,836
Current fiscal year		5,812
Year before current fiscal year	15,711	5,191
Two years before current fiscal year	24,790	15,097
Three years before current fiscal year	21,139	401
Four years before current fiscal year	4,841	2
Five or more years before current fiscal year	12,081	11,933
Total	78,562	38,436
60+ Days Past Due
Loan classification and delinquency by year of origination
UPB	139,518	158,905
Current fiscal year	197	675
Year before current fiscal year	660	2,651
Two years before current fiscal year	4,448	13,439
Three years before current fiscal year	45,568	39,310
Four years before current fiscal year	14,377	10,309
Five or more years before current fiscal year	58,551	74,947
Total	123,801	141,331
Originated Transitional loans
Loan classification and delinquency by year of origination
UPB	1,889,158	1,328,395
Current fiscal year	599,301	385,183
Year before current fiscal year	397,349	583,593
Two years before current fiscal year	570,278	306,971
Three years before current fiscal year	277,650	23,783
Four years before current fiscal year	13,292	18,480
Five or more years before current fiscal year	15,294	1,064
Total	1,873,164	1,319,074
General allowance for loan losses	(14,848)	(14,995)
Originated Transitional loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,794,270	1,281,579
Originated Transitional loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	30,315	17,713
Originated Transitional loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	48,579	19,782
Originated SBC loans
Loan classification and delinquency by year of origination
UPB	1,035,280	1,052,705
Current fiscal year		66,715
Year before current fiscal year	62,606	486,033
Two years before current fiscal year	479,979	237,313
Three years before current fiscal year	235,716	110,354
Four years before current fiscal year	105,628	43,696
Five or more years before current fiscal year	155,608	112,444
Total	1,039,537	1,056,555
General allowance for loan losses	(2,729)	(2,640)
Originated SBC loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	993,570	1,000,878
Originated SBC loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	16,953	6,591
Originated SBC loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	29,014	49,086
Acquired loans
Loan classification and delinquency by year of origination
UPB	997,864	1,053,679
Current fiscal year		21,414
Year before current fiscal year	21,042	40,572
Two years before current fiscal year	40,618	42,167
Three years before current fiscal year	41,301	38,649
Four years before current fiscal year	37,507	19,533
Five or more years before current fiscal year	849,833	883,774
Total	990,301	1,046,109
General allowance for loan losses	(4,335)	(5,457)
Acquired loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	934,265	978,346
Acquired loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	14,485	7,729
Acquired loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	41,551	60,034
Originated SBA 7(a) loans
Loan classification and delinquency by year of origination
UPB	385,084	387,389
Current fiscal year	6,599	47,939
Year before current fiscal year	47,218	98,568
Two years before current fiscal year	97,040	133,812
Three years before current fiscal year	129,904	68,375
Four years before current fiscal year	66,195	22,056
Five or more years before current fiscal year	25,332	4,041
Total	372,288	374,791
General allowance for loan losses	(4,864)	(5,680)
Originated SBA 7(a) loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	356,600	369,416
Originated SBA 7(a) loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	14,789	1,741
Originated SBA 7(a) loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	899	3,634
Acquired SBA 7(a) loans
Loan classification and delinquency by year of origination
UPB	246,778	262,571
Current fiscal year		139
Year before current fiscal year	129	19,658
Two years before current fiscal year	19,485	14,636
Three years before current fiscal year	14,315	283
Four years before current fiscal year	279	19
Five or more years before current fiscal year	190,812	204,703
Total	225,020	239,438
General allowance for loan losses	(627)	(767)
Acquired SBA 7(a) loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	221,444	228,651
Acquired SBA 7(a) loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	2,020	4,008
Acquired SBA 7(a) loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	1,556	6,779
Originated SBC loans, at fair value
Loan classification and delinquency by year of origination
UPB	13,881	14,088
Three years before current fiscal year		1,598
Four years before current fiscal year	1,597	6,442
Five or more years before current fiscal year	12,021	5,755
Total	13,618	13,795
Originated SBC loans, at fair value | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	13,618	13,795
Originated Residential Agency loans
Loan classification and delinquency by year of origination
UPB	3,083	3,208
Current fiscal year	935	1,571
Year before current fiscal year	659	645
Two years before current fiscal year	644	705
Three years before current fiscal year	702
Four years before current fiscal year		88
Five or more years before current fiscal year	198	199
Total	3,138	3,208
Originated Residential Agency loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	936	538
Originated Residential Agency loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total		654
Originated Residential Agency loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	$ 2,202	$ 2,016

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses - Delinquency (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loan delinquency information
Total Loans Carrying Value	$ 4,517,066	$ 4,052,970
Non-Accrual Loans	150,637	134,158
General allowance for loan losses	(27,403)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 4,489,663	$ 4,023,431
Percentage of loans outstanding	100.00%	100.00%
Percentage of outstanding, Non-Accrual Loans	3.30%	3.30%
Percentage of outstandings - Accruing	0.00%	0.00%
Specific allowance for loan losses	$ 18,200	$ 17,200
Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	$ 4,314,703	$ 3,873,203
Percentage of loans outstanding	95.60%	95.60%
30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 78,562	$ 38,436
Percentage of loans outstanding	1.70%	0.90%
60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 123,801	$ 141,331
Percentage of loans outstanding	2.70%	3.50%
Originated Transitional loans
Loan delinquency information
Total Loans Carrying Value	$ 1,873,164	$ 1,319,074
Non-Accrual Loans	39,574	19,416
General allowance for loan losses	(14,848)	(14,995)
Originated Transitional loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,794,270	1,281,579
Originated Transitional loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	30,315	17,713
Originated Transitional loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	48,579	19,782
Originated SBC loans
Loan delinquency information
Total Loans Carrying Value	1,039,537	1,056,555
Non-Accrual Loans	38,599	37,635
General allowance for loan losses	(2,729)	(2,640)
Originated SBC loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	993,570	1,000,878
Originated SBC loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	16,953	6,591
Originated SBC loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	29,014	49,086
Acquired loans
Loan delinquency information
Total Loans Carrying Value	990,301	1,046,109
Non-Accrual Loans	54,750	57,020
General allowance for loan losses	(4,335)	(5,457)
Acquired loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	934,265	978,346
Acquired loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	14,485	7,729
Acquired loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	41,551	60,034
Acquired SBA 7(a) loans
Loan delinquency information
Total Loans Carrying Value	225,020	239,438
Non-Accrual Loans	8,436	9,001
General allowance for loan losses	(627)	(767)
Acquired SBA 7(a) loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	221,444	228,651
Acquired SBA 7(a) loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	2,020	4,008
Acquired SBA 7(a) loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,556	6,779
Originated SBC loans, at fair value
Loan delinquency information
Total Loans Carrying Value	13,618	13,795
Originated SBC loans, at fair value | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	13,618	13,795
Originated SBA 7(a) loans
Loan delinquency information
Total Loans Carrying Value	372,288	374,791
Non-Accrual Loans	7,076	8,668
General allowance for loan losses	(4,864)	(5,680)
Originated SBA 7(a) loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	356,600	369,416
Originated SBA 7(a) loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	14,789	1,741
Originated SBA 7(a) loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	899	3,634
Originated Residential Agency loans
Loan delinquency information
Total Loans Carrying Value	3,138	3,208
Non-Accrual Loans	2,202	2,418
Originated Residential Agency loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	936	538
Originated Residential Agency loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value		654
Originated Residential Agency loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 2,202	$ 2,016

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses - Credit Quality (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 4,517,066	$ 4,052,970
General allowance for loan losses	(27,403)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 4,489,663	$ 4,023,431
Percentage of loans outstanding	100.00%	100.00%
Carrying amount of loan foreclosure in process	$ 1,100	$ 2,200
0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 285,667	$ 285,928
Percentage of loans outstanding	6.30%	7.10%
20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 515,154	$ 532,200
Percentage of loans outstanding	11.40%	13.00%
40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,109,080	$ 1,075,306
Percentage of loans outstanding	24.60%	26.50%
60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 2,080,943	$ 1,728,645
Percentage of loans outstanding	46.10%	42.70%
80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 363,683	$ 289,919
Percentage of loans outstanding	8.10%	7.20%
Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 162,539	$ 140,972
Percentage of loans outstanding	3.50%	3.50%
Originated Transitional loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,873,164	$ 1,319,074
General allowance for loan losses	(14,848)	(14,995)
Originated Transitional loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	11,669	5,485
Originated Transitional loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	11,319	8,269
Originated Transitional loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	237,489	252,798
Originated Transitional loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,359,157	891,895
Originated Transitional loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	236,062	157,900
Originated Transitional loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	17,468	2,727
Originated SBC loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,039,537	1,056,555
General allowance for loan losses	(2,729)	(2,640)
Originated SBC loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	5,248	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	73,432	76,899
Originated SBC loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	520,800	453,381
Originated SBC loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	428,041	515,023
Originated SBC loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	6,136
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	5,880
Acquired loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	990,301	1,046,109
General allowance for loan losses	(4,335)	(5,457)
Acquired loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	261,037	266,345
Acquired loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	373,055	385,579
Acquired loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	224,470	228,262
Acquired loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	94,011	113,023
Acquired loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	25,307	40,838
Acquired loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	12,421	12,062
Originated SBA 7(a) loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	372,288	374,791
General allowance for loan losses	(4,864)	(5,680)
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	1,138	1,203
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	15,519	15,013
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	46,789	51,133
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	138,676	147,020
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	66,520	61,297
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	103,646	99,125
Acquired SBA 7(a) loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	225,020	239,438
General allowance for loan losses	(627)	(767)
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	6,575	7,523
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	33,186	39,086
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	79,334	89,644
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	55,506	54,007
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	27,673	28,332
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	22,746	20,846
Originated SBC loans, at fair value
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	13,618	13,795
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	8,643	7,354
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	4,975	6,441
Originated Residential Agency loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	3,138	3,208
Originated Residential Agency loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	198	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	577	1,236
Originated Residential Agency loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,985	1,552
Originated Residential Agency loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 378	$ 332

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses - Geographic and Collateral Concentration (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Geographical concentration
Concentration risk
Percentage of loan	100.00%	100.00%
Geographical concentration | California
Concentration risk
Percentage of loan	19.20%	18.10%
Geographical concentration | Texas
Concentration risk
Percentage of loan	14.30%	14.20%
Geographical concentration | New York
Concentration risk
Percentage of loan	10.50%	9.80%
Geographical concentration | Florida
Concentration risk
Percentage of loan	7.40%	7.80%
Geographical concentration | Illinois
Concentration risk
Percentage of loan	6.00%	5.20%
Geographical concentration | Georgia
Concentration risk
Percentage of loan	6.30%	4.90%
Geographical concentration | North Carolina
Concentration risk
Percentage of loan	3.10%	3.10%
Geographical concentration | Arizona
Concentration risk
Percentage of loan	3.10%	2.80%
Geographical concentration | Washington
Concentration risk
Percentage of loan	2.70%	3.10%
Geographical concentration | Colorado
Concentration risk
Percentage of loan	2.60%	2.80%
Geographical concentration | Other
Concentration risk
Percentage of loan	24.80%	28.20%
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	19.30%	17.20%
Collateral concentration | Offices of Physicians
Concentration risk
Percentage of SBA loan	12.90%	12.00%
Collateral concentration | Child Day Care Services
Concentration risk
Percentage of SBA loan	8.00%	7.20%
Collateral concentration | Eating Places
Concentration risk
Percentage of SBA loan	5.60%	5.30%
Collateral concentration | Gasoline Service Stations
Concentration risk
Percentage of SBA loan	3.90%	3.40%
Collateral concentration | Veterinarians
Concentration risk
Percentage of SBA loan	3.40%	3.30%
Collateral concentration | Funeral Service and Crematories
Concentration risk
Percentage of SBA loan	2.00%	1.80%
Collateral concentration | Grocery Stores
Concentration risk
Percentage of SBA loan	2.00%	1.70%
Collateral concentration | Car Washes
Concentration risk
Percentage of SBA loan	1.60%	1.40%
Collateral concentration | Couriers
Concentration risk
Percentage of SBA loan	1.10%	1.00%
Collateral concentration | Other
Concentration risk
Percentage of SBA loan	40.20%	45.70%
Collateral concentration | Multi-family
Concentration risk
Percentage of loan	31.40%	23.80%
Collateral concentration | SBA
Concentration risk
Percentage of loan	13.80%	17.40%
Collateral concentration | Retail
Concentration risk
Percentage of loan	15.70%	17.30%
Collateral concentration | Office
Concentration risk
Percentage of loan	12.80%	13.10%
Collateral concentration | Mixed Use
Concentration risk
Percentage of loan	11.90%	12.90%
Collateral concentration | Industrial
Concentration risk
Percentage of loan	6.70%	7.10%
Collateral concentration | Lodging/Residential
Concentration risk
Percentage of loan	2.80%	3.20%
Collateral concentration | Other
Concentration risk
Percentage of loan	4.90%	5.20%

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses - Allowance for loan losses by loan product and impairment methodology (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Allowance for loan losses
General	$ 27,403	$ 29,539
Specific	18,246	17,193
Ending Balance	45,649	46,732	$ 57,968	$ 7,441
Originated SBC loans
Allowance for loan losses
General	2,729	2,640
Specific	5,243	6,200
Ending Balance	7,972	8,840	10,362	304
Originated Transitional loans
Allowance for loan losses
General	14,848	14,995
Specific	2,195
Ending Balance	17,043	14,995	24,264	188
Acquired loans
Allowance for loan losses
General	4,335	5,457
Specific	2,700	2,840
Ending Balance	7,035	8,297	10,646	3,054
Acquired SBA 7(a) loans
Allowance for loan losses
General	627	767
Specific	3,695	3,782
Ending Balance	4,322	4,549	5,622	2,114
Originated SBA 7(a) loans
Allowance for loan losses
General	4,864	5,680
Specific	4,413	4,371
Ending Balance	$ 9,277	$ 10,051	$ 7,074	$ 1,781

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses - Investment Loans Allowance Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for loan losses
Beginning Balance	$ 46,732	$ 7,441
Provision for (recoveries of) loan losses	563	39,804
Charge-offs and sales	(1,658)	(468)
Recoveries	12	66
Ending Balance	45,649	57,968
Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		11,125
Originated SBC loans
Allowance for loan losses
Beginning Balance	8,840	304
Provision for (recoveries of) loan losses	132	7,658
Charge-offs and sales	(1,000)
Ending Balance	7,972	10,362
Originated SBC loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		2,400
Originated Transitional loans
Allowance for loan losses
Beginning Balance	14,995	188
Provision for (recoveries of) loan losses	2,048	22,170
Ending Balance	17,043	24,264
Originated Transitional loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		1,906
Acquired loans
Allowance for loan losses
Beginning Balance	8,297	3,054
Provision for (recoveries of) loan losses	(1,262)	5,722
Charge-offs and sales		(8)
Ending Balance	7,035	10,646
Acquired loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		1,878
Acquired SBA 7(a) loans
Allowance for loan losses
Beginning Balance	4,549	2,114
Provision for (recoveries of) loan losses	47	12
Charge-offs and sales	(283)	(131)
Recoveries	9	65
Ending Balance	4,322	5,622
Acquired SBA 7(a) loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		3,562
Originated SBA 7(a) loans
Allowance for loan losses
Beginning Balance	10,051	1,781
Provision for (recoveries of) loan losses	(402)	4,242
Charge-offs and sales	(375)	(329)
Recoveries	3	1
Ending Balance	9,277	7,074
Originated SBA 7(a) loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		$ 1,379
Unfunded Loan Commitment
Allowance for loan losses
Beginning Balance	900
Ending Balance	$ 400

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - Non-accrual loans - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Non-accrual loans
Non-accrual loans with an allowance	$ 105,141	$ 75,862
Non-accrual loans without an allowance	45,496	58,296
Total recorded carrying value of non-accrual loans	150,637	134,158
Allowance for loan losses related to non-accrual loans	(18,433)	(17,367)
Unpaid principal balance of non-accrual loans	175,570	158,471
Interest income on non-accrual loans	$ 615	$ 157

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses - TDR Accrual Status (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	$ 24,364	$ 25,259
Allowance for loan losses on loans classified as TDRs	3,717	3,340
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	6,965	7,195
Carrying value of modified loans classified as TDRs on non-accrual status	17,399	18,064
Total carrying value of modified loans classified as TDRs	24,364	25,259
SBC
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	8,595	7,327
Allowance for loan losses on loans classified as TDRs	16	17
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	304	307
Carrying value of modified loans classified as TDRs on non-accrual status	8,291	7,020
Total carrying value of modified loans classified as TDRs	8,595	7,327
SBA
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	15,769	17,932
Allowance for loan losses on loans classified as TDRs	3,701	3,323
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	6,661	6,888
Carrying value of modified loans classified as TDRs on non-accrual status	9,108	11,044
Total carrying value of modified loans classified as TDRs	$ 15,769	$ 17,932

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses - TDR Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)loan	Mar. 31, 2020USD ($)loan
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	8	8
Pre-modification recorded balance	$ 2,718	$ 2,918
Post-modification recorded balance	$ 2,251	$ 2,920
Number of loans that remain in default | loan	1	4
Balance of loans that remain in default	$ 1,276	$ 311
TDR Modifications including financial effects	$ 2,250	$ 1,867
SBC
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	1	1
Pre-modification recorded balance	$ 1,276	$ 151
Post-modification recorded balance	$ 1,276	$ 151
Number of loans that remain in default | loan	1	1
Balance of loans that remain in default	$ 1,276	$ 151
TDR Modifications including financial effects	$ 1,276	$ 151
SBA
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	7	7
Pre-modification recorded balance	$ 1,442	$ 2,767
Post-modification recorded balance	975	$ 2,769
Number of loans that remain in default | loan		3
Balance of loans that remain in default		$ 160
TDR Modifications including financial effects	974	1,716
Term Extension
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	974	1,564
Term Extension | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	974	1,564
Foreclosure
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	1,276	303
Foreclosure | SBC
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	$ 1,276	151
Foreclosure | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects		$ 152

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Loans, held for sale, at fair value	$ 473,078	$ 340,288
Paycheck Protection Program loans	38,388	74,931
Derivative instruments, at fair value	12,529	16,363
Residential mortgage servicing rights, at fair value	98,542	76,840
Liabilities:
Derivative instruments, at fair value	4,403	11,604
Recurring
Assets:
Loans, held for sale, at fair value	473,078	340,288
Loans, net at fair value	13,618	13,795
Paycheck Protection Program loans	38,388	74,931
Mortgage backed securities, at fair value	682,948	88,011
Derivative instruments, at fair value	12,529	16,363
Residential mortgage servicing rights, at fair value	98,542	76,840
Total assets	1,319,103	610,228
Liabilities:
Derivative instruments, at fair value	4,403	11,604
Total liabilities	4,403	11,604
Recurring | Level 2 inputs
Assets:
Loans, held for sale, at fair value	473,078	340,288
Mortgage backed securities, at fair value	677,315	62,880
Derivative instruments, at fair value	805
Total assets	1,151,198	403,168
Liabilities:
Derivative instruments, at fair value	4,403	11,604
Total liabilities	4,403	11,604
Recurring | Level 3 inputs
Assets:
Loans, net at fair value	13,618	13,795
Paycheck Protection Program loans	38,388	74,931
Mortgage backed securities, at fair value	5,633	25,131
Derivative instruments, at fair value	11,724	16,363
Residential mortgage servicing rights, at fair value	98,542	76,840
Total assets	$ 167,905	$ 207,060

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in fair value of assets
Beginning Balance	$ 207,060	$ 114,660
Originations	3,866
Accreted discount, net	58
Additions due to loans sold, servicing retained	12,048	7,147
Sales / Principal payments	(46,402)	(3,263)
Realized gains (losses), net	(5)
Unrealized gains (losses), net	11,813	(2,432)
Transfer to (from) Level 3	(20,533)	(315)
Ending Balance	167,905	115,797
Total unrealized gain (loss)	(20,713)	(8,888)
Mortgage backed securities
Changes in fair value of assets
Beginning Balance	25,131	460
Accreted discount, net	58
Sales / Principal payments	(92)	(2)
Unrealized gains (losses), net	1,069	(40)
Transfer to (from) Level 3	(20,533)	(315)
Ending Balance	5,633	103
Total unrealized gain (loss)	(319)	(1)
Derivatives
Changes in fair value of assets
Beginning Balance	16,363	2,814
Unrealized gains (losses), net	(4,639)	14,436
Ending Balance	11,724
Total unrealized gain (loss)	11,724	17,250
Changes in fair value of liabilities
Ending Balance		17,250
Loans, held at fair value
Changes in fair value of assets
Beginning Balance	13,795	20,212
Sales / Principal payments	(201)	(8)
Realized gains (losses), net	(5)
Unrealized gains (losses), net	29	(391)
Ending Balance	13,618	19,813
Total unrealized gain (loss)	(263)	255
Paycheck Protection Program loans, at fair value
Changes in fair value of assets
Beginning Balance	74,931
Originations	3,866
Sales / Principal payments	(40,409)
Ending Balance	38,388
Mortgage servicing rights
Changes in fair value of assets
Beginning Balance	76,840	91,174
Additions due to loans sold, servicing retained	12,048	7,147
Sales / Principal payments	(5,700)	(3,253)
Unrealized gains (losses), net	15,354	(16,437)
Ending Balance	98,542	78,631
Total unrealized gain (loss)	$ (31,855)	$ (26,392)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation and Inputs, at FV (Details) $ in Thousands	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	$ 167,905	$ 207,060	$ 115,797	$ 114,660
Recurring
Fair value inputs, quantitative information
Asset, fair value	1,319,103	610,228
Liabilities, fair value	4,403	11,604
Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	167,905	207,060
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	57,700	113,900
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	13,618	13,795	19,813	20,212
Mortgage backed securities
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	5,633	25,131	103	460
Mortgage servicing rights
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	98,542	76,840	$ 78,631	$ 91,174
Mortgage servicing rights | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 98,542	76,840
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	$ 11,724	$ 16,363
Derivative instruments | Recurring | Level 3 inputs | Origination Pull-Through Rate | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.650	0.476
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	0.865	0.841
Derivative instruments | Recurring | Level 3 inputs | Servicing Fee Multiple | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input		0.005
Derivative instruments | Recurring | Level 3 inputs | Servicing Fee Multiple | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.050	0.128
Derivative instruments | Recurring | Level 3 inputs | Servicing Fee Multiple | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.039	0.036
Derivative instruments | Recurring | Level 3 inputs | Percentage of Unpaid Principal Balance | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.001	0.001
Derivative instruments | Recurring | Level 3 inputs | Percentage of Unpaid Principal Balance | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.029	0.029
Derivative instruments | Recurring | Level 3 inputs | Percentage of Unpaid Principal Balance | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.012	0.011

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities, Not at FV (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Paycheck Protection Program loans	$ 38,388	$ 74,931
Purchased future receivables, net	13,240	17,308
Liabilities:
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,132,536	76,276
Senior secured notes, net	179,744	179,659
Carrying Amount
Assets:
Loans, held-for-investment	4,476,045	4,009,636
Paycheck Protection Program loans	1,254,420
Purchased future receivables, net	13,240	17,308
Servicing rights	40,399	37,823
Total assets	5,784,104	4,064,767
Liabilities:
Secured borrowings	2,064,785	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,132,536	76,276
Securitized debt obligations of consolidated VIEs	2,211,923	1,905,749
Senior secured notes, net	179,744	179,659
Guaranteed loan financing	386,036	401,705
Convertible note, net	112,405	112,129
Corporate debt, net	333,317	150,989
Total liabilities	6,420,746	4,120,750
Carrying Amount | Level 3 inputs
Assets:
Due from servicers and accrued interest	32,600	23,800
Receivable from third parties	11,100	1,200
Liabilities:
Payable to related parties and accrued interest payable	24,000	23,800
Fair Value
Assets:
Loans, held-for-investment	4,581,610	4,103,200
Paycheck Protection Program loans	1,322,188
Purchased future receivables, net	13,240	17,308
Servicing rights	50,365	47,567
Total assets	5,967,403	4,168,075
Liabilities:
Secured borrowings	2,064,785	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,132,536	76,276
Securitized debt obligations of consolidated VIEs	2,145,650	1,907,541
Senior secured notes, net	185,277	188,114
Guaranteed loan financing	412,644	426,348
Convertible note, net	66,544	68,186
Corporate debt, net	351,865	151,209
Total liabilities	$ 6,359,301	$ 4,111,917

Mortgage Backed Securities (Det

Mortgage Backed Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Mortgage Backed Securities
Fair Value	$ 682,948	$ 88,011
Mortgage backed securities
Mortgage Backed Securities
Weighted Average Interest Rate	3.60%	4.10%
Principal Balance	$ 841,706	$ 212,574
Amortized Cost	684,745	91,636
Fair Value	682,948	88,011
Gross Unrealized Gains	3,766	2,106
Gross Unrealized Losses	$ (5,563)	$ (5,731)
Mortgage Backed Securities Weighted Average Interest Rate
After five years through ten years (as percent)	2.90%	6.00%
After ten years (as percent)	3.40%	2.80%
Mortgage Backed Securities Principal Balance
After five years through ten years	$ 8,500	$ 92
After ten years	833,206	212,482
Mortgage Backed Securities Amortized Cost
After five years through ten years	8,500	92
After ten years	676,245	91,544
Mortgage Backed Securities Estimated Fair Value
After five years through ten years	8,500	91
After ten years	$ 674,448	$ 87,920
Freddie Mac Loans
Mortgage Backed Securities
Weighted Average Interest Rate	3.80%	3.70%
Principal Balance	$ 131,326	$ 139,408
Amortized Cost	51,390	52,320
Fair Value	54,693	53,509
Gross Unrealized Gains	3,433	1,880
Gross Unrealized Losses	$ (130)	$ (691)
Commercial Loans
Mortgage Backed Securities
Weighted Average Interest Rate	4.60%	4.50%
Principal Balance	$ 72,985	$ 73,074
Amortized Cost	39,162	39,224
Fair Value	34,062	34,411
Gross Unrealized Gains	333	226
Gross Unrealized Losses	$ (5,433)	$ (5,039)
Tax Liens
Mortgage Backed Securities
Weighted Average Interest Rate	3.50%	6.00%
Principal Balance	$ 637,395	$ 92
Amortized Cost	594,193	92
Fair Value	$ 594,193	91
Gross Unrealized Losses		$ (1)

Servicing rights (Details)

Servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Servicing rights
Unpaid Principal Amount			$ 2,303,659	$ 2,145,133
Carrying Value	$ 37,823		40,399	37,823
Total servicing rights			138,941	114,663	$ 110,111
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	37,823
Ending net carrying value at amortized cost	40,399
Servicing rights activity at fair value
Additions due to loans sold, servicing retained	12,048	$ 7,147
Residential MSRs
Servicing rights
Unpaid Principal Amount			9,948,195	9,528,886
Servicing rights activity at fair value
Beginning net carrying value at fair value	76,840	91,174
Additions due to loans sold, servicing retained	12,048	7,147
Loan pay-offs	(5,700)	(3,253)
Unrealized gains (losses)	15,354	(16,437)
Ending net carrying value at fair value	98,542	78,631
Freddie Mac
Servicing rights
Unpaid Principal Amount			1,647,443	1,501,998
Carrying Value	19,059	13,944	21,757	19,059	13,944
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	19,059	13,135
Additions due to loans sold, servicing retained	3,559	1,449
Amortization	(861)	(640)
Ending net carrying value at amortized cost	21,757	13,944
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount			3,357,437	3,071,312
Servicing rights activity at fair value
Beginning net carrying value at fair value	23,309
Ending net carrying value at fair value	32,812
SBA
Servicing rights
Unpaid Principal Amount			656,216	643,135
Carrying Value	18,642	17,536	18,642	$ 18,764	17,536
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	18,764	17,660
Additions due to loans sold, servicing retained	959	961
Amortization	(1,047)	(873)
Impairment	(34)	(212)
Ending net carrying value at amortized cost	18,642	17,536
SBA | Freddie Mac
Servicing rights
Carrying Value	40,399	31,480	$ 40,399		$ 31,480
Servicing rights activity at amortized cost
Ending net carrying value at amortized cost	$ 40,399	$ 31,480

Servicing rights - Estimated va

Servicing rights - Estimated valuation (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Freddie Mac | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	0.10%	0.10%
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%	5.10%
Forward default rate	0.40%	0.40%
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%	2.40%
Forward default rate	0.30%	0.30%
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%	6.70%
Forward default rate	0.00%	0.00%
Discount rate	4.50%	4.50%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	20.90%	20.80%
Forward default rate	10.40%	10.50%
Discount rate	4.50%	4.50%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	8.40%	8.50%
Forward default rate	8.30%	8.20%
Discount rate	4.50%	4.50%
Servicing expense (as a percent)	0.40%	0.40%

Servicing rights - Assumptions

Servicing rights - Assumptions (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Freddie Mac
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	$ (188)	$ (163)
Prepayment rate (20% adverse change)	(373)	(324)
Default rate (10% adverse change)	(7)	(6)
Default rate (20% adverse change)	(14)	(13)
Discount rate (10% adverse change)	(761)	(678)
Discount rate (20% adverse change)	(1,487)	(1,324)
SBA
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	(730)	(729)
Prepayment rate (20% adverse change)	(1,421)	(1,420)
Default rate (10% adverse change)	(154)	(150)
Default rate (20% adverse change)	(305)	(298)
Discount rate (10% adverse change)	(401)	(395)
Discount rate (20% adverse change)	$ (789)	$ (777)

Servicing rights - Amortization

Servicing rights - Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Future amortization expense for the servicing rights
2021	$ 5,672
2022	6,760
2023	5,944
2024	5,228
2025	4,596
Thereafter	12,199
Total	$ 40,399	$ 37,823

Servicing rights - Residential

Servicing rights - Residential mortgage servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Servicing rights
Unpaid Principal Amount	$ 2,303,659	$ 2,145,133
Residential MSRs
Servicing rights
Unpaid Principal Amount	9,948,195	9,528,886
Fair Value	98,542	76,840	$ 78,631	$ 91,174
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(4,958)	(5,049)
Prepayment rate (20% adverse change)	(9,568)	(9,701)
Discount rate (10% adverse change)	(3,623)	(2,601)
Discount rate (20% adverse change)	(6,992)	(5,028)
Cost of servicing (10% adverse change)	(1,785)	(1,469)
Cost of servicing (20% adverse change)	(3,571)	(2,938)
Fannie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,787,761	3,700,450
Fair Value	35,390	27,632
Ginnie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	2,802,997	2,757,124
Fair Value	30,340	25,899
Freddie Mac
Servicing rights
Unpaid Principal Amount	1,647,443	1,501,998
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(188)	(163)
Prepayment rate (20% adverse change)	(373)	(324)
Discount rate (10% adverse change)	(761)	(678)
Discount rate (20% adverse change)	(1,487)	(1,324)
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,357,437	3,071,312
Fair Value	$ 32,812	$ 23,309
Minimum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	10.50%	12.60%
Discount rate	9.00%	9.10%
Servicing expense	$ 70	$ 70
Minimum | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	0.10%	0.10%
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	28.80%	31.40%
Discount rate	11.60%	11.70%
Servicing expense	$ 85	$ 85
Maximum | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	5.10%	5.10%
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	11.20%	14.30%
Discount rate	9.80%	9.80%
Servicing expense	$ 74	$ 74
Weighted Average | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	2.40%	2.40%
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Residential mortgage banking activities
Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value	$ 29,560	$ 25,166
Creation of new mortgage servicing rights, net of payoffs	6,348	3,894
Loan origination fee income on residential mortgage loans	6,232	3,303
Unrealized gains (loss) on IRLCs and other derivatives	(731)	4,306
Residential mortgage banking activities	41,409	36,669
Variable expenses on residential mortgage banking activities	$ (15,485)	$ (20,129)

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Secured borrowings and promissory note
Carrying Value, Secured borrowings	$ 2,064,785		$ 1,294,243
Secured borrowings
Secured borrowings and promissory note
Current facility size	4,136,945
Pledged Assets Carrying Value	2,635,783		1,767,319
Carrying Value, Secured borrowings	2,064,785		1,294,243
Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	1,802,220
Pledged Assets Carrying Value	829,797		631,014
Carrying Value, Secured borrowings	$ 744,141		$ 466,674
Weighted average interest rate of borrowings (as a percent)	2.00%	2.00%	2.80%
Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 2,334,725
Pledged Assets Carrying Value	1,805,986		$ 1,136,305
Carrying Value, Secured borrowings	$ 1,320,644		$ 827,569
Weighted average interest rate of borrowings (as a percent)	2.10%	2.10%	3.30%
Paycheck Protection Program loans
Secured borrowings and promissory note
Carrying Value, Secured borrowings	$ 230,483
Paycheck Protection Program loans | Borrowings under credit facilities
Secured borrowings and promissory note
Pledged Assets Carrying Value	221,940
Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Pledged Assets Carrying Value	13,240
Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Pledged Assets Carrying Value	742,299		$ 72,179
JPMorgan | Acquired SBA Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	200,000
Pledged Assets Carrying Value	56,867
Carrying Value, Secured borrowings	$ 41,822		36,604
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	$ 650,000
Pledged Assets Carrying Value	414,099
Carrying Value, Secured borrowings	$ 282,974		247,616
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	$ 62,300
Pledged Assets Carrying Value	99,088
Carrying Value, Secured borrowings	$ 62,300		65,407
JPMorgan | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	1.39%	1.39%
JPMorgan | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.33%	2.33%
Performance Trust | Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 113,000
Pledged Assets Carrying Value	105,627
Carrying Value, Secured borrowings	$ 93,532
Performance Trust | Acquired loans | Borrowings under repurchase agreements | One Month LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.00%
Keybank | Freddie Mac Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 100,000
Pledged Assets Carrying Value	24,707
Carrying Value, Secured borrowings	$ 24,260		50,408
Keybank | Freddie Mac Loans | Borrowings under credit facilities | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.41%
East West Bank | SBA loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 50,000
Pledged Assets Carrying Value	45,717
Carrying Value, Secured borrowings	$ 39,623		40,542
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	68,202
Carrying Value, Secured borrowings	$ 49,400		34,400
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	$ 234,470	€ 200
Pledged Assets Carrying Value	56,895
Carrying Value, Secured borrowings	$ 35,372		36,840
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 | Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 100,000
Pledged Assets Carrying Value	98,751
Carrying Value, Secured borrowings	$ 81,485
Credit Suisse | Acquired loans | Borrowings under repurchase agreements | LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.25%
Credit Suisse | Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 150,000
Pledged Assets Carrying Value	13,240
Carrying Value, Secured borrowings	$ 1,000
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%
Comerica Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 125,000
Pledged Assets Carrying Value	83,075
Carrying Value, Secured borrowings	$ 78,687		78,312
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	141,092
Carrying Value, Secured borrowings	139,426		123,951
Origin Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Pledged Assets Carrying Value	35,251
Carrying Value, Secured borrowings	33,899		27,450
Associated Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Pledged Assets Carrying Value	49,863
Carrying Value, Secured borrowings	$ 47,670		15,556
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%
Payroll Protection Plan Participant | Paycheck Protection Program loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 600,000
Pledged Assets Carrying Value	221,940
Carrying Value, Secured borrowings	230,483
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	$ 22,499		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	247,895
Carrying Value, Secured borrowings	$ 152,097		210,735
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | One Month LIBOR | 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
Pricing, stated rate (as a percent)	2.72%	2.72%
Current facility size	$ 46,847
Pledged Assets Carrying Value	85,593
Carrying Value, Secured borrowings	46,847		58,076
Deutsche Bank | Fixed rate, Transitional loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	350,000
Pledged Assets Carrying Value	96,830
Carrying Value, Secured borrowings	$ 88,831		190,567
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, stated rate (as a percent)	2.47%	2.47%
Current facility size	$ 13,227
Pledged Assets Carrying Value	20,083
Carrying Value, Secured borrowings	13,227		16,354
RBC | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	39,053
Pledged Assets Carrying Value	60,495
Carrying Value, Secured borrowings	$ 39,053		$ 38,814
RBC | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.39%	2.39%
RBC | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.59%	2.59%
CSFB | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.45%	2.45%
Current facility size	$ 4,078
Pledged Assets Carrying Value	6,549
Carrying Value, Secured borrowings	4,078
Various | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	106,737
Pledged Assets Carrying Value	183,588
Carrying Value, Secured borrowings	106,737
Various | Mortgage backed securities, agency | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	349,483
Pledged Assets Carrying Value	387,388
Carrying Value, Secured borrowings	$ 349,483

Secured Borrowings - Collateral

Secured Borrowings - Collateral Pledged (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Secured borrowings
Collateral pledged
Pledged Assets Carrying Value	$ 2,635,783	$ 1,767,319
Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	829,797	631,014
Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	1,805,986	1,136,305
Paycheck Protection Program loans | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	221,940
Real estate, held for sale | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	32,948	32,948
Real estate acquired in settlement of loans | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	2,507	829
Loans, held for sale, at fair value | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	192,492	313,844
Loans, held for sale, at fair value | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	122,413	17,850
Loans, net | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	159,883	159,482
Loans, net | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	835,211	815,603
Loans, held at fair value | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	141,092	73,799
Loans, held at fair value | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	3,071	3,071
Mortgage servicing rights | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	68,202	50,941
Purchased future receivables | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	13,240
Mortgage backed securities | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	742,299	72,179
Retained interest in assets of consolidated VIEs | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	$ 100,485	$ 226,773

Senior secured notes, convert_3

Senior secured notes, convertible notes, and corporate debt, net (Details)	Feb. 10, 2021USD ($)	Jul. 22, 2019USD ($)	Apr. 27, 2018USD ($)	Aug. 09, 2017USD ($)$ / shares	Mar. 15, 2005USD ($)	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 02, 2019USD ($)	Jan. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Senior secured notes, Convertible notes, and Corporate debt
Unamortized deferred financing costs						$ (4,611,000)	$ (2,612,000)
Total Senior secured notes, net						179,744,000	179,659,000
Total Corporate debt, net						333,317,000	150,989,000
Total Convertible notes, net						112,405,000	$ 112,129,000
Total carrying amount of debt components						625,466,000
Total carrying amount of conversion option of equity components recorded in equity						958,000
Contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt
2022						180,000,000
2023						115,000,000
Thereafter						341,750,000
Total contractual amounts						636,750,000
Unamortized deferred financing costs, discounts, and premiums, net						(11,284,000)
Total carrying amount of debt components						625,466,000
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						$ 695,000
Unamortized deferred financing costs						(951,000)
Total Senior secured notes, net						179,744,000
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 | item						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						$ (958,000)
Unamortized deferred financing costs						(1,637,000)
Total Convertible notes, net						$ 112,405,000
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 discount						$ (4,966,000)
Unamortized deferred financing costs						(3,467,000)
Total Corporate debt, net						333,317,000
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%		6.20%
Proceeds from note offerings		$ 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
Debt instrument, face value		$ 7,500,000
5.75% Senior Notes due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value	$ 201,300,000					$ 201,250,000
Interest rate (as a percent)	5.75%					5.75%
Proceeds from note offerings	$ 195,200,000
5.75% Senior Notes due 2026 | Over-allotment option
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value	$ 26,300,000
6.50% Senior Notes due 2021
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value			$ 50,000,000
Interest rate (as a percent)			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)			100.00%
Junior Subordinated I-A Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value						$ 15,000,000
Junior Subordinated I-A Notes | Three Month LIBOR
Senior secured notes, Convertible notes, and Corporate debt
Pricing, spread on variable (as a percent)						3.10%
Junior Subordinated I-B Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value						$ 21,250,000
Junior Subordinated I-B Notes | Three Month LIBOR
Senior secured notes, Convertible notes, and Corporate debt
Pricing, spread on variable (as a percent)						3.10%
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%
ANH | Junior Subordinated Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value					$ 37,380,000
Anworth Capital Trust I | Junior Subordinated Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value					$ 36,250,000
Anworth Capital Trust I | Junior Subordinated Notes | Three Month LIBOR
Senior secured notes, Convertible notes, and Corporate debt
Pricing, spread on variable (as a percent)					3.10%
Anworth Capital Trust I | Junior Subordinated I-A Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value					$ 15,000,000
Anworth Capital Trust I | Junior Subordinated I-B Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value					$ 21,250,000

Guaranteed Loan Financing (Deta

Guaranteed Loan Financing (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Ending balance	$ 386,036	$ 401,705
Guaranteed loan financing
Ending balance	$ 386,036	$ 401,705
Guaranteed loan financing | Weighted Average
Interest Rates	3.78%	3.76%
Guaranteed loan financing | Minimum
Interest Rates	0.99%	0.99%
Guaranteed loan financing | Maximum
Interest Rates	6.50%	6.50%

Guaranteed Loan Financing - Mat

Guaranteed Loan Financing - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Contractual maturities of total guaranteed loan financing outstanding
2021	$ 212
2022	1,257
2023	1,998
2024	3,242
2025	3,410
Thereafter	375,917
Total	386,036
Guaranteed loan financing
Contractual maturities of total guaranteed loan financing outstanding
Loans held-for-investment pledged as security against guaranteed loan financing	$ 387,200	$ 403,000

Variable interest entities an_3

Variable interest entities and securitization activities - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable interest entities
Current Principal Balance	$ 2,303,659	$ 2,145,133
Current principal balance of non-company sponsored securitized loans	56,100	63,100
Consolidated VIEs
Variable interest entities
Current Principal Balance	2,151,839	1,891,797
Carrying value	$ 2,155,848	$ 1,842,680
Weighted Average Rate	2.90%	3.30%
Waterfall Victoria Mortgage Trust 2011-SBC2
Variable interest entities
Current Principal Balance	$ 2,869	$ 4,055
Carrying value	$ 2,869	$ 4,055
Weighted Average Rate	5.50%	5.50%
ReadyCap Lending Small Business Trust 2019-2
Variable interest entities
Current Principal Balance	$ 103,030	$ 103,030
Carrying value	$ 97,078	$ 101,468
Weighted Average Rate	2.60%	3.10%
Sutherland Commercial Mortgage Trust 2017-SBC6
Variable interest entities
Current Principal Balance	$ 24,747	$ 27,035
Carrying value	$ 24,334	$ 26,555
Weighted Average Rate	3.70%	3.60%
Sutherland Commercial Mortgage Trust 2018-SBC7
Variable interest entities
Current Principal Balance		$ 79,302
Carrying value		$ 78,168
Weighted Average Rate		4.70%
Sutherland Commercial Mortgage Trust 2019-SBC8
Variable interest entities
Current Principal Balance	$ 170,678	$ 178,911
Carrying value	$ 168,180	$ 176,307
Weighted Average Rate	2.90%	2.90%
Sutherland Commercial Mortgage Trust 2020-SBC9
Variable interest entities
Current Principal Balance	$ 124,621	$ 131,729
Carrying value	$ 122,129	$ 129,014
Weighted Average Rate	3.90%	3.80%
ReadyCap Commercial Mortgage Trust 2014-1
Variable interest entities
Current Principal Balance	$ 10,703	$ 10,880
Carrying value	$ 10,681	$ 10,858
Weighted Average Rate	5.70%	5.80%
ReadyCap Commercial Mortgage Trust 2015-2
Variable interest entities
Current Principal Balance	$ 35,894	$ 45,075
Carrying value	$ 33,864	$ 35,183
Weighted Average Rate	5.10%	4.80%
ReadyCap Commercial Mortgage Trust 2016-3
Variable interest entities
Current Principal Balance	$ 26,083	$ 26,371
Carrying value	$ 25,068	$ 25,286
Weighted Average Rate	4.80%	4.70%
ReadyCap Commercial Mortgage Trust 2018-4
Variable interest entities
Current Principal Balance	$ 89,739	$ 94,273
Carrying value	$ 86,702	$ 91,098
Weighted Average Rate	4.10%	4.00%
ReadyCap Commercial Mortgage Trust 2019-5
Variable interest entities
Current Principal Balance	$ 225,934	$ 229,232
Carrying value	$ 217,636	$ 220,605
Weighted Average Rate	4.20%	4.20%
ReadyCap Commercial Mortgage Trust 2019-6
Variable interest entities
Current Principal Balance	$ 348,901	$ 359,266
Carrying value	$ 342,606	$ 348,773
Weighted Average Rate	3.20%	3.20%
Ready Capital Mortgage Financing 2018-FL2
Variable interest entities
Current Principal Balance		$ 48,979
Carrying value		$ 48,975
Weighted Average Rate		2.40%
Ready Capital Mortgage Financing 2019-FL3
Variable interest entities
Current Principal Balance	$ 202,993	$ 229,440
Carrying value	$ 202,043	$ 227,950
Weighted Average Rate	1.50%	2.00%
Ready Capital Mortgage Financing 2020-FL4
Variable interest entities
Current Principal Balance	$ 324,215	$ 324,219
Carrying value	$ 319,075	$ 318,385
Weighted Average Rate	3.00%	3.10%
Ready Capital Mortgage Financing 2021-FL5
Variable interest entities
Current Principal Balance	$ 461,432
Carrying value	$ 503,583
Weighted Average Rate	1.50%

Variable interest entities an_4

Variable interest entities and securitization activities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Assets
Cash and cash equivalents	$ 308,428		$ 122,265
Restricted cash	62,961		$ 93,164
Loans, held for sale, at fair value	473,078	$ 340,288
Accrued interest	16,120	12,656
Other assets	20,134	9,346
Total Assets	8,016,955	5,372,095
Liabilities
Secured borrowings	2,064,785	1,294,243
Total Liabilities	6,818,709	4,537,887
Consolidated VIEs
Assets
Loans, net	2,877,837	2,472,807
Total Assets	2,898,727	2,518,743
Liabilities
Secured borrowings	2,211,923	1,905,749
Reportable Legal Entities | Consolidated VIEs
Assets
Cash and cash equivalents	14	20
Restricted cash	631	13,790
Loans, net	2,877,837	2,472,807
Real estate, held for sale	2,778	4,456
Other assets	17,467	27,670
Total Assets	2,898,727	2,518,743
Liabilities
Secured borrowings	2,211,923	1,905,749
Total Liabilities	$ 2,211,923	$ 1,905,749

Variable interest entities an_5

Variable interest entities and securitization activities - Assets of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying amount
Mortgage backed securities, at fair value	$ 682,948	$ 88,011
Investment in unconsolidated joint ventures	75,048	79,509
Total Assets	8,016,955	5,372,095
Unconsolidated VIEs
Carrying amount
Mortgage backed securities, at fair value	82,158	80,690
Investment in unconsolidated joint ventures	26,298	28,290
Total Assets	108,456	108,980
Maximum Exposure to Loss
Mortgage backed securities, at fair value	82,158	80,690
Investment in unconsolidated joint venture	26,298	28,290
Total assets in unconsolidated VIEs maximum exposure to loss	$ 108,456	$ 108,980

Interest income and interest _3

Interest income and interest expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income
Total loans	$ 60,617	$ 66,436
Total loans, held for sale, at fair value	2,730	1,636
Total Paycheck Protection Program loans	6,892
Mortgage backed securities, at fair value	3,132	1,479
Total interest income	73,371	69,551
Interest expense
Secured borrowings	(17,574)	(12,758)
Paycheck Protection Program Liquidity Facility borrowings	(334)
Securitized debt obligations of consolidated VIEs	(19,093)	(19,529)
Guaranteed loan financing	(3,651)	(6,243)
Senior secured note	(3,459)	(3,472)
Convertible note	(2,188)	(2,188)
Corporate debt	(4,462)	(2,740)
Total interest expense	(50,761)	(46,930)
Net interest income before provision for loan losses	22,610	22,621
Acquired SBA 7(a) loans
Interest income
Total loans	4,926	6,202
Acquired loans
Interest income
Total loans	13,810	15,411
Total loans, held for sale, at fair value	2	68
Originated Transitional loans
Interest income
Total loans	25,560	22,219
Originated SBC loans, at fair value
Interest income
Total loans	229	317
Originated SBC loans
Interest income
Total loans	12,441	15,998
Originated SBA 7(a) loans
Interest income
Total loans	3,614	6,269
Paycheck Protection Program Loans, Held For Investment
Interest income
Total Paycheck Protection Program loans	6,721
Paycheck Protection Program loans, at fair value
Interest income
Total Paycheck Protection Program loans	171
Originated Residential Agency loans
Interest income
Total loans	37	20
Total loans, held for sale, at fair value	2,121	1,297
Originated Freddie Mac loans
Interest income
Total loans, held for sale, at fair value	$ 607	$ 271

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Notional Amount	$ 1,949,968		$ 1,491,350
Asset Derivatives Fair Value	12,529		16,363
Liabilities Derivatives Fair Value	(4,403)		(11,604)
Derivative gain (loss)
Net Realized Gain (Loss)	(1,825)	$ (384)
Unrealized Gain (Loss)	7,411	(4,826)
Total change in OCI for period	1,978	(3,128)
Designated as Hedging
Derivative gain (loss)
Derivatives - effective portion reclassified from AOCI to income	(298)	(367)
Hedge ineffectiveness recorded directly in income		(1,694)
Total income statement impact	(298)	(2,061)
Derivatives- effective portion recorded in OCI	1,680	(5,189)
Total change in OCI for period	1,978	(3,128)
Credit default swaps
Liabilities Derivatives Fair Value	(131)		(4,004)
Derivative gain (loss)
Unrealized Gain (Loss)	42	370
Credit default swaps | Credit Risk
Notional Amount	189,525		15,000
Liabilities Derivatives Fair Value	(131)		(174)
Interest rate swap
Liabilities Derivatives Fair Value	(7,651)		(11,670)
Derivative gain (loss)
Net Realized Gain (Loss)	(1,297)	(247)
Unrealized Gain (Loss)	6,523	(20,168)
Interest rate swap | Not Designated as Hedging | Interest Rate Risk
Notional Amount	429,181		160,801
Liabilities Derivatives Fair Value	(784)		(952)
Interest rate swap | Designated as Hedging
Derivative gain (loss)
Derivatives - effective portion reclassified from AOCI to income	(298)	(367)
Hedge ineffectiveness recorded directly in income		(1,694)
Total income statement impact	(298)	(2,061)
Derivatives- effective portion recorded in OCI	1,680	(83)
Total change in OCI for period	1,978	1,978
Interest rate swap | Designated as Hedging | Interest Rate Risk
Notional Amount	132,325		132,325
Liabilities Derivatives Fair Value	(3,391)		(5,701)
TBA agency securities
Liabilities Derivatives Fair Value	(97)		(174)
Derivative gain (loss)
Unrealized Gain (Loss)	3,908
TBA agency securities | Interest Rate Risk
Notional Amount	592,000		565,000
Liabilities Derivatives Fair Value	(97)		(4,004)
Interest rate lock commitments (IRLCs)
Derivative gain (loss)
Unrealized Gain (Loss)	(4,639)	14,487
Interest rate lock commitments (IRLCs) | Interest Rate Risk
Notional Amount	581,383		614,358
Asset Derivatives Fair Value	11,724		16,363
FX forwards
Liabilities Derivatives Fair Value			(773)
Derivative gain (loss)
Net Realized Gain (Loss)	(528)	(137)
Unrealized Gain (Loss)	1,577	$ 485
FX forwards | Foreign Exchange Rate Risk
Notional Amount	25,554		3,866
Asset Derivatives Fair Value	$ 805
Liabilities Derivatives Fair Value			$ (773)

Real estate, held for sale (Det

Real estate, held for sale (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate acquired
Acquired ORM portfolio	$ 42,495	$ 43,434
Other REO held for sale	30,959	1,914
Total Real estate, held for sale	73,454	45,348
Consolidated VIEs
Real estate acquired
Other REO held for sale	2,800	4,500
Retail
Real estate acquired
Acquired ORM portfolio	18,700	18,700
Other REO held for sale	3,614	660
Mixed Use
Real estate acquired
Acquired ORM portfolio	14,248	14,248
Land
Real estate acquired
Acquired ORM portfolio	6,317	7,256
Lodging/Residential
Real estate acquired
Acquired ORM portfolio	3,230	3,230
Office
Real estate acquired
Other REO held for sale	829	829
SBA
Real estate acquired
Other REO held for sale	409	$ 425
Single family
Real estate acquired
Other REO held for sale	$ 26,107

Agreements and transactions w_3

Agreements and transactions with related parties (Details)	Mar. 19, 2021USD ($)item	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Related-party transactions
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
Amount unpaid		$ 6,769,000		$ 4,088,000
Purchase of loans, held-for-investment		2,316,000	$ 52,067,000
Investment in unconsolidated joint ventures		$ 75,048,000		$ 79,509,000
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		$ 2,700,000	2,600,000
Amount unpaid		5,400,000	2,600,000
Manager | Incentive distribution
Related-party transactions
Amount unpaid		1,300,000
Manager | Expense reimbursement
Related-party transactions
Reimbursable expenses		2,000,000	1,300,000
Amount unpaid		$ 2,300,000	$ 200,000

Other assets and other liabil_3

Other assets and other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other assets:
Deferred tax asset	$ 18,396	$ 18,396
Deferred loan exit fees	16,725	13,940
Accrued interest	16,120	12,656
Due from servicers	16,487	11,171
Right-of-use assets	3,138	3,172
Goodwill	17,817	11,206
Intangible assets	6,662	6,986
Deferred financing costs	4,611	2,612
PPP fee receivable	31,413	18
Other assets	20,134	9,346
Total other assets	151,503	89,503
Accounts payable and other accrued liabilities:
Deferred tax liability	16,839	16,839
Accrued salaries, wages and commissions	24,442	35,724
Accrued interest payable	17,250	19,695
Servicing principal and interest payable	10,028	7,318
Repair and denial reserve	11,626	9,557
Payable to related parties	6,769	4,088
Accrued professional fees	5,014	1,365
Lease payable	4,349	3,670
Deferred LSP revenue	3,959	10,700
Accrued PPP related costs	30,620	498
Other liabilities	31,569	26,201
Total accounts payable and other accrued liabilities	162,465	135,655
Loan indemnification reserve
Loan indemnification reserve	$ 4,500	$ 4,100

Other Asset and Other Liabiliti

Other Asset and Other Liabilities - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite-lived intangible assets	$ 5,662
Total Intangible Assets	6,662		$ 6,986
Amortization expense		$ 300
Total Accumulated Amortization	2,921
Future amortization of lease intangibles
2021	971
2022	1,268
2023	1,242
2024	1,032
2025	786
2026	119
Thereafter	244
Net amount	5,662
SBA license
Indefinite-lived intangible assets	1,000		1,000
Internally developed software | Knight Capital
Finite-lived intangible assets	$ 2,903		3,061
Estimated Useful Life	6 years
Total Accumulated Amortization	$ 897
Future amortization of lease intangibles
Net amount	2,903		3,061
Broker network | Knight Capital
Finite-lived intangible assets	$ 822		889
Estimated Useful Life	4 years 6 months
Total Accumulated Amortization	$ 378
Future amortization of lease intangibles
Net amount	822		889
Trade name | Knight Capital
Finite-lived intangible assets	$ 672		709
Estimated Useful Life	6 years
Total Accumulated Amortization	$ 208
Future amortization of lease intangibles
Net amount	672		709
Trade name | GMFS
Finite-lived intangible assets	$ 529		559
Estimated Useful Life	15 years
Total Accumulated Amortization	$ 694
Future amortization of lease intangibles
Net amount	529		559
Favorable lease
Finite-lived intangible assets	$ 736		768
Estimated Useful Life	12 years
Total Accumulated Amortization	$ 744
Future amortization of lease intangibles
Net amount	$ 736		$ 768

Other income and operating ex_3

Other income and operating expenses - Paycheck Protection Program (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Paycheck Protection Program (PPP)
Unrecognized net service fees		$ 3,959			$ 10,700
Origination costs		8,145		$ 3,025
Paycheck Protection Program loans
Paycheck Protection Program (PPP)
Unrecognized net service fees		3,959
PPP Loans - CARES Act
Paycheck Protection Program (PPP)
PPP loans originated	$ 109,500
PPP processing fees	$ 5,200
Unrecognized net service fees		4,000
PPP Loans - Economic Aid Act
Paycheck Protection Program (PPP)
PPP loans originated		1,300,000
Origination fee and fee income		73,300
Unrecognized net service fees		$ 67,800
Lender Service Provider Agreement | PPP Loans - CARES Act
Paycheck Protection Program (PPP)
Amount of PPP loans underwritten and sold to third party			$ 2,500,000
Origination fee and fee income			$ 43,300

Other income and operating ex_4

Other income and operating expenses - Balance Sheet Impact of PPP Activities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Assets
Restricted cash	$ 62,961		$ 93,164
Paycheck Protection Program loans	1,292,808	$ 74,931
Other assets
PPP fee receivable	31,413	18
Deferred financing costs	4,611	2,612
Accrued interest	16,120	12,656
Total Assets	8,016,955	5,372,095
Liabilities
Secured borrowings	2,064,785	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,132,536	76,276
Interest payable	17,250	19,695
Deferred LSP revenue	3,959	10,700
Accrued PPP Related Costs	30,620	498
Repair and denial reserve	11,626	9,557
Total Liabilities	6,818,709	4,537,887
Paycheck Protection Program loans
Assets
Restricted cash	10,000
Other assets
Prepaid expenses	13
PPP fee receivable	31,413
Deferred financing costs	1,065
Accrued interest	1,554
Total Assets	1,336,853
Liabilities
Secured borrowings	230,483
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,132,536
Interest payable	364
Deferred LSP revenue	3,959
Accrued PPP Related Costs	30,620
Payable to third parties	365
Repair and denial reserve	4,961
Total Liabilities	1,403,288
Paycheck Protection Program Loans, Held For Investment
Assets
Paycheck Protection Program loans	1,254,420
Paycheck Protection Program Loans, Held For Investment | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	1,254,420
Paycheck Protection Program loans, at fair value
Assets
Paycheck Protection Program loans	38,388	$ 74,931
Paycheck Protection Program loans, at fair value | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	$ 38,388

Other income and operating ex_5

Other income and operating expenses - Income and Expenses Related to Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other income
LSP origination fees	$ 1,613	$ 2,495
Interest income	73,371	69,551
Interest and Fee Income	60,617	66,436
Other operating expenses
Direct operating expenses	8,145	3,025
R&D reserve	(2,069)	136
Interest expense	50,761	46,930
Total other operating expenses	15,484	13,744
Net income (loss)	28,947	$ (51,516)
Paycheck Protection Program loans
Other income
Interest and Fee Income	13,633
Other operating expenses
Total other operating expenses	10,062
Net income (loss)	3,571
Paycheck Protection Program loans | Other Income
Other operating expenses
R&D reserve	1,656
Paycheck Protection Program loans | Servicing income
Other income
LSP fee income	6,741
Paycheck Protection Program loans | Interest income
Other income
Interest income	6,892
Paycheck Protection Program loans | Other operating expenses
Other operating expenses
Direct operating expenses	4,545
Paycheck Protection Program loans | Interest expense
Other operating expenses
Interest expense	$ 3,861

Other income and operating ex_6

Other income and operating expenses - Components of Other Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other income
Origination income	$ 1,613	$ 2,495
Change in repair and denial reserve	(2,069)	136
Other	1,027	1,442
Total other income	571	4,073
Other operating expenses
Origination costs	8,145	3,025
Technology expense	1,872	1,580
Impairment on real estate		2,969
Rent and property tax expense	1,686	1,184
Recruiting, training and travel expenses	496	624
Marketing expense	576	546
Loan acquisition costs	34	98
Financing costs on purchased future receivables	24	624
Other	2,651	3,094
Total other operating expenses	$ 15,484	$ 13,744

Stockholders Equity - Common St

Stockholders Equity - Common Stock Dividends (Details) - $ / shares	Apr. 30, 2021	Mar. 24, 2021	Mar. 18, 2021	Mar. 01, 2021	Jan. 29, 2021	Dec. 14, 2020	Oct. 30, 2020	Sep. 16, 2020	Jul. 31, 2020	Jun. 15, 2020	Mar. 31, 2021	Mar. 31, 2020
Dividends
Dividend per Share, declared		$ 0.10		$ 0.30		$ 0.35		$ 0.30		$ 0.25	$ 0.40	$ 0.40
Dividend per Share, paid	$ 0.10		$ 0.30		$ 0.35		$ 0.30		$ 0.25

Stockholders Equity - RSU and R

Stockholders Equity - RSU and RSA activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Weighted-average grant date fair value (per share)
Stock-based compensation	$ 1,600	$ 1,400
Non-cash compensation expense not yet charged to net income	$ 14,300	$ 13,700
RSAs | Certain employees
Number of shares
Outstanding, Beginning balance	872,079
Granted (in shares)	185,586
Vested (in shares)	(115,604)
Canceled (in shares)	(1,547)
Outstanding, Ending balance	940,514	872,079
Grant date fair value
Beginning balance	$ 13,737
Granted	2,379
Vested	(1,801)
Canceled	(21)
Ending balance	$ 14,294	$ 13,737
Weighted-average grant date fair value (per share)
Beginning balance	$ 15.75
Granted (in per share)	12.82
Vested (in per share)	15.58
Canceled (in per share)	13.50
Ending balance	$ 15.20	$ 15.75

Stockholders Equity - Performan

Stockholders Equity - Performance-based Equity Awards (Details) - shares	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2021
Performance-based equity awards
Percentage of shares of common stock issued and outstanding on a fully diluted basis		5.00%
Performance Shares
Performance-based equity awards
Number of units performance-based equity awards granted	61,895
Performance Shares | Minimum
Performance-based equity awards
Percentage of target awards that may be achieved.	0.00%
Performance Shares | Maximum
Performance-based equity awards
Percentage of target awards that may be achieved.	300.00%
Performance Shares | Based on absolute TSR
Performance-based equity awards
Vesting percentage allocation	50.00%
Vesting period	3 years
Performance Shares | Based on TSR relative to performance of designated peer group
Performance-based equity awards
Vesting percentage allocation	50.00%
Vesting period	3 years

Stockholders Equity - Preferred

Stockholders Equity - Preferred Stock (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Preferred stock
Liquidation Preference	$ 25
Carrying Value | $	$ 98,241
Series B and Series D Preferred Stock
Preferred stock
Liquidation Preference	$ 25
Percentage of the liquidation preference at which the Company can choose to redeem	100.00%
Series B Preferred Stock
Preferred stock
Shares Issued | shares	1,919
Shares outstanding | shares	1,919
Par Value per Share	$ 0.0001
Liquidation Preference	$ 25
Rate per Annum	8.63%
Annual Dividend (per share)	$ 2.16
Carrying Value | $	$ 47,984
Dividends declared | $	$ 1,000
Series D Preferred Stock
Preferred stock
Shares outstanding | shares	2,010
Par Value per Share	$ 0.0001
Liquidation Preference	$ 25
Rate per Annum	7.63%
Annual Dividend (per share)	$ 1.91
Carrying Value | $	$ 50,257
Dividends declared | $	$ 1,000
Series C Preferred Stock
Preferred stock
Shares outstanding | shares	780
Par Value per Share	$ 0.0001
Liquidation Preference	$ 25
Rate per Annum	6.25%
Annual Dividend (per share)	$ 1.56
Carrying Value | $	$ 19,494
Dividends declared | $	$ 300

Earnings per Share of Common _3

Earnings per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Continuing Operations
Net income (loss)	$ 28,947	$ (51,516)
Less: Income attributable to non-controlling interest	659	(1,064)
Less: Income attributable to participating shares	657	463
Basic earnings	27,631	(50,915)
Discontinued Operations
Net income (loss) attributable to Ready Capital Corporation	28,007	(50,452)
Diluted Earnings
Net income (loss)	28,947	(51,516)
Less: Income attributable to non-controlling interest	659	(1,064)
Less: Income attributable to participating shares	657	463
Diluted earnings	$ 27,631	$ (50,915)
Basic - Average shares outstanding	56,817,632	51,984,040
Effect of dilutive securities - Unvested participating shares	25,816	5,973
Diluted - Average shares outstanding	56,843,448	51,990,013
Earnings Per Share Attributable to RC Common Stockholders:
Basic	$ 0.49	$ (0.98)
Diluted	$ 0.49	$ (0.98)
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	3 Months Ended
	Mar. 31, 2021shares
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

Offsetting assets and liabili_3

Offsetting assets and liabilities - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	$ 12,529	$ 16,363
Amounts presented in the Consolidated Balance Sheets	12,529	16,363
Net Amount	12,529	16,363
FX forwards
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	805
Amounts presented in the Consolidated Balance Sheets	805
Net Amount	805
Interest rate lock commitments (IRLCs)
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	11,724	16,363
Amounts presented in the Consolidated Balance Sheets	11,724	16,363
Net Amount	$ 11,724	$ 16,363

Offsetting assets and liabili_4

Offsetting assets and liabilities - Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	$ 4,403	$ 11,604
Effect of offsetting recognized liabilities, Total
Gross Amounts of Recognized Liabilities, Total	2,072,664	1,310,864
Gross Amounts Offset in the Consolidated Balance Sheets, Total	3,476	5,017
Liabilities Presented in the Consolidated Balance Sheets, Total	2,069,188	1,305,847
Financial Instruments, Total	2,064,785	1,294,243
Cash Collateral Paid, Total	4,306	6,827
Net Amount, Total	97	4,777
Interest rate swap
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	7,651	11,670
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	3,476	5,017
Liabilities Presented in the Consolidated Balance Sheets, Derivative	4,175	6,653
Cash Collateral Paid, Derivative	4,175	6,653
Credit default swaps
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	131	4,004
Liabilities Presented in the Consolidated Balance Sheets, Derivative	131	4,004
Cash Collateral Paid, Derivative	131
Net Amount, Derivative		4,004
TBA agency securities
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	97	174
Liabilities Presented in the Consolidated Balance Sheets, Derivative	97	174
Cash Collateral Paid, Derivative		174
Net Amount, Derivative	97
FX forwards
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities		773
Liabilities Presented in the Consolidated Balance Sheets, Derivative		773
Net Amount, Derivative		773
Secured borrowings
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	2,064,785	1,294,243
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	2,064,785	1,294,243
Financial Instruments, Borrowings	$ 2,064,785	$ 1,294,243

Commitments, Contingencies an_3

Commitments, Contingencies and Indemnifications (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Originated Residential Agency loans
Commitments, contingencies and indemnifications
Commitments to originate residential agency loans	$ 590,612	$ 575,600
Unfunded loan commitments
Commitments, contingencies and indemnifications
Loans, net	293,919	285,389
Loans, held for sale at fair value	$ 11,123	$ 7,809

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
REIT requirements and income tax information
Percentage of nondeductible excise tax the entity would be subject to if they fail to meet the minimum distributions requirement	4.00%
Number of taxable years an entity would not be able to qualify as a REIT if qualification lapses	4 years
NOL carryback rate impact	$ 2.7	$ 2.7
Number of years net operating losses can be carried back under provisions of the CARES Act	5 years	5 years
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%

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)segment
Segment reporting
Number of reportable segments | segment	4	4
Interest income	$ 73,371	$ 69,551
Interest expense	(50,761)	(46,930)
Net interest income before provision for loan losses	22,610	22,621
Provision for (recovery of) loan losses	8	(39,804)
Net interest income after provision for (recovery of) loan losses	22,618	(17,183)
Non-interest income
Residential mortgage banking activities	41,409	36,669
Net realized gains on financial instruments and real estate owned	8,846	7,172
Net unrealized gain (loss) on financial instruments	20,996	(33,434)
Other income	571	4,073
Servicing income	15,635	8,097
Income on purchased future receivables, net of allowance for doubtful accounts	2,317	3,483
Income (Loss) from unconsolidated joint ventures	(809)	(3,537)
Total non-interest income (loss)	88,965	22,523
Non-interest expense
Employee compensation and benefits	(22,777)	(18,936)
Allocated employee compensation and benefits from related party	(2,123)	(1,250)
Variable expenses on residential mortgage banking activities	(15,485)	(20,129)
Professional fees	(2,982)	(2,556)
Management fees - related party	(2,693)	(2,561)
Loan servicing expense	(6,104)	(5,570)
Merger related expenses	(6,307)	(47)
Other operating expenses	(15,484)	(13,744)
Total non-interest expense	(73,955)	(64,793)
Income (loss) before provision for income taxes	37,628	(59,453)
Total assets	8,016,955	5,270,050
Corporate- Other
Segment reporting
Interest income	1,668
Interest expense	(2,257)
Net interest income before provision for loan losses	(589)
Net interest income after provision for (recovery of) loan losses	(589)
Non-interest income
Net realized gains on financial instruments and real estate owned	(126)
Net unrealized gain (loss) on financial instruments	1,197
Other income	45	99
Total non-interest income (loss)	1,116	99
Non-interest expense
Employee compensation and benefits	(891)	(742)
Allocated employee compensation and benefits from related party	(1,911)	(1,125)
Professional fees	(1,242)	(1,407)
Management fees - related party	(2,693)	(2,561)
Loan servicing expense	(39)	(32)
Merger related expenses	(6,307)	(47)
Other operating expenses	(715)	(698)
Total non-interest expense	(13,798)	(6,612)
Income (loss) before provision for income taxes	(13,271)	(6,513)
Total assets	1,111,088	234,380
Loan Acquisitions | Operating Segments
Segment reporting
Interest income	14,534	16,494
Interest expense	(11,971)	(11,205)
Net interest income before provision for loan losses	2,563	5,289
Provision for (recovery of) loan losses	1,262	(5,722)
Net interest income after provision for (recovery of) loan losses	3,825	(433)
Non-interest income
Net realized gains on financial instruments and real estate owned	(1,493)	(739)
Net unrealized gain (loss) on financial instruments	897	(9,423)
Other income	1,183	2,336
Servicing income	21	355
Income on purchased future receivables, net of allowance for doubtful accounts	2,317	3,483
Income (Loss) from unconsolidated joint ventures	(809)	(3,537)
Total non-interest income (loss)	2,116	(7,525)
Non-interest expense
Employee compensation and benefits	(1,485)	(2,833)
Allocated employee compensation and benefits from related party	(212)	(125)
Professional fees	(786)	(235)
Loan servicing expense	(1,751)	(1,365)
Other operating expenses	(2,364)	(6,245)
Total non-interest expense	(6,598)	(10,803)
Income (loss) before provision for income taxes	(657)	(18,761)
Total assets	1,121,590	1,209,617
SBC Originations | Operating Segments
Segment reporting
Interest income	39,693	39,269
Interest expense	(24,998)	(25,627)
Net interest income before provision for loan losses	14,695	13,642
Provision for (recovery of) loan losses	(1,609)	(29,828)
Net interest income after provision for (recovery of) loan losses	13,086	(16,186)
Non-interest income
Net realized gains on financial instruments and real estate owned	5,565	3,649
Net unrealized gain (loss) on financial instruments	3,033	(6,491)
Other income	1,288	1,283
Servicing income	726	532
Total non-interest income (loss)	10,612	(1,027)
Non-interest expense
Employee compensation and benefits	(2,252)	(2,710)
Professional fees	(323)	(338)
Loan servicing expense	(2,052)	(1,580)
Other operating expenses	(3,916)	(3,457)
Total non-interest expense	(8,543)	(8,085)
Income (loss) before provision for income taxes	15,155	(25,298)
Total assets	3,128,924	2,704,301
SBA Originations, Acquisitions, and Servicing | Operating Segments
Segment reporting
Interest income	15,432	12,471
Interest expense	(9,207)	(8,513)
Net interest income before provision for loan losses	6,225	3,958
Provision for (recovery of) loan losses	355	(4,254)
Net interest income after provision for (recovery of) loan losses	6,580	(296)
Non-interest income
Net realized gains on financial instruments and real estate owned	4,900	4,262
Net unrealized gain (loss) on financial instruments	514	(1,082)
Other income	(1,960)	295
Servicing income	7,782	1,074
Total non-interest income (loss)	11,236	4,549
Non-interest expense
Employee compensation and benefits	(4,561)	(3,910)
Professional fees	(380)	(289)
Loan servicing expense	102	(335)
Other operating expenses	(6,285)	(1,559)
Total non-interest expense	(11,124)	(6,093)
Income (loss) before provision for income taxes	6,692	(1,840)
Total assets	1,983,098	703,331
Residential Mortgage Banking | Operating Segments
Segment reporting
Interest income	2,044	1,317
Interest expense	(2,328)	(1,585)
Net interest income before provision for loan losses	(284)	(268)
Net interest income after provision for (recovery of) loan losses	(284)	(268)
Non-interest income
Residential mortgage banking activities	41,409	36,669
Net unrealized gain (loss) on financial instruments	15,355	(16,438)
Other income	15	60
Servicing income	7,106	6,136
Total non-interest income (loss)	63,885	26,427
Non-interest expense
Employee compensation and benefits	(13,588)	(8,741)
Variable expenses on residential mortgage banking activities	(15,485)	(20,129)
Professional fees	(251)	(287)
Loan servicing expense	(2,364)	(2,258)
Other operating expenses	(2,204)	(1,785)
Total non-interest expense	(33,892)	(33,200)
Income (loss) before provision for income taxes	29,709	(7,041)
Total assets	$ 672,255	$ 418,421

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 15, 2021	Mar. 31, 2021
Subsequent Event
Liquidation of Agency RMBS portfolio		$ 1,400
Extinguishment of indebtedness on the RMDS portfolio		$ 1,300
Subsequent event
Subsequent Event
Liquidation of Agency RMBS portfolio	$ 387.4
Extinguishment of indebtedness on the RMDS portfolio	$ 349.5