Ready Capital (RC) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 05, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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		73,593,768
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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 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 E Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share
Trading Symbol	RC PRE
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	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 209,769
Restricted cash	52,692
Loans, net (including $12,162 and $13,795 held at fair value)	2,384,497	$ 1,550,624
Loans, held-for-sale, at fair value	549,917	340,288
Paycheck Protection Program loans (including $9,873 and $74,931 held at fair value)	1,784,826	74,931
Mortgage backed securities, at fair value	117,681	88,011
Loans eligible for repurchase from Ginnie Mae	149,723	250,132
Investment in unconsolidated joint ventures	125,547	79,509
Purchased future receivables, net	6,567	17,308
Derivative instruments	6,180	16,363
Servicing rights (including $107,589 and $76,840 held at fair value)	171,106	114,663
Real estate, held for sale	70,643	45,348
Other assets	196,827	89,503
Total Assets	9,264,398	5,372,095
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,945,883	76,276
Convertible notes, net	112,966	112,129
Senior secured notes, net	179,914	179,659
Corporate debt, net	333,975	150,989
Guaranteed loan financing	348,774	401,705
Contingent consideration in connection with acquisitions	12,400
Liabilities for loans eligible for repurchase from Ginnie Mae	149,723	250,132
Derivative instruments		11,604
Dividends payable	33,564	19,746
Accounts payable and other accrued liabilities	189,194	135,655
Total Liabilities	8,026,727	4,537,887
Preferred stock Series C liquidation preference, $25.00 per share (refer to Note 21)	8,361
Commitments and contingencies (refer to Note 21)
Stockholders' Equity
Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 21)	111,378
Common stock, $0.0001 par value, 500,000,000 shares authorized, 72,919,824 and 54,368,999 shares issued and outstanding, respectively	7	5
Additional paid-in capital	1,115,471	849,541
Retained earnings (deficit)	(10,395)	(24,203)
Accumulated other comprehensive loss	(6,276)	(9,947)
Total Ready Capital Corporation equity	1,210,185	815,396
Non-controlling interests	19,125	18,812
Total Stockholders' Equity	1,229,310	834,208
Total Liabilities, Redeemable Preferred Stock, and Stockholders' Equity	9,264,398	5,372,095
Consolidated Excluding VIEs
Assets
Cash and cash equivalents	209,769	138,975
Restricted cash	52,692	47,697
Loans, net (including $12,162 and $13,795 held at fair value)	2,384,497	1,550,624
Other assets	196,827	89,503
Liabilities
Secured borrowings	2,044,069	1,294,243
Consolidated VIEs
Assets
Cash and cash equivalents	4	20
Restricted cash	22,353	13,790
Other assets	17,513	27,670
Assets of consolidated VIEs	3,438,423	2,518,743
Liabilities
Secured borrowings	2,676,265	1,905,749
Total Liabilities	$ 2,676,265	$ 1,905,749

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Parenthetical information
Loans, net, held at fair value	$ 12,162	$ 13,795
Paycheck Protection Program loans, held at fair value	9,873	74,931
Servicing rights held at fair value	$ 107,589	$ 76,840
Preferred stock Series C, liquidation preference	$ 25
Preferred stock Series E liquidation preference	25
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized capital	500,000,000	500,000,000
Common stock, issued	72,919,824	54,368,999
Common stock, outstanding	72,919,824	54,368,999

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 105,136	$ 61,074	$ 281,554	$ 193,826
Interest expense	(50,136)	(43,823)	(156,312)	(134,162)
Net interest income before provision for loan losses	55,000	17,251	125,242	59,664
Provision for (recovery of) loan losses	(1,579)	4,231	(7,088)	(34,984)
Net interest income after provision for (recovery of) loan losses	53,421	21,482	118,154	24,680
Non-interest income
Residential mortgage banking activities	37,270	75,524	115,369	192,757
Net realized gains on financial instruments and real estate owned	23,210	7,507	49,239	22,118
Net unrealized gain (loss) on financial instruments	5,688	3,420	31,296	(43,762)
Servicing income, net of amortization and impairment of $2,798 and $7,344 for the three and nine months ended September 30, 2021, and $1,555 and $4,556 for three and nine months ended September 30, 2020, respectively	10,243	10,115	37,806	27,193
Income on purchased future receivables, net of allowance for (recovery of) doubtful accounts of ($279) and $1,260 for the three and nine months ended September 30, 2021, and $2,888 and $9,805 for the three and nine months ended September 30, 2020, respectively	2,838	4,848	7,934	13,917
Income (loss) on unconsolidated joint ventures	3,548	1,996	6,100	(1,035)
Other income	5,674	4,496	5,557	40,163
Total non-interest income (loss)	88,471	107,906	253,301	251,351
Non-interest expense
Employee compensation and benefits	(24,537)	(27,612)	(71,584)	(73,836)
Allocated employee compensation and benefits from related party	(3,804)	(2,250)	(9,226)	(4,750)
Variable expenses on residential mortgage banking activities	(24,380)	(30,918)	(61,286)	(87,494)
Professional fees	(6,900)	(4,158)	(12,754)	(8,632)
Management fees - related party	(2,742)	(2,714)	(8,061)	(7,941)
Incentive fees - related party	(2,775)	(1,134)	(3,061)	(4,640)
Loan servicing expense	(8,124)	(8,231)	(21,079)	(24,122)
Transaction related expenses	(2,629)	(6)	(10,202)	(63)
Other operating expenses	(12,926)	(10,448)	(45,600)	(41,927)
Total non-interest expense	(88,817)	(87,471)	(242,853)	(253,405)
Income before provision for income taxes	53,075	41,917	128,602	22,626
Income tax provision	(6,540)	(6,554)	(22,216)	(4,116)
Net income	46,535	35,363	106,386	18,510
Less: Dividends on preferred stock	1,999		5,504
Less: Net income attributable to non-controlling interest	756	805	1,859	551
Net income attributable to Ready Capital Corporation	$ 43,780	$ 34,558	$ 99,023	$ 17,959
Earnings (loss) per basic common share
Earnings per common share - basic	$ 0.61	$ 0.63	$ 1.47	$ 0.32
Earnings (loss) per diluted common share
Earnings per common share - basic	0.61	0.63	1.47	0.32
Earnings per common share - diluted	$ 0.60	$ 0.63	$ 1.46	$ 0.31
Weighted-average shares outstanding
Basic	71,618,168	54,626,995	66,606,749	53,534,497
Diluted	71,787,228	54,704,611	66,768,918	53,612,113
Dividends declared per share of common stock	$ 0.42	$ 0.30	$ 1.24	$ 0.95

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF INCOME
Servicing income, amortization and impairment	$ 2,798	$ 1,555	$ 7,344	$ 4,556
Income on purchased future receivable, allowance for doubtful accounts	$ (279)	$ 2,888	$ 1,260	$ 9,805

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 46,535	$ 35,363	$ 106,386	$ 18,510
Other comprehensive income (loss) - net change by component
Net change in hedging derivatives (cash flow hedges)	221	671	2,323	(2,478)
Foreign currency translation adjustment	675	(712)	1,426	(1,342)
Other comprehensive income (loss)	896	(41)	3,749	(3,820)
Comprehensive income	47,431	35,322	110,135	14,690
Comprehensive income attributable to non-controlling interests	771	804	1,937	471
Comprehensive income attributable to Ready Capital Corporation	$ 46,660	$ 34,518	$ 108,198	$ 14,219

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	Preferred stockSeries E 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		(51,885)							(51,885)					(51,885)
Dividend declared on OP units												(1,093)		(1,093)
Stock issued in connection with stock dividend		17,033					17,033					362		17,395
Stock issued in connection with stock dividend (shares)						2,764,487
Equity issuances		13,410					13,410							13,410
Equity issuances (shares)						900,000
Offering costs		(49)					(49)					(1)		(50)
Distributions, net												(50)		(50)
Equity component of 2017 convertible note issuance		(283)					(283)					(6)		(289)
Stock-based compensation		1,441					1,441							1,441
Stock-based compensation (shares)						103,424
Manager incentive fee paid in stock		1,806					1,806							1,806
Manager incentive fee paid in stock (shares)						212,844
Share repurchases		(9,235)					(9,235)							(9,235)
Share repurchases (shares)						(932,433)
Net income		17,959							17,959			551		18,510
Other comprehensive income (loss)		(3,740)								(3,740)		(80)		(3,820)
Balance at end of period at Sep. 30, 2020		805,270				$ 5	846,960		(31,779)	(9,916)		18,900		824,170
Balance at end of period (in shares) at Sep. 30, 2020						54,175,648
Balance at beginning of period at Jun. 30, 2020		794,596				$ 5	854,222		(49,755)	(9,876)		18,450		813,046
Balance at beginning of period (in shares) at Jun. 30, 2020						54,872,789
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(16,582)							(16,582)					(16,582)
Dividend declared on OP units												(352)		(352)
Offering costs		(4)					(4)							(4)
Equity component of 2017 convertible note issuance		(96)					(96)					(2)		(98)
Stock-based compensation		320					320							320
Stock-based compensation (shares)						26,602
Manager incentive fee paid in stock		1,753					1,753							1,753
Manager incentive fee paid in stock (shares)						208,690
Share repurchases		(9,235)					(9,235)							(9,235)
Share repurchases (shares)						(932,433)
Net income		34,558							34,558			805		35,363
Other comprehensive income (loss)		(40)								(40)		(1)		(41)
Balance at end of period at Sep. 30, 2020		805,270				$ 5	846,960		(31,779)	(9,916)		18,900		824,170
Balance at end of period (in shares) at Sep. 30, 2020						54,175,648
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		(85,215)							(85,215)					(85,215)
Dividend declared on OP units												(1,458)		(1,458)
Dividend declared - $0.5390625 per Series B preferred share		(1,162)							(1,162)			(1)		(1,163)
Dividend declared - $0.390625 per Series C preferred share		(361)							(361)					(361)
Dividend declared - $0.4765625 per Series D preferred share		(1,074)							(1,074)			(1)		(1,075)
Dividend declared - $0.2256940 per Series E preferred share		(2,907)							(2,907)					(2,907)
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 issuances		136,736			$ 111,378		25,358							136,736
Equity issuances (shares)					4,600,000	1,660,449
Equity redemptions		(98,241)	$ (47,984)	$ (50,257)										(98,241)
Equity redemptions (shares)			(1,919,378)	(2,010,278)
Offering costs		(498)					(498)					(8)		(506)
Distributions, net												(150)		(150)
Equity component of 2017 convertible note issuance		(305)					(305)					(6)		(311)
Stock-based compensation		2,454					2,454							2,454
Stock-based compensation (shares)						161,342
Share repurchases		(614)					(614)							(614)
Share repurchases (shares)						(45,303)
Net income		104,527							104,527			1,859		106,386
Other comprehensive income (loss)		3,671								3,671		78		3,749
Balance at end of period at Sep. 30, 2021		1,210,185			$ 111,378	$ 7	1,115,471		(10,395)	(6,276)		19,125		1,229,310
Balance at end of period (in shares) at Sep. 30, 2021					4,600,000	72,919,824
Balance at beginning of period at Jun. 30, 2021		1,269,526	$ 47,984	$ 50,257	$ 111,378	$ 7	1,090,162		(23,105)	(7,157)		18,857		1,288,383
Balance at beginning of period (in shares) at Jun. 30, 2021			1,919,378	2,010,278	4,600,000	71,231,422
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(31,070)							(31,070)					(31,070)
Dividend declared on OP units												(494)		(494)
Dividend declared - $0.390625 per Series C preferred share		(131)							(131)					(131)
Dividend declared - $0.2256940 per Series E preferred share		(1,868)							(1,868)					(1,868)
Equity issuances		25,358					25,358							25,358
Equity issuances (shares)						1,660,449
Equity redemptions		(98,241)	$ (47,984)	$ (50,257)										(98,241)
Equity redemptions (shares)			(1,919,378)	(2,010,278)
Offering costs		(428)					(428)					(7)		(435)
Equity component of 2017 convertible note issuance		(103)					(103)					(2)		(105)
Stock-based compensation		109					109							109
Stock-based compensation (shares)						36,015
Share repurchases		373					373							373
Share repurchases (shares)						(8,062)
Net income		45,779							45,779			756		46,535
Other comprehensive income (loss)		881								881		15		896
Balance at end of period at Sep. 30, 2021		$ 1,210,185			$ 111,378	$ 7	$ 1,115,471		$ (10,395)	$ (6,276)		$ 19,125		$ 1,229,310
Balance at end of period (in shares) at Sep. 30, 2021					4,600,000	72,919,824

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Dividends declared per share of common stock	$ 0.42	$ 1.24
Series B Preferred Stock
Dividends declared per share of preferred stock		1.088125
Series C Preferred Stock
Dividends declared per share of preferred stock	0.390625	1.17188
Series D Preferred Stock
Dividends declared per share of preferred stock		0.953125
Series E Preferred Stock
Dividends declared per share of preferred stock	$ 0.406250	$ 0.63221

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Cash Flows From Operating Activities:
Net income (loss)	$ 106,386	$ 18,510
Adjustments to reconcile net income to net cash used for operating activities:
Amortization of premiums, discounts, and debt issuance costs, net	(10,654)	25,971
Provision for (recovery of) loan losses	7,088	34,984
Impairment loss on real estate, held for sale	1,715	3,075
Repair and denial reserve	6,051	2,452
Allowance for doubtful accounts on purchased future receivables	1,383	9,805
Origination of loans, held for sale, at fair value	(4,201,304)	(3,675,821)
Purchase of loans, held for sale, at fair value	(75,666)
Proceeds from disposition and principal payments of loans, held for sale, at fair value	4,298,879	3,680,537
Net (income) loss of unconsolidated joint ventures, net of distributions	(6,099)	1,202
Realized (gains) losses, net	(146,135)	(199,559)
Unrealized (gains) losses, net	(34,142)	43,334
Net changes in operating assets and liabilities
Purchased future receivables, net	9,358	16,801
Derivative instruments	(62,818)	(10,226)
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	10,157	2,897
Receivable from third parties	(12,789)	114
Other assets	(10,133)	6,929
Accounts payable and other accrued liabilities	32,940	34,327
Net cash used for operating activities	(80,568)	(261)
Cash Flows From Investing Activities:
Origination of loans	(2,584,002)	(448,608)
Purchase of loans	(111,810)	(121,990)
Origination of Paycheck Protection Program loans	(2,133,861)	(106,420)
Purchase of Paycheck Protection Program loans	(3,866)
Proceeds from disposition and principal payment of Paycheck Protection Program loans	468,650	216
Purchase of mortgage backed securities, at fair value		(14,216)
Investment in unconsolidated joint ventures	(22,644)	(16,294)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	18,282	4,738
Proceeds from disposition and principal payment of loans	928,678	673,652
Proceeds from sale and principal payment of mortgage backed securities, at fair value	1,997,268	10,518
Purchase of real estate, held for sale		(329)
Proceeds from sale of real estate, held for sale	2,264	11,045
Net cash used for business acquisitions	(11,536)
Net cash used for investing activities	(1,452,577)	(7,688)
Cash Flows From Financing Activities:
Proceeds from secured borrowings	9,440,080	5,321,953
Payment of secured borrowings	(10,472,037)	(5,336,010)
Proceeds from the Paycheck Protection Program Liquidity Facility borrowings	2,299,167
Payment of Paycheck Protection Program Liquidity Facility borrowings	(429,560)
Proceeds from issuance of securitized debt obligations of consolidated VIEs	1,239,770	495,220
Repayment of securitized debt obligations of consolidated VIEs	(462,198)	(252,276)
Payment of guaranteed loan financing	(63,526)	(78,784)
Repayment of deferred financing costs	(27,714)	(10,512)
Proceeds from issuance of equity, net of issuance costs	136,230	13,360
Distributions from non-controlling interests, net	(150)	(50)
Dividend payments	(78,361)	(39,951)
Tender offer of preferred shares	(11,133)
Proceeds from corporate debt	195,768
Repayment of corporate debt	(50,000)
Preferred stock redemption	(98,241)
Common stock repurchased		(9,235)
Settlement of share-based awards in satisfaction of withholding tax requirements	(614)
Net cash provided by financing activities	1,617,481	103,715
Net increase in cash, cash equivalents, and restricted cash	84,336	95,766
Cash, cash equivalents, and restricted cash beginning balance	200,482	127,980
Cash, cash equivalents, and restricted cash ending balance	284,818	223,746
Supplemental disclosures:
Cash paid for interest	138,828	123,499
Cash paid (received) for income taxes	12,235	(5,878)
Stock-based compensation	5,215	4,407
Supplemental disclosure: 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	1,677
Loans transferred to real estate owned	1,388	8,832
Contingent consideration	$ 12,400
Supplemental disclosure: Non-cash financing activities
Dividends paid in stock		17,395
Share-based component of incentive fees		$ 1,806

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Cash, cash equivalents, and restricted cash reconciliation
Cash and cash equivalents	$ 209,769	$ 149,847
Restricted cash	52,692	46,204
Cash, cash equivalents, and restricted cash in Assets of consolidated VIEs	22,357	27,695
Cash, cash equivalents, and restricted cash ending balance	$ 284,818	$ 223,746

Organization

Organization	9 Months Ended
	Sep. 30, 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, L.P. (the “Operating Partnership”) holds substantially all of our assets and conducts substantially all of our business. As of September 30, 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) Small Business Lending, 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. ​ ● 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. In addition, SBC originations include construction and permanent financing for the preservation and construction of affordable housing, primarily utilizing tax-exempt bonds. ​ ● Small Business Lending . 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. We also acquire purchased future receivables and originate small balance SBA loans through our Knight Capital platform (“Knight Capital”). Knight Capital is a technology-driven platform that provides working capital to small and medium sized businesses across the U.S. In the second quarter of 2021, our Chief Executive Officer, as our Chief Operating Decision Maker (“CODM”), realigned our business segments to include Knight Capital in the Small Business Lending segment from the Acquisitions segment to be more closely aligned with the activities of, and projections for, Knight Capital. We have recasted prior period amounts and segment information to conform to this presentation. ​ ● 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, in connection with the ANH merger, 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. On July 15, 2021, the Company redeemed all of the outstanding Series B and Series D Preferred Stock, in each case at a redemption ​ 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, as of September 30, 2021, the Company has liquidated approximately $2.0 billion of assets, primarily consisting of Agency RMBS, and repaid approximately $1.7 billion of indebtedness on the ANH 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. ​ On July 31, 2021, the Company acquired Red Stone and its affiliates (“Red Stone”), a privately owned real estate finance and investment company that provides innovative financial products and services to multifamily affordable housing, in exchange for an initial purchase price of approximately $63 million paid in cash, retention payments to key executives aggregating $7 million in cash and 128,533 shares of common stock of the Company issued to Red Stone executives under the 2012 Plan. Refer to Note 21 – Redeemable Preferred Stock and Stockholders’ Equity for more information on the 2012 Plan. Additional purchase price payments may be made over the next three years if the Red Stone business achieves certain hurdles. ​ 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	9 Months Ended
	Sep. 30, 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 September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020, 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 the Company’s 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	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies ​ Use of estimates Preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the reporting period. These estimates and assumptions are based on the best available information but actual results could be materially different. ​ 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 variable interest entities (“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, 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. In addition, based on issued regulatory guidance provided by federal and state regulatory agencies, a loan modification is not considered a 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) on financial instruments 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) on financial instruments 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, comprised of credit default swaps (“CDSs”), interest rate swaps, TBA agency securities, FX forwards and interest rate lock commitments (“IRLCs”), as part of our risk management strategy. The Company accounts for derivative instruments under ASC 815, Derivatives and Hedging ​ 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. ​ ​ In May 2021, we discontinued hedge accounting for the anticipated issuance of securitized debt obligations for certain hedges. As a general rule, derivative gains or losses reported in AOCI are required to be recorded in earnings when it becomes probable that the forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period thereafter. The guidance in ASC 815 includes an exception to the general rule when extenuating circumstances that are outside the control or influence of the reporting entity cause the forecasted transaction to be probable of occurring on a date that is beyond the additional two-month period. The issuance of the securitized debt obligations was delayed beyond the additional two-month period due to the uncertainty in the capital markets and lower origination volumes as a result of the COVID-19 pandemic. Since the delay was caused by extenuating circumstances related to the COVID-19 pandemic and the issuance of securitized debt obligations remains probable over a reasonable time period after the additional two-month period, the discontinued cash flow hedges qualify for the exception in accordance with FASB Staff Q&A Topic 815: Cashflow hedge accounting affected by the Covid-19 Pandemic ​ 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, and cost of servicing. Residential MSRs are classified as Level 3 in the fair value hierarchy. ​ Real estate owned, held for sale Real estate owned, 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 owned, 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 owned, 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, Red Stone 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 the date of the consolidated balance sheets, represents the excess of the consideration transferred over the fair value of net assets acquired in connection with the acquisition of Knight Capital, Red Stone 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 VIE 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 income. 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. This includes loans originated in round 1 of the Paycheck Protection Program, loans held-for-sale originated by GMFS that the Company intends to sell in the near term and residential mortgage servicing rights. ​ 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. ​ Earn

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 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 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued March 2020 ​ 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 guidance 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 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. ​ ​ In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in this update refine the scope for certain optional expedients and exceptions for contract modifications and hedge accounting to apply to derivative contracts and certain hedging relationships affected by the discounting transition. Guidance is optional and may be elected over time, through December 31, 2022 using a prospective application on all eligible contract modifications. ​ The Company has not adopted any of the optional expedients or exceptions through September 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions. ASU 2020-06, Debt – Debt with Conversion and other Options and Derivatives and Hedging-Contracts in Entity’s Own Equity (Topic 470-20) Issued August 2020 ​ 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. ​ ​ 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	9 Months Ended
	Sep. 30, 2021
Business Combinations
Business Combinations	Note 5. Business Combinations ​ On March 19, 2021, the Company completed a merger agreement with ANH, a specialty finance company that focuses primarily on residential mortgage-backed securities and loans that are either rated “investment grade” or are guaranteed by federally sponsored enterprises. 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 table below 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 owned, held for sale ​ 26,107 Accrued interest ​ 8,183 Other assets ​ ​ 38,216 Total assets acquired ​ $ 2,296,353 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 ​ $ 410,526 ​ In the table above, the gross contractual unpaid principal amount for acquired loans held for sale, at fair value was $98.3 million, all of which is expected to be collected. ​ The table below illustrates the aggregate consideration transferred, net assets acquired, and the related goodwill. ​ ​ ​ ​ (In thousands, except per share data) Fair value of net assets acquired $ 410,526 ​ ​ ​ 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 $ 7,372 ​ On July 31, 2021, the Company acquired Red Stone, a privately owned real estate finance and investment company that provides innovative financial products and services to multifamily affordable housing, in exchange for an initial purchase price of approximately $63 million paid in cash, retention payments to key executives aggregating $7 million in cash and 128,533 shares of common stock of the Company issued to Red Stone executives under the 2012 Plan. Refer to Note 21 – Redeemable Preferred Stock and Stockholders’ Equity for more information on the 2012 Plan. Additional purchase price payments may be made over the next three years if the Red Stone business achieves certain hurdles. ​ ​ The table below summarizes the fair value of assets acquired and liabilities assumed from the acquisition. ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) July 31, 2021 Assets ​ ​ ​ Cash and cash equivalents ​ $ 1,553 Restricted cash ​ 6,994 Investment in unconsolidated joint ventures ​ 35,577 Servicing rights ​ 15,800 Other assets: ​ ​ Intangible Assets ​ ​ 9,300 Other ​ ​ 1,330 Total assets acquired ​ $ 70,554 Liabilities ​ ​ ​ Accounts payable and other accrued liabilities ​ ​ 7,965 Total liabilities assumed ​ $ 7,965 Net assets acquired ​ $ 62,589 ​ The table below illustrates the aggregate consideration transferred, net assets acquired, and the related goodwill. ​ ​ ​ ​ (In thousands, except per share data) Fair value of net assets acquired $ 62,589 ​ ​ ​ Cash paid ​ 63,000 Contingent consideration ​ 12,400 Total consideration transferred $ 75,400 ​ ​ ​ Goodwill $ 12,811 ​ 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 September 30, 2021, the goodwill recorded in connection with the ANH Merger and Red Stone acquisition have been allocated to the SBC Originations segment. ​ The following pro-forma income and earnings (unaudited) of the combined company are presented as if the ANH merger had occurred on January 1, 2021 and January 1, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (In Thousands) ​ 2021 2020 2021 2020 Selected Financial Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 105,136 ​ $ 73,726 ​ $ 293,303 ​ $ 262,663 Interest expense ​ ​ (50,136) ​ ​ (49,930) ​ ​ (159,840) ​ ​ (173,702) Recovery of (provision for) loan losses ​ ​ (1,579) ​ ​ 4,231 ​ ​ (7,088) ​ ​ (35,602) Non-interest income ​ ​ 88,471 ​ ​ 126,065 ​ ​ 256,026 ​ ​ 296,498 Non-interest expense ​ ​ (88,864) ​ ​ (90,306) ​ ​ (248,529) ​ ​ (490,943) Income (loss) before provision for income taxes ​ ​ 53,028 ​ ​ 63,786 ​ ​ 133,872 ​ ​ (141,086) Income tax benefit (expense) ​ ​ (6,540) ​ ​ (6,554) ​ ​ (22,216) ​ ​ (4,117) Net income (loss) ​ $ 46,488 ​ $ 57,232 ​ $ 111,656 ​ $ (145,203) ​ Non-recurring pro-forma transaction costs directly attributable to the ANH merger were $7.6 million for the nine months ended September 30, 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. Such costs for the three months ended September 30, 2021 were not material. Due to the relative size of the Red Stone business acquisition, pro forma financial information is considered not material.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses	9 Months Ended
	Sep. 30, 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 the time of purchase ● Loans, held 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 loans with the intention 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ December 31, 2020 (In Thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,333,370 ​ $ 1,341,427 ​ ​ $ 530,671 ​ $ 535,963 Originated SBA 7(a) loans ​ ​ 330,884 ​ ​ 338,190 ​ ​ ​ 310,537 ​ ​ 314,938 Acquired SBA 7(a) loans ​ ​ 162,457 ​ ​ 168,845 ​ ​ ​ 201,066 ​ ​ 210,115 Originated SBC loans ​ ​ 245,283 ​ ​ 238,667 ​ ​ ​ 173,190 ​ ​ 167,470 Acquired loans ​ ​ 336,793 ​ ​ 344,092 ​ ​ ​ 351,381 ​ ​ 352,546 Originated SBC loans, at fair value ​ ​ 12,162 ​ ​ 12,491 ​ ​ ​ 13,795 ​ ​ 14,088 Originated Residential Agency loans ​ ​ 3,173 ​ ​ 3,173 ​ ​ ​ 3,208 ​ ​ 3,208 Total Loans, before allowance for loan losses ​ $ 2,424,122 ​ $ 2,446,885 ​ ​ $ 1,583,848 ​ $ 1,598,328 Allowance for loan losses ​ $ (39,625) ​ $ — ​ ​ $ (33,224) ​ $ — Total Loans, net ​ $ 2,384,497 ​ $ 2,446,885 ​ ​ $ 1,550,624 ​ $ 1,598,328 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated SBC loans ​ $ 811,653 ​ $ 808,330 ​ ​ $ 889,566 ​ $ 885,235 Originated Transitional loans ​ ​ 1,857,638 ​ ​ 1,875,209 ​ ​ ​ 788,403 ​ ​ 792,432 Acquired loans ​ ​ 641,150 ​ ​ 640,178 ​ ​ ​ 697,567 ​ ​ 701,133 Originated SBA 7(a) loans ​ ​ 60,316 ​ ​ 63,788 ​ ​ ​ 68,625 ​ ​ 72,451 Acquired SBA 7(a) loans ​ ​ 34,640 ​ ​ 42,401 ​ ​ ​ 42,154 ​ ​ 52,456 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 3,405,397 ​ $ 3,429,906 ​ ​ $ 2,486,315 ​ $ 2,503,707 Allowance for loan losses on loans in consolidated VIEs ​ $ (9,622) ​ $ — ​ ​ $ (13,508) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 3,395,775 ​ $ 3,429,906 ​ ​ $ 2,472,807 ​ $ 2,503,707 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ $ 281,946 ​ $ 275,632 ​ ​ $ 260,447 ​ $ 249,852 Originated Freddie Mac loans ​ ​ 13,495 ​ ​ 13,268 ​ ​ ​ 51,248 ​ ​ 50,408 Originated SBC loans ​ ​ 41,353 ​ ​ 40,978 ​ ​ ​ 17,850 ​ ​ 17,850 Originated SBA 7(a) loans ​ ​ 40,254 ​ ​ 36,403 ​ ​ ​ 10,232 ​ ​ 9,436 Acquired loans ​ ​ 172,869 ​ ​ 167,950 ​ ​ ​ 511 ​ ​ 499 Total Loans, held for sale, at fair value ​ $ 549,917 ​ $ 534,231 ​ ​ $ 340,288 ​ $ 328,045 Total Loans, net and Loans, held for sale, at fair value ​ $ 6,330,189 ​ $ 6,411,022 ​ ​ $ 4,363,719 ​ $ 4,430,080 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 1,774,953 ​ $ 1,857,853 ​ ​ $ — ​ $ — Paycheck Protection Program loans, held at fair value ​ ​ 9,873 ​ ​ 9,873 ​ ​ ​ 74,931 ​ ​ 74,931 Total Paycheck Protection Program loans ​ $ 1,784,826 ​ $ 1,867,726 ​ ​ $ 74,931 ​ $ 74,931 Total Loan portfolio ​ $ 8,115,015 ​ $ 8,278,748 ​ ​ $ 4,438,650 ​ $ 4,505,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan vintage and credit quality indicators The Company monitors the credit quality of its loan portfolio based on primary credit quality indicators, such as delinquency rates. Loans that are 30 days or more past due, provide an indication of a borrower’s capacity and willingness to meet its financial obligations. In the tables below, Total Loans, net includes Loans, net in consolidated VIEs as well as a specific allowance for loan losses of $23.1 million as of September 30, 2021 and $17.2 million as of December 31, 2020. ​ The tables below 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 3,216,636 ​ $ 2,020,604 ​ $ 421,281 ​ $ 510,721 ​ $ 215,507 ​ $ — ​ $ 12,724 ​ $ 3,180,837 Originated SBC loans ​ ​ 1,046,997 ​ ​ 121,181 ​ ​ 47,745 ​ ​ 426,068 ​ ​ 190,009 ​ ​ 104,190 ​ ​ 162,997 ​ ​ 1,052,190 Acquired loans ​ ​ 984,270 ​ ​ 9,390 ​ ​ 75,753 ​ ​ 68,616 ​ ​ 46,899 ​ ​ 27,247 ​ ​ 747,425 ​ ​ 975,330 Originated SBA 7(a) loans ​ ​ 401,978 ​ ​ 52,992 ​ ​ 46,291 ​ ​ 93,135 ​ ​ 114,611 ​ ​ 56,885 ​ ​ 24,404 ​ ​ 388,318 Acquired SBA 7(a) loans ​ ​ 211,246 ​ ​ 40 ​ ​ 76 ​ ​ 13,870 ​ ​ 14,013 ​ ​ 269 ​ ​ 166,121 ​ ​ 194,389 Originated SBC loans, at fair value ​ ​ 12,491 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,550 ​ ​ 10,612 ​ ​ 12,162 Originated Residential Agency loans ​ ​ 3,173 ​ 1,199 ​ 705 ​ 642 ​ ​ 434 ​ ​ — ​ 193 ​ 3,173 Total Loans, before general allowance for loan losses ​ $ 5,876,791 ​ $ 2,205,406 ​ $ 591,851 ​ $ 1,113,052 ​ $ 581,473 ​ $ 190,141 ​ $ 1,124,476 ​ $ 5,806,399 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (26,127) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,780,272 ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ The tables below 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 5,721,014 ​ $ 2,205,376 ​ $ 583,638 ​ $ 1,110,132 ​ $ 528,054 ​ $ 185,226 ​ $ 1,059,956 ​ $ 5,672,382 30 - 59 days past due ​ ​ 25,734 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,627 ​ ​ 150 ​ ​ 18,704 ​ ​ 25,481 60+ days past due ​ ​ 130,043 ​ ​ 30 ​ ​ 8,213 ​ ​ 2,920 ​ ​ 46,792 ​ ​ 4,765 ​ ​ 45,816 ​ ​ 108,536 Total Loans, before general allowance for loan losses ​ $ 5,876,791 ​ $ 2,205,406 ​ $ 591,851 ​ $ 1,113,052 ​ $ 581,473 ​ $ 190,141 ​ $ 1,124,476 ​ $ 5,806,399 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (26,127) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,780,272 ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ The tables below present delinquency information on loans, net by portfolio. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Current ​ 30-59 days past due ​ 60+ days past due ​ Total ​ Non-Accrual Loans ​ 90+ days past due and Accruing September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 3,125,818 ​ $ 9,743 ​ $ 45,276 ​ $ 3,180,837 ​ $ 71,498 ​ $ — Originated SBC loans ​ 1,025,741 ​ ​ 2,224 ​ ​ 24,225 ​ ​ 1,052,190 ​ ​ 24,477 ​ ​ — Acquired loans ​ 927,125 ​ ​ 12,586 ​ ​ 35,619 ​ ​ 975,330 ​ ​ 34,026 ​ ​ — Originated SBA 7(a) loans ​ 387,009 ​ ​ — ​ ​ 1,309 ​ ​ 388,318 ​ ​ 11,116 ​ ​ — Acquired SBA 7(a) loans ​ 191,825 ​ ​ 928 ​ ​ 1,636 ​ ​ 194,389 ​ ​ 4,815 ​ ​ — Originated SBC loans, at fair value ​ 12,162 ​ ​ — ​ ​ — ​ ​ 12,162 ​ ​ — ​ ​ — Originated Residential Agency loans ​ 2,702 ​ ​ — ​ ​ 471 ​ ​ 3,173 ​ ​ 2,923 ​ ​ — Total Loans, before general allowance for loan losses $ 5,672,382 ​ $ 25,481 ​ $ 108,536 ​ $ 5,806,399 ​ $ 148,855 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (26,127) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,780,272 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 97.7% ​ ​ 0.4% ​ ​ 1.9% ​ ​ 100% ​ ​ 2.6% ​ ​ 0.0% December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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% ​ In addition to delinquency rates, the current estimated LTV ratio, geographic distribution of the loan collateral and collateral concentration are primary credit quality indicators that provide insight into a borrower’s capacity and willingness to meet its financial obligation. High LTV loans tend to have higher delinquency rates than loans where the borrower has equity in the collateral. The geographic distribution of the loan collateral considers factors such as the regional economy, property price changes and specific events such as natural disasters, which will affect credit quality. The collateral concentration of the loan portfolio considers economic factors or events may have a more pronounced impact on certain sectors or property types. ​ The table below 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 6,230 $ 59,578 $ 347,197 $ 2,383,991 $ 359,421 $ 24,420 $ 3,180,837 Originated SBC loans ​ 23,060 ​ 85,601 ​ 565,431 ​ 372,218 ​ — ​ 5,880 ​ 1,052,190 Acquired loans ​ 236,524 ​ 339,195 ​ 283,665 ​ 90,076 ​ 16,041 ​ 9,829 ​ 975,330 Originated SBA 7(a) loans ​ 1,085 ​ 15,685 ​ 51,660 ​ 153,140 ​ 57,976 ​ 108,772 ​ 388,318 Acquired SBA 7(a) loans ​ 6,477 ​ 30,971 ​ 73,345 ​ 42,974 ​ 25,573 ​ 15,049 ​ 194,389 Originated SBC loans, at fair value ​ — ​ 7,213 ​ — ​ 4,949 ​ — ​ — ​ 12,162 Originated Residential Agency loans — 301 549 ​ 953 ​ 508 862 3,173 Total Loans, before general allowance for loan losses $ 273,376 $ 538,544 $ 1,321,847 $ 3,048,301 $ 459,519 $ 164,812 $ 5,806,399 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (26,127) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,780,272 Percentage of loans outstanding ​ 4.7% ​ 9.3% ​ 22.8% ​ 52.5% ​ 7.9% ​ 2.8% ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 using carrying amount as a percentage of current collateral value ​ The table below presents the geographic concentration of loans, net, secured by real estate. ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) September 30, 2021 ​ December 31, 2020 California 16.2 % ​ 18.1 % Texas 15.7 ​ ​ 14.2 ​ New York 8.4 ​ ​ 9.8 ​ Georgia 7.6 ​ ​ 4.9 ​ Florida 7.5 ​ ​ 7.8 ​ Illinois 5.4 ​ ​ 5.2 ​ Arizona 5.2 ​ ​ 2.8 ​ North Carolina 2.9 ​ ​ 3.1 ​ Washington 2.1 ​ ​ 3.1 ​ Colorado ​ 1.9 ​ ​ 2.8 ​ Other 27.1 ​ ​ 28.2 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) September 30, 2021 ​ December 31, 2020 Multi-family 44.2 % ​ 23.8 % Retail 12.8 ​ ​ 17.3 ​ SBA 10.4 ​ ​ 17.4 ​ Office 10.0 ​ ​ 13.1 ​ Mixed Use 8.9 ​ ​ 12.9 ​ Industrial 6.7 ​ ​ 7.1 ​ Lodging/Residential 2.7 ​ ​ 3.2 ​ Other 4.3 ​ ​ 5.2 ​ Total 100.0 % ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents the collateral type concentration of SBA loans within loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) September 30, 2021 ​ December 31, 2020 Lodging ​ 18.9 % ​ 17.2 % Offices of Physicians ​ 11.7 ​ ​ 12.0 ​ Child Day Care Services 7.4 ​ ​ 7.2 ​ Eating Places 5.2 ​ ​ 5.3 ​ Gasoline Service Stations 3.9 ​ ​ 3.4 ​ Veterinarians ​ 2.5 ​ ​ 3.3 ​ Funeral Service & Crematories 1.9 ​ ​ 1.8 ​ Grocery Stores 1.8 ​ ​ 1.7 ​ Car washes ​ 1.5 ​ ​ 1.4 ​ Couriers ​ 1.2 ​ ​ 1.0 ​ Other 44.0 ​ ​ 45.7 ​ Total 100.0 % ​ 100.0 % ​ Allowance for credit losses The allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Such loans and lending commitments are reviewed quarterly considering credit quality indicators, including probable and historical losses, collateral values, LTV ratios, and economic conditions. ​ The table below presents the allowance for loan losses by loan product and impairment methodology. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Originated ​ Originated Transitional loans ​ Acquired ​ Acquired ​ Originated ​ Total Allowance for September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 2,205 ​ $ 14,974 ​ $ 2,539 ​ $ 622 ​ $ 5,787 ​ $ 26,127 Specific ​ 4,746 ​ ​ 10,171 ​ ​ 2,613 ​ ​ 2,708 ​ ​ 2,882 ​ ​ 23,120 Ending balance $ 6,951 ​ $ 25,145 ​ $ 5,152 ​ $ 3,330 ​ $ 8,669 ​ $ 49,247 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 tables below present a summary of the changes in the allowance for loan losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 7,980 $ 21,201 $ 7,098 $ 3,975 $ 9,375 $ — $ 49,629 Provision for (recoveries of) loan losses ​ (1,029) ​ 3,944 ​ (1,217) ​ (210) ​ 232 ​ — ​ 1,720 Charge-offs and sales ​ — ​ — ​ (26) ​ (464) ​ (938) ​ — ​ (1,428) Recoveries ​ — ​ — ​ (703) ​ 29 ​ — ​ — ​ (674) Ending balance $ 6,951 $ 25,145 $ 5,152 $ 3,330 $ 8,669 $ — $ 49,247 Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 8,974 $ 19,831 $ 12,564 $ 5,744 $ 9,450 $ 500 $ 57,063 Provision for (recoveries of) loan losses ​ (181) ​ (1,848) ​ (2,906) ​ (200) ​ 904 ​ — ​ (4,231) Charge-offs and sales ​ — ​ — ​ — ​ (203) ​ (42) ​ — ​ (245) Recoveries ​ — ​ — ​ — ​ 22 ​ 47 ​ — ​ 69 Ending balance $ 8,793 $ 17,983 $ 9,658 $ 5,363 $ 10,359 $ 500 $ 52,656 Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ — $ 46,732 Provision for (recoveries of) loan losses ​ (389) ​ 10,150 ​ (2,405) ​ (318) ​ 779 ​ — ​ 7,817 Charge-offs and sales ​ (1,311) ​ — ​ (26) ​ (940) ​ (2,165) ​ — ​ (4,442) Recoveries ​ (189) ​ — ​ (714) ​ 39 ​ 4 ​ — ​ (860) Ending balance $ 6,951 $ 25,145 $ 5,152 $ 3,330 $ 8,669 $ — $ 49,247 Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 304 $ 188 $ 3,054 $ 2,114 $ 1,781 $ — $ 7,441 Cumulative -effect adjustment upon adoption of ASU 2016-13 ​ 2,400 ​ 1,906 ​ 1,878 ​ 3,562 ​ 1,379 ​ — ​ 11,125 Provision for (recoveries of) loan losses ​ 6,089 ​ 15,889 ​ 4,776 ​ 2 ​ 7,728 ​ 500 ​ 34,984 Charge-offs and sales ​ — ​ — ​ (50) ​ (431) ​ (577) ​ — ​ (1,058) Recoveries ​ — ​ — ​ — ​ 116 ​ 48 ​ — ​ 164 Ending balance $ 8,793 $ 17,983 $ 9,658 $ 5,363 $ 10,359 $ 500 $ 52,656 ​ The tables above exclude $0.2 million of allowance for loan losses on unfunded lending commitments as of September 30, 2021. There was no such allowance for loan losses on unfunded lending commitments as of September 30, 2020. 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 A loan is placed on nonaccrual status when it is probable that principal and interest will not be collected under the original contractual terms. At that time, interest income is no longer accrued. ​ The table below presents information about non-accrual loans. ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 ​ December 31, 2020 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 113,441 ​ $ 75,862 Without an allowance ​ 35,414 ​ ​ 58,296 Total recorded carrying value of non-accrual loans $ 148,855 ​ $ 134,158 Allowance for loan losses related to non-accrual loans $ (23,128) ​ $ (17,367) Unpaid principal balance of non-accrual loans $ 176,364 ​ $ 158,471 ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ September 30, 2020 Interest income on non-accrual loans for the three months ended $ 586 ​ $ 198 Interest income on non-accrual loans for the nine months ended $ 2,144 ​ $ 2,660 ​ ​ Troubled debt restructurings A loan is classified as a TDR when there is a reasonable expectation that the original terms of the loan agreement will be modified by granting concessions to a borrower who is experiencing financial difficulty. Concessions typically include modifications to the interest rate, maturity date, timing of principal and interest payments and principal forgiveness. Modified loans that are classified as TDRs are individually evaluated and measured for impairment. ​ The table below presents details on TDR loans by type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 (In Thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Carrying value of modified loans classified as TDRs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On accrual status $ 286 ​ $ 8,500 ​ $ 8,786 ​ $ 307 ​ $ 6,888 ​ $ 7,195 On non-accrual status ​ 6,670 ​ ​ 11,753 ​ ​ 18,423 ​ ​ 7,020 ​ ​ 11,044 ​ ​ 18,064 Total carrying value of modified loans classified as TDRs $ 6,956 ​ $ 20,253 ​ $ 27,209 ​ $ 7,327 ​ $ 17,932 ​ $ 25,259 Allowance for loan losses on loans classified as TDRs $ 7 ​ $ 2,173 ​ $ 2,180 ​ $ 17 ​ $ 3,323 ​ $ 3,340 ​ ​ The table below presents TDR loan activity and the financial effects of these modifications by type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Three Months Ended September 30, 2020 (In Thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ — ​ ​ 3 ​ ​ 3 ​ ​ — ​ ​ 6 ​ ​ 6 Pre-modification recorded balance (a) $ — ​ $ 322 ​ $ 322 ​ $ — ​ $ 713 ​ $ 713 Post-modification recorded balance (a) $ — ​ ​ 321 ​ $ 321 ​ $ — ​ $ 730 ​ $ 730 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default as of Sept 30, 2021 (b) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4 ​ ​ 4 Balance of loans that remain in default as of Sept 30, 2021 (b) $ — ​ $ — ​ $ — ​ $ — ​ $ 733 ​ $ 733 ​ ​ ​ ​ ​ ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 277 ​ $ 277 ​ $ — ​ $ 547 ​ $ 547 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 187 ​ ​ 187 Total $ — ​ $ 277 ​ $ 277 ​ $ — ​ $ 734 ​ $ 734 ​ Nine Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2020 (In Thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 1 ​ ​ 20 ​ ​ 21 ​ ​ 3 ​ ​ 16 ​ ​ 19 Pre-modification recorded balance (a) $ 1,276 ​ $ 8,630 ​ $ 9,906 ​ $ 8,456 ​ $ 3,691 ​ $ 12,147 Post-modification recorded balance (a) $ 1,276 ​ $ 8,164 ​ $ 9,440 ​ $ 8,456 ​ $ 3,748 ​ $ 12,204 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default as of Sept 30, 2021 (b) ​ 1 ​ ​ 2 ​ ​ 3 ​ ​ 2 ​ ​ 5 ​ ​ 7 Balance of loans that remain in default as of Sept 30, 2021 (b) $ 1,276 ​ $ 157 ​ $ 1,433 ​ $ 8,422 ​ $ 874 ​ $ 9,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 6,912 ​ $ 6,912 ​ $ — ​ $ 2,371 ​ $ 2,371 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 1,276 ​ ​ 90 ​ ​ 1,366 ​ ​ 8,422 ​ ​ 327 ​ ​ 8,749 Total $ 1,276 ​ $ 7,002 ​ $ 8,278 ​ $ 8,422 ​ $ 2,698 ​ $ 11,120 (a) Represents carrying value. (b) Represents carrying values of the TDRs that occurred during the respective period ended that remained in default as of the current period ended. 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 remaining elements of the Company’s modification programs are generally considered insignificant and do not have a material impact on financial results. For loans that the Company determines foreclosure of the collateral is probable, expected losses are measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. As of September 30, 2021 and December 31, 2020, the Company’s total carrying amount of loans in the foreclosure process was $2.4 million and $2.2 million, respectively. ​ PCD loans The Company did not acquire any PCD loans in the three and nine months ended September 30, 2021 and 2020.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Fair Value Measurements	Note 7. Fair value measurements ​ Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP has a three-level hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace (including the existence and transparency of transactions between market participants). The Company’s valuation techniques for financial instruments use observable and unobservable inputs. Investments with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Investments measured and reported at fair value are classified and disclosed into one of the following categories: ​ Level 1 ​ Level 2 ​ Level 3 ​ Valuation techniques of Level 3 investments vary by instrument type, but are generally based on an income, market or cost based approach. The income approach predominantly considers discounted cash flows which is the measure of expected future cash flows in a default scenario, implied by the value of the underlying collateral, where applicable, and current performance whereas the market based approach predominantly considers pull-through rates, industry multiples and the unpaid principal balance. Fair value measurements of loans are sensitive to changes in assumptions regarding prepayments, probability of default, loss severity in the event of default, forecasts of home prices, and significant activity or developments in the real estate market. Fair value measurements of residential mortgage servicing rights are sensitive to changes in assumptions regarding prepayments, discount rates, and cost of servicing. Fair value measurements of derivative instruments, specifically IRLC’s, are sensitive to changes in assumptions related to origination pull-through rates, servicing fee multiples, and percentages of unpaid principal balances. Origination pull-through rates are also dependent on factors such as market interest rates, type of origination, length of lock, purpose of the loan (purchase or refinance), type of loan (fixed or variable), and the processing status of the loan. In addition, the fair value of the acquired contingent consideration was determined using a Monte Carlo simulation model which considers various potential results based on Level 3 inputs, including management’s latest estimates of future operating results. Fair value measurements of the contingent consideration liability, are sensitive to changes in assumptions related to earnings before tax (“EBT”), discount rate and risk-free rate of return. 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 table below presents financial instruments carried at fair value on a recurring basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 549,917 ​ $ — ​ $ 549,917 Loans, net, at fair value — ​ — ​ 12,162 ​ 12,162 Paycheck Protection Program loans — ​ — ​ 9,873 ​ 9,873 Mortgage backed securities, at fair value — ​ 116,129 ​ 1,552 ​ 117,681 Derivative instruments, at fair value ​ — ​ ​ 3,820 ​ ​ 2,360 ​ ​ 6,180 Residential mortgage servicing rights, at fair value — ​ — ​ 107,589 ​ 107,589 Total assets $ — ​ $ 669,866 ​ $ 133,536 ​ $ 803,402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration $ — ​ $ — ​ $ 12,400 ​ $ 12,400 Total liabilities $ — ​ $ — ​ $ 12,400 ​ $ 12,400 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 table below presents the valuation techniques and significant unobservable inputs used to value Level 3 financial instruments, using third party information without adjustment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands, except price) Fair Value Predominant Valuation Technique (a) Type Range Weighted Average September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage servicing rights, at fair value $ 107,589 Income Approach Forward prepayment rate | Discount rate | Cost of servicing ​ (b) ​ (b) Derivative instruments, at fair value $ 2,360 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 65.0 - 100% | 0.9 - 5.2% | 0.3 to 3.0% ​ 87.1% | 4.1% | 1.3% Contingent consideration $ 12,400 ​ Monte Carlo Simulation Model ​ EBT volatility | Risk-free rate of return | EBT discount rate | Liability discount rate ​ 25.0% | 0.4% | 17.6% | 3.3% ​ 25.0% | 0.4% | 17.6% | 3.3% December 31, 2020 ​ ​ ​ ​ ​ Residential mortgage servicing rights, at fair value $ 76,840 Income Approach Forward prepayment rate | Discount rate | Cost of servicing ​ (b) ​ (b) 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. (b) Refer to Note 9 - Servicing Rights for more information on Residential mortgage servicing rights unobservable inputs. ​ Included within Level 3 assets of $133.5 million as of September 30, 2021 and $207.1 million as of December 30, 2020, is $23.6 million and $113.9 million of quoted or transaction prices in which quantitative unobservable inputs are not developed by the Company when measuring fair value, respectively. ​ ​ The tables below present a summary of changes in fair value for Level 3 assets and liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) MBS Derivatives Loans, net, at fair value Paycheck Protection Program loans Residential MSRs, at fair value ​ Contingent Consideration ​ ​ Total Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 1,714 ​ $ 6,130 ​ $ 13,681 ​ $ 16,431 ​ $ 100,820 ​ $ — ​ $ 138,776 Purchases or Originations — ​ — ​ — ​ — ​ — ​ (12,400) ​ ​ (12,400) Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11,622 ​ ​ — ​ ​ 11,622 Sales / Principal payments ​ — ​ ​ — ​ ​ (1,380) ​ ​ (6,558) ​ ​ (5,000) ​ ​ — ​ ​ (12,938) Realized gains, net ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Unrealized gains (losses), net ​ 29 ​ ​ (3,770) ​ ​ (139) ​ ​ — ​ ​ 147 ​ ​ — ​ ​ (3,733) Accreted discount, net ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Transfer to (from) Level 3 ​ (191) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (191) Ending Balance $ 1,552 ​ $ 2,360 ​ $ 12,162 ​ $ 9,873 ​ $ 107,589 ​ $ (12,400) ​ $ 121,136 Unrealized gains (losses), net on assets/liabilities $ 124 ​ $ 2,360 ​ $ (329) ​ $ — ​ $ (36,406) ​ $ — ​ $ (34,251) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ 74,931 ​ $ 76,840 ​ $ — ​ $ 207,060 Purchases or Originations — ​ — ​ — ​ 3,866 ​ — ​ (12,400) ​ (8,534) Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 35,595 ​ ​ — ​ ​ 35,595 Sales / Principal payments ​ (92) ​ ​ — ​ ​ (1,592) ​ ​ (68,924) ​ ​ (15,650) ​ ​ — ​ ​ (86,258) Realized gains, net ​ — ​ ​ — ​ ​ (5) ​ ​ — ​ ​ — ​ ​ — ​ ​ (5) Unrealized gains (losses), net ​ 1,223 ​ ​ (14,003) ​ ​ (36) ​ ​ — ​ ​ 10,804 ​ ​ — ​ ​ (2,012) Accreted discount, net ​ 60 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 60 Transfer to (from) Level 3 ​ (24,770) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (24,770) Ending Balance $ 1,552 ​ $ 2,360 ​ $ 12,162 ​ $ 9,873 ​ $ 107,589 ​ $ (12,400) ​ $ 121,136 Unrealized gains (losses), net on assets/liabilities $ 124 ​ $ 2,360 ​ $ (329) ​ $ — ​ $ (36,406) ​ $ — ​ $ (34,251) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 411 ​ $ 19,037 ​ $ 124,298 ​ $ — ​ $ 73,645 ​ $ — ​ $ 217,391 Originations 12,640 ​ — ​ 1,198 ​ — ​ 11,343 ​ — ​ ​ 25,181 Sales / Principal payments ​ (11) ​ ​ — ​ ​ (5,911) ​ ​ — ​ ​ (5,916) ​ ​ — ​ ​ (11,838) Realized gains, net ​ — ​ ​ — ​ ​ 375 ​ ​ — ​ ​ — ​ ​ — ​ ​ 375 Unrealized gains (losses), net ​ (114) ​ ​ 1,812 ​ ​ 5 ​ ​ — ​ ​ (4,688) ​ ​ — ​ ​ (2,985) Transfer to (from) Level 3 ​ (276) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (276) Ending Balance $ 12,650 ​ $ 20,849 ​ $ 119,965 ​ $ — ​ $ 74,384 ​ $ — ​ $ 227,848 Unrealized gains (losses), net on assets/liabilities $ (82) ​ $ 20,849 ​ $ (333) ​ $ — ​ $ (43,123) ​ $ — ​ $ (22,689) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ — ​ $ 91,174 ​ $ — ​ $ 114,660 Originations 12,640 ​ — ​ 106,728 ​ — ​ — ​ — ​ ​ 119,368 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,821 ​ ​ — ​ ​ 31,821 Sales / Principal payments ​ (13) ​ ​ — ​ ​ (6,207) ​ ​ — ​ ​ (15,443) ​ ​ — ​ ​ (21,663) Realized gains, net ​ — ​ ​ — ​ ​ 375 ​ ​ — ​ ​ — ​ ​ — ​ ​ 375 Unrealized gains (losses), net ​ (154) ​ ​ 18,035 ​ ​ (1,143) ​ ​ — ​ ​ (33,168) ​ ​ — ​ ​ (16,430) Transfer to (from) Level 3 ​ (283) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (283) Ending Balance $ 12,650 ​ $ 20,849 ​ $ 119,965 ​ $ — ​ $ 74,384 ​ $ — ​ $ 227,848 Unrealized gains (losses), net on assets/liabilities $ (82) ​ $ 20,849 ​ $ (333) ​ $ — ​ $ (43,123) ​ $ — ​ $ (22,689) ​ 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. ​ ​ Financial instruments not carried at fair value The table below presents the carrying value and estimated fair value of financial instruments that are not carried at fair value and are classified as Level 3. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 (In Thousands) Carrying Value Estimated Carrying Value Estimated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 5,768,110 ​ $ 5,705,504 ​ $ 4,009,636 ​ $ 4,103,200 Paycheck Protection Program loans ​ ​ 1,774,953 ​ ​ 1,857,853 ​ ​ — ​ ​ — Purchased future receivables, net ​ ​ 6,567 ​ ​ 6,567 ​ ​ 17,308 ​ ​ 17,308 Servicing rights ​ ​ 63,517 ​ 69,869 ​ 37,823 ​ 47,567 Total assets ​ $ 7,613,147 ​ $ 7,639,793 ​ $ 4,064,767 ​ $ 4,168,075 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 2,044,069 ​ $ 2,044,069 ​ $ 1,294,243 ​ $ 1,294,243 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 1,945,883 ​ ​ 1,945,883 ​ ​ 76,276 ​ ​ 76,276 Securitized debt obligations of consolidated VIEs, net ​ 2,676,265 ​ 2,230,143 ​ 1,905,749 ​ 1,907,541 Senior secured note, net ​ ​ 179,914 ​ ​ 180,740 ​ ​ 179,659 ​ ​ 188,114 Guaranteed loan financing ​ 348,774 ​ 370,602 ​ 401,705 ​ 426,348 Convertible notes, net ​ ​ 112,966 ​ ​ 93,350 ​ ​ 112,129 ​ ​ 68,186 Corporate debt, net ​ ​ 333,975 ​ ​ 346,445 ​ ​ 150,989 ​ ​ 151,209 Total liabilities ​ $ 7,641,846 ​ $ 7,211,232 ​ $ 4,120,750 ​ $ 4,111,917 ​ Other assets of $38.0 million as of September 30, 2021, and $23.8 million as of December 31, 2020, are not carried at fair value and include due from servicers and accrued interest, which are presented in Note 19 – Other Assets and Other Liabilities. Receivables from third parties of $51.6 million as of September 30, 2021, and $1.2 million as of December 31, 2020, are not carried at fair value but generally approximate fair value and are classified as Level 3. Accounts payable and other accrued liabilities of $25.3 million as of September 30, 2021, and $23.8 million as of December 31, 2020, are not carried at fair value and include payables to related parties and accrued interest payable which are included in Note 19. For these instruments, carrying value generally approximates fair value and are classified as Level 3.

Mortgage Backed Securities

Mortgage Backed Securities	9 Months Ended
	Sep. 30, 2021
Mortgage Backed Securities
Mortgage Backed Securities	Note 8. Mortgage backed securities ​ The table below presents information about the mortgage backed securities portfolio, which is 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 12/2037 ​ 3.9 % $ 114,234 ​ $ 49,088 ​ $ 54,638 ​ $ 5,550 ​ $ — Commercial Loans ​ 11/2050 ​ 4.5 ​ ​ 72,806 ​ ​ 39,037 ​ ​ 34,581 ​ ​ 772 ​ ​ (5,228) Residential 01/2041 3.6 ​ 31,748 ​ 24,793 ​ 28,462 ​ 3,708 ​ (39) Total Mortgage backed securities, at fair value ​ 01/2044 ​ 4.1 % $ 218,788 ​ $ 112,918 ​ $ 117,681 ​ $ 10,030 ​ $ (5,267) 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 table below presents information about the maturity of the mortgage backed securities portfolio. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Principal ​ Amortized ​ ​ (In Thousands) Interest Rate(a) Balance ​ Cost ​ Fair Value September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years — % $ — ​ $ — ​ $ — After ten years 4.1 ​ 218,788 ​ 112,918 ​ 117,681 Total Mortgage backed securities, at fair value ​ 4.1 % $ 218,788 ​ $ 112,918 ​ $ 117,681 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	9 Months Ended
	Sep. 30, 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 table below presents information about servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (In Thousands) 2021 2020 2021 2020 SBA servicing rights, at amortized cost ​ Beginning net carrying amount ​ $ 19,721 ​ $ 17,318 ​ $ 18,764 ​ $ 17,660 ​ Additions due to loans sold, servicing retained ​ 2,778 ​ 993 ​ 6,478 ​ 2,328 ​ Acquisitions ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Amortization ​ (986) ​ (909) ​ (3,075) ​ (2,642) ​ Impairment (recovery) ​ (308) ​ 138 ​ (962) ​ 194 ​ Ending net carrying amount ​ $ 21,205 ​ $ 17,540 ​ $ 21,205 ​ $ 17,540 ​ Freddie Mac multi-family servicing rights, at amortized cost ​ Beginning net carrying amount ​ $ 24,724 ​ $ 16,798 ​ $ 19,059 ​ $ 13,135 ​ Additions due to loans sold, servicing retained ​ 3,292 ​ 2,107 ​ 10,760 ​ 7,094 ​ Acquisitions ​ 15,800 ​ — ​ 15,800 ​ — ​ Amortization ​ (1,504) ​ (784) ​ (3,307) ​ (2,108) ​ Ending net carrying amount ​ $ 42,312 ​ $ 18,121 ​ $ 42,312 ​ $ 18,121 ​ Total servicing rights, at amortized cost ​ $ 63,517 ​ $ 35,661 ​ $ 63,517 ​ $ 35,661 ​ Residential mortgage servicing rights, at fair value ​ Beginning net carrying amount ​ $ 100,820 ​ $ 73,645 ​ $ 76,840 ​ $ 91,174 ​ Additions due to loans sold, servicing retained ​ 11,622 ​ 11,343 ​ 35,595 ​ 31,821 ​ Loan pay-offs ​ ​ (5,000) ​ ​ (5,916) ​ ​ (15,650) ​ ​ (15,443) ​ Unrealized gains (losses) ​ 147 ​ (4,688) ​ 10,804 ​ (33,168) ​ Ending fair value amount ​ $ 107,589 ​ $ 74,384 ​ $ 107,589 ​ $ 74,384 ​ Total servicing rights ​ $ 171,106 ​ $ 110,045 ​ $ 171,106 ​ $ 110,045 ​ ​ 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 table below presents additional information about SBA and Freddie Mac multi-family servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ ​ Unpaid Principal ​ ​ ​ Unpaid Principal ​ ​ (In Thousands) ​ Amount ​ Carrying Value ​ Amount ​ Carrying Value SBA ​ $ 813,089 ​ $ 21,205 ​ $ 643,135 ​ $ 18,764 Freddie Mac multi-family ​ ​ 4,043,989 ​ ​ 42,312 ​ ​ 1,501,998 ​ ​ 19,059 Total ​ $ 4,857,078 ​ $ 63,517 ​ $ 2,145,133 ​ $ 37,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents significant assumptions used in the estimated valuation of SBA and Freddie Mac multi-family servicing rights carried at amortized cost. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Range of input values ​ Weighted Range of input values ​ Weighted SBA servicing rights ​ Forward prepayment rate ​ 7.1 - 21.1 % ​ 8.3 % ​ 6.7 - 20.8 % ​ 8.5 % ​ Forward default rate ​ 0.0 - 10.6 % ​ 9.1 % ​ 0.0 - 10.5 % ​ 8.2 % ​ Discount rate ​ 9.2 - 21.0 % ​ 9.8 % ​ 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 ​ Forward prepayment rate ​ 0.0 - 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 ​ 0.1 - 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 table below presents the possible impact of 10% and 20% adverse changes to key assumptions on SBA and Freddie Mac multi-family servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 December 31, 2020 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (649) ​ $ (729) Impact of 20% adverse change ​ $ (1,266) ​ $ (1,420) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (157) ​ $ (150) Impact of 20% adverse change ​ $ (312) ​ $ (298) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (720) ​ $ (395) Impact of 20% adverse change ​ $ (1,394) ​ $ (777) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,338) ​ $ (1,250) Impact of 20% adverse change ​ $ (2,676) ​ $ (2,501) Freddie Mac multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (202) ​ $ (163) Impact of 20% adverse change ​ $ (401) ​ $ (324) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (8) ​ $ (6) Impact of 20% adverse change ​ $ (16) ​ $ (13) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,336) ​ $ (678) Impact of 20% adverse change ​ $ (2,609) ​ $ (1,324) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,679) ​ $ (1,947) Impact of 20% adverse change ​ $ (5,359) ​ $ (3,894) ​ The table below presents estimated future amortization expense for SBA and Freddie Mac multi-family servicing rights. ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 2021 ​ $ 4,114 2022 ​ 9,292 2023 ​ 8,241 2024 ​ 7,333 2025 ​ 6,567 Thereafter ​ 27,970 Total ​ $ 63,517 ​ Residential mortgage servicing rights. ​ The table below presents additional information about residential mortgage servicing rights carried at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 (In Thousands) ​ Unpaid Principal Amount ​ Fair Value ​ Unpaid Principal Amount ​ Fair Value Fannie Mae ​ $ 3,975,954 ​ $ 37,474 ​ $ 3,700,450 ​ $ 27,632 Ginnie Mae ​ ​ 2,858,078 ​ ​ 31,264 ​ ​ 2,757,124 ​ ​ 25,899 Freddie Mac ​ ​ 3,892,128 ​ ​ 38,851 ​ ​ 3,071,312 ​ ​ 23,309 Total ​ $ 10,726,160 ​ $ 107,589 ​ $ 9,528,886 ​ $ 76,840 ​ The table below presents significant assumptions used in the valuation of residential mortgage servicing rights carried at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Range of input ​ Weighted Range of input ​ Weighted Residential mortgage servicing rights ​ Forward prepayment rate ​ 10.1 - 29.4 % ​ 10.8 % ​ 12.6 - 31.4 % ​ 14.3 % ​ Discount rate ​ 9.0 - 11.2 % ​ 9.5 % ​ 9.1 - 11.7 % ​ 9.8 % ​ Cost of servicing ​ $70 - $85 ​ ​ $74 ​ ​ $70 - $85 ​ ​ $74 ​ ​ Assumptions can change between and at each reporting period as market conditions and projected interest rates change. ​ The table below presents the possible impact of 10% and 20% adverse changes to key assumptions on the fair value of residential mortgage servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 ​ December 31, 2020 Residential mortgage servicing rights ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,253) ​ $ (5,049) Impact of 20% adverse change ​ $ (10,140) ​ $ (9,701) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (3,911) ​ $ (2,601) Impact of 20% adverse change ​ $ (7,552) ​ $ (5,028) Cost of servicing ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,954) ​ $ (1,469) Impact of 20% adverse change ​ $ (3,908) ​ $ (2,938) ​

Residential mortgage banking ac

Residential mortgage banking activities and variable expenses on residential mortgage banking activities	9 Months Ended
	Sep. 30, 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 table below presents the components of residential mortgage banking activities and associated variable expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (In Thousands) 2021 2020 2021 2020 ​ Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ $ 26,346 ​ $ 61,131 ​ $ 86,926 ​ $ 143,747 ​ Creation of new mortgage servicing rights, net of payoffs ​ ​ 6,623 ​ ​ 5,427 ​ ​ 19,947 ​ ​ 16,378 ​ Loan origination fee income on residential mortgage loans ​ ​ 4,720 ​ ​ 6,021 ​ ​ 16,143 ​ ​ 15,529 ​ Unrealized gain (loss) on IRLCs and other derivatives ​ (419) ​ ​ 2,945 ​ (7,647) ​ ​ 17,103 ​ Residential mortgage banking activities ​ $ 37,270 ​ $ 75,524 ​ $ 115,369 ​ $ 192,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ $ (24,380) ​ $ (30,918) ​ $ (61,286) ​ $ (87,494) ​ ​

Secured Borrowings

Secured Borrowings	9 Months Ended
	Sep. 30, 2021
Secured Borrowings
Secured borrowings	​ Note 11. Secured borrowings ​ The table below presents certain characteristics of secured borrowings. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at Lender Asset Class Current Maturity Pricing Facility Size Pledged Assets September 30, 2021 December 31, 2020 JPMorgan Acquired loans, SBA loans August 2022 ​ 1M L + 2.5% to 2.875% ​ $ 200,000 ​ $ 61,371 ​ $ 46,307 ​ $ 36,604 Keybank Freddie Mac loans February 2022 ​ SOFR + 1.41% ​ ​ 100,000 ​ ​ 13,495 ​ ​ 13,268 ​ ​ 50,408 East West Bank SBA loans October 2022 ​ Prime - 0.821% to + 0.00% ​ ​ 75,000 ​ ​ 66,441 ​ ​ 50,201 ​ ​ 40,542 Credit Suisse Acquired loans (non USD) December 2021 ​ Euribor + 2.50% to 3.00% ​ ​ 231,600 ​ ​ 51,781 ​ ​ 40,250 ​ ​ 36,840 Comerica Bank Residential loans June 2022 ​ 1M L + 1.75% ​ ​ 100,000 ​ ​ 95,254 ​ ​ 89,793 ​ ​ 78,312 TBK Bank Residential loans October 2021 ​ Variable Pricing ​ ​ 150,000 ​ ​ 118,217 ​ ​ 116,628 ​ ​ 123,951 Origin Bank Residential loans September 2022 ​ Variable Pricing ​ ​ 60,000 ​ ​ 32,985 ​ ​ 31,840 ​ ​ 27,450 Associated Bank Residential loans November 2021 ​ 1M L + 1.50% ​ ​ 60,000 ​ ​ 32,012 ​ ​ 30,631 ​ ​ 15,556 East West Bank Residential MSRs September 2023 ​ 1M L + 2.50% ​ ​ 50,000 ​ ​ 76,325 ​ ​ 49,400 ​ ​ 34,400 Credit Suisse Purchased future receivables October 2023 ​ 1M L + 4.50% ​ ​ 50,000 ​ ​ 6,567 ​ ​ 1,000 ​ ​ — Bank of the Sierra Real estate August 2050 ​ 3.25% to 3.45% ​ ​ 22,770 ​ ​ 32,428 ​ ​ 22,281 ​ ​ 22,611 Western Alliance Residential loans July 2022 ​ 3.75% to 4.75% ​ ​ 50,000 ​ ​ 350 ​ ​ 335 ​ ​ — Total borrowings under credit facilities and other financing agreements ​ $ 1,149,370 ​ $ 587,226 ​ $ 491,934 ​ $ 466,674 Citibank Fixed rate, Transitional, Acquired loans October 2021 ​ 1M L + 2.00% to 3.00% ​ $ 500,000 ​ $ 142,163 ​ $ 110,773 ​ $ 210,735 Deutsche Bank Fixed rate, Transitional loans November 2021 ​ 3M L + 2.00% to 2.40% ​ ​ 350,000 ​ ​ 308,636 ​ ​ 225,974 ​ ​ 190,567 JPMorgan Transitional loans November 2022 ​ 1M L + 2.00% to 2.75% ​ ​ 700,000 ​ ​ 858,005 ​ ​ 636,171 ​ ​ 247,616 Performance Trust Acquired loans March 2024 ​ 1M T + 2.00% ​ ​ 174,000 ​ ​ 98,071 ​ ​ 84,419 ​ ​ — Credit Suisse Fixed rate, Transitional, Acquired loans May 2022 ​ 1M L + 2.00% to 2.35% ​ ​ 500,000 ​ ​ 252,998 ​ ​ 184,892 ​ ​ — Credit Suisse Residential loans December 2021 ​ L + 3.00% ​ ​ 100,000 ​ ​ 74,994 ​ ​ 60,390 ​ ​ — JPMorgan MBS October 2021 ​ 1.15% to 1.63% ​ ​ 33,338 ​ ​ 57,770 ​ ​ 33,338 ​ ​ 65,407 Deutsche Bank MBS October 2021 ​ 2.38% ​ ​ 12,956 ​ ​ 19,777 ​ ​ 12,956 ​ ​ 16,354 Citibank MBS October 2021 ​ 2.33% ​ ​ 48,094 ​ ​ 83,231 ​ ​ 48,094 ​ ​ 58,076 RBC MBS October 2021 ​ 1.31% to 1.96% ​ ​ 62,458 ​ ​ 93,061 ​ ​ 62,458 ​ ​ 38,814 CSFB MBS October 2021 ​ 2.40% to 2.95% ​ ​ 58,786 ​ ​ 108,138 ​ ​ 58,786 ​ ​ — Various MBS October 2021 ​ Variable Pricing ​ ​ 33,884 ​ ​ 53,148 ​ ​ 33,884 ​ ​ — Total borrowings under repurchase agreements ​ $ 2,573,516 ​ $ 2,149,992 ​ $ 1,552,135 ​ $ 827,569 Total secured borrowings ​ $ 3,722,886 ​ $ 2,737,218 ​ $ 2,044,069 ​ $ 1,294,243 ​ In the table above: ● The current facility size for borrowings under credit facilities due to Credit Suisse is €200.0 million, but has been converted into USD for purposes of this disclosure. ● The weighted average interest rate of borrowings under credit facilities was 2.8% and 2.8% as of September 30, 2021 and December 31, 2020, respectively. ● The weighted average interest rate of borrowings under repurchase agreements was 2.0% and 3.3% as of September 30, 2021 and December 31, 2020, respectively. ● The agreements governing secured borrowings require maintenance of certain financial and debt covenants. The Company received a waiver from certain financing counterparties to exclude the Paycheck Protection Program Liquidity Fund from certain covenant calculations as of September 30, 2021 and therefore was in compliance with all debt and financial covenants as of the current period ended. The Company was in compliance with all debt and financial covenants as of December 31, 2020. ​ The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value (In Thousands) ​ September 30, 2021 December 31, 2020 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 294,940 $ 313,844 Loans, net ​ ​ 176,966 ​ 159,482 Loans, held at fair value ​ ​ — ​ 73,799 Mortgage servicing rights ​ ​ 76,325 ​ 50,941 Purchased future receivables ​ ​ 6,567 ​ — Real estate owned, held for sale ​ ​ 32,428 ​ 32,948 Total ​ $ 587,226 $ 631,014 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 1,533,817 $ 815,603 Mortgage backed securities ​ 99,452 72,179 Trade receivable ​ 26,909 — Retained interest in assets of consolidated VIEs ​ ​ 288,764 ​ 226,773 Loans, held for sale, at fair value ​ ​ 198,075 ​ 17,850 Loans, held at fair value ​ 1,550 3,071 Real estate acquired in settlement of loans ​ ​ 1,425 ​ 829 Total ​ $ 2,149,992 $ 1,136,305 Total collateral pledged on secured borrowings ​ $ 2,737,218 $ 1,767,319 ​ ​ ​ ​ ​ ​ ​

Senior secured notes, convertib

Senior secured notes, convertible notes, and corporate debt, net	9 Months Ended
	Sep. 30, 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 L.P., 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. ​ On October 20, 2021, the Company redeemed all of the outstanding Senior Secured Notes in connection with the issuance of ReadyCap Holdings, LLC's 4.50% Senior Secured Notes due 2026. Refer to Note 28 - Subsequent Events for additional information. ​ 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 September 30, 2021, the conversion rate was 1.6146 shares of common stock per $25 principal amount of the Convertible Notes, which equals a conversion price of approximately $15.48 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 September 30, 2021, the Company was in compliance with all covenants with respect to the Convertible Notes. ​ Corporate debt, net The 2021 Notes On April 27, 2018, the Company completed the public offer and sale of $50.0 million 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 accrued 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, on July 30, 2018. The 2021 Notes had a maturity date of April 30, 2021. ​ 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. ​ The 6.20% 2026 Notes 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 (except 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. ​ The 5.75% 2026 Notes 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 September 30, 2021, the Company was in compliance with all covenants with respect to the Corporate debt. ​ Junior subordinated notes On March 19, 2021, the Company completed the ANH Merger which included the Company assuming the outstanding junior subordinated notes (“Junior subordinated notes”) issued to ANH. On March 15, 2005 ANH issued $37.38 million of junior subordinated notes to a newly formed statutory trust, Anworth Capital Trust I, organized by ANH under Delaware law. The trust issued $36.25 million in trust preferred securities, of which $15 million were for I-A notes and $21.25 million 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 Debt ATM Agreement On May 20, 2021, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”), pursuant to which the Company may offer and sell, from time to time, up to $100.0 million of the 6.20% 2026 Notes and the 5.75% 2026 Notes. Sales of the 6.20% 2026 Notes and the 5.75% 2026 Notes pursuant to the Sales Agreement, if any, may be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”) (the “Debt ATM Program”). The Agent is not required to sell any specific number of the notes, but the Agent will make all sales using commercially reasonable efforts consistent with its normal trading and sales practices on mutually agreed terms between the Agent and the Company. During the three months ended September 30, 2021, the Company did not sell any amount of the 6.20% 2026 Notes or the 5.75% 2026 Notes through the Debt ATM Program. ​ ​ The table below presents information about our senior secured notes, convertible notes, and corporate debt. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, except rates) Coupon Rate ​ Maturity Date September 30, 2021 Senior secured notes principal amount (1) ​ 7.50 % ​ 2/15/2022 ​ $ 180,000 Unamortized premium - Senior secured notes ​ ​ ​ ​ ​ ​ ​ 294 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (380) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 179,914 Convertible notes principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (748) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (1,286) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 112,966 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 ​ ​ ​ ​ ​ ​ ​ (4,531) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (3,244) 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 ​ ​ ​ ​ ​ ​ $ 333,975 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 626,855 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 748 (1) Interest on the senior secured notes is payable semiannually on each February 15 and August 15. (2) Interest on the convertible notes is payable quarterly on February 15, May 15, August 15, and November 15 of each year. (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. (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 table below presents the contractual maturities for our senior secured notes, convertible notes, and corporate debt. ​ ​ ​ ​ ​ (In Thousands) September 30, 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 ​ ​ (9,895) Total carrying amount of debt ​ $ 626,855 ​

Guaranteed loan financing

Guaranteed loan financing	9 Months Ended
	Sep. 30, 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. Guaranteed loan financings are secured by loans of $349.8 million and $403.0 million as of September 30, 2021 and December 31, 2020, respectively. ​ The table below 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 ​ September 30, 2021 ​ 3.78 % 0.99-6.50 % 2021-2044 ​ $ 348,774 ​ December 31, 2020 ​ 3.76 % 0.99-6.50 % 2021-2044 ​ $ 401,705 ​ ​ The table below presents the contractual maturities of our guaranteed loan financing. ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 2021 $ 6 2022 ​ 883 2023 ​ 1,182 2024 ​ 2,036 2025 ​ ​ 2,924 Thereafter ​ 341,743 Total ​ $ 348,774 ​

Variable interest entities and

Variable interest entities and securitization activities	9 Months Ended
	Sep. 30, 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 vehicles, most notably trusts. We primarily securitize our acquired and originated loans, which provides a source of funding and has enabled us to transfer a certain portion of economic risk on 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 VIE activity in which we are involved in are consolidated within our financial statements. Refer to Note 3 – Summary of Significant Accounting Policies 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. ​ As a result of the consolidation, the securitization is viewed as a loan financing to enable the creation of the senior security and ultimately, sale 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, with the exception of 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 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 table below presents additional information on the Company’s securitized debt obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 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 ​ $ — ​ $ — ​ — % ​ $ 4,055 ​ $ 4,055 ​ 5.5 % ReadyCap Lending Small Business Trust 2019-2 ​ ​ 85,082 ​ ​ 83,924 ​ 2.6 ​ ​ ​ 103,030 ​ ​ 101,468 ​ 3.1 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 19,524 ​ ​ 19,224 ​ 3.9 ​ ​ ​ 27,035 ​ ​ 26,555 ​ 3.6 ​ Sutherland Commercial Mortgage Trust 2018-SBC7 ​ ​ — ​ ​ — ​ — ​ ​ ​ 79,302 ​ ​ 78,168 ​ 4.7 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 153,755 ​ ​ 151,470 ​ 2.9 ​ ​ ​ 178,911 ​ ​ 176,307 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ 106,553 ​ ​ 104,465 ​ 4.1 ​ ​ ​ 131,729 ​ ​ 129,014 ​ 3.8 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 169,007 ​ ​ 166,566 ​ 1.6 ​ ​ ​ — ​ ​ — ​ — ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ 8,300 ​ ​ 8,283 ​ 5.7 ​ ​ 10,880 ​ ​ 10,858 ​ 5.8 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 22,530 ​ ​ 20,680 ​ 5.2 ​ ​ 45,075 ​ ​ 35,183 ​ 4.8 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 19,376 ​ ​ 18,490 ​ 5.0 ​ ​ 26,371 ​ ​ 25,286 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 88,496 ​ ​ 85,734 ​ 4.1 ​ ​ ​ 94,273 ​ ​ 91,098 ​ 4.0 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 177,177 ​ ​ 169,507 ​ 4.3 ​ ​ ​ 229,232 ​ ​ 220,605 ​ 4.2 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 320,674 ​ ​ 314,884 ​ 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 ​ ​ 138,231 ​ ​ 137,988 ​ 1.7 ​ ​ ​ 229,440 ​ ​ 227,950 ​ 2.0 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 324,208 ​ ​ 320,401 ​ 3.0 ​ ​ ​ 324,219 ​ ​ 318,385 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 510,955 ​ ​ 505,184 ​ 1.5 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 543,223 ​ ​ 535,590 ​ 1.3 ​ ​ ​ — ​ ​ — ​ — ​ Total ​ $ 2,687,091 $ 2,642,390 ​ 2.4 % $ 1,891,797 $ 1,842,680 ​ 3.3 % ​ The table above excludes non-company sponsored securitized debt obligations of $33.9 million and $63.1 million that are consolidated in the consolidated balance sheets as of September 30, 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 as we do not have the power to direct the activities that most significantly impact their economic performance therefore, we only account for our specific interest in them. ​ Assets and liabilities of consolidated VIEs The table below presents securitized assets and liabilities of consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 December 31, 2020 Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 4 $ 20 Restricted cash ​ 22,353 ​ ​ 13,790 Loans, net ​ ​ 3,395,775 ​ ​ 2,472,807 Real estate owned, held for sale ​ ​ 2,778 ​ ​ 4,456 Other assets ​ ​ 17,513 ​ ​ 27,670 Total assets ​ $ 3,438,423 ​ $ 2,518,743 Liabilities ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 2,676,265 ​ ​ 1,905,749 Total liabilities ​ $ 2,676,265 ​ $ 1,905,749 ​ ​ Assets of unconsolidated VIEs The table below reflects our variable interests in identified VIEs, of which we are not the primary beneficiary. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (In Thousands) ​ September 30, 2021 ​ December 31, 2020 ​ September 30, 2021 ​ December 31, 2020 Mortgage backed securities, at fair value (2) $ 83,398 ​ $ 80,690 $ 83,398 ​ $ 80,690 Investment in unconsolidated joint ventures ​ ​ 22,635 ​ ​ 28,290 ​ ​ 22,635 ​ ​ 28,290 Total assets in unconsolidated VIEs ​ $ 106,033 ​ $ 108,980 ​ $ 106,033 ​ $ 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	9 Months Ended
	Sep. 30, 2021
Interest income and interest expense
Interest income and interest expense	​ Note 15. Interest income and interest expense ​ Interest income and expense are recorded in the consolidated statements of income and classified based on the nature of the underlying asset or liability. The table below presents the components of interest income and expense. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (In Thousands) 2021 2020 2021 2020 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated transitional loans ​ $ 41,287 ​ $ 21,366 ​ $ 98,874 ​ $ 65,953 Originated SBC loans ​ ​ 12,041 ​ ​ 12,784 ​ ​ 36,794 ​ ​ 42,712 Acquired loans ​ ​ 14,710 ​ ​ 13,611 ​ ​ 41,892 ​ ​ 42,938 Acquired SBA 7(a) loans ​ ​ 4,665 ​ ​ 4,014 ​ ​ 14,129 ​ ​ 14,165 Originated SBA 7(a) loans ​ ​ 5,394 ​ ​ 4,413 ​ ​ 14,248 ​ ​ 15,153 Originated SBC loans, at fair value ​ ​ 268 ​ ​ 639 ​ ​ 746 ​ ​ 1,470 Originated residential agency loans ​ ​ 27 ​ ​ 40 ​ ​ 106 ​ ​ 89 Total loans (1) ​ $ 78,392 ​ $ 56,867 ​ $ 206,789 ​ $ 182,480 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated residential agency loans ​ $ 3,221 ​ $ 2,178 ​ $ 8,503 ​ $ 5,376 Originated Freddie loans ​ ​ 653 ​ ​ 221 ​ ​ 1,985 ​ ​ 911 Acquired loans ​ ​ 372 ​ ​ 39 ​ ​ 376 ​ ​ 166 Total loans, held for sale, at fair value (1) ​ $ 4,246 ​ $ 2,438 ​ $ 10,864 ​ $ 6,453 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans ​ $ 18,716 ​ $ — ​ ​ 51,380 ​ $ — Paycheck Protection Program loans, at fair value ​ ​ (36) ​ ​ 302 ​ ​ 547 ​ ​ 496 Total Paycheck Protection Program loans ​ $ 18,680 ​ $ 302 ​ $ 51,927 ​ $ 496 Mortgage backed securities, at fair value ​ $ 3,818 ​ $ 1,467 ​ $ 11,974 ​ $ 4,397 Total interest income ​ $ 105,136 ​ $ 61,074 ​ $ 281,554 ​ $ 193,826 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ (14,048) ​ $ (9,898) ​ $ (49,687) ​ $ (36,196) Paycheck Protection Program Liquidity Facility borrowings ​ (2,258) ​ (51) ​ (4,137) ​ (51) Securitized debt obligations of consolidated VIEs ​ (19,490) ​ (21,351) ​ (60,004) ​ (58,196) Guaranteed loan financing ​ ​ (3,472) ​ ​ (4,110) ​ ​ (10,595) ​ ​ (14,506) Senior secured note ​ (3,465) ​ (3,466) ​ (10,380) ​ (10,407) Convertible note ​ ​ (2,188) ​ ​ (2,188) ​ ​ (6,564) ​ ​ (6,564) Corporate debt ​ ​ (5,215) ​ ​ (2,759) ​ ​ (14,945) ​ ​ (8,242) Total interest expense ​ $ (50,136) ​ $ (43,823) ​ $ (156,312) ​ $ (134,162) Net interest income before provision for loan losses ​ $ 55,000 ​ $ 17,251 ​ $ 125,242 ​ $ 59,664 (1) Includes interest income on loans in consolidated VIEs. ​

Derivative instruments

Derivative instruments	9 Months Ended
	Sep. 30, 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 where the Company has not elected hedge accounting, fair value adjustments are made and 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 change in the fair value of derivatives is recorded in OCI and recognized in the consolidated statements of income. Derivative movements impacting earnings are recognized on a consistent basis with the classification of the hedged item, primarily interest expense. The ineffective portions of the cash flow hedges are immediately recognized in earnings. ​ ​ The table below presents average notional derivative amounts, as this is the most relevant measure of volume, and derivative assets and liability by type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative (In Thousands) ​ Primary Underlying Risk ​ Amount ​ Asset ​ Liability ​ Amount ​ Asset ​ Liability Interest rate lock commitments ​ Interest rate risk ​ $ 443,211 ​ $ 2,360 ​ $ — ​ $ 614,358 ​ $ 16,363 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 447,548 ​ ​ 981 ​ ​ — ​ ​ 160,801 ​ ​ — ​ ​ (952) Interest Rate Swaps - designated as hedges ​ Interest rate risk ​ ​ — ​ ​ — ​ ​ — ​ ​ 132,325 ​ ​ — ​ ​ (5,701) TBA Agency Securities ​ Interest rate risk ​ ​ 472,500 ​ ​ 2,352 ​ ​ — ​ ​ 565,000 ​ ​ — ​ ​ (4,004) Credit Default Swaps Credit risk ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,000 ​ ​ — ​ ​ (174) FX forwards ​ Foreign exchange rate risk ​ ​ 27,862 ​ ​ 487 ​ ​ — ​ ​ 3,866 ​ ​ — ​ ​ (773) Total ​ ​ ​ $ 1,391,121 ​ $ 6,180 ​ $ — ​ $ 1,491,350 ​ $ 16,363 ​ $ (11,604) ​ The table below presents gains and losses on derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Realized ​ Net Unrealized ​ Net Realized ​ Net Unrealized ​ (In Thousands) ​ Gain (Loss) ​ Gain (Loss) ​ Gain (Loss) ​ Gain (Loss) ​ ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 ​ Credit default swaps ​ $ (286) ​ $ 301 ​ $ (286) ​ $ 322 ​ Interest rate swaps ​ (1,419) ​ 4,126 ​ (7,198) ​ 12,596 ​ TBA Agency Securities ​ — ​ 3,351 ​ — ​ 6,356 ​ Interest rate lock commitments ​ ​ — ​ ​ (3,769) ​ ​ — ​ ​ (14,003) ​ FX forwards ​ ​ 634 ​ ​ 17 ​ ​ 276 ​ ​ 1,260 ​ Total ​ $ (1,071) ​ $ 4,026 ​ $ (7,208) ​ $ 6,531 ​ ​ ​ Three Months Ended September 30, 2020 ​ Nine Months Ended September 30, 2020 ​ Credit default swaps ​ $ — ​ $ (2) ​ $ — ​ $ 59 ​ Interest rate swaps ​ (1,189) ​ 1,310 ​ (2,185) ​ (9,194) ​ Residential mortgage banking activities interest rate swaps ​ — ​ 957 ​ — ​ (1,148) ​ Interest rate lock commitments ​ ​ — ​ ​ 1,988 ​ ​ — ​ ​ 18,251 ​ FX forwards ​ (593) ​ (98) ​ (302) ​ (196) ​ Total ​ $ (1,782) ​ $ 4,155 ​ $ (2,487) ​ $ 7,772 ​ ​ In the table above: ● Gains (losses) on credit default swaps, interest rate swaps and FX forwards are recorded in net unrealized gain (loss) on financial instruments or net realized gain (loss) on financial instruments in the consolidated statements of income. ● For qualifying hedges of interest rate risk on interest rate swaps, the effective portion relating to the unrealized gain (loss) on derivatives are recorded in accumulated other comprehensive income (loss). ● Gains (losses) on residential mortgage banking activities interest rate swaps and interest rate lock commitments are recorded in residential mortgage banking activities in the consolidated statements of income. ​ The table below summarizes the gains and losses on derivatives which have qualified for hedge accounting. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Derivatives - effective portion reclassified from AOCI to income ​ Hedge ineffectiveness recorded directly in income Total income statement impact ​ Derivatives- effective portion recorded in OCI ​ Total change in OCI for period Interest rate hedges- forecasted transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 $ (264) ​ $ — ​ $ (264) ​ $ (43) ​ $ 221 Three Months Ended September 30, 2020 $ (371) ​ $ — ​ $ (371) ​ $ 300 ​ $ 671 Nine Months Ended September 30, 2021 $ (874) ​ $ — $ (874) ​ $ 1,449 ​ $ 2,323 Nine Months Ended September 30, 2020 $ (1,104) ​ $ (1,694) $ (2,798) ​ $ (5,276) ​ $ (2,478) ​ ​ ​ In the table above: ● Forecasted transactions on interest rates consists of benchmark interest rate hedges of LIBOR-indexed floating-rate liabilities. ● 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. ● Amounts recorded in OCI for the period represents after tax amounts.

Real estate owned, held for sal

Real estate owned, held for sale	9 Months Ended
	Sep. 30, 2021
Real estate owned, held for sale
Real estate owned, held for sale	Note 17. Real estate owned, held for sale ​ The table below presents details on our real estate owned, held for sale portfolio. ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 December 31, 2020 Acquired ORM Portfolio: ​ ​ ​ ​ ​ ​ Retail ​ $ 18,401 ​ $ 18,700 Mixed Use ​ 14,023 ​ 14,248 Land ​ ​ 6,318 ​ ​ 7,256 Lodging/Residential ​ ​ 3,230 ​ ​ 3,230 Total Acquired ORM REO ​ $ 41,972 ​ $ 43,434 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 25,400 ​ $ — Retail ​ ​ 3,129 ​ ​ 660 Office ​ ​ — ​ ​ 829 SBA ​ 142 ​ 425 Total Other REO ​ $ 28,671 ​ $ 1,914 Total real estate owned, held for sale ​ $ 70,643 ​ $ 45,348 ​ In the table above, ● Other REO excludes $2.8 million as of September 30, 2021 and $4.5 million as of December 30, 2020 of real estate owned, held for sale within consolidated VIEs. ● Acquired ORM REO relates to assets acquired through a merger in March 2019 with Owens Realty Mortgage, Inc. (“ORM”).

Agreements and transactions wit

Agreements and transactions with related parties	9 Months Ended
	Sep. 30, 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 table below presents the management fee payable to our Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Management fee - total ​ $ 2.7 million ​ $ 2.7 million ​ $ 8.1 million ​ $ 7.9 million Management fee - amount unpaid ​ $ 2.7 million ​ $ 2.7 million ​ $ 2.7 million ​ $ 2.7 million ​ Incentive distribution. four twelve non-cash charges after discussions between our Manager and our independent directors and after approval by a majority of the independent directors and (ii) add back any 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 table below presents the incentive fee payable to our Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Incentive fee distribution - total ​ $ 2.8 million ​ $ 1.1 million ​ $ 3.1 million ​ $ 4.6 million Incentive fee distribution - amount unpaid ​ $ ​ $ 1.1 million ​ $ 2.8 million ​ $ 1.1 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 table below presents reimbursable expenses payable to our Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Reimbursable expenses payable to our Manager - total ​ $ 1.5 million ​ $ 0.8 million ​ $ 7.0 million ​ $ 2.8 million Reimbursable expenses payable to our Manager - amount unpaid ​ $ 1.0 million ​ $ 1.0 million ​ $ 1.0 million ​ $ 1.0 million ​ ​ Other.

Other assets and other liabilit

Other assets and other liabilities	9 Months Ended
	Sep. 30, 2021
Other assets and other liabilities
Other assets and other liabilities	Note 19. Other assets and other liabilities ​ The table below presents the composition of other assets and other liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 December 31, 2020 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 18,396 $ 18,396 ​ Deferred loan exit fees ​ ​ 22,006 ​ ​ 13,940 ​ Accrued interest ​ ​ 25,194 ​ ​ 12,656 ​ Goodwill ​ ​ 31,389 ​ ​ 11,206 ​ Due from servicers ​ ​ 12,784 ​ ​ 11,171 ​ Right-of-use lease asset ​ ​ 2,685 ​ ​ 3,172 ​ Intangible assets ​ 15,255 ​ 6,986 ​ Deferred financing costs ​ ​ 3,071 ​ ​ 2,612 ​ PPP fee receivable ​ ​ 494 ​ ​ 18 ​ Other assets ​ ​ 65,553 ​ ​ 9,346 ​ Other assets $ 196,827 ​ $ 89,503 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 16,839 ​ $ 16,839 ​ Accrued salaries, wages and commissions ​ ​ 48,193 ​ ​ 35,724 ​ Accrued interest payable ​ 19,712 ​ 19,695 ​ Servicing principal and interest payable ​ ​ 14,067 ​ ​ 7,318 ​ Repair and denial reserve ​ 15,608 ​ 9,557 ​ Payable to related parties ​ 5,578 ​ 4,088 ​ Accrued professional fees ​ ​ 4,067 ​ ​ 1,365 ​ Lease payable ​ ​ 3,607 ​ ​ 3,670 ​ Deferred LSP revenue ​ 425 ​ 10,700 ​ Accrued PPP related costs ​ ​ 24,456 ​ ​ 498 ​ Other liabilities ​ 36,642 ​ 26,201 ​ Total accounts payable and other accrued liabilities ​ $ 189,194 ​ $ 135,655 ​ ​ As of September 30, 2021, other assets includes $46.6 million of trade settlement receivables from sales of non-agency bonds in relation to ANH. ​ Intangible assets The table below presents information on our intangible assets. ​ z ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 ​ December 31, 2020 Estimated Useful Life Customer Relationships - Red Stone $ 6,740 ​ $ — 19 years Internally developed software - Knight Capital ​ 2,586 ​ ​ 3,061 6 years Trade name – Red Stone ​ 2,500 ​ ​ — Indefinite life SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Broker network - Knight Capital ​ 689 ​ ​ 889 4.5 years Favorable lease ​ 672 ​ ​ 768 12 years Trade name - Knight Capital ​ 599 ​ ​ 709 6 years Trade name - GMFS ​ 469 ​ ​ 559 15 years Total intangible assets $ 15,255 ​ $ 6,986 ​ ​ The amortization expense related to our intangible assets was $0.4 million for the three months ended September 30, 2021 and $0.3 million for the three months ended September 30, 2020. The amortization expense related to our intangible assets for both the nine months ended September 30, 2021 and 2020 was $1.0 million. Such amounts are recorded as other operating expenses in the consolidated statements of income. ​ The table below presents accumulated amortization for finite-lived intangible assets. ​ ​ ​ ​ (In Thousands) September 30, 2021 Internally developed software - Knight Capital $ 1,214 Favorable lease ​ 808 Trade name - GMFS ​ 754 Broker network - Knight Capital ​ 511 Trade name - Knight Capital ​ 281 Customer Relationships – Red Stone ​ 60 Total accumulated amortization $ 3,628 ​ The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years. ​ ​ ​ ​ (In Thousands) September 30, 2021 2021 $ 413 2022 ​ 1,626 2023 ​ 1,599 2024 ​ 1,390 2025 ​ 1,144 Thereafter ​ 5,583 Total $ 11,755 ​ 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. As of September 30, 2021 and December 31, 2020, the loan indemnification reserve was $4.3 million and $4.1 million, respectively. ​ Due to 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. As of September 30, 2021 and December 31, 2020, the reasonably possible loss above the recorded loan indemnification reserve was not material.

Other income and operating expe

Other income and operating expenses	9 Months Ended
	Sep. 30, 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, respectively. 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 direct lender and 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 elected the fair value option and thus, classified the loans as held at fair value on our consolidated balance sheets. 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. Such loans are not carried on our consolidated balance sheet and fees totaling $43.3 million were recognized as services were performed. Unrecognized fees as of September 30, 2021 were $0.4 million. Expenses related to PPP loans under the CARES Act are recognized in the period in which they are incurred. ​ ​ The table below presents details about the Company’s assets and liabilities related to its PPP activities. ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 Assets ​ ​ ​ Paycheck Protection Program loans ​ $ 1,774,953 Paycheck Protection Program loans, at fair value ​ 9,873 PPP fee receivable ​ 493 Accrued interest receivable ​ 9,666 Total PPP related assets ​ $ 1,794,985 Liabilities ​ ​ ​ Paycheck Protection Program Liquidity Facility borrowings ​ $ 1,945,883 Interest payable ​ ​ 2,567 Deferred LSP revenue ​ ​ 425 Accrued PPP related costs ​ ​ 24,457 Payable to third parties ​ 1,438 Repair and denial reserve ​ ​ 8,890 Total PPP related liabilities ​ $ 1,983,660 ​ In the table above, ● Originations of PPP loans under the Economic Aid Act were $2.2 billion. These loans are classified as held-for-investment and are accounted for under ASC 310-10, Receivables . ● Total net fees of $104.0 million are deferred over the expected life of the loans and will be recognized as interest income. ● As of September 30, 2021, PPPLF borrowings exceed PPP loans on the balance sheet due to net fees of $82.9 million. In addition, PPP loans are forgiven before the related PPPLF borrowings are repaid. These proceeds are unrestricted and held in cash and cash equivalents on the consolidated balance sheet. ​ The table below presents details about the Company’s income and expenses related to its pre-tax PPP activities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Financial statement account (In Thousands) ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LSP origination fees $ — $ 1,652 $ — $ 27,768 ​ Other income PPP processing fees ​ — ​ 7 ​ — ​ 5,162 ​ Other income LSP fee income ​ 417 ​ 1,700 ​ 10,275 ​ 2,553 ​ Servicing income Interest income ​ 18,680 ​ 302 ​ 51,927 ​ 496 ​ Interest income Total PPP related income $ 19,097 $ 3,661 $ 62,202 $ 35,979 ​ ​ Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating expenses $ (25) $ 125 $ 8,193 $ 5,650 ​ Other operating expenses Repair and denial reserve ​ 196 ​ 111 ​ 5,585 ​ 2,430 ​ Other income Interest expense ​ 1,196 ​ 687 ​ 13,818 ​ 2,089 ​ Interest expense Total PPP related expenses (direct) $ 1,367 $ 923 $ 27,596 $ 10,169 ​ ​ Net PPP related income $ 17,730 $ 2,738 $ 34,606 $ 25,810 ​ ​ ​ Other income and expenses The table below presents details the composition of other income and operating expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (In Thousands) 2021 2020 2021 2020 Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income $ 2,794 ​ $ 3,144 $ 6,297 ​ $ 39,256 Change in repair and denial reserve ​ 45 ​ ​ 316 ​ (6,108) ​ ​ (2,199) Other ​ 2,835 ​ ​ 1,036 ​ 5,368 ​ ​ 3,106 Total other income ​ $ 5,674 ​ $ 4,496 ​ $ 5,557 ​ $ 40,163 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs ​ $ 4,041 ​ $ 2,717 ​ $ 20,069 ​ $ 15,172 Technology expense ​ 2,058 ​ ​ 1,650 ​ 5,968 ​ ​ 4,973 Impairment on real estate ​ 184 ​ ​ — ​ 1,462 ​ ​ 3,075 Rent and property tax expense ​ 1,538 ​ ​ 1,545 ​ 4,967 ​ ​ 3,929 Recruiting, training and travel expense ​ 297 ​ ​ 254 ​ 1,126 ​ ​ 1,113 Marketing expense ​ ​ 1,121 ​ ​ 400 ​ ​ 2,306 ​ ​ 1,331 Loan acquisition costs ​ ​ 115 ​ ​ 353 ​ ​ 449 ​ ​ 806 Financing costs on purchased future receivables ​ ​ 31 ​ ​ 63 ​ ​ 87 ​ ​ 1,476 Other ​ 3,541 ​ ​ 3,466 ​ 9,166 ​ ​ 10,052 Total other operating expenses ​ $ 12,926 ​ $ 10,448 ​ $ 45,600 ​ $ 41,927 ​

Stockholders Equity

Stockholders Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity
Stockholders' Equity	Note 21. Redeemable Preferred Stock and Stockholders’ Equity ​ Common stock dividends The table below presents dividends declared by the board of directors on common stock during the last twelve months. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ Record Date ​ Payment Date ​ Dividend per Share 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 ​ June 14, 2021 ​ June 30, 2021 ​ July 30, 2021 ​ $ 0.42 ​ September 15, 2021 ​ September 30, 2021 ​ October 29, 2021 ​ $ 0.42 ​ ​ 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 table below summarizes 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 Granted 10,636 ​ ​ 149 ​ 14.03 Vested (9,723) ​ ​ (126) ​ 12.99 Outstanding, June 30, 2021 941,427 $ 14,317 $ 15.21 Granted 154,825 ​ ​ 2,343 ​ 15.14 Vested (36,015) ​ ​ (526) ​ 14.61 Canceled (1,421) ​ ​ (20) ​ 14.26 Outstanding, September 30, 2021 1,058,816 $ 16,114 $ 15.22 ​ The Company recognized $1.8 million and $5.2 million for the three and nine months ended September 30, 2021, respectively, and $1.5 million and $4.4 million for the three and nine months ended September 30, 2020, respectively, of non-cash compensation expense related to its stock-based incentive plan in our consolidated statements of income. ​ As of September 30, 2021 and December 31, 2020, approximately $16.1 million and $13.7 million, respectively, of non-cash 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 remaining 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 ending 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 In the event of a liquidation or dissolution of the Company, any outstanding preferred stock ranks senior to the outstanding common stock with respect to payment of dividends and the distribution of assets. ​ We classify 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 should be bifurcated under the guidance in ASC 815‑10 and have determined that bifurcation is not necessary. ​ The table below presents details on preferred equity by series. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferential Cash Dividends Carrying Value (in thousands) Series ​ Shares Issued and Outstanding (in thousands) ​ Par Value ​ Liquidation Preference ​ Rate per Annum ​ Annual Dividend (per share) ​ September 30, 2021 C ​ 335 ​ ​ 0.0001 ​ ​ $ 25.00 ​ 6.25% ​ ​ $ 1.56 ​ $ 8,361 ​ E ​ 4,600 ​ ​ 0.0001 ​ ​ $ 25.00 ​ 6.50% ​ ​ $ 1.63 ​ $ 111,378 ​ ​ ​ ​ ​ ​ In the table above, ● Shareholders are entitled to receive dividends, when and as authorized by the Company's Board, out of funds legally available for the payment of dividends. Dividends for Series C preferred stock are payable quarterly on the 15th day of January, April, July and October of each year or if not a business day, the next succeeding business day. Dividends for Series E preferred stock are payable quarterly on or about the last day of each January, April, July and October of each year. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360- day year consisting of twelve 30-day months. Dividends will be payable in arrears to holders of record as they appear on the Company’s records at the close of business on the last day of each of March, June, September and December, as the case may be, immediately preceding the applicable dividend payment date. ● The Company declared dividends of $0.1 million and $1.9 million of its Series C and E Cumulative preferred stock during the three months ended September 30, 2021. The dividends are payable on October 15, 2021 for Series C preferred stock and on November 1, 2021 for Series E preferred stock to the Preferred Stock Shareholders of record as of the close of business on September 30, 2021. ● The Company may, at its option, redeem the Series E Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Series E Preferred Stock is not redeemable prior to June 10, 2026, except under certain conditions. ​ Equity ATM Program On July 9, 2021, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with JMP Securities LLC, (the “Sales Agent”), pursuant to which the Company may sell, from time to time, shares of the Company’s common stock, par value $0.0001 per share, having an aggregate offering price of up to $150 million, through the Sales Agent either as agent or principal, as defined in Rule 415 under the Securities (the “Equity ATM Program”). As of September 30, 2021, the Company sold 1.7 million shares of common stock at an average price of $15.27 per share through the Equity ATM Program .

Earnings per Share of Common St

Earnings per Share of Common Stock	9 Months Ended
	Sep. 30, 2021
Earnings per Share of Common Stock
Earnings per Share of Common Stock	Note 22. Earnings per Share of Common Stock ​ The table below 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 September 30, Nine Months Ended September 30, ​ (In Thousands, except for share and per share amounts) 2021 2020 2021 2020 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 46,535 ​ $ 35,363 ​ $ 106,386 ​ $ 18,510 ​ Less: Income (loss) attributable to non-controlling interest ​ ​ 756 ​ ​ 805 ​ ​ 1,859 ​ ​ 551 ​ Less: Income attributable to participating shares ​ ​ 2,444 ​ ​ 339 ​ ​ 6,717 ​ ​ 1,087 ​ Basic earnings ​ $ 43,335 ​ $ 34,219 ​ $ 97,810 ​ $ 16,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 46,535 ​ $ 35,363 ​ $ 106,386 ​ $ 18,510 ​ Less: Income (loss) attributable to non-controlling interest ​ ​ 756 ​ ​ 805 ​ ​ 1,859 ​ ​ 551 ​ Less: Income attributable to participating shares ​ ​ 2,444 ​ ​ 339 ​ ​ 6,717 ​ ​ 1,087 ​ Diluted earnings ​ $ 43,335 ​ $ 34,219 ​ $ 97,810 ​ $ 16,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 71,618,168 ​ ​ 54,626,995 ​ ​ 66,606,749 ​ ​ 53,534,497 ​ Effect of dilutive securities — Unvested participating shares ​ ​ 169,061 ​ ​ 77,616 ​ ​ 162,169 ​ ​ 77,616 ​ Diluted — Average shares outstanding ​ ​ 71,787,228 ​ ​ 54,704,611 ​ ​ 66,768,918 ​ ​ 53,612,113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.61 ​ $ 0.63 ​ $ 1.47 ​ $ 0.32 ​ Diluted ​ $ 0.60 ​ $ 0.63 ​ $ 1.46 ​ $ 0.31 ​ ​ In the table above, 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. ​ 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 September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 by 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 table below presents the gross fair value of derivative contracts by product type and secured borrowings, the amount of netting reflected in the consolidated balance sheets, as well as amount not offset in the consolidated balance sheets as they do not meet the enforceable credit support criteria for netting under U.S. GAAP. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the Consolidated Balance Sheets (1) (in thousands) Gross amounts of Assets / Liabilities ​ Gross amounts offset ​ Balance in Consolidated Balance Sheets ​ Financial Instruments ​ Cash Collateral Received / Paid ​ Net Amount September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments $ 2,360 ​ $ — ​ $ 2,360 ​ $ — ​ $ — ​ $ 2,360 FX forwards ​ 487 ​ ​ — ​ ​ 487 ​ ​ — ​ ​ — ​ ​ 487 TBA Agency Securities ​ 2,405 ​ ​ 53 ​ ​ 2,352 ​ ​ — ​ ​ — ​ ​ 2,352 Interest rate swaps ​ 4,033 ​ ​ 3,052 ​ ​ 981 ​ ​ — ​ ​ — ​ ​ 981 Total $ 9,285 ​ $ 3,105 ​ $ 6,180 ​ $ — ​ $ — ​ $ 6,180 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps $ 5,610 ​ $ 5,610 ​ $ — ​ $ — ​ $ — ​ $ — TBA Agency Securities ​ 53 ​ ​ 53 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Secured borrowings ​ 2,044,069 ​ ​ — ​ ​ 2,044,069 ​ ​ 2,044,069 ​ ​ — ​ ​ — Paycheck Protection Program Liquidity Facility ​ 1,945,883 ​ ​ — ​ ​ 1,945,883 ​ ​ 1,780,445 ​ ​ — ​ ​ 165,438 Total $ 3,995,615 ​ $ 5,663 ​ $ 3,989,952 ​ $ 3,824,514 ​ $ — ​ $ 165,438 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments $ 16,363 ​ $ — ​ $ 16,363 ​ $ — ​ $ — ​ $ 16,363 Total $ 16,363 ​ $ — ​ $ 16,363 ​ $ — ​ $ — ​ $ 16,363 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps $ 11,670 ​ $ 5,017 ​ $ 6,653 ​ $ — ​ $ 6,653 ​ $ — TBA Agency Securities ​ 174 ​ ​ — ​ ​ 174 ​ ​ — ​ ​ 174 ​ ​ — Credit default swaps ​ 4,004 ​ ​ — ​ ​ 4,004 ​ ​ — ​ ​ — ​ ​ 4,004 FX forwards ​ 773 ​ ​ ​ ​ ​ 773 ​ ​ — ​ ​ — ​ ​ 773 Secured borrowings ​ 1,294,243 ​ ​ — ​ ​ 1,294,243 ​ ​ 1,294,243 ​ ​ — ​ ​ — Paycheck Protection Program Liquidity Facility ​ 76,276 ​ ​ — ​ ​ 76,276 ​ ​ 76,276 ​ ​ — ​ ​ — Total $ 1,387,140 ​ $ 5,017 ​ $ 1,382,123 ​ $ 1,370,519 ​ $ 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 The table below presents unfunded loan commitments for SBC loans. ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ September 30, 2021 ​ December 31, 2020 Loans, net ​ $ 421,908 ​ $ 285,389 Loans, held for sale at fair value ​ $ 17,358 ​ $ 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. ​ The table below presents commitments to originate residential agency loans. ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ September 30, 2021 ​ December 31, 2020 Commitments to originate residential agency loans ​ $ 454,917 ​ $ 575,600 ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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, Small Business Lending, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 Small Business Lending 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. ​ 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. In addition, SBC originations include construction and permanent financing for the preservation and construction of affordable housing primarily utilizing tax-exempt bonds. ​ ​ Small Business Lending Through the Small Business Lending 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. In the second quarter of 2021, our CODM realigned our business segments to include Knight Capital in the Small Business Lending segment from the Acquisitions segment to be more closely aligned with the activities and projections for Knight Capital. We have recast all prior period amounts and segment information to conform to this presentation. ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBC ​ Business ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 18,954 ​ $ 55,230 ​ $ 28,739 ​ $ 2,213 ​ $ — ​ $ 105,136 ​ Interest expense ​ ​ (11,951) ​ ​ (29,300) ​ ​ (6,511) ​ ​ (2,374) ​ ​ — ​ ​ (50,136) ​ Net interest income before provision for loan losses ​ $ 7,003 ​ $ 25,930 ​ $ 22,228 ​ $ (161) ​ $ — ​ $ 55,000 ​ Recovery of (provision for) loan losses ​ 1,217 ​ ​ (2,774) ​ ​ (22) ​ ​ — ​ ​ — ​ (1,579) ​ Net interest income after recovery of (provision for) loan losses ​ $ 8,220 ​ $ 23,156 ​ $ 22,206 ​ $ (161) ​ $ — ​ $ 53,421 ​ Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 37,270 ​ $ — ​ $ 37,270 ​ Net realized gain on financial instruments and real estate owned ​ ​ 4,699 ​ ​ 4,192 ​ ​ 14,319 ​ ​ — ​ ​ — ​ ​ 23,210 ​ Net unrealized gain on financial instruments ​ ​ 1,211 ​ ​ 4,256 ​ ​ 74 ​ ​ 147 ​ ​ — ​ ​ 5,688 ​ Servicing income, net ​ ​ — ​ ​ 998 ​ ​ 1,497 ​ ​ 7,748 ​ ​ — ​ ​ 10,243 ​ Income on purchased future receivables, net ​ ​ — ​ ​ — ​ ​ 2,838 ​ ​ — ​ ​ — ​ ​ 2,838 ​ Income on unconsolidated joint ventures ​ ​ 2,506 ​ ​ 1,042 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,548 ​ Other income ​ ​ 1,167 ​ ​ 2,778 ​ ​ 1,696 ​ ​ 31 ​ ​ 2 ​ ​ 5,674 ​ Total non-interest income ​ $ 9,583 ​ $ 13,266 ​ $ 20,424 ​ $ 45,196 ​ $ 2 ​ $ 88,471 ​ Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ — ​ ​ (7,034) ​ ​ (10,716) ​ ​ (5,399) ​ ​ (1,388) ​ (24,537) ​ Allocated employee compensation and benefits from related party ​ (383) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,421) ​ (3,804) ​ Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (24,380) ​ ​ — ​ ​ (24,380) ​ Professional fees ​ (411) ​ ​ (782) ​ ​ (582) ​ ​ (1,534) ​ ​ (3,591) ​ (6,900) ​ Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,742) ​ (2,742) ​ Incentive fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,775) ​ (2,775) ​ Loan servicing expense ​ (1,694) ​ ​ (2,640) ​ ​ (426) ​ ​ (3,364) ​ ​ — ​ (8,124) ​ Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,629) ​ ​ (2,629) ​ Other operating expenses ​ (1,108) ​ ​ (3,969) ​ ​ (4,139) ​ ​ (1,908) ​ ​ (1,802) ​ (12,926) ​ Total non-interest expense ​ $ (3,596) ​ $ (14,425) ​ $ (15,863) ​ $ (36,585) ​ $ (18,348) ​ $ (88,817) ​ Income (loss) before provision for income taxes ​ $ 14,207 ​ $ 21,997 ​ $ 26,767 ​ $ 8,450 ​ $ (18,346) ​ $ 53,075 ​ Total assets ​ $ 1,249,569 ​ $ 4,546,757 ​ $ 2,462,862 ​ $ 570,236 ​ $ 434,974 ​ $ 9,264,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBC ​ Business ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 53,919 ​ $ 141,040 ​ $ 80,304 ​ $ 6,291 ​ $ — ​ $ 281,554 Interest expense ​ ​ (36,206) ​ ​ (81,402) ​ ​ (29,698) ​ ​ (6,997) ​ ​ (2,009) ​ ​ (156,312) Net interest income before provision for loan losses ​ $ 17,713 ​ $ 59,638 ​ $ 50,606 ​ $ (706) ​ $ (2,009) ​ $ 125,242 Recovery of (provision for) loan losses ​ 2,405 ​ ​ (9,032) ​ ​ (461) ​ ​ — ​ ​ — ​ (7,088) Net interest income after recovery of (provision for) loan losses ​ $ 20,118 ​ $ 50,606 ​ $ 50,145 ​ $ (706) ​ $ (2,009) ​ $ 118,154 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 115,369 ​ $ — ​ $ 115,369 Net realized gain on financial instruments and real estate owned ​ ​ 465 ​ ​ 14,992 ​ ​ 33,782 ​ ​ — ​ ​ — ​ ​ 49,239 Net unrealized gain on financial instruments ​ ​ 8,240 ​ ​ 9,197 ​ ​ 3,055 ​ ​ 10,804 ​ ​ — ​ ​ 31,296 Servicing income, net ​ ​ — ​ ​ 2,520 ​ ​ 12,966 ​ ​ 22,320 ​ ​ — ​ ​ 37,806 Income on purchased future receivables, net ​ — ​ ​ — ​ ​ 7,934 ​ ​ — ​ ​ — ​ 7,934 Income on unconsolidated joint ventures ​ ​ 5,058 ​ ​ 1,042 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,100 Other income (loss) ​ ​ 3,240 ​ ​ 5,602 ​ ​ (3,454) ​ ​ 84 ​ ​ 85 ​ ​ 5,557 Total non-interest income ​ $ 17,003 ​ $ 33,353 ​ $ 54,283 ​ $ 148,577 ​ $ 85 ​ $ 253,301 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ — ​ $ (13,580) ​ $ (26,097) ​ $ (29,114) ​ $ (2,793) ​ $ (71,584) Allocated employee compensation and benefits from related party ​ (926) ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,300) ​ (9,226) Variable expenses on residential mortgage banking activities ​ — ​ ​ — ​ ​ — ​ ​ (61,286) ​ ​ — ​ (61,286) Professional fees ​ (1,306) ​ ​ (1,725) ​ ​ (1,930) ​ ​ (1,929) ​ ​ (5,864) ​ (12,754) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,061) ​ (8,061) Incentive fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,061) ​ (3,061) Loan servicing expense ​ (4,829) ​ ​ (7,968) ​ ​ (468) ​ ​ (7,814) ​ ​ — ​ (21,079) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,202) ​ ​ (10,202) Other operating expenses ​ (4,958) ​ ​ (11,718) ​ ​ (19,209) ​ ​ (6,325) ​ ​ (3,390) ​ (45,600) Total non-interest expense ​ $ (12,019) ​ $ (34,991) ​ $ (47,704) ​ $ (106,468) ​ $ (41,671) ​ $ (242,853) Income (loss) before provision for income taxes ​ $ 25,102 ​ $ 48,968 ​ $ 56,724 ​ $ 41,403 ​ $ (43,595) ​ $ 128,602 Total assets ​ $ 1,249,569 ​ $ 4,546,757 ​ $ 2,462,862 ​ $ 570,236 ​ $ 434,974 ​ $ 9,264,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBC ​ Business ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 14,532 ​ $ 35,287 ​ $ 9,037 ​ $ 2,218 ​ $ — ​ $ 61,074 Interest expense ​ ​ (11,011) ​ ​ (23,342) ​ ​ (6,414) ​ ​ (2,157) ​ ​ (899) ​ ​ (43,823) Net interest income before provision for loan losses ​ $ 3,521 ​ $ 11,945 ​ $ 2,623 ​ $ 61 ​ $ (899) ​ $ 17,251 Recovery of (provision for) loan losses ​ 2,906 ​ ​ 2,029 ​ ​ (704) ​ ​ — ​ ​ — ​ 4,231 Net interest income after recovery of (provision for) loan losses ​ $ 6,427 ​ $ 13,974 ​ $ 1,919 ​ $ 61 ​ $ (899) ​ $ 21,482 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 75,524 ​ $ — ​ $ 75,524 Net realized gain (loss) on financial instruments and real estate owned ​ ​ (2,244) ​ ​ 5,309 ​ ​ 4,442 ​ ​ — ​ ​ — ​ ​ 7,507 Net unrealized gain (loss) on financial instruments ​ ​ 2,295 ​ ​ 3,459 ​ ​ 2,353 ​ ​ (4,687) ​ ​ — ​ ​ 3,420 Servicing income, net ​ — ​ ​ 610 ​ ​ 3,194 ​ ​ 6,311 ​ ​ — ​ 10,115 Income on purchased future receivables, net ​ ​ — ​ ​ — ​ ​ 4,848 ​ ​ — ​ ​ — ​ ​ 4,848 Income on unconsolidated joint ventures ​ ​ 1,996 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,996 Other income (loss) ​ ​ 951 ​ ​ 688 ​ ​ 2,828 ​ ​ 30 ​ ​ (1) ​ ​ 4,496 Total non-interest income (loss) ​ $ 2,998 ​ $ 10,066 ​ $ 17,665 ​ $ 77,178 ​ $ (1) ​ $ 107,906 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ — ​ $ (4,046) ​ $ (7,570) ​ $ (15,118) ​ $ (878) ​ (27,612) Allocated employee compensation and benefits from related party ​ (225) ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,025) ​ (2,250) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (30,918) ​ ​ — ​ ​ (30,918) Professional fees ​ (254) ​ ​ (449) ​ ​ (530) ​ ​ (960) ​ ​ (1,965) ​ (4,158) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,714) ​ (2,714) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,134) ​ ​ (1,134) Loan servicing (expense) income ​ (1,528) ​ ​ (2,394) ​ ​ (106) ​ ​ (4,206) ​ ​ 3 ​ (8,231) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6) ​ ​ (6) Other operating expenses ​ (585) ​ ​ (2,450) ​ ​ (4,100) ​ ​ (2,618) ​ ​ (695) ​ (10,448) Total non-interest expense ​ $ (2,592) ​ $ (9,339) ​ $ (12,306) ​ $ (53,820) ​ $ (9,414) ​ $ (87,471) Income (loss) before provision for income taxes ​ $ 6,833 ​ $ 14,701 ​ $ 7,278 ​ $ 23,419 ​ $ (10,314) ​ $ 41,917 Total assets ​ $ 1,096,804 ​ $ 2,515,234 ​ $ 841,373 ​ $ 640,112 ​ $ 223,987 ​ $ 5,317,510 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 ​ ​ ​ ​ SBC ​ Small Business ​ Residential Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 45,993 ​ $ 112,052 ​ $ 30,316 ​ $ 5,465 ​ $ — ​ $ 193,826 Interest expense ​ ​ (32,871) ​ ​ (72,476) ​ ​ (21,766) ​ ​ (5,778) ​ ​ (1,271) ​ ​ (134,162) Net interest income before provision for loan losses ​ $ 13,122 ​ $ 39,576 ​ $ 8,550 ​ $ (313) ​ $ (1,271) ​ $ 59,664 Provision for loan losses ​ (4,776) ​ (21,978) ​ (7,730) ​ ​ (500) ​ ​ — ​ (34,984) Net interest income after provision for loan losses ​ $ 8,346 ​ $ 17,598 ​ $ 820 ​ $ (813) ​ $ (1,271) ​ $ 24,680 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 192,757 ​ $ — ​ $ 192,757 Net realized gain (loss) on financial instruments and real estate owned ​ ​ (3,378) ​ ​ 15,190 ​ ​ 10,306 ​ ​ — ​ ​ — ​ ​ 22,118 Net unrealized gain (loss) on financial instruments ​ ​ (8,148) ​ ​ (3,748) ​ ​ 1,302 ​ ​ (33,168) ​ ​ — ​ ​ (43,762) Servicing income, net ​ ​ — ​ ​ 1,541 ​ ​ 7,187 ​ ​ 18,465 ​ ​ — ​ ​ 27,193 Income on purchased future receivables, net ​ ​ — ​ ​ — ​ ​ 13,917 ​ ​ — ​ ​ — ​ ​ 13,917 Income (loss) on unconsolidated joint ventures ​ ​ (1,035) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,035) Other income ​ ​ 2,354 ​ ​ 3,410 ​ ​ 34,149 ​ ​ 136 ​ ​ 114 ​ ​ 40,163 Total non-interest income (loss) ​ $ (10,207) ​ $ 16,393 ​ $ 66,861 ​ $ 178,190 ​ $ 114 ​ $ 251,351 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ — ​ $ (11,445) ​ $ (20,436) ​ $ (39,702) ​ $ (2,253) ​ $ (73,836) Allocated employee compensation and benefits from related party ​ (475) ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,275) ​ (4,750) Variable expenses on residential mortgage banking activities ​ — ​ ​ — ​ ​ — ​ ​ (87,494) ​ ​ — ​ (87,494) Professional fees ​ (504) ​ ​ (891) ​ ​ (1,192) ​ ​ (1,518) ​ ​ (4,527) ​ (8,632) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,941) ​ (7,941) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,640) ​ ​ (4,640) Loan servicing expense ​ (4,387) ​ ​ (5,685) ​ ​ (688) ​ ​ (13,325) ​ ​ (37) ​ (24,122) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (63) ​ ​ (63) Other operating expenses ​ (4,670) ​ ​ (10,336) ​ ​ (18,411) ​ ​ (6,376) ​ ​ (2,134) ​ (41,927) Total non-interest expense ​ $ (10,036) ​ $ (28,357) ​ $ (40,727) ​ $ (148,415) ​ $ (25,870) ​ $ (253,405) Income (loss) before provision for income taxes ​ $ (11,897) ​ $ 5,634 ​ $ 26,954 ​ $ 28,962 ​ $ (27,027) ​ $ 22,626 Total assets ​ $ 1,096,804 ​ $ 2,515,234 ​ $ 841,373 ​ $ 640,112 ​ $ 223,987 ​ $ 5,317,510 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events
Subsequent Events	Note 28. Subsequent events ​ On October 20, 2021, the Company closed a private placement of $350.0 million in aggregate principal amount of ReadyCap Holdings, LLC’s 4.5% Senior Secured Notes due 2026. The Company used the net proceeds to redeem all of the outstanding 7.5% Senior Secured Notes due 2022 and for general corporate purposes. ​ On November 3, 2021, the Company entered into a merger agreement to acquire a series of privately held, real estate structured finance opportunities funds, with a focus on construction lending, managed by MREC Management, LLC. Under the terms of the merger agreement, the Company will acquire all of the outstanding equity interests in Mosaic Real Estate Credit, LLC (“MREC Onshore”), Mosaic Real Estate Credit TE, LLC (“MREC TE”) and MREC International Incentive Split, LP (“MREC IIS”) in exchange for shares of a newly designated Ready Capital Class B common stock (“Class B Common Stock”), plus non-transferable contingent equity rights (“CERs”) that, depending on the performance of the Mosaic asset portfolio over a three-year period following the closing, may entitle investors in the Mosaic Funds (as defined below) to receive additional shares of Ready Capital common stock. MREC IIS is an intermediate holding company through which investors in Mosaic Real Estate Credit Offshore, LP (“MREC Offshore” and together with MREC Onshore and MREC TE, the “Mosaic Funds”) invest in the Mosaic platform. The shares of Class B Common Stock will have dividend, distribution and other rights identical to those of the existing shares of common stock of Ready Capital, except that the newly issued Class B Common Stock will not be listed on the New York Stock Exchange. The shares of Class B Common Stock will automatically convert (on a share-for-share basis) into shares of the existing class of common stock listed on the New York Stock Exchange on the first business day following the 365th day following the closing. ​ ​ The number of shares of Class B Common Stock to be received by investors in the Mosaic Funds will be based on an exchange ratio determined by dividing the adjusted book value of the Mosaic Funds as of September 30, 2021, by the Ready Capital adjusted book value per share as of that date. The adjusted book values of Ready Capital and the Mosaic Funds will be modified in certain respects, including to give pro-forma effect to any dividends or other distributions. A $98.9 million reduction will be applied to the book value of the Mosaic Funds to derive their aggregate adjusted book value. Under a pro forma exchange ratio, as of June 30, 2021, investors in the Mosaic Funds would receive approximately 30.3 million shares of Class B Common Stock. Based on the Company’s closing stock price on November 3, 2021, the implied value of the Ready Capital shares expected to be issued in connection with the closing is approximately $471 million and the maximum possible payment under the CERs would be an additional approximately $89 million of Ready Capital common stock (or 90% of the upfront $98.9 million reduction). Additionally, holders of CERs will have the right to receive dividends (“CER Dividends”), which will accrue based on the actual Ready Capital common dividends per share paid to shareholders from the closing of the transaction to the end of the three year term and will be paid to CER Holders to the extent the CER is realized at the end of the three-year term. The CER Dividend will also be delivered in the form of Ready Capital shares. ​ The transaction is expected to close during the first quarter of 2022, subject to the respective approvals by the stockholders of Ready Capital and the holders of interests in the Mosaic Funds and other customary closing conditions. The merger of each of the Mosaic Merger Entities with a subsidiary of Ready Capital is subject to the approval of investors of each of the Mosaic Funds, each Mosaic Fund voting to approve the merger separately and independently of the other Mosaic Funds, provided, however, under the merger agreement, Ready Capital's obligation to acquire MREC TE and MREC IIS is conditioned upon the investors of MREC Onshore approving its merger. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Use of estimates	Use of estimates Preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of income and expenses during the reporting period. These estimates and assumptions are based on the best available information but actual results could be materially different.
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 variable interest entities (“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, 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. In addition, based on issued regulatory guidance provided by federal and state regulatory agencies, a loan modification is not considered a 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) on financial instruments 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) on financial instruments 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, comprised of credit default swaps (“CDSs”), interest rate swaps, TBA agency securities, FX forwards and interest rate lock commitments (“IRLCs”), as part of our risk management strategy. The Company accounts for derivative instruments under ASC 815, Derivatives and Hedging ​ 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. ​ ​ In May 2021, we discontinued hedge accounting for the anticipated issuance of securitized debt obligations for certain hedges. As a general rule, derivative gains or losses reported in AOCI are required to be recorded in earnings when it becomes probable that the forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period thereafter. The guidance in ASC 815 includes an exception to the general rule when extenuating circumstances that are outside the control or influence of the reporting entity cause the forecasted transaction to be probable of occurring on a date that is beyond the additional two-month period. The issuance of the securitized debt obligations was delayed beyond the additional two-month period due to the uncertainty in the capital markets and lower origination volumes as a result of the COVID-19 pandemic. Since the delay was caused by extenuating circumstances related to the COVID-19 pandemic and the issuance of securitized debt obligations remains probable over a reasonable time period after the additional two-month period, the discontinued cash flow hedges qualify for the exception in accordance with FASB Staff Q&A Topic 815: Cashflow hedge accounting affected by the Covid-19 Pandemic ​ 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, and cost of servicing. Residential MSRs are classified as Level 3 in the fair value hierarchy.
Real estate, held for sale	Real estate owned, held for sale Real estate owned, 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 owned, 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 owned, 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, Red Stone 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 the date of the consolidated balance sheets, represents the excess of the consideration transferred over the fair value of net assets acquired in connection with the acquisition of Knight Capital, Red Stone 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 VIE 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 income. 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. This includes loans originated in round 1 of the Paycheck Protection Program, loans held-for-sale originated by GMFS that the Company intends to sell in the near term and residential mortgage servicing rights.
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 September 30, 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 Under revenue recognition guidance, specifically ASC 606, 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. ​ Most of the Company’s revenue streams, such as 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, follow specific revenue recognition criteria and therefore the guidance referenced above 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. A further description of the revenue recognition criteria is outlined below. ​ 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 derivative instruments. ​ 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)	9 Months Ended
	Sep. 30, 2021
ANH
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 owned, held for sale ​ 26,107 Accrued interest ​ 8,183 Other assets ​ ​ 38,216 Total assets acquired ​ $ 2,296,353 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 ​ $ 410,526
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill	​ ​ ​ ​ (In thousands, except per share data) Fair value of net assets acquired $ 410,526 ​ ​ ​ 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 $ 7,372
Schedule of pro-forma revenue and earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (In Thousands) ​ 2021 2020 2021 2020 Selected Financial Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 105,136 ​ $ 73,726 ​ $ 293,303 ​ $ 262,663 Interest expense ​ ​ (50,136) ​ ​ (49,930) ​ ​ (159,840) ​ ​ (173,702) Recovery of (provision for) loan losses ​ ​ (1,579) ​ ​ 4,231 ​ ​ (7,088) ​ ​ (35,602) Non-interest income ​ ​ 88,471 ​ ​ 126,065 ​ ​ 256,026 ​ ​ 296,498 Non-interest expense ​ ​ (88,864) ​ ​ (90,306) ​ ​ (248,529) ​ ​ (490,943) Income (loss) before provision for income taxes ​ ​ 53,028 ​ ​ 63,786 ​ ​ 133,872 ​ ​ (141,086) Income tax benefit (expense) ​ ​ (6,540) ​ ​ (6,554) ​ ​ (22,216) ​ ​ (4,117) Net income (loss) ​ $ 46,488 ​ $ 57,232 ​ $ 111,656 ​ $ (145,203)
Red Stone
Acquisitions
Schedule of fair value of assets acquired and liabilities acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) July 31, 2021 Assets ​ ​ ​ Cash and cash equivalents ​ $ 1,553 Restricted cash ​ 6,994 Investment in unconsolidated joint ventures ​ 35,577 Servicing rights ​ 15,800 Other assets: ​ ​ Intangible Assets ​ ​ 9,300 Other ​ ​ 1,330 Total assets acquired ​ $ 70,554 Liabilities ​ ​ ​ Accounts payable and other accrued liabilities ​ ​ 7,965 Total liabilities assumed ​ $ 7,965 Net assets acquired ​ $ 62,589
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill	​ ​ ​ ​ (In thousands, except per share data) Fair value of net assets acquired $ 62,589 ​ ​ ​ Cash paid ​ 63,000 Contingent consideration ​ 12,400 Total consideration transferred $ 75,400 ​ ​ ​ Goodwill $ 12,811

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2021
Schedule of classification, unpaid principal balance, and carrying value of loans held including loans of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ December 31, 2020 (In Thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,333,370 ​ $ 1,341,427 ​ ​ $ 530,671 ​ $ 535,963 Originated SBA 7(a) loans ​ ​ 330,884 ​ ​ 338,190 ​ ​ ​ 310,537 ​ ​ 314,938 Acquired SBA 7(a) loans ​ ​ 162,457 ​ ​ 168,845 ​ ​ ​ 201,066 ​ ​ 210,115 Originated SBC loans ​ ​ 245,283 ​ ​ 238,667 ​ ​ ​ 173,190 ​ ​ 167,470 Acquired loans ​ ​ 336,793 ​ ​ 344,092 ​ ​ ​ 351,381 ​ ​ 352,546 Originated SBC loans, at fair value ​ ​ 12,162 ​ ​ 12,491 ​ ​ ​ 13,795 ​ ​ 14,088 Originated Residential Agency loans ​ ​ 3,173 ​ ​ 3,173 ​ ​ ​ 3,208 ​ ​ 3,208 Total Loans, before allowance for loan losses ​ $ 2,424,122 ​ $ 2,446,885 ​ ​ $ 1,583,848 ​ $ 1,598,328 Allowance for loan losses ​ $ (39,625) ​ $ — ​ ​ $ (33,224) ​ $ — Total Loans, net ​ $ 2,384,497 ​ $ 2,446,885 ​ ​ $ 1,550,624 ​ $ 1,598,328 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated SBC loans ​ $ 811,653 ​ $ 808,330 ​ ​ $ 889,566 ​ $ 885,235 Originated Transitional loans ​ ​ 1,857,638 ​ ​ 1,875,209 ​ ​ ​ 788,403 ​ ​ 792,432 Acquired loans ​ ​ 641,150 ​ ​ 640,178 ​ ​ ​ 697,567 ​ ​ 701,133 Originated SBA 7(a) loans ​ ​ 60,316 ​ ​ 63,788 ​ ​ ​ 68,625 ​ ​ 72,451 Acquired SBA 7(a) loans ​ ​ 34,640 ​ ​ 42,401 ​ ​ ​ 42,154 ​ ​ 52,456 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 3,405,397 ​ $ 3,429,906 ​ ​ $ 2,486,315 ​ $ 2,503,707 Allowance for loan losses on loans in consolidated VIEs ​ $ (9,622) ​ $ — ​ ​ $ (13,508) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 3,395,775 ​ $ 3,429,906 ​ ​ $ 2,472,807 ​ $ 2,503,707 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ $ 281,946 ​ $ 275,632 ​ ​ $ 260,447 ​ $ 249,852 Originated Freddie Mac loans ​ ​ 13,495 ​ ​ 13,268 ​ ​ ​ 51,248 ​ ​ 50,408 Originated SBC loans ​ ​ 41,353 ​ ​ 40,978 ​ ​ ​ 17,850 ​ ​ 17,850 Originated SBA 7(a) loans ​ ​ 40,254 ​ ​ 36,403 ​ ​ ​ 10,232 ​ ​ 9,436 Acquired loans ​ ​ 172,869 ​ ​ 167,950 ​ ​ ​ 511 ​ ​ 499 Total Loans, held for sale, at fair value ​ $ 549,917 ​ $ 534,231 ​ ​ $ 340,288 ​ $ 328,045 Total Loans, net and Loans, held for sale, at fair value ​ $ 6,330,189 ​ $ 6,411,022 ​ ​ $ 4,363,719 ​ $ 4,430,080 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 1,774,953 ​ $ 1,857,853 ​ ​ $ — ​ $ — Paycheck Protection Program loans, held at fair value ​ ​ 9,873 ​ ​ 9,873 ​ ​ ​ 74,931 ​ ​ 74,931 Total Paycheck Protection Program loans ​ $ 1,784,826 ​ $ 1,867,726 ​ ​ $ 74,931 ​ $ 74,931 Total Loan portfolio ​ $ 8,115,015 ​ $ 8,278,748 ​ ​ $ 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 3,216,636 ​ $ 2,020,604 ​ $ 421,281 ​ $ 510,721 ​ $ 215,507 ​ $ — ​ $ 12,724 ​ $ 3,180,837 Originated SBC loans ​ ​ 1,046,997 ​ ​ 121,181 ​ ​ 47,745 ​ ​ 426,068 ​ ​ 190,009 ​ ​ 104,190 ​ ​ 162,997 ​ ​ 1,052,190 Acquired loans ​ ​ 984,270 ​ ​ 9,390 ​ ​ 75,753 ​ ​ 68,616 ​ ​ 46,899 ​ ​ 27,247 ​ ​ 747,425 ​ ​ 975,330 Originated SBA 7(a) loans ​ ​ 401,978 ​ ​ 52,992 ​ ​ 46,291 ​ ​ 93,135 ​ ​ 114,611 ​ ​ 56,885 ​ ​ 24,404 ​ ​ 388,318 Acquired SBA 7(a) loans ​ ​ 211,246 ​ ​ 40 ​ ​ 76 ​ ​ 13,870 ​ ​ 14,013 ​ ​ 269 ​ ​ 166,121 ​ ​ 194,389 Originated SBC loans, at fair value ​ ​ 12,491 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,550 ​ ​ 10,612 ​ ​ 12,162 Originated Residential Agency loans ​ ​ 3,173 ​ 1,199 ​ 705 ​ 642 ​ ​ 434 ​ ​ — ​ 193 ​ 3,173 Total Loans, before general allowance for loan losses ​ $ 5,876,791 ​ $ 2,205,406 ​ $ 591,851 ​ $ 1,113,052 ​ $ 581,473 ​ $ 190,141 ​ $ 1,124,476 ​ $ 5,806,399 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (26,127) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,780,272 ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 5,721,014 ​ $ 2,205,376 ​ $ 583,638 ​ $ 1,110,132 ​ $ 528,054 ​ $ 185,226 ​ $ 1,059,956 ​ $ 5,672,382 30 - 59 days past due ​ ​ 25,734 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,627 ​ ​ 150 ​ ​ 18,704 ​ ​ 25,481 60+ days past due ​ ​ 130,043 ​ ​ 30 ​ ​ 8,213 ​ ​ 2,920 ​ ​ 46,792 ​ ​ 4,765 ​ ​ 45,816 ​ ​ 108,536 Total Loans, before general allowance for loan losses ​ $ 5,876,791 ​ $ 2,205,406 ​ $ 591,851 ​ $ 1,113,052 ​ $ 581,473 ​ $ 190,141 ​ $ 1,124,476 ​ $ 5,806,399 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (26,127) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,780,272 ​ ​ ​ ​ Carrying Value by Year of Origination ​ (In Thousands) UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Schedule of delinquency information on loans, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Current ​ 30-59 days past due ​ 60+ days past due ​ Total ​ Non-Accrual Loans ​ 90+ days past due and Accruing September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 3,125,818 ​ $ 9,743 ​ $ 45,276 ​ $ 3,180,837 ​ $ 71,498 ​ $ — Originated SBC loans ​ 1,025,741 ​ ​ 2,224 ​ ​ 24,225 ​ ​ 1,052,190 ​ ​ 24,477 ​ ​ — Acquired loans ​ 927,125 ​ ​ 12,586 ​ ​ 35,619 ​ ​ 975,330 ​ ​ 34,026 ​ ​ — Originated SBA 7(a) loans ​ 387,009 ​ ​ — ​ ​ 1,309 ​ ​ 388,318 ​ ​ 11,116 ​ ​ — Acquired SBA 7(a) loans ​ 191,825 ​ ​ 928 ​ ​ 1,636 ​ ​ 194,389 ​ ​ 4,815 ​ ​ — Originated SBC loans, at fair value ​ 12,162 ​ ​ — ​ ​ — ​ ​ 12,162 ​ ​ — ​ ​ — Originated Residential Agency loans ​ 2,702 ​ ​ — ​ ​ 471 ​ ​ 3,173 ​ ​ 2,923 ​ ​ — Total Loans, before general allowance for loan losses $ 5,672,382 ​ $ 25,481 ​ $ 108,536 ​ $ 5,806,399 ​ $ 148,855 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (26,127) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,780,272 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 97.7% ​ ​ 0.4% ​ ​ 1.9% ​ ​ 100% ​ ​ 2.6% ​ ​ 0.0% December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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%
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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 6,230 $ 59,578 $ 347,197 $ 2,383,991 $ 359,421 $ 24,420 $ 3,180,837 Originated SBC loans ​ 23,060 ​ 85,601 ​ 565,431 ​ 372,218 ​ — ​ 5,880 ​ 1,052,190 Acquired loans ​ 236,524 ​ 339,195 ​ 283,665 ​ 90,076 ​ 16,041 ​ 9,829 ​ 975,330 Originated SBA 7(a) loans ​ 1,085 ​ 15,685 ​ 51,660 ​ 153,140 ​ 57,976 ​ 108,772 ​ 388,318 Acquired SBA 7(a) loans ​ 6,477 ​ 30,971 ​ 73,345 ​ 42,974 ​ 25,573 ​ 15,049 ​ 194,389 Originated SBC loans, at fair value ​ — ​ 7,213 ​ — ​ 4,949 ​ — ​ — ​ 12,162 Originated Residential Agency loans — 301 549 ​ 953 ​ 508 862 3,173 Total Loans, before general allowance for loan losses $ 273,376 $ 538,544 $ 1,321,847 $ 3,048,301 $ 459,519 $ 164,812 $ 5,806,399 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (26,127) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,780,272 Percentage of loans outstanding ​ 4.7% ​ 9.3% ​ 22.8% ​ 52.5% ​ 7.9% ​ 2.8% ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 using carrying amount as a percentage of current collateral value
Schedule of activity of the allowance for loan losses for loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Originated ​ Originated Transitional loans ​ Acquired ​ Acquired ​ Originated ​ Total Allowance for September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 2,205 ​ $ 14,974 ​ $ 2,539 ​ $ 622 ​ $ 5,787 ​ $ 26,127 Specific ​ 4,746 ​ ​ 10,171 ​ ​ 2,613 ​ ​ 2,708 ​ ​ 2,882 ​ ​ 23,120 Ending balance $ 6,951 ​ $ 25,145 ​ $ 5,152 ​ $ 3,330 ​ $ 8,669 ​ $ 49,247 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Originated Originated Transitional loans Acquired Acquired Originated Originated Residential Agency Loans Total Allowance for Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 7,980 $ 21,201 $ 7,098 $ 3,975 $ 9,375 $ — $ 49,629 Provision for (recoveries of) loan losses ​ (1,029) ​ 3,944 ​ (1,217) ​ (210) ​ 232 ​ — ​ 1,720 Charge-offs and sales ​ — ​ — ​ (26) ​ (464) ​ (938) ​ — ​ (1,428) Recoveries ​ — ​ — ​ (703) ​ 29 ​ — ​ — ​ (674) Ending balance $ 6,951 $ 25,145 $ 5,152 $ 3,330 $ 8,669 $ — $ 49,247 Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 8,974 $ 19,831 $ 12,564 $ 5,744 $ 9,450 $ 500 $ 57,063 Provision for (recoveries of) loan losses ​ (181) ​ (1,848) ​ (2,906) ​ (200) ​ 904 ​ — ​ (4,231) Charge-offs and sales ​ — ​ — ​ — ​ (203) ​ (42) ​ — ​ (245) Recoveries ​ — ​ — ​ — ​ 22 ​ 47 ​ — ​ 69 Ending balance $ 8,793 $ 17,983 $ 9,658 $ 5,363 $ 10,359 $ 500 $ 52,656 Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ — $ 46,732 Provision for (recoveries of) loan losses ​ (389) ​ 10,150 ​ (2,405) ​ (318) ​ 779 ​ — ​ 7,817 Charge-offs and sales ​ (1,311) ​ — ​ (26) ​ (940) ​ (2,165) ​ — ​ (4,442) Recoveries ​ (189) ​ — ​ (714) ​ 39 ​ 4 ​ — ​ (860) Ending balance $ 6,951 $ 25,145 $ 5,152 $ 3,330 $ 8,669 $ — $ 49,247 Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 304 $ 188 $ 3,054 $ 2,114 $ 1,781 $ — $ 7,441 Cumulative -effect adjustment upon adoption of ASU 2016-13 ​ 2,400 ​ 1,906 ​ 1,878 ​ 3,562 ​ 1,379 ​ — ​ 11,125 Provision for (recoveries of) loan losses ​ 6,089 ​ 15,889 ​ 4,776 ​ 2 ​ 7,728 ​ 500 ​ 34,984 Charge-offs and sales ​ — ​ — ​ (50) ​ (431) ​ (577) ​ — ​ (1,058) Recoveries ​ — ​ — ​ — ​ 116 ​ 48 ​ — ​ 164 Ending balance $ 8,793 $ 17,983 $ 9,658 $ 5,363 $ 10,359 $ 500 $ 52,656 ​
Schedule of recorded investment of TDRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 (In Thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Carrying value of modified loans classified as TDRs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On accrual status $ 286 ​ $ 8,500 ​ $ 8,786 ​ $ 307 ​ $ 6,888 ​ $ 7,195 On non-accrual status ​ 6,670 ​ ​ 11,753 ​ ​ 18,423 ​ ​ 7,020 ​ ​ 11,044 ​ ​ 18,064 Total carrying value of modified loans classified as TDRs $ 6,956 ​ $ 20,253 ​ $ 27,209 ​ $ 7,327 ​ $ 17,932 ​ $ 25,259 Allowance for loan losses on loans classified as TDRs $ 7 ​ $ 2,173 ​ $ 2,180 ​ $ 17 ​ $ 3,323 ​ $ 3,340
Schedule of TDR modifications by primary modification type and related financial effects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Three Months Ended September 30, 2020 (In Thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ — ​ ​ 3 ​ ​ 3 ​ ​ — ​ ​ 6 ​ ​ 6 Pre-modification recorded balance (a) $ — ​ $ 322 ​ $ 322 ​ $ — ​ $ 713 ​ $ 713 Post-modification recorded balance (a) $ — ​ ​ 321 ​ $ 321 ​ $ — ​ $ 730 ​ $ 730 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default as of Sept 30, 2021 (b) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4 ​ ​ 4 Balance of loans that remain in default as of Sept 30, 2021 (b) $ — ​ $ — ​ $ — ​ $ — ​ $ 733 ​ $ 733 ​ ​ ​ ​ ​ ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 277 ​ $ 277 ​ $ — ​ $ 547 ​ $ 547 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 187 ​ ​ 187 Total $ — ​ $ 277 ​ $ 277 ​ $ — ​ $ 734 ​ $ 734 ​ Nine Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2020 (In Thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 1 ​ ​ 20 ​ ​ 21 ​ ​ 3 ​ ​ 16 ​ ​ 19 Pre-modification recorded balance (a) $ 1,276 ​ $ 8,630 ​ $ 9,906 ​ $ 8,456 ​ $ 3,691 ​ $ 12,147 Post-modification recorded balance (a) $ 1,276 ​ $ 8,164 ​ $ 9,440 ​ $ 8,456 ​ $ 3,748 ​ $ 12,204 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default as of Sept 30, 2021 (b) ​ 1 ​ ​ 2 ​ ​ 3 ​ ​ 2 ​ ​ 5 ​ ​ 7 Balance of loans that remain in default as of Sept 30, 2021 (b) $ 1,276 ​ $ 157 ​ $ 1,433 ​ $ 8,422 ​ $ 874 ​ $ 9,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 6,912 ​ $ 6,912 ​ $ — ​ $ 2,371 ​ $ 2,371 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 1,276 ​ ​ 90 ​ ​ 1,366 ​ ​ 8,422 ​ ​ 327 ​ ​ 8,749 Total $ 1,276 ​ $ 7,002 ​ $ 8,278 ​ $ 8,422 ​ $ 2,698 ​ $ 11,120 (a) Represents carrying value. (b) Represents carrying values of the TDRs that occurred during the respective period ended that remained in default as of the current period ended. 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) September 30, 2021 ​ December 31, 2020 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 113,441 ​ $ 75,862 Without an allowance ​ 35,414 ​ ​ 58,296 Total recorded carrying value of non-accrual loans $ 148,855 ​ $ 134,158 Allowance for loan losses related to non-accrual loans $ (23,128) ​ $ (17,367) Unpaid principal balance of non-accrual loans $ 176,364 ​ $ 158,471 ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ September 30, 2020 Interest income on non-accrual loans for the three months ended $ 586 ​ $ 198 Interest income on non-accrual loans for the nine months ended $ 2,144 ​ $ 2,660
Geographical concentration
Schedule of concentration risk of loans secured by real estate	​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) September 30, 2021 ​ December 31, 2020 California 16.2 % ​ 18.1 % Texas 15.7 ​ ​ 14.2 ​ New York 8.4 ​ ​ 9.8 ​ Georgia 7.6 ​ ​ 4.9 ​ Florida 7.5 ​ ​ 7.8 ​ Illinois 5.4 ​ ​ 5.2 ​ Arizona 5.2 ​ ​ 2.8 ​ North Carolina 2.9 ​ ​ 3.1 ​ Washington 2.1 ​ ​ 3.1 ​ Colorado ​ 1.9 ​ ​ 2.8 ​ Other 27.1 ​ ​ 28.2 ​ Total 100.0 % ​ 100.0 %
Collateral concentration
Schedule of concentration risk of loans secured by real estate	The table below presents the collateral type concentration of loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) September 30, 2021 ​ December 31, 2020 Multi-family 44.2 % ​ 23.8 % Retail 12.8 ​ ​ 17.3 ​ SBA 10.4 ​ ​ 17.4 ​ Office 10.0 ​ ​ 13.1 ​ Mixed Use 8.9 ​ ​ 12.9 ​ Industrial 6.7 ​ ​ 7.1 ​ Lodging/Residential 2.7 ​ ​ 3.2 ​ Other 4.3 ​ ​ 5.2 ​ Total 100.0 % ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents the collateral type concentration of SBA loans within loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) September 30, 2021 ​ December 31, 2020 Lodging ​ 18.9 % ​ 17.2 % Offices of Physicians ​ 11.7 ​ ​ 12.0 ​ Child Day Care Services 7.4 ​ ​ 7.2 ​ Eating Places 5.2 ​ ​ 5.3 ​ Gasoline Service Stations 3.9 ​ ​ 3.4 ​ Veterinarians ​ 2.5 ​ ​ 3.3 ​ Funeral Service & Crematories 1.9 ​ ​ 1.8 ​ Grocery Stores 1.8 ​ ​ 1.7 ​ Car washes ​ 1.5 ​ ​ 1.4 ​ Couriers ​ 1.2 ​ ​ 1.0 ​ Other 44.0 ​ ​ 45.7 ​ Total 100.0 % ​ 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Schedule of financial instruments carried at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 549,917 ​ $ — ​ $ 549,917 Loans, net, at fair value — ​ — ​ 12,162 ​ 12,162 Paycheck Protection Program loans — ​ — ​ 9,873 ​ 9,873 Mortgage backed securities, at fair value — ​ 116,129 ​ 1,552 ​ 117,681 Derivative instruments, at fair value ​ — ​ ​ 3,820 ​ ​ 2,360 ​ ​ 6,180 Residential mortgage servicing rights, at fair value — ​ — ​ 107,589 ​ 107,589 Total assets $ — ​ $ 669,866 ​ $ 133,536 ​ $ 803,402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration $ — ​ $ — ​ $ 12,400 ​ $ 12,400 Total liabilities $ — ​ $ — ​ $ 12,400 ​ $ 12,400 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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 table below presents the valuation techniques and significant unobservable inputs used to value Level 3 financial instruments, using third party information without adjustment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands, except price) Fair Value Predominant Valuation Technique (a) Type Range Weighted Average September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage servicing rights, at fair value $ 107,589 Income Approach Forward prepayment rate | Discount rate | Cost of servicing ​ (b) ​ (b) Derivative instruments, at fair value $ 2,360 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 65.0 - 100% | 0.9 - 5.2% | 0.3 to 3.0% ​ 87.1% | 4.1% | 1.3% Contingent consideration $ 12,400 ​ Monte Carlo Simulation Model ​ EBT volatility | Risk-free rate of return | EBT discount rate | Liability discount rate ​ 25.0% | 0.4% | 17.6% | 3.3% ​ 25.0% | 0.4% | 17.6% | 3.3% December 31, 2020 ​ ​ ​ ​ ​ Residential mortgage servicing rights, at fair value $ 76,840 Income Approach Forward prepayment rate | Discount rate | Cost of servicing ​ (b) ​ (b) 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. (b) Refer to Note 9 - Servicing Rights for more information on Residential mortgage servicing rights unobservable inputs. ​
Summary of changes in the fair value of financial instruments held at fair value classified as Level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) MBS Derivatives Loans, net, at fair value Paycheck Protection Program loans Residential MSRs, at fair value ​ Contingent Consideration ​ ​ Total Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 1,714 ​ $ 6,130 ​ $ 13,681 ​ $ 16,431 ​ $ 100,820 ​ $ — ​ $ 138,776 Purchases or Originations — ​ — ​ — ​ — ​ — ​ (12,400) ​ ​ (12,400) Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11,622 ​ ​ — ​ ​ 11,622 Sales / Principal payments ​ — ​ ​ — ​ ​ (1,380) ​ ​ (6,558) ​ ​ (5,000) ​ ​ — ​ ​ (12,938) Realized gains, net ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Unrealized gains (losses), net ​ 29 ​ ​ (3,770) ​ ​ (139) ​ ​ — ​ ​ 147 ​ ​ — ​ ​ (3,733) Accreted discount, net ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Transfer to (from) Level 3 ​ (191) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (191) Ending Balance $ 1,552 ​ $ 2,360 ​ $ 12,162 ​ $ 9,873 ​ $ 107,589 ​ $ (12,400) ​ $ 121,136 Unrealized gains (losses), net on assets/liabilities $ 124 ​ $ 2,360 ​ $ (329) ​ $ — ​ $ (36,406) ​ $ — ​ $ (34,251) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ 74,931 ​ $ 76,840 ​ $ — ​ $ 207,060 Purchases or Originations — ​ — ​ — ​ 3,866 ​ — ​ (12,400) ​ (8,534) Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 35,595 ​ ​ — ​ ​ 35,595 Sales / Principal payments ​ (92) ​ ​ — ​ ​ (1,592) ​ ​ (68,924) ​ ​ (15,650) ​ ​ — ​ ​ (86,258) Realized gains, net ​ — ​ ​ — ​ ​ (5) ​ ​ — ​ ​ — ​ ​ — ​ ​ (5) Unrealized gains (losses), net ​ 1,223 ​ ​ (14,003) ​ ​ (36) ​ ​ — ​ ​ 10,804 ​ ​ — ​ ​ (2,012) Accreted discount, net ​ 60 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 60 Transfer to (from) Level 3 ​ (24,770) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (24,770) Ending Balance $ 1,552 ​ $ 2,360 ​ $ 12,162 ​ $ 9,873 ​ $ 107,589 ​ $ (12,400) ​ $ 121,136 Unrealized gains (losses), net on assets/liabilities $ 124 ​ $ 2,360 ​ $ (329) ​ $ — ​ $ (36,406) ​ $ — ​ $ (34,251) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 411 ​ $ 19,037 ​ $ 124,298 ​ $ — ​ $ 73,645 ​ $ — ​ $ 217,391 Originations 12,640 ​ — ​ 1,198 ​ — ​ 11,343 ​ — ​ ​ 25,181 Sales / Principal payments ​ (11) ​ ​ — ​ ​ (5,911) ​ ​ — ​ ​ (5,916) ​ ​ — ​ ​ (11,838) Realized gains, net ​ — ​ ​ — ​ ​ 375 ​ ​ — ​ ​ — ​ ​ — ​ ​ 375 Unrealized gains (losses), net ​ (114) ​ ​ 1,812 ​ ​ 5 ​ ​ — ​ ​ (4,688) ​ ​ — ​ ​ (2,985) Transfer to (from) Level 3 ​ (276) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (276) Ending Balance $ 12,650 ​ $ 20,849 ​ $ 119,965 ​ $ — ​ $ 74,384 ​ $ — ​ $ 227,848 Unrealized gains (losses), net on assets/liabilities $ (82) ​ $ 20,849 ​ $ (333) ​ $ — ​ $ (43,123) ​ $ — ​ $ (22,689) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ — ​ $ 91,174 ​ $ — ​ $ 114,660 Originations 12,640 ​ — ​ 106,728 ​ — ​ — ​ — ​ ​ 119,368 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,821 ​ ​ — ​ ​ 31,821 Sales / Principal payments ​ (13) ​ ​ — ​ ​ (6,207) ​ ​ — ​ ​ (15,443) ​ ​ — ​ ​ (21,663) Realized gains, net ​ — ​ ​ — ​ ​ 375 ​ ​ — ​ ​ — ​ ​ — ​ ​ 375 Unrealized gains (losses), net ​ (154) ​ ​ 18,035 ​ ​ (1,143) ​ ​ — ​ ​ (33,168) ​ ​ — ​ ​ (16,430) Transfer to (from) Level 3 ​ (283) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (283) Ending Balance $ 12,650 ​ $ 20,849 ​ $ 119,965 ​ $ — ​ $ 74,384 ​ $ — ​ $ 227,848 Unrealized gains (losses), net on assets/liabilities $ (82) ​ $ 20,849 ​ $ (333) ​ $ — ​ $ (43,123) ​ $ — ​ $ (22,689)
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 (In Thousands) Carrying Value Estimated Carrying Value Estimated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 5,768,110 ​ $ 5,705,504 ​ $ 4,009,636 ​ $ 4,103,200 Paycheck Protection Program loans ​ ​ 1,774,953 ​ ​ 1,857,853 ​ ​ — ​ ​ — Purchased future receivables, net ​ ​ 6,567 ​ ​ 6,567 ​ ​ 17,308 ​ ​ 17,308 Servicing rights ​ ​ 63,517 ​ 69,869 ​ 37,823 ​ 47,567 Total assets ​ $ 7,613,147 ​ $ 7,639,793 ​ $ 4,064,767 ​ $ 4,168,075 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 2,044,069 ​ $ 2,044,069 ​ $ 1,294,243 ​ $ 1,294,243 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 1,945,883 ​ ​ 1,945,883 ​ ​ 76,276 ​ ​ 76,276 Securitized debt obligations of consolidated VIEs, net ​ 2,676,265 ​ 2,230,143 ​ 1,905,749 ​ 1,907,541 Senior secured note, net ​ ​ 179,914 ​ ​ 180,740 ​ ​ 179,659 ​ ​ 188,114 Guaranteed loan financing ​ 348,774 ​ 370,602 ​ 401,705 ​ 426,348 Convertible notes, net ​ ​ 112,966 ​ ​ 93,350 ​ ​ 112,129 ​ ​ 68,186 Corporate debt, net ​ ​ 333,975 ​ ​ 346,445 ​ ​ 150,989 ​ ​ 151,209 Total liabilities ​ $ 7,641,846 ​ $ 7,211,232 ​ $ 4,120,750 ​ $ 4,111,917

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	9 Months Ended
	Sep. 30, 2021
Mortgage Backed Securities
Schedule of information about the Company's MBS portfolio	The table below presents information about the mortgage backed securities portfolio, which is 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 12/2037 ​ 3.9 % $ 114,234 ​ $ 49,088 ​ $ 54,638 ​ $ 5,550 ​ $ — Commercial Loans ​ 11/2050 ​ 4.5 ​ ​ 72,806 ​ ​ 39,037 ​ ​ 34,581 ​ ​ 772 ​ ​ (5,228) Residential 01/2041 3.6 ​ 31,748 ​ 24,793 ​ 28,462 ​ 3,708 ​ (39) Total Mortgage backed securities, at fair value ​ 01/2044 ​ 4.1 % $ 218,788 ​ $ 112,918 ​ $ 117,681 ​ $ 10,030 ​ $ (5,267) 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Principal ​ Amortized ​ ​ (In Thousands) Interest Rate(a) Balance ​ Cost ​ Fair Value September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years — % $ — ​ $ — ​ $ — After ten years 4.1 ​ 218,788 ​ 112,918 ​ 117,681 Total Mortgage backed securities, at fair value ​ 4.1 % $ 218,788 ​ $ 112,918 ​ $ 117,681 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

Servicing rights (Tables)

Servicing rights (Tables)	9 Months Ended
	Sep. 30, 2021
Schedule of information regarding portfolio of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (In Thousands) 2021 2020 2021 2020 SBA servicing rights, at amortized cost ​ Beginning net carrying amount ​ $ 19,721 ​ $ 17,318 ​ $ 18,764 ​ $ 17,660 ​ Additions due to loans sold, servicing retained ​ 2,778 ​ 993 ​ 6,478 ​ 2,328 ​ Acquisitions ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Amortization ​ (986) ​ (909) ​ (3,075) ​ (2,642) ​ Impairment (recovery) ​ (308) ​ 138 ​ (962) ​ 194 ​ Ending net carrying amount ​ $ 21,205 ​ $ 17,540 ​ $ 21,205 ​ $ 17,540 ​ Freddie Mac multi-family servicing rights, at amortized cost ​ Beginning net carrying amount ​ $ 24,724 ​ $ 16,798 ​ $ 19,059 ​ $ 13,135 ​ Additions due to loans sold, servicing retained ​ 3,292 ​ 2,107 ​ 10,760 ​ 7,094 ​ Acquisitions ​ 15,800 ​ — ​ 15,800 ​ — ​ Amortization ​ (1,504) ​ (784) ​ (3,307) ​ (2,108) ​ Ending net carrying amount ​ $ 42,312 ​ $ 18,121 ​ $ 42,312 ​ $ 18,121 ​ Total servicing rights, at amortized cost ​ $ 63,517 ​ $ 35,661 ​ $ 63,517 ​ $ 35,661 ​ Residential mortgage servicing rights, at fair value ​ Beginning net carrying amount ​ $ 100,820 ​ $ 73,645 ​ $ 76,840 ​ $ 91,174 ​ Additions due to loans sold, servicing retained ​ 11,622 ​ 11,343 ​ 35,595 ​ 31,821 ​ Loan pay-offs ​ ​ (5,000) ​ ​ (5,916) ​ ​ (15,650) ​ ​ (15,443) ​ Unrealized gains (losses) ​ 147 ​ (4,688) ​ 10,804 ​ (33,168) ​ Ending fair value amount ​ $ 107,589 ​ $ 74,384 ​ $ 107,589 ​ $ 74,384 ​ Total servicing rights ​ $ 171,106 ​ $ 110,045 ​ $ 171,106 ​ $ 110,045 ​
Residential MSRs
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 (In Thousands) ​ Unpaid Principal Amount ​ Fair Value ​ Unpaid Principal Amount ​ Fair Value Fannie Mae ​ $ 3,975,954 ​ $ 37,474 ​ $ 3,700,450 ​ $ 27,632 Ginnie Mae ​ ​ 2,858,078 ​ ​ 31,264 ​ ​ 2,757,124 ​ ​ 25,899 Freddie Mac ​ ​ 3,892,128 ​ ​ 38,851 ​ ​ 3,071,312 ​ ​ 23,309 Total ​ $ 10,726,160 ​ $ 107,589 ​ $ 9,528,886 ​ $ 76,840
Schedule of mortgage servicing rights portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Range of input ​ Weighted Range of input ​ Weighted Residential mortgage servicing rights ​ Forward prepayment rate ​ 10.1 - 29.4 % ​ 10.8 % ​ 12.6 - 31.4 % ​ 14.3 % ​ Discount rate ​ 9.0 - 11.2 % ​ 9.5 % ​ 9.1 - 11.7 % ​ 9.8 % ​ Cost of servicing ​ $70 - $85 ​ ​ $74 ​ ​ $70 - $85 ​ ​ $74 ​
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 ​ December 31, 2020 Residential mortgage servicing rights ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,253) ​ $ (5,049) Impact of 20% adverse change ​ $ (10,140) ​ $ (9,701) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (3,911) ​ $ (2,601) Impact of 20% adverse change ​ $ (7,552) ​ $ (5,028) Cost of servicing ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,954) ​ $ (1,469) Impact of 20% adverse change ​ $ (3,908) ​ $ (2,938)
SBA | Freddie Mac
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ ​ Unpaid Principal ​ ​ ​ Unpaid Principal ​ ​ (In Thousands) ​ Amount ​ Carrying Value ​ Amount ​ Carrying Value SBA ​ $ 813,089 ​ $ 21,205 ​ $ 643,135 ​ $ 18,764 Freddie Mac multi-family ​ ​ 4,043,989 ​ ​ 42,312 ​ ​ 1,501,998 ​ ​ 19,059 Total ​ $ 4,857,078 ​ $ 63,517 ​ $ 2,145,133 ​ $ 37,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of assumptions used in the estimated valuation of servicing rights carried at amortized cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Range of input values ​ Weighted Range of input values ​ Weighted SBA servicing rights ​ Forward prepayment rate ​ 7.1 - 21.1 % ​ 8.3 % ​ 6.7 - 20.8 % ​ 8.5 % ​ Forward default rate ​ 0.0 - 10.6 % ​ 9.1 % ​ 0.0 - 10.5 % ​ 8.2 % ​ Discount rate ​ 9.2 - 21.0 % ​ 9.8 % ​ 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 ​ Forward prepayment rate ​ 0.0 - 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 ​ 0.1 - 0.3 % ​ 0.2 % ​ 0.2 - 0.3 % ​ 0.2 %
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 December 31, 2020 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (649) ​ $ (729) Impact of 20% adverse change ​ $ (1,266) ​ $ (1,420) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (157) ​ $ (150) Impact of 20% adverse change ​ $ (312) ​ $ (298) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (720) ​ $ (395) Impact of 20% adverse change ​ $ (1,394) ​ $ (777) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,338) ​ $ (1,250) Impact of 20% adverse change ​ $ (2,676) ​ $ (2,501) Freddie Mac multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (202) ​ $ (163) Impact of 20% adverse change ​ $ (401) ​ $ (324) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (8) ​ $ (6) Impact of 20% adverse change ​ $ (16) ​ $ (13) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,336) ​ $ (678) Impact of 20% adverse change ​ $ (2,609) ​ $ (1,324) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,679) ​ $ (1,947) Impact of 20% adverse change ​ $ (5,359) ​ $ (3,894)
Schedule of future amortization expense for the servicing rights	​ ​ ​ ​ ​ (In Thousands) September 30, 2021 2021 ​ $ 4,114 2022 ​ 9,292 2023 ​ 8,241 2024 ​ 7,333 2025 ​ 6,567 Thereafter ​ 27,970 Total ​ $ 63,517

Residential mortgage banking _2

Residential mortgage banking activities and variable expenses on residential mortgage banking activities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ (In Thousands) 2021 2020 2021 2020 ​ Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ $ 26,346 ​ $ 61,131 ​ $ 86,926 ​ $ 143,747 ​ Creation of new mortgage servicing rights, net of payoffs ​ ​ 6,623 ​ ​ 5,427 ​ ​ 19,947 ​ ​ 16,378 ​ Loan origination fee income on residential mortgage loans ​ ​ 4,720 ​ ​ 6,021 ​ ​ 16,143 ​ ​ 15,529 ​ Unrealized gain (loss) on IRLCs and other derivatives ​ (419) ​ ​ 2,945 ​ (7,647) ​ ​ 17,103 ​ Residential mortgage banking activities ​ $ 37,270 ​ $ 75,524 ​ $ 115,369 ​ $ 192,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ $ (24,380) ​ $ (30,918) ​ $ (61,286) ​ $ (87,494) ​

Secured Borrowings (Tables)

Secured Borrowings (Tables)	9 Months Ended
	Sep. 30, 2021
Secured Borrowings
Schedule of characteristics of secured borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at Lender Asset Class Current Maturity Pricing Facility Size Pledged Assets September 30, 2021 December 31, 2020 JPMorgan Acquired loans, SBA loans August 2022 ​ 1M L + 2.5% to 2.875% ​ $ 200,000 ​ $ 61,371 ​ $ 46,307 ​ $ 36,604 Keybank Freddie Mac loans February 2022 ​ SOFR + 1.41% ​ ​ 100,000 ​ ​ 13,495 ​ ​ 13,268 ​ ​ 50,408 East West Bank SBA loans October 2022 ​ Prime - 0.821% to + 0.00% ​ ​ 75,000 ​ ​ 66,441 ​ ​ 50,201 ​ ​ 40,542 Credit Suisse Acquired loans (non USD) December 2021 ​ Euribor + 2.50% to 3.00% ​ ​ 231,600 ​ ​ 51,781 ​ ​ 40,250 ​ ​ 36,840 Comerica Bank Residential loans June 2022 ​ 1M L + 1.75% ​ ​ 100,000 ​ ​ 95,254 ​ ​ 89,793 ​ ​ 78,312 TBK Bank Residential loans October 2021 ​ Variable Pricing ​ ​ 150,000 ​ ​ 118,217 ​ ​ 116,628 ​ ​ 123,951 Origin Bank Residential loans September 2022 ​ Variable Pricing ​ ​ 60,000 ​ ​ 32,985 ​ ​ 31,840 ​ ​ 27,450 Associated Bank Residential loans November 2021 ​ 1M L + 1.50% ​ ​ 60,000 ​ ​ 32,012 ​ ​ 30,631 ​ ​ 15,556 East West Bank Residential MSRs September 2023 ​ 1M L + 2.50% ​ ​ 50,000 ​ ​ 76,325 ​ ​ 49,400 ​ ​ 34,400 Credit Suisse Purchased future receivables October 2023 ​ 1M L + 4.50% ​ ​ 50,000 ​ ​ 6,567 ​ ​ 1,000 ​ ​ — Bank of the Sierra Real estate August 2050 ​ 3.25% to 3.45% ​ ​ 22,770 ​ ​ 32,428 ​ ​ 22,281 ​ ​ 22,611 Western Alliance Residential loans July 2022 ​ 3.75% to 4.75% ​ ​ 50,000 ​ ​ 350 ​ ​ 335 ​ ​ — Total borrowings under credit facilities and other financing agreements ​ $ 1,149,370 ​ $ 587,226 ​ $ 491,934 ​ $ 466,674 Citibank Fixed rate, Transitional, Acquired loans October 2021 ​ 1M L + 2.00% to 3.00% ​ $ 500,000 ​ $ 142,163 ​ $ 110,773 ​ $ 210,735 Deutsche Bank Fixed rate, Transitional loans November 2021 ​ 3M L + 2.00% to 2.40% ​ ​ 350,000 ​ ​ 308,636 ​ ​ 225,974 ​ ​ 190,567 JPMorgan Transitional loans November 2022 ​ 1M L + 2.00% to 2.75% ​ ​ 700,000 ​ ​ 858,005 ​ ​ 636,171 ​ ​ 247,616 Performance Trust Acquired loans March 2024 ​ 1M T + 2.00% ​ ​ 174,000 ​ ​ 98,071 ​ ​ 84,419 ​ ​ — Credit Suisse Fixed rate, Transitional, Acquired loans May 2022 ​ 1M L + 2.00% to 2.35% ​ ​ 500,000 ​ ​ 252,998 ​ ​ 184,892 ​ ​ — Credit Suisse Residential loans December 2021 ​ L + 3.00% ​ ​ 100,000 ​ ​ 74,994 ​ ​ 60,390 ​ ​ — JPMorgan MBS October 2021 ​ 1.15% to 1.63% ​ ​ 33,338 ​ ​ 57,770 ​ ​ 33,338 ​ ​ 65,407 Deutsche Bank MBS October 2021 ​ 2.38% ​ ​ 12,956 ​ ​ 19,777 ​ ​ 12,956 ​ ​ 16,354 Citibank MBS October 2021 ​ 2.33% ​ ​ 48,094 ​ ​ 83,231 ​ ​ 48,094 ​ ​ 58,076 RBC MBS October 2021 ​ 1.31% to 1.96% ​ ​ 62,458 ​ ​ 93,061 ​ ​ 62,458 ​ ​ 38,814 CSFB MBS October 2021 ​ 2.40% to 2.95% ​ ​ 58,786 ​ ​ 108,138 ​ ​ 58,786 ​ ​ — Various MBS October 2021 ​ Variable Pricing ​ ​ 33,884 ​ ​ 53,148 ​ ​ 33,884 ​ ​ — Total borrowings under repurchase agreements ​ $ 2,573,516 ​ $ 2,149,992 ​ $ 1,552,135 ​ $ 827,569 Total secured borrowings ​ $ 3,722,886 ​ $ 2,737,218 ​ $ 2,044,069 ​ $ 1,294,243
Schedule of carrying value of collateral pledged with respect to borrowings under credit facilities and promissory note payable outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value (In Thousands) ​ September 30, 2021 December 31, 2020 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 294,940 $ 313,844 Loans, net ​ ​ 176,966 ​ 159,482 Loans, held at fair value ​ ​ — ​ 73,799 Mortgage servicing rights ​ ​ 76,325 ​ 50,941 Purchased future receivables ​ ​ 6,567 ​ — Real estate owned, held for sale ​ ​ 32,428 ​ 32,948 Total ​ $ 587,226 $ 631,014 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 1,533,817 $ 815,603 Mortgage backed securities ​ 99,452 72,179 Trade receivable ​ 26,909 — Retained interest in assets of consolidated VIEs ​ ​ 288,764 ​ 226,773 Loans, held for sale, at fair value ​ ​ 198,075 ​ 17,850 Loans, held at fair value ​ 1,550 3,071 Real estate acquired in settlement of loans ​ ​ 1,425 ​ 829 Total ​ $ 2,149,992 $ 1,136,305 Total collateral pledged on secured borrowings ​ $ 2,737,218 $ 1,767,319 ​ ​ ​ ​ ​ ​

Senior secured notes, convert_2

Senior secured notes, convertible notes, and corporate debt, net (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 Senior secured notes principal amount (1) ​ 7.50 % ​ 2/15/2022 ​ $ 180,000 Unamortized premium - Senior secured notes ​ ​ ​ ​ ​ ​ ​ 294 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (380) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 179,914 Convertible notes principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (748) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (1,286) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 112,966 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 ​ ​ ​ ​ ​ ​ ​ (4,531) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (3,244) 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 ​ ​ ​ ​ ​ ​ $ 333,975 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 626,855 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 748 (1) Interest on the senior secured notes is payable semiannually on each February 15 and August 15. (2) Interest on the convertible notes is payable quarterly on February 15, May 15, August 15, and November 15 of each year. (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. (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) September 30, 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 ​ ​ (9,895) Total carrying amount of debt ​ $ 626,855

Guaranteed loan financing (Tabl

Guaranteed loan financing (Tables)	9 Months Ended
	Sep. 30, 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 ​ September 30, 2021 ​ 3.78 % 0.99-6.50 % 2021-2044 ​ $ 348,774 ​ 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) September 30, 2021 2021 $ 6 2022 ​ 883 2023 ​ 1,182 2024 ​ 2,036 2025 ​ ​ 2,924 Thereafter ​ 341,743 Total ​ $ 348,774

Variable interest entities an_2

Variable interest entities and securitization activities (Tables)	9 Months Ended
	Sep. 30, 2021
Consolidated VIEs
Variable interest entities
Summary of information on securitized debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 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 ​ $ — ​ $ — ​ — % ​ $ 4,055 ​ $ 4,055 ​ 5.5 % ReadyCap Lending Small Business Trust 2019-2 ​ ​ 85,082 ​ ​ 83,924 ​ 2.6 ​ ​ ​ 103,030 ​ ​ 101,468 ​ 3.1 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 19,524 ​ ​ 19,224 ​ 3.9 ​ ​ ​ 27,035 ​ ​ 26,555 ​ 3.6 ​ Sutherland Commercial Mortgage Trust 2018-SBC7 ​ ​ — ​ ​ — ​ — ​ ​ ​ 79,302 ​ ​ 78,168 ​ 4.7 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 153,755 ​ ​ 151,470 ​ 2.9 ​ ​ ​ 178,911 ​ ​ 176,307 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ 106,553 ​ ​ 104,465 ​ 4.1 ​ ​ ​ 131,729 ​ ​ 129,014 ​ 3.8 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 169,007 ​ ​ 166,566 ​ 1.6 ​ ​ ​ — ​ ​ — ​ — ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ 8,300 ​ ​ 8,283 ​ 5.7 ​ ​ 10,880 ​ ​ 10,858 ​ 5.8 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 22,530 ​ ​ 20,680 ​ 5.2 ​ ​ 45,075 ​ ​ 35,183 ​ 4.8 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 19,376 ​ ​ 18,490 ​ 5.0 ​ ​ 26,371 ​ ​ 25,286 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 88,496 ​ ​ 85,734 ​ 4.1 ​ ​ ​ 94,273 ​ ​ 91,098 ​ 4.0 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 177,177 ​ ​ 169,507 ​ 4.3 ​ ​ ​ 229,232 ​ ​ 220,605 ​ 4.2 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 320,674 ​ ​ 314,884 ​ 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 ​ ​ 138,231 ​ ​ 137,988 ​ 1.7 ​ ​ ​ 229,440 ​ ​ 227,950 ​ 2.0 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 324,208 ​ ​ 320,401 ​ 3.0 ​ ​ ​ 324,219 ​ ​ 318,385 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 510,955 ​ ​ 505,184 ​ 1.5 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 543,223 ​ ​ 535,590 ​ 1.3 ​ ​ ​ — ​ ​ — ​ — ​ Total ​ $ 2,687,091 $ 2,642,390 ​ 2.4 % $ 1,891,797 $ 1,842,680 ​ 3.3 %
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 December 31, 2020 Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 4 $ 20 Restricted cash ​ 22,353 ​ ​ 13,790 Loans, net ​ ​ 3,395,775 ​ ​ 2,472,807 Real estate owned, held for sale ​ ​ 2,778 ​ ​ 4,456 Other assets ​ ​ 17,513 ​ ​ 27,670 Total assets ​ $ 3,438,423 ​ $ 2,518,743 Liabilities ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 2,676,265 ​ ​ 1,905,749 Total liabilities ​ $ 2,676,265 ​ $ 1,905,749
Unconsolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (In Thousands) ​ September 30, 2021 ​ December 31, 2020 ​ September 30, 2021 ​ December 31, 2020 Mortgage backed securities, at fair value (2) $ 83,398 ​ $ 80,690 $ 83,398 ​ $ 80,690 Investment in unconsolidated joint ventures ​ ​ 22,635 ​ ​ 28,290 ​ ​ 22,635 ​ ​ 28,290 Total assets in unconsolidated VIEs ​ $ 106,033 ​ $ 108,980 ​ $ 106,033 ​ $ 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)	9 Months Ended
	Sep. 30, 2021
Interest income and interest expense
Schedule of components of interest income and expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (In Thousands) 2021 2020 2021 2020 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated transitional loans ​ $ 41,287 ​ $ 21,366 ​ $ 98,874 ​ $ 65,953 Originated SBC loans ​ ​ 12,041 ​ ​ 12,784 ​ ​ 36,794 ​ ​ 42,712 Acquired loans ​ ​ 14,710 ​ ​ 13,611 ​ ​ 41,892 ​ ​ 42,938 Acquired SBA 7(a) loans ​ ​ 4,665 ​ ​ 4,014 ​ ​ 14,129 ​ ​ 14,165 Originated SBA 7(a) loans ​ ​ 5,394 ​ ​ 4,413 ​ ​ 14,248 ​ ​ 15,153 Originated SBC loans, at fair value ​ ​ 268 ​ ​ 639 ​ ​ 746 ​ ​ 1,470 Originated residential agency loans ​ ​ 27 ​ ​ 40 ​ ​ 106 ​ ​ 89 Total loans (1) ​ $ 78,392 ​ $ 56,867 ​ $ 206,789 ​ $ 182,480 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated residential agency loans ​ $ 3,221 ​ $ 2,178 ​ $ 8,503 ​ $ 5,376 Originated Freddie loans ​ ​ 653 ​ ​ 221 ​ ​ 1,985 ​ ​ 911 Acquired loans ​ ​ 372 ​ ​ 39 ​ ​ 376 ​ ​ 166 Total loans, held for sale, at fair value (1) ​ $ 4,246 ​ $ 2,438 ​ $ 10,864 ​ $ 6,453 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans ​ $ 18,716 ​ $ — ​ ​ 51,380 ​ $ — Paycheck Protection Program loans, at fair value ​ ​ (36) ​ ​ 302 ​ ​ 547 ​ ​ 496 Total Paycheck Protection Program loans ​ $ 18,680 ​ $ 302 ​ $ 51,927 ​ $ 496 Mortgage backed securities, at fair value ​ $ 3,818 ​ $ 1,467 ​ $ 11,974 ​ $ 4,397 Total interest income ​ $ 105,136 ​ $ 61,074 ​ $ 281,554 ​ $ 193,826 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ (14,048) ​ $ (9,898) ​ $ (49,687) ​ $ (36,196) Paycheck Protection Program Liquidity Facility borrowings ​ (2,258) ​ (51) ​ (4,137) ​ (51) Securitized debt obligations of consolidated VIEs ​ (19,490) ​ (21,351) ​ (60,004) ​ (58,196) Guaranteed loan financing ​ ​ (3,472) ​ ​ (4,110) ​ ​ (10,595) ​ ​ (14,506) Senior secured note ​ (3,465) ​ (3,466) ​ (10,380) ​ (10,407) Convertible note ​ ​ (2,188) ​ ​ (2,188) ​ ​ (6,564) ​ ​ (6,564) Corporate debt ​ ​ (5,215) ​ ​ (2,759) ​ ​ (14,945) ​ ​ (8,242) Total interest expense ​ $ (50,136) ​ $ (43,823) ​ $ (156,312) ​ $ (134,162) Net interest income before provision for loan losses ​ $ 55,000 ​ $ 17,251 ​ $ 125,242 ​ $ 59,664 (1) Includes interest income on loans in consolidated VIEs.

Derivative instruments (Tables)

Derivative instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative instruments
Schedule of the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative (In Thousands) ​ Primary Underlying Risk ​ Amount ​ Asset ​ Liability ​ Amount ​ Asset ​ Liability Interest rate lock commitments ​ Interest rate risk ​ $ 443,211 ​ $ 2,360 ​ $ — ​ $ 614,358 ​ $ 16,363 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 447,548 ​ ​ 981 ​ ​ — ​ ​ 160,801 ​ ​ — ​ ​ (952) Interest Rate Swaps - designated as hedges ​ Interest rate risk ​ ​ — ​ ​ — ​ ​ — ​ ​ 132,325 ​ ​ — ​ ​ (5,701) TBA Agency Securities ​ Interest rate risk ​ ​ 472,500 ​ ​ 2,352 ​ ​ — ​ ​ 565,000 ​ ​ — ​ ​ (4,004) Credit Default Swaps Credit risk ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,000 ​ ​ — ​ ​ (174) FX forwards ​ Foreign exchange rate risk ​ ​ 27,862 ​ ​ 487 ​ ​ — ​ ​ 3,866 ​ ​ — ​ ​ (773) Total ​ ​ ​ $ 1,391,121 ​ $ 6,180 ​ $ — ​ $ 1,491,350 ​ $ 16,363 ​ $ (11,604)
Schedule of gains and losses on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Realized ​ Net Unrealized ​ Net Realized ​ Net Unrealized ​ (In Thousands) ​ Gain (Loss) ​ Gain (Loss) ​ Gain (Loss) ​ Gain (Loss) ​ ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 ​ Credit default swaps ​ $ (286) ​ $ 301 ​ $ (286) ​ $ 322 ​ Interest rate swaps ​ (1,419) ​ 4,126 ​ (7,198) ​ 12,596 ​ TBA Agency Securities ​ — ​ 3,351 ​ — ​ 6,356 ​ Interest rate lock commitments ​ ​ — ​ ​ (3,769) ​ ​ — ​ ​ (14,003) ​ FX forwards ​ ​ 634 ​ ​ 17 ​ ​ 276 ​ ​ 1,260 ​ Total ​ $ (1,071) ​ $ 4,026 ​ $ (7,208) ​ $ 6,531 ​ ​ ​ Three Months Ended September 30, 2020 ​ Nine Months Ended September 30, 2020 ​ Credit default swaps ​ $ — ​ $ (2) ​ $ — ​ $ 59 ​ Interest rate swaps ​ (1,189) ​ 1,310 ​ (2,185) ​ (9,194) ​ Residential mortgage banking activities interest rate swaps ​ — ​ 957 ​ — ​ (1,148) ​ Interest rate lock commitments ​ ​ — ​ ​ 1,988 ​ ​ — ​ ​ 18,251 ​ FX forwards ​ (593) ​ (98) ​ (302) ​ (196) ​ Total ​ $ (1,782) ​ $ 4,155 ​ $ (2,487) ​ $ 7,772 ​
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 Total income statement impact ​ Derivatives- effective portion recorded in OCI ​ Total change in OCI for period Interest rate hedges- forecasted transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 $ (264) ​ $ — ​ $ (264) ​ $ (43) ​ $ 221 Three Months Ended September 30, 2020 $ (371) ​ $ — ​ $ (371) ​ $ 300 ​ $ 671 Nine Months Ended September 30, 2021 $ (874) ​ $ — $ (874) ​ $ 1,449 ​ $ 2,323 Nine Months Ended September 30, 2020 $ (1,104) ​ $ (1,694) $ (2,798) ​ $ (5,276) ​ $ (2,478)

Real estate owned, held for s_2

Real estate owned, held for sale (Tables)	9 Months Ended
	Sep. 30, 2021
Real estate owned, held for sale
Summary of the carrying amount of the Company's real estate holdings	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 December 31, 2020 Acquired ORM Portfolio: ​ ​ ​ ​ ​ ​ Retail ​ $ 18,401 ​ $ 18,700 Mixed Use ​ 14,023 ​ 14,248 Land ​ ​ 6,318 ​ ​ 7,256 Lodging/Residential ​ ​ 3,230 ​ ​ 3,230 Total Acquired ORM REO ​ $ 41,972 ​ $ 43,434 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 25,400 ​ $ — Retail ​ ​ 3,129 ​ ​ 660 Office ​ ​ — ​ ​ 829 SBA ​ 142 ​ 425 Total Other REO ​ $ 28,671 ​ $ 1,914 Total real estate owned, held for sale ​ $ 70,643 ​ $ 45,348

Agreements and transactions w_2

Agreements and transactions with related parties (Tables)	9 Months Ended
	Sep. 30, 2021
Management fee
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Management fee - total ​ $ 2.7 million ​ $ 2.7 million ​ $ 8.1 million ​ $ 7.9 million Management fee - amount unpaid ​ $ 2.7 million ​ $ 2.7 million ​ $ 2.7 million ​ $ 2.7 million
Incentive distribution
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Incentive fee distribution - total ​ $ 2.8 million ​ $ 1.1 million ​ $ 3.1 million ​ $ 4.6 million Incentive fee distribution - amount unpaid ​ $ ​ $ 1.1 million ​ $ 2.8 million ​ $ 1.1 million
Expense reimbursement
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Reimbursable expenses payable to our Manager - total ​ $ 1.5 million ​ $ 0.8 million ​ $ 7.0 million ​ $ 2.8 million Reimbursable expenses payable to our Manager - amount unpaid ​ $ 1.0 million ​ $ 1.0 million ​ $ 1.0 million ​ $ 1.0 million

Other assets and other liabil_2

Other assets and other liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Other assets and other liabilities
Schedule of other assets and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 December 31, 2020 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 18,396 $ 18,396 ​ Deferred loan exit fees ​ ​ 22,006 ​ ​ 13,940 ​ Accrued interest ​ ​ 25,194 ​ ​ 12,656 ​ Goodwill ​ ​ 31,389 ​ ​ 11,206 ​ Due from servicers ​ ​ 12,784 ​ ​ 11,171 ​ Right-of-use lease asset ​ ​ 2,685 ​ ​ 3,172 ​ Intangible assets ​ 15,255 ​ 6,986 ​ Deferred financing costs ​ ​ 3,071 ​ ​ 2,612 ​ PPP fee receivable ​ ​ 494 ​ ​ 18 ​ Other assets ​ ​ 65,553 ​ ​ 9,346 ​ Other assets $ 196,827 ​ $ 89,503 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 16,839 ​ $ 16,839 ​ Accrued salaries, wages and commissions ​ ​ 48,193 ​ ​ 35,724 ​ Accrued interest payable ​ 19,712 ​ 19,695 ​ Servicing principal and interest payable ​ ​ 14,067 ​ ​ 7,318 ​ Repair and denial reserve ​ 15,608 ​ 9,557 ​ Payable to related parties ​ 5,578 ​ 4,088 ​ Accrued professional fees ​ ​ 4,067 ​ ​ 1,365 ​ Lease payable ​ ​ 3,607 ​ ​ 3,670 ​ Deferred LSP revenue ​ 425 ​ 10,700 ​ Accrued PPP related costs ​ ​ 24,456 ​ ​ 498 ​ Other liabilities ​ 36,642 ​ 26,201 ​ Total accounts payable and other accrued liabilities ​ $ 189,194 ​ $ 135,655 ​
Schedule of Intangible assets	​ z ​ ​ ​ ​ ​ ​ (In Thousands) September 30, 2021 ​ December 31, 2020 Estimated Useful Life Customer Relationships - Red Stone $ 6,740 ​ $ — 19 years Internally developed software - Knight Capital ​ 2,586 ​ ​ 3,061 6 years Trade name – Red Stone ​ 2,500 ​ ​ — Indefinite life SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Broker network - Knight Capital ​ 689 ​ ​ 889 4.5 years Favorable lease ​ 672 ​ ​ 768 12 years Trade name - Knight Capital ​ 599 ​ ​ 709 6 years Trade name - GMFS ​ 469 ​ ​ 559 15 years Total intangible assets $ 15,255 ​ $ 6,986 ​
Schedule of accumulated amortization for finite-lived intangible assets	​ ​ ​ ​ (In Thousands) September 30, 2021 Internally developed software - Knight Capital $ 1,214 Favorable lease ​ 808 Trade name - GMFS ​ 754 Broker network - Knight Capital ​ 511 Trade name - Knight Capital ​ 281 Customer Relationships – Red Stone ​ 60 Total accumulated amortization $ 3,628
Amortization expense related to the intangible assets	​ ​ ​ ​ (In Thousands) September 30, 2021 2021 $ 413 2022 ​ 1,626 2023 ​ 1,599 2024 ​ 1,390 2025 ​ 1,144 Thereafter ​ 5,583 Total $ 11,755

Other income and operating ex_2

Other income and operating expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Other income and operating expenses
Schedule of the financial position related to the Paycheck Protection Program (PPP) activities	​ ​ ​ ​ ​ (In Thousands) September 30, 2021 Assets ​ ​ ​ Paycheck Protection Program loans ​ $ 1,774,953 Paycheck Protection Program loans, at fair value ​ 9,873 PPP fee receivable ​ 493 Accrued interest receivable ​ 9,666 Total PPP related assets ​ $ 1,794,985 Liabilities ​ ​ ​ Paycheck Protection Program Liquidity Facility borrowings ​ $ 1,945,883 Interest payable ​ ​ 2,567 Deferred LSP revenue ​ ​ 425 Accrued PPP related costs ​ ​ 24,457 Payable to third parties ​ 1,438 Repair and denial reserve ​ ​ 8,890 Total PPP related liabilities ​ $ 1,983,660
Schedule of the income and expenses related to the Paycheck Protection Program (PPP) activities.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Financial statement account (In Thousands) ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LSP origination fees $ — $ 1,652 $ — $ 27,768 ​ Other income PPP processing fees ​ — ​ 7 ​ — ​ 5,162 ​ Other income LSP fee income ​ 417 ​ 1,700 ​ 10,275 ​ 2,553 ​ Servicing income Interest income ​ 18,680 ​ 302 ​ 51,927 ​ 496 ​ Interest income Total PPP related income $ 19,097 $ 3,661 $ 62,202 $ 35,979 ​ ​ Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating expenses $ (25) $ 125 $ 8,193 $ 5,650 ​ Other operating expenses Repair and denial reserve ​ 196 ​ 111 ​ 5,585 ​ 2,430 ​ Other income Interest expense ​ 1,196 ​ 687 ​ 13,818 ​ 2,089 ​ Interest expense Total PPP related expenses (direct) $ 1,367 $ 923 $ 27,596 $ 10,169 ​ ​ Net PPP related income $ 17,730 $ 2,738 $ 34,606 $ 25,810 ​ ​
Schedule of other income and operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (In Thousands) 2021 2020 2021 2020 Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income $ 2,794 ​ $ 3,144 $ 6,297 ​ $ 39,256 Change in repair and denial reserve ​ 45 ​ ​ 316 ​ (6,108) ​ ​ (2,199) Other ​ 2,835 ​ ​ 1,036 ​ 5,368 ​ ​ 3,106 Total other income ​ $ 5,674 ​ $ 4,496 ​ $ 5,557 ​ $ 40,163 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs ​ $ 4,041 ​ $ 2,717 ​ $ 20,069 ​ $ 15,172 Technology expense ​ 2,058 ​ ​ 1,650 ​ 5,968 ​ ​ 4,973 Impairment on real estate ​ 184 ​ ​ — ​ 1,462 ​ ​ 3,075 Rent and property tax expense ​ 1,538 ​ ​ 1,545 ​ 4,967 ​ ​ 3,929 Recruiting, training and travel expense ​ 297 ​ ​ 254 ​ 1,126 ​ ​ 1,113 Marketing expense ​ ​ 1,121 ​ ​ 400 ​ ​ 2,306 ​ ​ 1,331 Loan acquisition costs ​ ​ 115 ​ ​ 353 ​ ​ 449 ​ ​ 806 Financing costs on purchased future receivables ​ ​ 31 ​ ​ 63 ​ ​ 87 ​ ​ 1,476 Other ​ 3,541 ​ ​ 3,466 ​ 9,166 ​ ​ 10,052 Total other operating expenses ​ $ 12,926 ​ $ 10,448 ​ $ 45,600 ​ $ 41,927

Stockholders Equity (Tables)

Stockholders Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity
Schedule of cash dividends declared by the Board of Directors	The table below presents dividends declared by the board of directors on common stock during the last twelve months. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ Record Date ​ Payment Date ​ Dividend per Share 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 ​ June 14, 2021 ​ June 30, 2021 ​ July 30, 2021 ​ $ 0.42 ​ September 15, 2021 ​ September 30, 2021 ​ October 29, 2021 ​ $ 0.42 ​
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 Granted 10,636 ​ ​ 149 ​ 14.03 Vested (9,723) ​ ​ (126) ​ 12.99 Outstanding, June 30, 2021 941,427 $ 14,317 $ 15.21 Granted 154,825 ​ ​ 2,343 ​ 15.14 Vested (36,015) ​ ​ (526) ​ 14.61 Canceled (1,421) ​ ​ (20) ​ 14.26 Outstanding, September 30, 2021 1,058,816 $ 16,114 $ 15.22
Schedule of preferred stock outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferential Cash Dividends Carrying Value (in thousands) Series ​ Shares Issued and Outstanding (in thousands) ​ Par Value ​ Liquidation Preference ​ Rate per Annum ​ Annual Dividend (per share) ​ September 30, 2021 C ​ 335 ​ ​ 0.0001 ​ ​ $ 25.00 ​ 6.25% ​ ​ $ 1.56 ​ $ 8,361 ​ E ​ 4,600 ​ ​ 0.0001 ​ ​ $ 25.00 ​ 6.50% ​ ​ $ 1.63 ​ $ 111,378 ​

Earnings per Share of Common _2

Earnings per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings per Share of Common Stock
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ (In Thousands, except for share and per share amounts) 2021 2020 2021 2020 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 46,535 ​ $ 35,363 ​ $ 106,386 ​ $ 18,510 ​ Less: Income (loss) attributable to non-controlling interest ​ ​ 756 ​ ​ 805 ​ ​ 1,859 ​ ​ 551 ​ Less: Income attributable to participating shares ​ ​ 2,444 ​ ​ 339 ​ ​ 6,717 ​ ​ 1,087 ​ Basic earnings ​ $ 43,335 ​ $ 34,219 ​ $ 97,810 ​ $ 16,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 46,535 ​ $ 35,363 ​ $ 106,386 ​ $ 18,510 ​ Less: Income (loss) attributable to non-controlling interest ​ ​ 756 ​ ​ 805 ​ ​ 1,859 ​ ​ 551 ​ Less: Income attributable to participating shares ​ ​ 2,444 ​ ​ 339 ​ ​ 6,717 ​ ​ 1,087 ​ Diluted earnings ​ $ 43,335 ​ $ 34,219 ​ $ 97,810 ​ $ 16,872 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 71,618,168 ​ ​ 54,626,995 ​ ​ 66,606,749 ​ ​ 53,534,497 ​ Effect of dilutive securities — Unvested participating shares ​ ​ 169,061 ​ ​ 77,616 ​ ​ 162,169 ​ ​ 77,616 ​ Diluted — Average shares outstanding ​ ​ 71,787,228 ​ ​ 54,704,611 ​ ​ 66,768,918 ​ ​ 53,612,113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.61 ​ $ 0.63 ​ $ 1.47 ​ $ 0.32 ​ Diluted ​ $ 0.60 ​ $ 0.63 ​ $ 1.46 ​ $ 0.31 ​

Offsetting assets and liabili_2

Offsetting assets and liabilities (Tables)	9 Months Ended
	Sep. 30, 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 Assets / Liabilities ​ Gross amounts offset ​ Balance in Consolidated Balance Sheets ​ Financial Instruments ​ Cash Collateral Received / Paid ​ Net Amount September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments $ 2,360 ​ $ — ​ $ 2,360 ​ $ — ​ $ — ​ $ 2,360 FX forwards ​ 487 ​ ​ — ​ ​ 487 ​ ​ — ​ ​ — ​ ​ 487 TBA Agency Securities ​ 2,405 ​ ​ 53 ​ ​ 2,352 ​ ​ — ​ ​ — ​ ​ 2,352 Interest rate swaps ​ 4,033 ​ ​ 3,052 ​ ​ 981 ​ ​ — ​ ​ — ​ ​ 981 Total $ 9,285 ​ $ 3,105 ​ $ 6,180 ​ $ — ​ $ — ​ $ 6,180 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps $ 5,610 ​ $ 5,610 ​ $ — ​ $ — ​ $ — ​ $ — TBA Agency Securities ​ 53 ​ ​ 53 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Secured borrowings ​ 2,044,069 ​ ​ — ​ ​ 2,044,069 ​ ​ 2,044,069 ​ ​ — ​ ​ — Paycheck Protection Program Liquidity Facility ​ 1,945,883 ​ ​ — ​ ​ 1,945,883 ​ ​ 1,780,445 ​ ​ — ​ ​ 165,438 Total $ 3,995,615 ​ $ 5,663 ​ $ 3,989,952 ​ $ 3,824,514 ​ $ — ​ $ 165,438 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments $ 16,363 ​ $ — ​ $ 16,363 ​ $ — ​ $ — ​ $ 16,363 Total $ 16,363 ​ $ — ​ $ 16,363 ​ $ — ​ $ — ​ $ 16,363 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps $ 11,670 ​ $ 5,017 ​ $ 6,653 ​ $ — ​ $ 6,653 ​ $ — TBA Agency Securities ​ 174 ​ ​ — ​ ​ 174 ​ ​ — ​ ​ 174 ​ ​ — Credit default swaps ​ 4,004 ​ ​ — ​ ​ 4,004 ​ ​ — ​ ​ — ​ ​ 4,004 FX forwards ​ 773 ​ ​ ​ ​ ​ 773 ​ ​ — ​ ​ — ​ ​ 773 Secured borrowings ​ 1,294,243 ​ ​ — ​ ​ 1,294,243 ​ ​ 1,294,243 ​ ​ — ​ ​ — Paycheck Protection Program Liquidity Facility ​ 76,276 ​ ​ — ​ ​ 76,276 ​ ​ 76,276 ​ ​ — ​ ​ — Total $ 1,387,140 ​ $ 5,017 ​ $ 1,382,123 ​ $ 1,370,519 ​ $ 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)	9 Months Ended
	Sep. 30, 2021
Commitments, Contingencies and Indemnifications
Schedule of unfunded loan commitments and commitments to originate loans	​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ September 30, 2021 ​ December 31, 2020 Loans, net ​ $ 421,908 ​ $ 285,389 Loans, held for sale at fair value ​ $ 17,358 ​ $ 7,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In Thousands) ​ September 30, 2021 ​ December 31, 2020 Commitments to originate residential agency loans ​ $ 454,917 ​ $ 575,600 ​ ​ ​ ​ ​ ​ ​

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting
Schedule of segment reporting information	Results of business segments and all other. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBC ​ Business ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 18,954 ​ $ 55,230 ​ $ 28,739 ​ $ 2,213 ​ $ — ​ $ 105,136 ​ Interest expense ​ ​ (11,951) ​ ​ (29,300) ​ ​ (6,511) ​ ​ (2,374) ​ ​ — ​ ​ (50,136) ​ Net interest income before provision for loan losses ​ $ 7,003 ​ $ 25,930 ​ $ 22,228 ​ $ (161) ​ $ — ​ $ 55,000 ​ Recovery of (provision for) loan losses ​ 1,217 ​ ​ (2,774) ​ ​ (22) ​ ​ — ​ ​ — ​ (1,579) ​ Net interest income after recovery of (provision for) loan losses ​ $ 8,220 ​ $ 23,156 ​ $ 22,206 ​ $ (161) ​ $ — ​ $ 53,421 ​ Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 37,270 ​ $ — ​ $ 37,270 ​ Net realized gain on financial instruments and real estate owned ​ ​ 4,699 ​ ​ 4,192 ​ ​ 14,319 ​ ​ — ​ ​ — ​ ​ 23,210 ​ Net unrealized gain on financial instruments ​ ​ 1,211 ​ ​ 4,256 ​ ​ 74 ​ ​ 147 ​ ​ — ​ ​ 5,688 ​ Servicing income, net ​ ​ — ​ ​ 998 ​ ​ 1,497 ​ ​ 7,748 ​ ​ — ​ ​ 10,243 ​ Income on purchased future receivables, net ​ ​ — ​ ​ — ​ ​ 2,838 ​ ​ — ​ ​ — ​ ​ 2,838 ​ Income on unconsolidated joint ventures ​ ​ 2,506 ​ ​ 1,042 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,548 ​ Other income ​ ​ 1,167 ​ ​ 2,778 ​ ​ 1,696 ​ ​ 31 ​ ​ 2 ​ ​ 5,674 ​ Total non-interest income ​ $ 9,583 ​ $ 13,266 ​ $ 20,424 ​ $ 45,196 ​ $ 2 ​ $ 88,471 ​ Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ — ​ ​ (7,034) ​ ​ (10,716) ​ ​ (5,399) ​ ​ (1,388) ​ (24,537) ​ Allocated employee compensation and benefits from related party ​ (383) ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,421) ​ (3,804) ​ Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (24,380) ​ ​ — ​ ​ (24,380) ​ Professional fees ​ (411) ​ ​ (782) ​ ​ (582) ​ ​ (1,534) ​ ​ (3,591) ​ (6,900) ​ Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,742) ​ (2,742) ​ Incentive fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,775) ​ (2,775) ​ Loan servicing expense ​ (1,694) ​ ​ (2,640) ​ ​ (426) ​ ​ (3,364) ​ ​ — ​ (8,124) ​ Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,629) ​ ​ (2,629) ​ Other operating expenses ​ (1,108) ​ ​ (3,969) ​ ​ (4,139) ​ ​ (1,908) ​ ​ (1,802) ​ (12,926) ​ Total non-interest expense ​ $ (3,596) ​ $ (14,425) ​ $ (15,863) ​ $ (36,585) ​ $ (18,348) ​ $ (88,817) ​ Income (loss) before provision for income taxes ​ $ 14,207 ​ $ 21,997 ​ $ 26,767 ​ $ 8,450 ​ $ (18,346) ​ $ 53,075 ​ Total assets ​ $ 1,249,569 ​ $ 4,546,757 ​ $ 2,462,862 ​ $ 570,236 ​ $ 434,974 ​ $ 9,264,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBC ​ Business ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 53,919 ​ $ 141,040 ​ $ 80,304 ​ $ 6,291 ​ $ — ​ $ 281,554 Interest expense ​ ​ (36,206) ​ ​ (81,402) ​ ​ (29,698) ​ ​ (6,997) ​ ​ (2,009) ​ ​ (156,312) Net interest income before provision for loan losses ​ $ 17,713 ​ $ 59,638 ​ $ 50,606 ​ $ (706) ​ $ (2,009) ​ $ 125,242 Recovery of (provision for) loan losses ​ 2,405 ​ ​ (9,032) ​ ​ (461) ​ ​ — ​ ​ — ​ (7,088) Net interest income after recovery of (provision for) loan losses ​ $ 20,118 ​ $ 50,606 ​ $ 50,145 ​ $ (706) ​ $ (2,009) ​ $ 118,154 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 115,369 ​ $ — ​ $ 115,369 Net realized gain on financial instruments and real estate owned ​ ​ 465 ​ ​ 14,992 ​ ​ 33,782 ​ ​ — ​ ​ — ​ ​ 49,239 Net unrealized gain on financial instruments ​ ​ 8,240 ​ ​ 9,197 ​ ​ 3,055 ​ ​ 10,804 ​ ​ — ​ ​ 31,296 Servicing income, net ​ ​ — ​ ​ 2,520 ​ ​ 12,966 ​ ​ 22,320 ​ ​ — ​ ​ 37,806 Income on purchased future receivables, net ​ — ​ ​ — ​ ​ 7,934 ​ ​ — ​ ​ — ​ 7,934 Income on unconsolidated joint ventures ​ ​ 5,058 ​ ​ 1,042 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,100 Other income (loss) ​ ​ 3,240 ​ ​ 5,602 ​ ​ (3,454) ​ ​ 84 ​ ​ 85 ​ ​ 5,557 Total non-interest income ​ $ 17,003 ​ $ 33,353 ​ $ 54,283 ​ $ 148,577 ​ $ 85 ​ $ 253,301 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ — ​ $ (13,580) ​ $ (26,097) ​ $ (29,114) ​ $ (2,793) ​ $ (71,584) Allocated employee compensation and benefits from related party ​ (926) ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,300) ​ (9,226) Variable expenses on residential mortgage banking activities ​ — ​ ​ — ​ ​ — ​ ​ (61,286) ​ ​ — ​ (61,286) Professional fees ​ (1,306) ​ ​ (1,725) ​ ​ (1,930) ​ ​ (1,929) ​ ​ (5,864) ​ (12,754) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,061) ​ (8,061) Incentive fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,061) ​ (3,061) Loan servicing expense ​ (4,829) ​ ​ (7,968) ​ ​ (468) ​ ​ (7,814) ​ ​ — ​ (21,079) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,202) ​ ​ (10,202) Other operating expenses ​ (4,958) ​ ​ (11,718) ​ ​ (19,209) ​ ​ (6,325) ​ ​ (3,390) ​ (45,600) Total non-interest expense ​ $ (12,019) ​ $ (34,991) ​ $ (47,704) ​ $ (106,468) ​ $ (41,671) ​ $ (242,853) Income (loss) before provision for income taxes ​ $ 25,102 ​ $ 48,968 ​ $ 56,724 ​ $ 41,403 ​ $ (43,595) ​ $ 128,602 Total assets ​ $ 1,249,569 ​ $ 4,546,757 ​ $ 2,462,862 ​ $ 570,236 ​ $ 434,974 ​ $ 9,264,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SBC ​ Business ​ Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 14,532 ​ $ 35,287 ​ $ 9,037 ​ $ 2,218 ​ $ — ​ $ 61,074 Interest expense ​ ​ (11,011) ​ ​ (23,342) ​ ​ (6,414) ​ ​ (2,157) ​ ​ (899) ​ ​ (43,823) Net interest income before provision for loan losses ​ $ 3,521 ​ $ 11,945 ​ $ 2,623 ​ $ 61 ​ $ (899) ​ $ 17,251 Recovery of (provision for) loan losses ​ 2,906 ​ ​ 2,029 ​ ​ (704) ​ ​ — ​ ​ — ​ 4,231 Net interest income after recovery of (provision for) loan losses ​ $ 6,427 ​ $ 13,974 ​ $ 1,919 ​ $ 61 ​ $ (899) ​ $ 21,482 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 75,524 ​ $ — ​ $ 75,524 Net realized gain (loss) on financial instruments and real estate owned ​ ​ (2,244) ​ ​ 5,309 ​ ​ 4,442 ​ ​ — ​ ​ — ​ ​ 7,507 Net unrealized gain (loss) on financial instruments ​ ​ 2,295 ​ ​ 3,459 ​ ​ 2,353 ​ ​ (4,687) ​ ​ — ​ ​ 3,420 Servicing income, net ​ — ​ ​ 610 ​ ​ 3,194 ​ ​ 6,311 ​ ​ — ​ 10,115 Income on purchased future receivables, net ​ ​ — ​ ​ — ​ ​ 4,848 ​ ​ — ​ ​ — ​ ​ 4,848 Income on unconsolidated joint ventures ​ ​ 1,996 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,996 Other income (loss) ​ ​ 951 ​ ​ 688 ​ ​ 2,828 ​ ​ 30 ​ ​ (1) ​ ​ 4,496 Total non-interest income (loss) ​ $ 2,998 ​ $ 10,066 ​ $ 17,665 ​ $ 77,178 ​ $ (1) ​ $ 107,906 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ — ​ $ (4,046) ​ $ (7,570) ​ $ (15,118) ​ $ (878) ​ (27,612) Allocated employee compensation and benefits from related party ​ (225) ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,025) ​ (2,250) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ — ​ ​ (30,918) ​ ​ — ​ ​ (30,918) Professional fees ​ (254) ​ ​ (449) ​ ​ (530) ​ ​ (960) ​ ​ (1,965) ​ (4,158) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,714) ​ (2,714) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,134) ​ ​ (1,134) Loan servicing (expense) income ​ (1,528) ​ ​ (2,394) ​ ​ (106) ​ ​ (4,206) ​ ​ 3 ​ (8,231) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6) ​ ​ (6) Other operating expenses ​ (585) ​ ​ (2,450) ​ ​ (4,100) ​ ​ (2,618) ​ ​ (695) ​ (10,448) Total non-interest expense ​ $ (2,592) ​ $ (9,339) ​ $ (12,306) ​ $ (53,820) ​ $ (9,414) ​ $ (87,471) Income (loss) before provision for income taxes ​ $ 6,833 ​ $ 14,701 ​ $ 7,278 ​ $ 23,419 ​ $ (10,314) ​ $ 41,917 Total assets ​ $ 1,096,804 ​ $ 2,515,234 ​ $ 841,373 ​ $ 640,112 ​ $ 223,987 ​ $ 5,317,510 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2020 ​ ​ ​ ​ SBC ​ Small Business ​ Residential Mortgage ​ Corporate- ​ ​ (In Thousands) ​ Acquisitions ​ Originations ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 45,993 ​ $ 112,052 ​ $ 30,316 ​ $ 5,465 ​ $ — ​ $ 193,826 Interest expense ​ ​ (32,871) ​ ​ (72,476) ​ ​ (21,766) ​ ​ (5,778) ​ ​ (1,271) ​ ​ (134,162) Net interest income before provision for loan losses ​ $ 13,122 ​ $ 39,576 ​ $ 8,550 ​ $ (313) ​ $ (1,271) ​ $ 59,664 Provision for loan losses ​ (4,776) ​ (21,978) ​ (7,730) ​ ​ (500) ​ ​ — ​ (34,984) Net interest income after provision for loan losses ​ $ 8,346 ​ $ 17,598 ​ $ 820 ​ $ (813) ​ $ (1,271) ​ $ 24,680 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ — ​ $ 192,757 ​ $ — ​ $ 192,757 Net realized gain (loss) on financial instruments and real estate owned ​ ​ (3,378) ​ ​ 15,190 ​ ​ 10,306 ​ ​ — ​ ​ — ​ ​ 22,118 Net unrealized gain (loss) on financial instruments ​ ​ (8,148) ​ ​ (3,748) ​ ​ 1,302 ​ ​ (33,168) ​ ​ — ​ ​ (43,762) Servicing income, net ​ ​ — ​ ​ 1,541 ​ ​ 7,187 ​ ​ 18,465 ​ ​ — ​ ​ 27,193 Income on purchased future receivables, net ​ ​ — ​ ​ — ​ ​ 13,917 ​ ​ — ​ ​ — ​ ​ 13,917 Income (loss) on unconsolidated joint ventures ​ ​ (1,035) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,035) Other income ​ ​ 2,354 ​ ​ 3,410 ​ ​ 34,149 ​ ​ 136 ​ ​ 114 ​ ​ 40,163 Total non-interest income (loss) ​ $ (10,207) ​ $ 16,393 ​ $ 66,861 ​ $ 178,190 ​ $ 114 ​ $ 251,351 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ — ​ $ (11,445) ​ $ (20,436) ​ $ (39,702) ​ $ (2,253) ​ $ (73,836) Allocated employee compensation and benefits from related party ​ (475) ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,275) ​ (4,750) Variable expenses on residential mortgage banking activities ​ — ​ ​ — ​ ​ — ​ ​ (87,494) ​ ​ — ​ (87,494) Professional fees ​ (504) ​ ​ (891) ​ ​ (1,192) ​ ​ (1,518) ​ ​ (4,527) ​ (8,632) Management fees – related party ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,941) ​ (7,941) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,640) ​ ​ (4,640) Loan servicing expense ​ (4,387) ​ ​ (5,685) ​ ​ (688) ​ ​ (13,325) ​ ​ (37) ​ (24,122) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (63) ​ ​ (63) Other operating expenses ​ (4,670) ​ ​ (10,336) ​ ​ (18,411) ​ ​ (6,376) ​ ​ (2,134) ​ (41,927) Total non-interest expense ​ $ (10,036) ​ $ (28,357) ​ $ (40,727) ​ $ (148,415) ​ $ (25,870) ​ $ (253,405) Income (loss) before provision for income taxes ​ $ (11,897) ​ $ 5,634 ​ $ 26,954 ​ $ 28,962 ​ $ (27,027) ​ $ 22,626 Total assets ​ $ 1,096,804 ​ $ 2,515,234 ​ $ 841,373 ​ $ 640,112 ​ $ 223,987 ​ $ 5,317,510

Organization (Details)

Organization (Details) - segment	9 Months Ended	12 Months Ended
	Sep. 30, 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)	Jul. 31, 2021USD ($)shares	Mar. 19, 2021USD ($)item$ / sharesshares	Sep. 30, 2021USD ($)$ / shares	Jul. 15, 2021$ / shares
Acquisitions
Financial assets liquidated			$ 2,000,000,000
Extinguishment of indebtedness on the RMDS portfolio			$ 1,700,000,000
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
Preferred stock redemption price | $ / shares				$ 25
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 | $ / shares			$ 0.0001
Series C Preferred Stock | ANH
Acquisitions
Rate per Annum		7.625%
Series D Preferred Stock
Acquisitions
Preferred stock redemption price | $ / shares				$ 25
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 | $ / shares		$ 0.61
Total purchase price		$ 417,898,000
Market price as of March 19, 2021 | $ / shares		$ 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 | $ / shares		$ 25
Rate per Annum		8.625%
Par Value per Share | $ / shares		$ 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 | $ / shares		$ 25
Rate per Annum		6.25%
Par Value per Share | $ / shares		$ 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 | $ / shares		$ 25
Rate per Annum		7.625%
Par Value per Share | $ / shares		$ 0.0001
Common stock consideration		$ 50,257,000
Red Stone
Acquisitions
Cash paid	$ 63,000,000
Total purchase price	75,400,000
Payments for retention of key executives	$ 7,000,000
Shares granted | shares	128,533
Period over which additional purchase price payments may be made if certain hurdles are achieved	3 years

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)segment	Sep. 30, 2020segment	Sep. 30, 2021USD ($)classitemsegment	Sep. 30, 2020segment	Dec. 31, 2020USD ($)
Number of reportable segments | segment	4	4	4	4
Cash collateral offset against derivative liability positions	$ 2.6		$ 2.6		$ 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		0
The number of consecutive months contractual payments that must be received on a loan in non-accrual status before resuming recognition of interest income | item			3
Borrowings under credit facilities | Maximum
Maturity period			2 years
Restricted cash
Cash collateral not offset against derivative liability positions	$ 10.1		$ 10.1		$ 10.5

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Stockholders' equity	$ 1,229,310	$ 1,288,383	$ 834,208	$ 824,170	$ 813,046	$ 844,784
Retained earnings (deficit)	(10,395)		(24,203)
Retained Earnings (Deficit)
Stockholders' equity	$ (10,395)	$ (23,105)	$ (24,203)	$ (31,779)	$ (49,755)	$ 8,746

Business Combinations - ANH Mer

Business Combinations - ANH Merger (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 19, 2021	Dec. 31, 2020
Assets:
Real estate, held for sale	$ 41,972		$ 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		8,183
Other assets		38,216
Total assets acquired		2,296,353
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		410,526
Gross contractual principal of acquired loan receivables.		$ 98,300

Business Combinations - Red Sto

Business Combinations - Red Stone Acquisition (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Liabilities:
Contingent consideration		$ 12,400
Goodwill		$ 31,389	$ 11,206
Red Stone
Acquisitions
Cash paid	$ 63,000
Payments for retention of key executives	$ 7,000
Shares granted	128,533
Period over which additional purchase price payments may be made if certain hurdles are achieved	3 years
Assets:
Cash and cash equivalents	$ 1,553
Restricted cash	6,994
Investment in unconsolidated joint ventures	35,577
Servicing rights	15,800
Other Assets:
Intangible assets	9,300
Other assets	1,330
Total assets acquired	70,554
Liabilities:
Accounts payable and other accrued liabilities	7,965
Total liabilities assumed	7,965
Net assets acquired	62,589
Cash paid	63,000
Contingent consideration	12,400
Total consideration transferred	75,400
Goodwill	$ 12,811

Business Combinations - Aggrega

Business Combinations - Aggregate Consideration Transferred (Details) $ / shares in Units, $ in Thousands	Mar. 19, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Acquisitions
Goodwill		$ 31,389	$ 11,206
ANH
Acquisitions
Common stock consideration	$ 239,537
Fair value of net assets acquired	$ 410,526
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	7,372
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pro-forma information
Interest income	$ 105,136	$ 73,726	$ 293,303	$ 262,663
Interest expense	(50,136)	(49,930)	(159,840)	(173,702)
Recovery of (provision for) loan losses	(1,579)	4,231	(7,088)	(35,602)
Non-interest income	88,471	126,065	256,026	296,498
Non-interest expense	(88,864)	(90,306)	(248,529)	(490,943)
Income (loss) before provision for income taxes	53,028	63,786	133,872	(141,086)
Income tax benefit (expense)	(6,540)	(6,554)	(22,216)	(4,117)
Net income (loss)	$ 46,488	$ 57,232	111,656	$ (145,203)
Nonrecurring transaction costs excluded from pro forma non-interest expense			$ 7,600

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses - Classification, unpaid principal balance, and carrying value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Carrying Value
Total Loans, before allowance for loan losses	$ 2,424,122		$ 1,583,848
Allowance for loan losses	(39,625)		(33,224)
Total Loans, net	2,384,497		1,550,624
Allowance for loan losses on loans in consolidated VIEs	(49,247)	$ (49,629)	(46,732)	$ (52,656)	$ (57,063)	$ (7,441)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	5,780,272		4,023,431
Loans, held for sale, at fair value	549,917		340,288
Total Loans, net and Loans held for sale, at fair value	6,330,189		4,363,719
Paycheck Protection Program loans	1,784,826		74,931
Total loan portfolio	8,115,015		4,438,650
UPB
Total Loans, before allowance for loan losses	2,446,885		1,598,328
Total Loans, net	2,446,885		1,598,328
Total Loans, held for sale, at fair value	534,231		328,045
Total Loans, net and Loans held for sale, at fair value	6,411,022		4,430,080
Total Paycheck Protection Program loans	1,867,726		74,931
Total Loan portfolio	8,278,748		4,505,011
Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	3,405,397		2,486,315
Allowance for loan losses on loans in consolidated VIEs	(9,622)		(13,508)
Total Loans, net, in consolidated VIEs	3,395,775		2,472,807
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	3,429,906		2,503,707
Total Loans, net, in consolidated VIEs	3,429,906		2,503,707
Originated Transitional loans
Carrying Value
Total Loans, before allowance for loan losses	1,333,370		530,671
Allowance for loan losses on loans in consolidated VIEs	(25,145)	(21,201)	(14,995)	(17,983)	(19,831)	(188)
UPB
Total Loans, before allowance for loan losses	1,341,427		535,963
Originated Transitional loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	1,857,638		788,403
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	1,875,209		792,432
Originated SBA 7(a) loans
Carrying Value
Total Loans, before allowance for loan losses	330,884		310,537
Allowance for loan losses on loans in consolidated VIEs	(8,669)	(9,375)	(10,051)	(10,359)	(9,450)	(1,781)
Loans, held for sale, at fair value	40,254		10,232
UPB
Total Loans, before allowance for loan losses	338,190		314,938
Total Loans, held for sale, at fair value	36,403		9,436
Originated SBA 7(a) loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	60,316		68,625
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	63,788		72,451
Acquired SBA 7(a) loans
Carrying Value
Total Loans, before allowance for loan losses	162,457		201,066
Allowance for loan losses on loans in consolidated VIEs	(3,330)	(3,975)	(4,549)	(5,363)	(5,744)	(2,114)
UPB
Total Loans, before allowance for loan losses	168,845		210,115
Acquired SBA 7(a) loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	34,640		42,154
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	42,401		52,456
Originated SBC loans
Carrying Value
Total Loans, before allowance for loan losses	245,283		173,190
Allowance for loan losses on loans in consolidated VIEs	(6,951)	(7,980)	(8,840)	(8,793)	(8,974)	(304)
Loans, held for sale, at fair value	41,353		17,850
UPB
Total Loans, before allowance for loan losses	238,667		167,470
Total Loans, held for sale, at fair value	40,978		17,850
Originated SBC loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	811,653		889,566
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	808,330		885,235
Acquired loans
Carrying Value
Total Loans, before allowance for loan losses	336,793		351,381
Allowance for loan losses on loans in consolidated VIEs	(5,152)	$ (7,098)	(8,297)	(9,658)	(12,564)	$ (3,054)
Loans, held for sale, at fair value	172,869		511
UPB
Total Loans, before allowance for loan losses	344,092		352,546
Total Loans, held for sale, at fair value	167,950		499
Acquired loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	641,150		697,567
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	640,178		701,133
Originated SBC loans, at fair value
Carrying Value
Total Loans, before allowance for loan losses	12,162		13,795
UPB
Total Loans, before allowance for loan losses	12,491		14,088
Originated Residential Agency loans
Carrying Value
Total Loans, before allowance for loan losses	3,173		3,208
Allowance for loan losses on loans in consolidated VIEs				$ (500)	$ (500)
Loans, held for sale, at fair value	281,946		260,447
UPB
Total Loans, before allowance for loan losses	3,173		3,208
Total Loans, held for sale, at fair value	275,632		249,852
Originated Freddie Mac loans
Carrying Value
Loans, held for sale, at fair value	13,495		51,248
UPB
Total Loans, held for sale, at fair value	13,268		50,408
Paycheck Protection Program Loans, Held For Investment
Carrying Value
Paycheck Protection Program loans	1,774,953
UPB
Total Paycheck Protection Program loans	1,857,853
Paycheck Protection Program loans, at fair value
Carrying Value
Paycheck Protection Program loans	9,873		74,931
UPB
Total Paycheck Protection Program loans	$ 9,873		$ 74,931

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loan classification and delinquency by year of origination
UPB	$ 5,876,791	$ 4,102,035
Current fiscal year	2,205,406	522,961
Year before current fiscal year	591,851	1,229,069
Two years before current fiscal year	1,113,052	735,604
Three years before current fiscal year	581,473	243,042
Four years before current fiscal year	190,141	110,314
Five or more years before current fiscal year	1,124,476	1,211,980
Total	5,806,399	4,052,970
General allowance for loan losses	(26,127)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	5,780,272	4,023,431
Specific allowance for loan losses	23,120	17,193
Current and less than 30 days past due
Loan classification and delinquency by year of origination
UPB	5,721,014	3,904,294
Current fiscal year	2,205,376	516,474
Year before current fiscal year	583,638	1,221,227
Two years before current fiscal year	1,110,132	707,068
Three years before current fiscal year	528,054	203,331
Four years before current fiscal year	185,226	100,003
Five or more years before current fiscal year	1,059,956	1,125,100
Total	5,672,382	3,873,203
30-59 Days Past Due
Loan classification and delinquency by year of origination
UPB	25,734	38,836
Current fiscal year		5,812
Year before current fiscal year		5,191
Two years before current fiscal year		15,097
Three years before current fiscal year	6,627	401
Four years before current fiscal year	150	2
Five or more years before current fiscal year	18,704	11,933
Total	25,481	38,436
60+ Days Past Due
Loan classification and delinquency by year of origination
UPB	130,043	158,905
Current fiscal year	30	675
Year before current fiscal year	8,213	2,651
Two years before current fiscal year	2,920	13,439
Three years before current fiscal year	46,792	39,310
Four years before current fiscal year	4,765	10,309
Five or more years before current fiscal year	45,816	74,947
Total	108,536	141,331
Originated Transitional loans
Loan classification and delinquency by year of origination
UPB	3,216,636	1,328,395
Current fiscal year	2,020,604	385,183
Year before current fiscal year	421,281	583,593
Two years before current fiscal year	510,721	306,971
Three years before current fiscal year	215,507	23,783
Four years before current fiscal year		18,480
Five or more years before current fiscal year	12,724	1,064
Total	3,180,837	1,319,074
General allowance for loan losses	(14,974)	(14,995)
Specific allowance for loan losses	10,171
Originated Transitional loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	3,125,818	1,281,579
Originated Transitional loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	9,743	17,713
Originated Transitional loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	45,276	19,782
Originated SBC loans
Loan classification and delinquency by year of origination
UPB	1,046,997	1,052,705
Current fiscal year	121,181	66,715
Year before current fiscal year	47,745	486,033
Two years before current fiscal year	426,068	237,313
Three years before current fiscal year	190,009	110,354
Four years before current fiscal year	104,190	43,696
Five or more years before current fiscal year	162,997	112,444
Total	1,052,190	1,056,555
General allowance for loan losses	(2,205)	(2,640)
Specific allowance for loan losses	4,746	6,200
Originated SBC loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,025,741	1,000,878
Originated SBC loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	2,224	6,591
Originated SBC loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	24,225	49,086
Acquired loans
Loan classification and delinquency by year of origination
UPB	984,270	1,053,679
Current fiscal year	9,390	21,414
Year before current fiscal year	75,753	40,572
Two years before current fiscal year	68,616	42,167
Three years before current fiscal year	46,899	38,649
Four years before current fiscal year	27,247	19,533
Five or more years before current fiscal year	747,425	883,774
Total	975,330	1,046,109
General allowance for loan losses	(2,539)	(5,457)
Specific allowance for loan losses	2,613	2,840
Acquired loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	927,125	978,346
Acquired loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	12,586	7,729
Acquired loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	35,619	60,034
Originated SBA 7(a) loans
Loan classification and delinquency by year of origination
UPB	401,978	387,389
Current fiscal year	52,992	47,939
Year before current fiscal year	46,291	98,568
Two years before current fiscal year	93,135	133,812
Three years before current fiscal year	114,611	68,375
Four years before current fiscal year	56,885	22,056
Five or more years before current fiscal year	24,404	4,041
Total	388,318	374,791
General allowance for loan losses	(5,787)	(5,680)
Specific allowance for loan losses	2,882	4,371
Originated SBA 7(a) loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	387,009	369,416
Originated SBA 7(a) loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total		1,741
Originated SBA 7(a) loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	1,309	3,634
Acquired SBA 7(a) loans
Loan classification and delinquency by year of origination
UPB	211,246	262,571
Current fiscal year	40	139
Year before current fiscal year	76	19,658
Two years before current fiscal year	13,870	14,636
Three years before current fiscal year	14,013	283
Four years before current fiscal year	269	19
Five or more years before current fiscal year	166,121	204,703
Total	194,389	239,438
General allowance for loan losses	(622)	(767)
Specific allowance for loan losses	2,708	3,782
Acquired SBA 7(a) loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	191,825	228,651
Acquired SBA 7(a) loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	928	4,008
Acquired SBA 7(a) loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	1,636	6,779
Originated SBC loans, at fair value
Loan classification and delinquency by year of origination
UPB	12,491	14,088
Three years before current fiscal year		1,598
Four years before current fiscal year	1,550	6,442
Five or more years before current fiscal year	10,612	5,755
Total	12,162	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	12,162	13,795
Originated Residential Agency loans
Loan classification and delinquency by year of origination
UPB	3,173	3,208
Current fiscal year	1,199	1,571
Year before current fiscal year	705	645
Two years before current fiscal year	642	705
Three years before current fiscal year	434
Four years before current fiscal year		88
Five or more years before current fiscal year	193	199
Total	3,173	3,208
Originated Residential Agency loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	2,702	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	$ 471	$ 2,016

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses - Delinquency (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Loan delinquency information
Total Loans Carrying Value	$ 5,806,399	$ 4,052,970
Non-Accrual Loans	148,855	134,158
General allowance for loan losses	(26,127)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 5,780,272	$ 4,023,431
Percentage of loans outstanding	100.00%	100.00%
Percentage of outstanding, Non-Accrual Loans	2.60%	3.30%
Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	$ 5,672,382	$ 3,873,203
Percentage of loans outstanding	97.70%	95.60%
30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 25,481	$ 38,436
Percentage of loans outstanding	0.40%	0.90%
60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 108,536	$ 141,331
Percentage of loans outstanding	1.90%	3.50%
90+ Days Past Due
Loan delinquency information
Percentage of outstanding, 90+Days Past Due Accruing	0.00%	0.00%
Originated Transitional loans
Loan delinquency information
Total Loans Carrying Value	$ 3,180,837	$ 1,319,074
Non-Accrual Loans	71,498	19,416
General allowance for loan losses	(14,974)	(14,995)
Originated Transitional loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	3,125,818	1,281,579
Originated Transitional loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	9,743	17,713
Originated Transitional loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	45,276	19,782
Originated SBC loans
Loan delinquency information
Total Loans Carrying Value	1,052,190	1,056,555
Non-Accrual Loans	24,477	37,635
General allowance for loan losses	(2,205)	(2,640)
Originated SBC loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,025,741	1,000,878
Originated SBC loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	2,224	6,591
Originated SBC loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	24,225	49,086
Acquired loans
Loan delinquency information
Total Loans Carrying Value	975,330	1,046,109
Non-Accrual Loans	34,026	57,020
General allowance for loan losses	(2,539)	(5,457)
Acquired loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	927,125	978,346
Acquired loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	12,586	7,729
Acquired loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	35,619	60,034
Originated SBA 7(a) loans
Loan delinquency information
Total Loans Carrying Value	388,318	374,791
Non-Accrual Loans	11,116	8,668
General allowance for loan losses	(5,787)	(5,680)
Originated SBA 7(a) loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	387,009	369,416
Originated SBA 7(a) loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value		1,741
Originated SBA 7(a) loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,309	3,634
Acquired SBA 7(a) loans
Loan delinquency information
Total Loans Carrying Value	194,389	239,438
Non-Accrual Loans	4,815	9,001
General allowance for loan losses	(622)	(767)
Acquired SBA 7(a) loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	191,825	228,651
Acquired SBA 7(a) loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	928	4,008
Acquired SBA 7(a) loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,636	6,779
Originated SBC loans, at fair value
Loan delinquency information
Total Loans Carrying Value	12,162	13,795
Originated SBC loans, at fair value | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	12,162	13,795
Originated Residential Agency loans
Loan delinquency information
Total Loans Carrying Value	3,173	3,208
Non-Accrual Loans	2,923	2,418
Originated Residential Agency loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	2,702	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	$ 471	$ 2,016

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses - Credit Quality (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 5,806,399	$ 4,052,970
General allowance for loan losses	(26,127)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 5,780,272	$ 4,023,431
Percentage of loans outstanding	100.00%	100.00%
Carrying amount of loan foreclosure in process	$ 2,400	$ 2,200
0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 273,376	$ 285,928
Percentage of loans outstanding	4.70%	7.10%
20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 538,544	$ 532,200
Percentage of loans outstanding	9.30%	13.00%
40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,321,847	$ 1,075,306
Percentage of loans outstanding	22.80%	26.50%
60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 3,048,301	$ 1,728,645
Percentage of loans outstanding	52.50%	42.70%
80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 459,519	$ 289,919
Percentage of loans outstanding	7.90%	7.20%
Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 164,812	$ 140,972
Percentage of loans outstanding	2.80%	3.50%
Originated Transitional loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 3,180,837	$ 1,319,074
General allowance for loan losses	(14,974)	(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	6,230	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	59,578	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	347,197	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	2,383,991	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	359,421	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	24,420	2,727
Originated SBC loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,052,190	1,056,555
General allowance for loan losses	(2,205)	(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	23,060	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	85,601	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	565,431	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	372,218	515,023
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	975,330	1,046,109
General allowance for loan losses	(2,539)	(5,457)
Acquired loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	236,524	266,345
Acquired loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	339,195	385,579
Acquired loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	283,665	228,262
Acquired loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	90,076	113,023
Acquired loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	16,041	40,838
Acquired loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	9,829	12,062
Originated SBA 7(a) loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	388,318	374,791
General allowance for loan losses	(5,787)	(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	1,085	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	15,685	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	51,660	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	153,140	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	57,976	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	108,772	99,125
Acquired SBA 7(a) loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	194,389	239,438
General allowance for loan losses	(622)	(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	6,477	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	30,971	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	73,345	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	42,974	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	25,573	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	15,049	20,846
Originated SBC loans, at fair value
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	12,162	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	7,213	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	4,949	6,441
Originated Residential Agency loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	3,173	3,208
Originated Residential Agency loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	301
Originated Residential Agency loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	549	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	953	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	508	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	$ 862	$ 332

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses - Geographic and Collateral Concentration (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Geographical concentration | Loans, net
Concentration risk
Percentage of loan	100.00%	100.00%
Geographical concentration | Loans, net | California
Concentration risk
Percentage of loan	16.20%	18.10%
Geographical concentration | Loans, net | Texas
Concentration risk
Percentage of loan	15.70%	14.20%
Geographical concentration | Loans, net | New York
Concentration risk
Percentage of loan	8.40%	9.80%
Geographical concentration | Loans, net | Florida
Concentration risk
Percentage of loan	7.50%	7.80%
Geographical concentration | Loans, net | Illinois
Concentration risk
Percentage of loan	5.40%	5.20%
Geographical concentration | Loans, net | Georgia
Concentration risk
Percentage of loan	7.60%	4.90%
Geographical concentration | Loans, net | North Carolina
Concentration risk
Percentage of loan	2.90%	3.10%
Geographical concentration | Loans, net | Arizona
Concentration risk
Percentage of loan	5.20%	2.80%
Geographical concentration | Loans, net | Washington
Concentration risk
Percentage of loan	2.10%	3.10%
Geographical concentration | Loans, net | Colorado
Concentration risk
Percentage of loan	1.90%	2.80%
Geographical concentration | Loans, net | Other
Concentration risk
Percentage of loan	27.10%	28.20%
Collateral concentration
Concentration risk
Percentage of SBA loan	100.00%	100.00%
Collateral concentration | Lodging
Concentration risk
Percentage of SBA loan	18.90%	17.20%
Collateral concentration | Offices of Physicians
Concentration risk
Percentage of SBA loan	11.70%	12.00%
Collateral concentration | Child Day Care Services
Concentration risk
Percentage of SBA loan	7.40%	7.20%
Collateral concentration | Eating Places
Concentration risk
Percentage of SBA loan	5.20%	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	2.50%	3.30%
Collateral concentration | Funeral Service and Crematories
Concentration risk
Percentage of SBA loan	1.90%	1.80%
Collateral concentration | Grocery Stores
Concentration risk
Percentage of SBA loan	1.80%	1.70%
Collateral concentration | Car Washes
Concentration risk
Percentage of SBA loan	1.50%	1.40%
Collateral concentration | Couriers
Concentration risk
Percentage of SBA loan	1.20%	1.00%
Collateral concentration | Other
Concentration risk
Percentage of SBA loan	44.00%	45.70%
Collateral concentration | Loans, net
Concentration risk
Percentage of loan	100.00%	100.00%
Collateral concentration | Loans, net | Multi-family
Concentration risk
Percentage of loan	44.20%	23.80%
Collateral concentration | Loans, net | SBA
Concentration risk
Percentage of loan	10.40%	17.40%
Collateral concentration | Loans, net | Retail
Concentration risk
Percentage of loan	12.80%	17.30%
Collateral concentration | Loans, net | Office
Concentration risk
Percentage of loan	10.00%	13.10%
Collateral concentration | Loans, net | Mixed Use
Concentration risk
Percentage of loan	8.90%	12.90%
Collateral concentration | Loans, net | Industrial
Concentration risk
Percentage of loan	6.70%	7.10%
Collateral concentration | Loans, net | Lodging/Residential
Concentration risk
Percentage of loan	2.70%	3.20%
Collateral concentration | Loans, net | Other
Concentration risk
Percentage of loan	4.30%	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	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Allowance for loan losses
General	$ 26,127		$ 29,539
Specific	23,120		17,193
Ending Balance	49,247	$ 49,629	46,732	$ 52,656	$ 57,063	$ 7,441
Originated SBC loans
Allowance for loan losses
General	2,205		2,640
Specific	4,746		6,200
Ending Balance	6,951	7,980	8,840	8,793	8,974	304
Originated Transitional loans
Allowance for loan losses
General	14,974		14,995
Specific	10,171
Ending Balance	25,145	21,201	14,995	17,983	19,831	188
Acquired loans
Allowance for loan losses
General	2,539		5,457
Specific	2,613		2,840
Ending Balance	5,152	7,098	8,297	9,658	12,564	3,054
Acquired SBA 7(a) loans
Allowance for loan losses
General	622		767
Specific	2,708		3,782
Ending Balance	3,330	3,975	4,549	5,363	5,744	2,114
Originated SBA 7(a) loans
Allowance for loan losses
General	5,787		5,680
Specific	2,882		4,371
Ending Balance	$ 8,669	$ 9,375	$ 10,051	10,359	9,450	$ 1,781
Originated Residential Agency loans
Allowance for loan losses
Ending Balance				$ 500	$ 500

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses - Investment Loans Allowance Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Allowance for loan losses
Beginning Balance	$ 49,629	$ 57,063	$ 46,732	$ 7,441
Provision for (recoveries of) loan losses	1,720	(4,231)	7,817	34,984
Charge-offs and sales			(4,442)
Charge-offs and sales	(1,428)	(245)		(1,058)
Recoveries	(674)	69	(860)	164
Ending Balance	49,247	52,656	49,247	52,656
Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance				11,125
Originated SBC loans
Allowance for loan losses
Beginning Balance	7,980	8,974	8,840	304
Provision for (recoveries of) loan losses	(1,029)	(181)	(389)	6,089
Charge-offs and sales			(1,311)
Recoveries			(189)
Ending Balance	6,951	8,793	6,951	8,793
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	21,201	19,831	14,995	188
Provision for (recoveries of) loan losses	3,944	(1,848)	10,150	15,889
Ending Balance	25,145	17,983	25,145	17,983
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	7,098	12,564	8,297	3,054
Provision for (recoveries of) loan losses	(1,217)	(2,906)	(2,405)	4,776
Charge-offs and sales			(26)
Charge-offs and sales	(26)			(50)
Recoveries	(703)		(714)
Ending Balance	5,152	9,658	5,152	9,658
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	3,975	5,744	4,549	2,114
Provision for (recoveries of) loan losses	(210)	(200)	(318)	2
Charge-offs and sales			(940)
Charge-offs and sales	(464)	(203)		(431)
Recoveries	29	22	39	116
Ending Balance	3,330	5,363	3,330	5,363
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	9,375	9,450	10,051	1,781
Provision for (recoveries of) loan losses	232	904	779	7,728
Charge-offs and sales			(2,165)
Charge-offs and sales	(938)	(42)		(577)
Recoveries		47	4	48
Ending Balance	8,669	10,359	8,669	10,359
Originated SBA 7(a) loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance				1,379
Originated Residential Agency loans
Allowance for loan losses
Beginning Balance		500
Provision for (recoveries of) loan losses				500
Ending Balance		$ 500		$ 500
Unfunded Loan Commitment
Allowance for loan losses
Beginning Balance			0
Ending Balance	$ 200		$ 200

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Non-accrual loans
Non-accrual loans with an allowance	$ 113,441		$ 113,441		$ 75,862
Non-accrual loans without an allowance	35,414		35,414		58,296
Total recorded carrying value of non-accrual loans	148,855		148,855		134,158
Allowance for loan losses related to non-accrual loans	(23,128)		(23,128)		(17,367)
Unpaid principal balance of non-accrual loans	176,364		176,364		$ 158,471
Interest income on non-accrual loans	$ 586	$ 198	$ 2,144	$ 2,660

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses - TDR Accrual Status (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	$ 27,209	$ 25,259
Allowance for loan losses on loans classified as TDRs	2,180	3,340
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	8,786	7,195
Carrying value of modified loans classified as TDRs on non-accrual status	18,423	18,064
Total carrying value of modified loans classified as TDRs	27,209	25,259
SBC
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	6,956	7,327
Allowance for loan losses on loans classified as TDRs	7	17
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	286	307
Carrying value of modified loans classified as TDRs on non-accrual status	6,670	7,020
Total carrying value of modified loans classified as TDRs	6,956	7,327
SBA
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	20,253	17,932
Allowance for loan losses on loans classified as TDRs	2,173	3,323
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	8,500	6,888
Carrying value of modified loans classified as TDRs on non-accrual status	11,753	11,044
Total carrying value of modified loans classified as TDRs	$ 20,253	$ 17,932

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses - TDR Activity (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2021USD ($)loan	Sep. 30, 2020USD ($)loan
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	3	6	21	19
Pre-modification recorded balance	$ 322	$ 713	$ 9,906	$ 12,147
Post-modification recorded balance	321	$ 730	$ 9,440	$ 12,204
Number of loans that remain in default | loan		4	3	7
Balance of loans that remain in default		$ 733	$ 1,433	$ 9,296
TDR Modifications including financial effects	$ 277	$ 734	$ 8,278	$ 11,120
SBC
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan			1	3
Pre-modification recorded balance			$ 1,276	$ 8,456
Post-modification recorded balance			$ 1,276	$ 8,456
Number of loans that remain in default | loan			1	2
Balance of loans that remain in default			$ 1,276	$ 8,422
TDR Modifications including financial effects			$ 1,276	$ 8,422
SBA
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	3	6	20	16
Pre-modification recorded balance	$ 322	$ 713	$ 8,630	$ 3,691
Post-modification recorded balance	321	$ 730	$ 8,164	$ 3,748
Number of loans that remain in default | loan		4	2	5
Balance of loans that remain in default		$ 733	$ 157	$ 874
TDR Modifications including financial effects	277	734	7,002	2,698
Term Extension
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	277	547	6,912	2,371
Term Extension | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	$ 277	547	6,912	2,371
Foreclosure
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects		187	1,366	8,749
Foreclosure | SBC
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects			1,276	8,422
Foreclosure | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects		$ 187	$ 90	$ 327

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Loans, held for sale, at fair value	$ 549,917	$ 340,288
Paycheck Protection Program loans	9,873	74,931
Derivative instruments, at fair value	6,180	16,363
Residential mortgage servicing rights, at fair value	107,589	76,840
Liabilities:
Derivative instruments, at fair value		11,604
Contingent consideration	12,400
Recurring
Assets:
Loans, held for sale, at fair value	549,917	340,288
Loans, net at fair value	12,162	13,795
Paycheck Protection Program loans	9,873	74,931
Mortgage backed securities, at fair value	117,681	88,011
Derivative instruments, at fair value	6,180	16,363
Residential mortgage servicing rights, at fair value	107,589	76,840
Total assets	803,402	610,228
Liabilities:
Derivative instruments, at fair value		11,604
Contingent consideration	12,400
Total liabilities	12,400	11,604
Recurring | Level 2 inputs
Assets:
Loans, held for sale, at fair value	549,917	340,288
Mortgage backed securities, at fair value	116,129	62,880
Derivative instruments, at fair value	3,820
Total assets	669,866	403,168
Liabilities:
Derivative instruments, at fair value		11,604
Total liabilities		11,604
Recurring | Level 3 inputs
Assets:
Loans, net at fair value	12,162	13,795
Paycheck Protection Program loans	9,873	74,931
Mortgage backed securities, at fair value	1,552	25,131
Derivative instruments, at fair value	2,360	16,363
Residential mortgage servicing rights, at fair value	107,589	76,840
Total assets	133,536	$ 207,060
Liabilities:
Contingent consideration	12,400
Total liabilities	$ 12,400

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value (Details) - Level 3 inputs - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Changes in fair value of assets
Beginning Balance	$ 138,776	$ 217,391	$ 207,060	$ 114,660
Purchases or Originations	(12,400)	25,181	(8,534)	119,368
Additions due to loans sold, servicing retained	11,622		35,595	31,821
Sales / Principal payments	(12,938)	(11,838)	(86,258)	(21,663)
Realized gains (losses), net		375	(5)	375
Unrealized gains (losses), net	(3,733)	(2,985)	(2,012)	(16,430)
Accreted discount, net			60
Transfer to (from) Level 3	(191)	(276)	(24,770)	(283)
Ending Balance	121,136	227,848	121,136	227,848
Total unrealized gain (loss)	(34,251)	(22,689)	(34,251)	(22,689)
Contingent Consideration
Changes in fair value of liabilities
Purchases or Originations	(12,400)		(12,400)
Ending Balance	(12,400)		(12,400)
Mortgage backed securities
Changes in fair value of assets
Beginning Balance	1,714	411	25,131	460
Purchases or Originations		12,640		12,640
Sales / Principal payments		(11)	(92)	(13)
Unrealized gains (losses), net	29	(114)	1,223	(154)
Accreted discount, net			60
Transfer to (from) Level 3	(191)	(276)	(24,770)	(283)
Ending Balance	1,552	12,650	1,552	12,650
Total unrealized gain (loss)	124	(82)	124	(82)
Derivatives
Changes in fair value of assets
Beginning Balance	6,130	19,037	16,363	2,814
Unrealized gains (losses), net	(3,770)	1,812	(14,003)	18,035
Ending Balance	2,360	20,849	2,360	20,849
Total unrealized gain (loss)	2,360	20,849	2,360	20,849
Loans, held at fair value
Changes in fair value of assets
Beginning Balance	13,681	124,298	13,795	20,212
Purchases or Originations		1,198		106,728
Sales / Principal payments	(1,380)	(5,911)	(1,592)	(6,207)
Realized gains (losses), net		375	(5)	375
Unrealized gains (losses), net	(139)	5	(36)	(1,143)
Ending Balance	12,162	119,965	12,162	119,965
Total unrealized gain (loss)	(329)	(333)	(329)	(333)
Paycheck Protection Program loans, at fair value
Changes in fair value of assets
Beginning Balance	16,431		74,931
Purchases or Originations			3,866
Sales / Principal payments	(6,558)		(68,924)
Ending Balance	9,873		9,873
Mortgage servicing rights
Changes in fair value of assets
Beginning Balance	100,820	73,645	76,840	91,174
Purchases or Originations		11,343
Additions due to loans sold, servicing retained	11,622		35,595	31,821
Sales / Principal payments	(5,000)	(5,916)	(15,650)	(15,443)
Unrealized gains (losses), net	147	(4,688)	10,804	(33,168)
Ending Balance	107,589	74,384	107,589	74,384
Total unrealized gain (loss)	$ (36,406)	$ (43,123)	$ (36,406)	$ (43,123)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation and Inputs, at FV (Details) $ in Thousands	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	$ 121,136	$ 138,776	$ 207,060	$ 227,848	$ 217,391	$ 114,660
Recurring
Fair value inputs, quantitative information
Asset, fair value	803,402		610,228
Liabilities, fair value	12,400		11,604
Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	133,536		207,060
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	23,600		113,900
Liabilities, fair value	12,400
Loans, held at fair value | Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	12,162	13,681	13,795	119,965	124,298	20,212
Mortgage backed securities | Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	1,552	1,714	25,131	12,650	411	460
Mortgage servicing rights | Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	107,589	$ 100,820	76,840	$ 74,384	$ 73,645	$ 91,174
Mortgage servicing rights | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 107,589		$ 76,840
Servicing Asset, Valuation Technique [Extensible List]	us-gaap:IncomeApproachValuationTechniqueMember		us-gaap:IncomeApproachValuationTechniqueMember
Derivative instruments | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 2,360		$ 16,363
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.650		0.476
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	1		1
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.871		0.841
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.009		0.005
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.052		0.128
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.041		0.036
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.003		0.001
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.030		0.029
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.013		0.011
Contingent Consideration | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value	$ 12,400
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, EBT Volatility
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.250
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, EBT Volatility | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.250
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Risk Free Interest Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.004
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Risk Free Interest Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.004
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.176
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Discount Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.176
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Liability Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.033
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Liability Discount Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.033

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities, Not at FV (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Paycheck Protection Program loans	$ 9,873	$ 74,931
Purchased future receivables, net	6,567	17,308
Liabilities:
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,945,883	76,276
Senior secured notes, net	179,914	179,659
Carrying Amount
Assets:
Loans, held-for-investment	5,768,110	4,009,636
Paycheck Protection Program loans	1,774,953
Purchased future receivables, net	6,567	17,308
Servicing rights	63,517	37,823
Total assets	7,613,147	4,064,767
Liabilities:
Secured borrowings	2,044,069	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,945,883	76,276
Securitized debt obligations of consolidated VIEs	2,676,265	1,905,749
Senior secured notes, net	179,914	179,659
Guaranteed loan financing	348,774	401,705
Convertible note, net	112,966	112,129
Corporate debt, net	333,975	150,989
Total liabilities	7,641,846	4,120,750
Carrying Amount | Level 3 inputs
Assets:
Due from servicers and accrued interest	38,000	23,800
Receivable from third parties	51,600	1,200
Liabilities:
Payable to related parties and accrued interest payable	25,300	23,800
Fair Value
Assets:
Loans, held-for-investment	5,705,504	4,103,200
Paycheck Protection Program loans	1,857,853
Purchased future receivables, net	6,567	17,308
Servicing rights	69,869	47,567
Total assets	7,639,793	4,168,075
Liabilities:
Secured borrowings	2,044,069	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,945,883	76,276
Securitized debt obligations of consolidated VIEs	2,230,143	1,907,541
Senior secured notes, net	180,740	188,114
Guaranteed loan financing	370,602	426,348
Convertible note, net	93,350	68,186
Corporate debt, net	346,445	151,209
Total liabilities	$ 7,211,232	$ 4,111,917

Mortgage Backed Securities (Det

Mortgage Backed Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Mortgage Backed Securities
Fair Value	$ 117,681	$ 88,011
Mortgage backed securities
Mortgage Backed Securities
Weighted Average Interest Rate	4.10%	4.10%
Principal Balance	$ 218,788	$ 212,574
Amortized Cost	112,918	91,636
Fair Value	117,681	88,011
Gross Unrealized Gains	10,030	2,106
Gross Unrealized Losses	$ (5,267)	$ (5,731)
Mortgage Backed Securities Weighted Average Interest Rate
After five years through ten years (as percent)		6.00%
After ten years (as percent)	4.10%	2.80%
Mortgage Backed Securities Principal Balance
After five years through ten years		$ 92
After ten years	$ 218,788	212,482
Mortgage Backed Securities Amortized Cost
After five years through ten years		92
After ten years	112,918	91,544
Mortgage Backed Securities Estimated Fair Value
After five years through ten years		91
After ten years	$ 117,681	$ 87,920
Freddie Mac Loans
Mortgage Backed Securities
Weighted Average Interest Rate	3.90%	3.70%
Principal Balance	$ 114,234	$ 139,408
Amortized Cost	49,088	52,320
Fair Value	54,638	53,509
Gross Unrealized Gains	$ 5,550	1,880
Gross Unrealized Losses		$ (691)
Commercial Loans
Mortgage Backed Securities
Weighted Average Interest Rate	4.50%	4.50%
Principal Balance	$ 72,806	$ 73,074
Amortized Cost	39,037	39,224
Fair Value	34,581	34,411
Gross Unrealized Gains	772	226
Gross Unrealized Losses	$ (5,228)	$ (5,039)
Tax Liens
Mortgage Backed Securities
Weighted Average Interest Rate	3.60%	6.00%
Principal Balance	$ 31,748	$ 92
Amortized Cost	24,793	92
Fair Value	28,462	91
Gross Unrealized Gains	3,708
Gross Unrealized Losses	$ (39)	$ (1)

Servicing rights (Details)

Servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Servicing rights
Unpaid Principal Amount	$ 4,857,078		$ 4,857,078		$ 2,145,133
Carrying Value	63,517		63,517		37,823
Total servicing rights	171,106	$ 110,045	171,106	$ 110,045	114,663
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost			37,823
Ending net carrying value at amortized cost	63,517		63,517
Residential MSRs
Servicing rights
Unpaid Principal Amount	10,726,160		10,726,160		9,528,886
Servicing rights activity at fair value
Beginning net carrying value at fair value	100,820	73,645	76,840	91,174
Additions due to loans sold, servicing retained	11,622	11,343	35,595	31,821
Loan pay-offs	(5,000)	(5,916)	(15,650)	(15,443)
Unrealized gains (losses)	147	(4,688)	10,804	(33,168)
Ending net carrying value at fair value	107,589	74,384	107,589	74,384
Freddie Mac
Servicing rights
Unpaid Principal Amount	4,043,989		4,043,989		1,501,998
Carrying Value	42,312	18,121	42,312	18,121	19,059
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	24,724	16,798	19,059	13,135
Additions due to loans sold, servicing retained	3,292	2,107	10,760	7,094
Acquisitions	15,800		15,800
Amortization	(1,504)	(784)	(3,307)	(2,108)
Ending net carrying value at amortized cost	42,312	18,121	42,312	18,121
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,892,128		3,892,128		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	38,851		38,851
SBA
Servicing rights
Unpaid Principal Amount	813,089		813,089		643,135
Carrying Value	21,205	17,540	21,205	17,540	$ 18,764
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	19,721	17,318	18,764	17,660
Additions due to loans sold, servicing retained	2,778	993	6,478	2,328
Amortization	(986)	(909)	(3,075)	(2,642)
Impairment (recovery)	(308)	138	(962)	194
Ending net carrying value at amortized cost	21,205	17,540	21,205	17,540
SBA | Freddie Mac
Servicing rights
Carrying Value	63,517	35,661	63,517	35,661
Servicing rights activity at amortized cost
Ending net carrying value at amortized cost	$ 63,517	$ 35,661	$ 63,517	$ 35,661

Servicing rights - Estimated va

Servicing rights - Estimated valuation (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Freddie Mac | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	0.00%	0.10%
Forward default rate	0.00%	0.00%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.10%	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	7.10%	6.70%
Forward default rate	0.00%	0.00%
Discount rate	9.20%	4.50%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	21.10%	20.80%
Forward default rate	10.60%	10.50%
Discount rate	21.00%	4.50%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	8.30%	8.50%
Forward default rate	9.10%	8.20%
Discount rate	9.80%	4.50%
Servicing expense (as a percent)	0.40%	0.40%

Servicing rights - Assumptions

Servicing rights - Assumptions (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Freddie Mac
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	$ (202)	$ (163)
Prepayment rate (20% adverse change)	(401)	(324)
Default rate (10% adverse change)	(8)	(6)
Default rate (20% adverse change)	(16)	(13)
Discount rate (10% adverse change)	(1,336)	(678)
Discount rate (20% adverse change)	(2,609)	(1,324)
Cost of servicing (10% adverse change)	(2,679)	(1,947)
Cost of servicing (20% adverse change)	(5,359)	(3,894)
SBA
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	(649)	(729)
Prepayment rate (20% adverse change)	(1,266)	(1,420)
Default rate (10% adverse change)	(157)	(150)
Default rate (20% adverse change)	(312)	(298)
Discount rate (10% adverse change)	(720)	(395)
Discount rate (20% adverse change)	(1,394)	(777)
Cost of servicing (10% adverse change)	(1,338)	(1,250)
Cost of servicing (20% adverse change)	$ (2,676)	$ (2,501)

Servicing rights - Amortization

Servicing rights - Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Future amortization expense for the servicing rights
2021	$ 4,114
2022	9,292
2023	8,241
2024	7,333
2025	6,567
Thereafter	27,970
Total	$ 63,517	$ 37,823

Servicing rights - Residential

Servicing rights - Residential mortgage servicing rights (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Servicing rights
Unpaid Principal Amount	$ 4,857,078	$ 2,145,133
Residential MSRs
Servicing rights
Unpaid Principal Amount	10,726,160	9,528,886
Fair Value	107,589	76,840	$ 100,820	$ 74,384	$ 73,645	$ 91,174
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(5,253)	(5,049)
Prepayment rate (20% adverse change)	(10,140)	(9,701)
Discount rate (10% adverse change)	(3,911)	(2,601)
Discount rate (20% adverse change)	(7,552)	(5,028)
Cost of servicing (10% adverse change)	(1,954)	(1,469)
Cost of servicing (20% adverse change)	(3,908)	(2,938)
Fannie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,975,954	3,700,450
Fair Value	37,474	27,632
Ginnie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	2,858,078	2,757,124
Fair Value	31,264	25,899
Freddie Mac
Servicing rights
Unpaid Principal Amount	4,043,989	1,501,998
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(202)	(163)
Prepayment rate (20% adverse change)	(401)	(324)
Discount rate (10% adverse change)	(1,336)	(678)
Discount rate (20% adverse change)	(2,609)	(1,324)
Cost of servicing (10% adverse change)	(2,679)	(1,947)
Cost of servicing (20% adverse change)	(5,359)	(3,894)
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,892,128	3,071,312
Fair Value	$ 38,851	$ 23,309
Minimum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	10.10%	12.60%
Discount rate	9.00%	9.10%
Cost of servicing	$ 70	$ 70
Minimum | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	0.00%	0.10%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.10%	0.20%
Maximum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	29.40%	31.40%
Discount rate	11.20%	11.70%
Cost of servicing	$ 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	10.80%	14.30%
Discount rate	9.50%	9.80%
Cost of servicing	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Residential mortgage banking activities
Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value	$ 26,346	$ 61,131	$ 86,926	$ 143,747
Creation of new mortgage servicing rights, net of payoffs	6,623	5,427	19,947	16,378
Loan origination fee income on residential mortgage loans	4,720	6,021	16,143	15,529
Unrealized gains (loss) on IRLCs and other derivatives	(419)	2,945	(7,647)	17,103
Residential mortgage banking activities	37,270	75,524	115,369	192,757
Variable expenses on residential mortgage banking activities	$ (24,380)	$ (30,918)	$ (61,286)	$ (87,494)

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands, € in Millions	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)	Dec. 31, 2020USD ($)
Secured borrowings
Secured borrowings and promissory note
Current facility size	$ 3,722,886
Pledged Assets Carrying Value	2,737,218		$ 1,767,319
Carrying Value, Secured borrowings	2,044,069		1,294,243
Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	1,149,370
Pledged Assets Carrying Value	587,226		631,014
Carrying Value, Secured borrowings	$ 491,934		$ 466,674
Weighted average interest rate of borrowings (as a percent)	2.80%	2.80%	2.80%
Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 2,573,516
Pledged Assets Carrying Value	2,149,992		$ 1,136,305
Carrying Value, Secured borrowings	$ 1,552,135		$ 827,569
Weighted average interest rate of borrowings (as a percent)	2.00%	2.00%	3.30%
Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 6,567
Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Pledged Assets Carrying Value	99,452		$ 72,179
JPMorgan | Acquired SBA Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	200,000
Pledged Assets Carrying Value	61,371
Carrying Value, Secured borrowings	$ 46,307		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)	2.50%
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	$ 700,000
Pledged Assets Carrying Value	858,005
Carrying Value, Secured borrowings	$ 636,171		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)	2.00%
JPMorgan | Transitional loans | Borrowings under repurchase agreements | One Month LIBOR | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.75%
JPMorgan | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 33,338
Pledged Assets Carrying Value	57,770
Carrying Value, Secured borrowings	$ 33,338		65,407
JPMorgan | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	1.15%	1.15%
JPMorgan | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	1.63%	1.63%
Performance Trust | Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 174,000
Pledged Assets Carrying Value	98,071
Carrying Value, Secured borrowings	$ 84,419
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	13,495
Carrying Value, Secured borrowings	$ 13,268		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	$ 75,000
Pledged Assets Carrying Value	66,441
Carrying Value, Secured borrowings	$ 50,201		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)	0.00%
East West Bank | Residential MSRs | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 50,000
Pledged Assets Carrying Value	76,325
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	$ 231,600	€ 200
Pledged Assets Carrying Value	51,781
Carrying Value, Secured borrowings	$ 40,250		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 | Residential loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 100,000
Pledged Assets Carrying Value	74,994
Carrying Value, Secured borrowings	$ 60,390
Credit Suisse | Residential loans | Borrowings under repurchase agreements | LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.00%
Credit Suisse | Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 50,000
Pledged Assets Carrying Value	6,567
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%
Credit Suisse | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 500,000
Pledged Assets Carrying Value	252,998
Carrying Value, Secured borrowings	$ 184,892
Credit Suisse | 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)	2.00%
Credit Suisse | 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)	2.35%
Comerica Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 100,000
Pledged Assets Carrying Value	95,254
Carrying Value, Secured borrowings	$ 89,793		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	118,217
Carrying Value, Secured borrowings	116,628		123,951
Origin Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Pledged Assets Carrying Value	32,985
Carrying Value, Secured borrowings	31,840		27,450
Associated Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Pledged Assets Carrying Value	32,012
Carrying Value, Secured borrowings	$ 30,631		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%
Bank of the Sierra | Real estate | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 22,770
Pledged Assets Carrying Value	32,428
Carrying Value, Secured borrowings	$ 22,281		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%
Western Alliance | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 50,000
Pledged Assets Carrying Value	350
Carrying Value, Secured borrowings	$ 335
Western Alliance | Residential loans | Borrowings under credit facilities | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	3.75%	3.75%
Western Alliance | Residential loans | Borrowings under credit facilities | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	4.75%	4.75%
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 500,000
Pledged Assets Carrying Value	142,163
Carrying Value, Secured borrowings	$ 110,773		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)	2.00%
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)	3.00%
Citibank | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.33%	2.33%
Current facility size	$ 48,094
Pledged Assets Carrying Value	83,231
Carrying Value, Secured borrowings	48,094		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	308,636
Carrying Value, Secured borrowings	$ 225,974		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)	2.38%	2.38%
Current facility size	$ 12,956
Pledged Assets Carrying Value	19,777
Carrying Value, Secured borrowings	12,956		16,354
RBC | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	62,458
Pledged Assets Carrying Value	93,061
Carrying Value, Secured borrowings	$ 62,458		$ 38,814
RBC | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	1.31%	1.31%
RBC | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	1.96%	1.96%
CSFB | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 58,786
Pledged Assets Carrying Value	108,138
Carrying Value, Secured borrowings	$ 58,786
CSFB | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.40%	2.40%
CSFB | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.95%	2.95%
Various | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 33,884
Pledged Assets Carrying Value	53,148
Carrying Value, Secured borrowings	$ 33,884

Secured Borrowings - Collateral

Secured Borrowings - Collateral Pledged (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Secured borrowings
Collateral pledged
Pledged Assets Carrying Value	$ 2,737,218	$ 1,767,319
Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	587,226	631,014
Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	2,149,992	1,136,305
Trade Receivable | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	26,909
Real estate, held for sale | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	32,428	32,948
Real estate acquired in settlement of loans | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	1,425	829
Loans, held for sale, at fair value | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	294,940	313,844
Loans, held for sale, at fair value | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	198,075	17,850
Loans, net | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	176,966	159,482
Loans, net | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	1,533,817	815,603
Loans, held at fair value | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value		73,799
Loans, held at fair value | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	1,550	3,071
Mortgage servicing rights | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	76,325	50,941
Purchased future receivables | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	6,567
Mortgage backed securities | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	99,452	72,179
Retained interest in assets of consolidated VIEs | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	$ 288,764	$ 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 ($)

Sep. 30, 2021USD ($)item

Oct. 20, 2021USD ($)

May 20, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 02, 2019USD ($)

Jan. 30, 2018USD ($)

Dec. 31, 2017USD ($)

Senior secured notes, Convertible notes, and Corporate debt

Unamortized deferred financing costs

$ (3,071,000)

$ (2,612,000)

Total Senior secured notes, net

179,914,000

179,659,000

Total Corporate debt, net

333,975,000

150,989,000

Total Convertible notes, net

112,966,000

$ 112,129,000

Total carrying amount of debt components

626,855,000

Total carrying amount of conversion option of equity components recorded in equity

748,000

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

(9,895,000)

Total carrying amount of debt components

626,855,000

7.50% Senior Secured Notes Due 2022

Senior secured notes, Convertible notes, and Corporate debt

Debt instrument, face value

$ 180,000,000

Interest rate (as a percent)

7.50%

Unamortized premium

$ 294,000

Unamortized deferred financing costs

(380,000)

Total Senior secured notes, net

179,914,000

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

1.6146

Principal amount of notes for conversion

$ 25

Initial conversion price | $ / shares

$ 15.48

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

$ (748,000)

Unamortized deferred financing costs

(1,286,000)

Total Convertible notes, net

$ 112,966,000

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

$ (4,531,000)

Unamortized deferred financing costs

(3,244,000)

Total Corporate debt, net

333,975,000

6.20% and 5.75% Senior Notes due 2026 | Maximum

Senior secured notes, Convertible notes, and Corporate debt

Debt notes available for sale under At Market Issuance Sales Agreement

$ 100,000,000

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 | 7.50% Senior Secured Notes Due 2022

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

Subsequent event | 4.50% Senior Secured Notes Due 2026

Senior secured notes, Convertible notes, and Corporate debt

Debt instrument, face value

$ 350,000,000

Interest rate (as a percent)

4.50%

Guaranteed Loan Financing (Deta

Guaranteed Loan Financing (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Ending balance	$ 348,774	$ 401,705
Guaranteed loan financing
Ending balance	$ 348,774	$ 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	Sep. 30, 2021	Dec. 31, 2020
Contractual maturities of total guaranteed loan financing outstanding
2021	$ 6
2022	883
2023	1,182
2024	2,036
2025	2,924
Thereafter	341,743
Total	348,774
Guaranteed loan financing
Contractual maturities of total guaranteed loan financing outstanding
Loans held-for-investment pledged as security against guaranteed loan financing	$ 349,800	$ 403,000

Variable interest entities an_3

Variable interest entities and securitization activities - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Variable interest entities
Current Principal Balance	$ 4,857,078	$ 2,145,133
Current principal balance of non-company sponsored securitized loans	33,900	63,100
Consolidated VIEs
Variable interest entities
Current Principal Balance	2,687,091	1,891,797
Carrying value	$ 2,642,390	$ 1,842,680
Weighted Average Rate	2.40%	3.30%
Waterfall Victoria Mortgage Trust 2011-SBC2
Variable interest entities
Current Principal Balance		$ 4,055
Carrying value		$ 4,055
Weighted Average Rate		5.50%
ReadyCap Lending Small Business Trust 2019-2
Variable interest entities
Current Principal Balance	$ 85,082	$ 103,030
Carrying value	$ 83,924	$ 101,468
Weighted Average Rate	2.60%	3.10%
Sutherland Commercial Mortgage Trust 2017-SBC6
Variable interest entities
Current Principal Balance	$ 19,524	$ 27,035
Carrying value	$ 19,224	$ 26,555
Weighted Average Rate	3.90%	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	$ 153,755	$ 178,911
Carrying value	$ 151,470	$ 176,307
Weighted Average Rate	2.90%	2.90%
Sutherland Commercial Mortgage Trust 2020-SBC9
Variable interest entities
Current Principal Balance	$ 106,553	$ 131,729
Carrying value	$ 104,465	$ 129,014
Weighted Average Rate	4.10%	3.80%
Sutherland Commercial Mortgage Trust 2021-SBC10
Variable interest entities
Current Principal Balance	$ 169,007
Carrying value	$ 166,566
Weighted Average Rate	1.60%
ReadyCap Commercial Mortgage Trust 2014-1
Variable interest entities
Current Principal Balance	$ 8,300	$ 10,880
Carrying value	$ 8,283	$ 10,858
Weighted Average Rate	5.70%	5.80%
ReadyCap Commercial Mortgage Trust 2015-2
Variable interest entities
Current Principal Balance	$ 22,530	$ 45,075
Carrying value	$ 20,680	$ 35,183
Weighted Average Rate	5.20%	4.80%
ReadyCap Commercial Mortgage Trust 2016-3
Variable interest entities
Current Principal Balance	$ 19,376	$ 26,371
Carrying value	$ 18,490	$ 25,286
Weighted Average Rate	5.00%	4.70%
ReadyCap Commercial Mortgage Trust 2018-4
Variable interest entities
Current Principal Balance	$ 88,496	$ 94,273
Carrying value	$ 85,734	$ 91,098
Weighted Average Rate	4.10%	4.00%
ReadyCap Commercial Mortgage Trust 2019-5
Variable interest entities
Current Principal Balance	$ 177,177	$ 229,232
Carrying value	$ 169,507	$ 220,605
Weighted Average Rate	4.30%	4.20%
ReadyCap Commercial Mortgage Trust 2019-6
Variable interest entities
Current Principal Balance	$ 320,674	$ 359,266
Carrying value	$ 314,884	$ 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	$ 138,231	$ 229,440
Carrying value	$ 137,988	$ 227,950
Weighted Average Rate	1.70%	2.00%
Ready Capital Mortgage Financing 2020-FL4
Variable interest entities
Current Principal Balance	$ 324,208	$ 324,219
Carrying value	$ 320,401	$ 318,385
Weighted Average Rate	3.00%	3.10%
Ready Capital Mortgage Financing 2021-FL5
Variable interest entities
Current Principal Balance	$ 510,955
Carrying value	$ 505,184
Weighted Average Rate	1.50%
Ready Capital Mortgage Financing 2021-FL6
Variable interest entities
Current Principal Balance	$ 543,223
Carrying value	$ 535,590
Weighted Average Rate	1.30%

Variable interest entities an_4

Variable interest entities and securitization activities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Assets
Cash and cash equivalents	$ 209,769		$ 149,847
Restricted cash	52,692		$ 46,204
Loans, held for sale, at fair value	549,917	$ 340,288
Real estate, held for sale	28,671	1,914
Accrued interest	25,194	12,656
Other assets	196,827	89,503
Liabilities
Total Liabilities	8,026,727	4,537,887
Consolidated VIEs
Assets
Cash and cash equivalents	4	20
Restricted cash	22,353	13,790
Loans, net	3,395,775	2,472,807
Real estate, held for sale	2,778	4,456
Other assets	17,513	27,670
Total Assets	3,438,423	2,518,743
Liabilities
Secured borrowings	2,676,265	1,905,749
Total Liabilities	$ 2,676,265	$ 1,905,749

Variable interest entities an_5

Variable interest entities and securitization activities - Assets of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying amount
Mortgage backed securities, at fair value	$ 117,681	$ 88,011
Investment in unconsolidated joint ventures	125,547	79,509
Total Assets	9,264,398	5,372,095
Unconsolidated VIEs
Carrying amount
Mortgage backed securities, at fair value	83,398	80,690
Investment in unconsolidated joint ventures	22,635	28,290
Total Assets	106,033	108,980
Maximum Exposure to Loss
Mortgage backed securities, at fair value	83,398	80,690
Investment in unconsolidated joint venture	22,635	28,290
Total assets in unconsolidated VIEs maximum exposure to loss	$ 106,033	$ 108,980

Interest income and interest _3

Interest income and interest expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income
Total loans	$ 78,392	$ 56,867	$ 206,789	$ 182,480
Total loans, held for sale, at fair value	4,246	2,438	10,864	6,453
Total Paycheck Protection Program loans	18,680	302	51,927	496
Mortgage backed securities, at fair value	3,818	1,467	11,974	4,397
Total interest income	105,136	61,074	281,554	193,826
Interest expense
Secured borrowings	(14,048)	(9,898)	(49,687)	(36,196)
Paycheck Protection Program Liquidity Facility borrowings	(2,258)	(51)	(4,137)	(51)
Securitized debt obligations of consolidated VIEs	(19,490)	(21,351)	(60,004)	(58,196)
Guaranteed loan financing	(3,472)	(4,110)	(10,595)	(14,506)
Senior secured note	(3,465)	(3,466)	(10,380)	(10,407)
Convertible note	(2,188)	(2,188)	(6,564)	(6,564)
Corporate debt	(5,215)	(2,759)	(14,945)	(8,242)
Total interest expense	(50,136)	(43,823)	(156,312)	(134,162)
Net interest income before provision for loan losses	55,000	17,251	125,242	59,664
Acquired SBA 7(a) loans
Interest income
Total loans	4,665	4,014	14,129	14,165
Acquired loans
Interest income
Total loans	14,710	13,611	41,892	42,938
Total loans, held for sale, at fair value	372	39	376	166
Originated Transitional loans
Interest income
Total loans	41,287	21,366	98,874	65,953
Originated SBC loans, at fair value
Interest income
Total loans	268	639	746	1,470
Originated SBC loans
Interest income
Total loans	12,041	12,784	36,794	42,712
Originated SBA 7(a) loans
Interest income
Total loans	5,394	4,413	14,248	15,153
Paycheck Protection Program Loans, Held For Investment
Interest income
Total Paycheck Protection Program loans	18,716		51,380
Paycheck Protection Program loans, at fair value
Interest income
Total Paycheck Protection Program loans	(36)	302	547	496
Originated Residential Agency loans
Interest income
Total loans	27	40	106	89
Total loans, held for sale, at fair value	3,221	2,178	8,503	5,376
Originated Freddie Mac loans
Interest income
Total loans, held for sale, at fair value	$ 653	$ 221	$ 1,985	$ 911

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Notional Amount	$ 1,391,121		$ 1,391,121		$ 1,491,350
Asset Derivatives Fair Value	6,180		6,180		16,363
Liabilities Derivatives Fair Value					(11,604)
Derivative gain (loss)
Net Realized Gain (Loss)	(1,071)	$ (1,782)	(7,208)	$ (2,487)
Unrealized Gain (Loss)	4,026	4,155	6,531	7,772
Total change in OCI for period	221	671	2,323	(2,478)
Designated as Hedging
Derivative gain (loss)
Derivatives - effective portion reclassified from AOCI to income	(264)	(371)	(874)	(1,104)
Hedge ineffectiveness recorded directly in income				(1,694)
Total income statement impact	(264)	(371)	(874)	(2,798)
Derivatives- effective portion recorded in OCI	(43)	300	1,449	(5,276)
Total change in OCI for period	221	671	2,323	(2,478)
Credit default swaps
Liabilities Derivatives Fair Value					(4,004)
Derivative gain (loss)
Net Realized Gain (Loss)	(286)		(286)
Unrealized Gain (Loss)	301	(2)	322	59
Credit default swaps | Credit Risk
Notional Amount					15,000
Liabilities Derivatives Fair Value					(174)
Interest rate swap
Liabilities Derivatives Fair Value	(5,610)		(5,610)		(11,670)
Derivative gain (loss)
Net Realized Gain (Loss)	(1,419)	(1,189)	(7,198)	(2,185)
Unrealized Gain (Loss)	4,126	1,310	12,596	(9,194)
Interest rate swap | Not Designated as Hedging | Interest Rate Risk
Notional Amount	447,548		447,548		160,801
Asset Derivatives Fair Value	981		981
Liabilities Derivatives Fair Value					(952)
Interest rate swap | Designated as Hedging | Interest Rate Risk
Notional Amount					132,325
Liabilities Derivatives Fair Value					(5,701)
Residential mortgage banking activities interest rate swaps
Derivative gain (loss)
Unrealized Gain (Loss)		957		(1,148)
TBA agency securities
Liabilities Derivatives Fair Value	(53)		(53)		(174)
Derivative gain (loss)
Unrealized Gain (Loss)	3,351		6,356
TBA agency securities | Interest Rate Risk
Notional Amount	472,500		472,500		565,000
Asset Derivatives Fair Value	2,352		2,352
Liabilities Derivatives Fair Value					(4,004)
Interest rate lock commitments (IRLCs)
Derivative gain (loss)
Unrealized Gain (Loss)	(3,769)	1,988	(14,003)	18,251
Interest rate lock commitments (IRLCs) | Interest Rate Risk
Notional Amount	443,211		443,211		614,358
Asset Derivatives Fair Value	2,360		2,360		16,363
FX forwards
Liabilities Derivatives Fair Value					(773)
Derivative gain (loss)
Net Realized Gain (Loss)	634	(593)	276	(302)
Unrealized Gain (Loss)	17	$ (98)	1,260	$ (196)
FX forwards | Foreign Exchange Rate Risk
Notional Amount	27,862		27,862		3,866
Asset Derivatives Fair Value	$ 487		$ 487
Liabilities Derivatives Fair Value					$ (773)

Real estate owned, held for s_3

Real estate owned, held for sale (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real estate acquired
Acquired ORM portfolio	$ 41,972	$ 43,434
Other REO held for sale	28,671	1,914
Total Real estate, held for sale	70,643	45,348
Consolidated VIEs
Real estate acquired
Other REO held for sale	2,778	4,456
Retail
Real estate acquired
Acquired ORM portfolio	18,401	18,700
Other REO held for sale	3,129	660
Mixed Use
Real estate acquired
Acquired ORM portfolio	14,023	14,248
Land
Real estate acquired
Acquired ORM portfolio	6,318	7,256
Lodging/Residential
Real estate acquired
Acquired ORM portfolio	3,230	3,230
Office
Real estate acquired
Other REO held for sale		829
SBA
Real estate acquired
Other REO held for sale	142	$ 425
Single family
Real estate acquired
Other REO held for sale	$ 25,400

Agreements and transactions w_3

Agreements and transactions with related parties (Details)	Mar. 19, 2021USD ($)item	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	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		$ 5,578,000	$ 5,578,000		$ 5,578,000		$ 4,088,000
Purchase of loans, held-for-investment					111,810,000	$ 121,990,000
Investment in unconsolidated joint ventures		125,547,000	125,547,000		$ 125,547,000		$ 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%
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	$ 2,700,000	$ 8,100,000	7,900,000
Amount unpaid		2,700,000	2,700,000	2,700,000	2,700,000	2,700,000
Manager | Incentive distribution
Related-party transactions
Incentive distribution paid			2,800,000	1,100,000	3,100,000	4,600,000
Amount unpaid		2,800,000	2,800,000	1,100,000	2,800,000	1,100,000
Manager | Expense reimbursement
Related-party transactions
Reimbursable expenses			1,500,000	800,000	7,000,000	2,800,000
Amount unpaid		1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000
Affiliate of Manager | Investment in unconsolidated joint ventures
Related-party transactions
Purchase of investment		$ 6,300,000

Other assets and other liabil_3

Other assets and other liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 19, 2021	Dec. 31, 2020
Other assets:
Deferred tax asset	$ 18,396		$ 18,396
Deferred loan exit fees	22,006		13,940
Accrued interest	25,194		12,656
Due from servicers	12,784		11,171
Right-of-use assets	2,685		3,172
Goodwill	31,389		11,206
Intangible assets	15,255		6,986
Deferred financing costs	3,071		2,612
PPP fee receivable	494		18
Other assets	65,553		9,346
Total other assets	196,827		89,503
Accounts payable and other accrued liabilities:
Deferred tax liability	16,839		16,839
Accrued salaries, wages and commissions	48,193		35,724
Accrued interest payable	19,712		19,695
Servicing principal and interest payable	14,067		7,318
Repair and denial reserve	15,608		9,557
Payable to related parties	5,578		4,088
Accrued professional fees	4,067		1,365
Lease payable	3,607		3,670
Deferred LSP revenue	425		10,700
Accrued PPP related costs	24,456		498
Other liabilities	36,642		26,201
Total accounts payable and other accrued liabilities	189,194		135,655
Loan indemnification reserve
Loan indemnification reserve	4,300		$ 4,100
ANH
Other assets:
Goodwill		$ 7,372
ANH | Other Assets
Accounts payable and other accrued liabilities:
Trade settlement receivables from sales of non-agency bonds	$ 46,600

Other Asset and Other Liabiliti

Other Asset and Other Liabilities - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-lived intangible assets	$ 11,755		$ 11,755
Total Intangible Assets	15,255		15,255		$ 6,986
Amortization expense	400	$ 300	1,000	$ 1,000
Total Accumulated Amortization	3,628		3,628
Future amortization of lease intangibles
2021	413		413
2022	1,626		1,626
2023	1,599		1,599
2024	1,390		1,390
2025	1,144		1,144
Thereafter	5,583		5,583
Net amount	11,755		11,755
SBA license
Indefinite-lived intangible assets	1,000		1,000		1,000
Customer relationships | Red Stone
Finite-lived intangible assets	6,740		$ 6,740
Estimated Useful Life			19 years
Total Accumulated Amortization	60		$ 60
Future amortization of lease intangibles
Net amount	6,740		6,740
Internally developed software | Knight Capital
Finite-lived intangible assets	2,586		$ 2,586		3,061
Estimated Useful Life			6 years
Total Accumulated Amortization	1,214		$ 1,214
Future amortization of lease intangibles
Net amount	2,586		2,586		3,061
Broker network | Knight Capital
Finite-lived intangible assets	689		$ 689		889
Estimated Useful Life			4 years 6 months
Total Accumulated Amortization	511		$ 511
Future amortization of lease intangibles
Net amount	689		689		889
Trade name | Red Stone
Indefinite-lived intangible assets	2,500		2,500
Trade name | Knight Capital
Finite-lived intangible assets	599		$ 599		709
Estimated Useful Life			6 years
Total Accumulated Amortization	281		$ 281
Future amortization of lease intangibles
Net amount	599		599		709
Trade name | GMFS
Finite-lived intangible assets	469		$ 469		559
Estimated Useful Life			15 years
Total Accumulated Amortization	754		$ 754
Future amortization of lease intangibles
Net amount	469		469		559
Favorable lease
Finite-lived intangible assets	672		$ 672		768
Estimated Useful Life			12 years
Total Accumulated Amortization	808		$ 808
Future amortization of lease intangibles
Net amount	$ 672		$ 672		$ 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			9 Months Ended
	Apr. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Paycheck Protection Program (PPP)
Unrecognized net service fees		$ 425			$ 425		$ 10,700
Origination costs		4,041	$ 2,717		20,069	$ 15,172
Paycheck Protection Program loans
Paycheck Protection Program (PPP)
Unrecognized net service fees		425			425
PPP Loans - CARES Act
Paycheck Protection Program (PPP)
PPP loans originated	$ 109,500
PPP processing fees	$ 5,200
Unrecognized net service fees		400			400
PPP Loans - Economic Aid Act
Paycheck Protection Program (PPP)
PPP loans originated		2,200,000			2,200,000
Origination fee and fee income					104,000
Unrecognized net service fees		$ 82,900			$ 82,900
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	Sep. 30, 2021	Dec. 31, 2020
Assets
Paycheck Protection Program loans	$ 1,784,826	$ 74,931
PPP fee receivable	494	18
Accrued interest	25,194	12,656
Total Assets	9,264,398	5,372,095
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,945,883	76,276
Interest payable	19,712	19,695
Deferred LSP revenue	425	10,700
Accrued PPP Related Costs	24,456	498
Repair and denial reserve	15,608	9,557
Total Liabilities	8,026,727	4,537,887
Paycheck Protection Program loans
Assets
PPP fee receivable	493
Accrued interest	9,666
Total Assets	1,794,985
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	1,945,883
Interest payable	2,567
Deferred LSP revenue	425
Accrued PPP Related Costs	24,457
Payable to third parties	1,438
Repair and denial reserve	8,890
Total Liabilities	1,983,660
Paycheck Protection Program Loans, Held For Investment
Assets
Paycheck Protection Program loans	1,774,953
Paycheck Protection Program Loans, Held For Investment | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	1,774,953
Paycheck Protection Program loans, at fair value
Assets
Paycheck Protection Program loans	9,873	$ 74,931
Paycheck Protection Program loans, at fair value | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	$ 9,873

Other income and operating ex_5

Other income and operating expenses - Income and Expenses Related to Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other income
LSP origination fees	$ 2,794	$ 3,144	$ 6,297	$ 39,256
Interest income	105,136	61,074	281,554	193,826
Interest and Fee Income	78,392	56,867	206,789	182,480
Other operating expenses
Direct operating expenses	4,041	2,717	20,069	15,172
R&D reserve	45	316	(6,108)	(2,199)
Interest expense	50,136	43,823	156,312	134,162
Total other operating expenses	12,926	10,448	45,600	41,927
Net income	46,535	35,363	106,386	18,510
Paycheck Protection Program loans
Other income
Interest and Fee Income	19,097	3,661	62,202	35,979
Other operating expenses
Total other operating expenses	1,367	923	27,596	10,169
Net income	17,730	2,738	34,606	25,810
Paycheck Protection Program loans | Other Income
Other income
LSP origination fees		1,652		27,768
PPP processing fees		7		5,162
Other operating expenses
R&D reserve	196	111	5,585	2,430
Paycheck Protection Program loans | Servicing income
Other income
LSP fee income	417	1,700	10,275	2,553
Paycheck Protection Program loans | Interest income
Other income
Interest income	18,680	302	51,927	496
Paycheck Protection Program loans | Other operating expenses
Other operating expenses
Direct operating expenses	(25)	125	8,193	5,650
Paycheck Protection Program loans | Interest expense
Other operating expenses
Interest expense	$ 1,196	$ 687	$ 13,818	$ 2,089

Other income and operating ex_6

Other income and operating expenses - Components of Other Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other income
Origination income	$ 2,794	$ 3,144	$ 6,297	$ 39,256
Change in repair and denial reserve	45	316	(6,108)	(2,199)
Other	2,835	1,036	5,368	3,106
Total other income	5,674	4,496	5,557	40,163
Other operating expenses
Origination costs	4,041	2,717	20,069	15,172
Technology expense	2,058	1,650	5,968	4,973
Impairment on real estate	184		1,462	3,075
Rent and property tax expense	1,538	1,545	4,967	3,929
Recruiting, training and travel expenses	297	254	1,126	1,113
Marketing expense	1,121	400	2,306	1,331
Loan acquisition costs	115	353	449	806
Financing costs on purchased future receivables	31	63	87	1,476
Other	3,541	3,466	9,166	10,052
Total other operating expenses	$ 12,926	$ 10,448	$ 45,600	$ 41,927

Stockholders Equity - Common St

Stockholders Equity - Common Stock Dividends (Details) - $ / shares	Oct. 29, 2021	Sep. 15, 2021	Jul. 30, 2021	Jun. 14, 2021	Apr. 30, 2021	Mar. 24, 2021	Mar. 18, 2021	Mar. 01, 2021	Jan. 29, 2021	Dec. 14, 2020	Oct. 30, 2020	Sep. 16, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Dividends
Dividend per Share, declared		$ 0.42		$ 0.42		$ 0.10		$ 0.30		$ 0.35		$ 0.30	$ 0.42	$ 0.30	$ 1.24	$ 0.95
Dividend per Share, paid	$ 0.42		$ 0.42		$ 0.10		$ 0.30		$ 0.35		$ 0.30

Stockholders Equity - RSU and R

Stockholders Equity - RSU and RSA activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Weighted-average grant date fair value (per share)
Stock-based compensation	$ 1,800			$ 1,500	$ 5,200	$ 4,400
Non-cash compensation expense not yet charged to net income					$ 16,100		$ 13,700
RSAs | Certain employees
Number of shares
Outstanding, Beginning balance	941,427	940,514	872,079		872,079
Granted (in shares)	154,825	10,636	185,586
Vested (in shares)	(36,015)	(9,723)	(115,604)
Canceled (in shares)	(1,421)		(1,547)		(1,421)
Outstanding, Ending balance	1,058,816	941,427	940,514		1,058,816		872,079
Grant date fair value
Beginning balance	$ 14,317	$ 14,294	$ 13,737		$ 13,737
Granted	2,343	149	2,379
Vested	(526)	(126)	(1,801)
Canceled	(20)		(21)
Ending balance	$ 16,114	$ 14,317	$ 14,294		$ 16,114		$ 13,737
Weighted-average grant date fair value (per share)
Beginning balance	$ 15.21	$ 15.20	$ 15.75		$ 15.75
Granted (in per share)	15.14	14.03	12.82
Vested (in per share)	14.61	12.99	15.58
Canceled (in per share)	14.26		13.50
Ending balance	$ 15.22	$ 15.21	$ 15.20		$ 15.22		$ 15.75

Stockholders Equity - Performan

Stockholders Equity - Performance-based Equity Awards (Details) - shares	1 Months Ended	9 Months Ended
	Feb. 28, 2021	Sep. 30, 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
Granted (in shares)	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	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares
Preferred stock
Liquidation Preference	$ 25	$ 25
Carrying Value | $	$ 111,378	$ 111,378
Series B, Series D and Series E Preferred Stock
Preferred stock
Liquidation Preference	$ 25	$ 25
Percentage of the liquidation preference at which the Company can choose to redeem		100.00%
Series E Preferred Stock
Preferred stock
Shares Issued | shares	4,600	4,600
Shares outstanding | shares	4,600	4,600
Par Value per Share	$ 0.0001	$ 0.0001
Liquidation Preference	$ 25	$ 25
Rate per Annum		6.50%
Annual Dividend (per share)		$ 1.63
Carrying Value | $	$ 111,378	$ 111,378
Dividends declared | $	$ 1,900
Series C Preferred Stock
Preferred stock
Shares Issued | shares	335	335
Shares outstanding | shares	335	335
Par Value per Share	$ 0.0001	$ 0.0001
Liquidation Preference	$ 25	$ 25
Rate per Annum		6.25%
Annual Dividend (per share)		$ 1.56
Carrying Value | $	$ 8,361	$ 8,361
Dividends declared | $	$ 100

Stockholders Equity - Equity AT

Stockholders Equity - Equity ATM Program (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2021	Jul. 09, 2021	Dec. 31, 2020
Equity
Common stock par value	$ 0.0001		$ 0.0001
Common stock, issued	72,919,824		54,368,999
Equity ATM Program
Equity
Common stock par value		$ 0.0001
Common stock, issued	1,700,000
Equity ATM Program | Maximum
Equity
Common stock authorized to be sold under an Equity ATM Program		$ 150
Equity ATM Program | Weighted Average
Equity
Share price	$ 15.27

Earnings per Share of Common _3

Earnings per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Continuing Operations
Net income (loss)	$ 46,535	$ 35,363	$ 106,386	$ 18,510
Less: Income (loss) attributable to non-controlling interest	756	805	1,859	551
Less: Income attributable to participating shares	2,444	339	6,717	1,087
Basic earnings	43,335	34,219	97,810	16,872
Discontinued Operations
Net income attributable to Ready Capital Corporation	43,780	34,558	99,023	17,959
Diluted Earnings
Net income (loss)	46,535	35,363	106,386	18,510
Less: Income (loss) attributable to non-controlling interest	756	805	1,859	551
Less: Income attributable to participating shares	2,444	339	6,717	1,087
Diluted earnings	$ 43,335	$ 34,219	$ 97,810	$ 16,872
Basic - Average shares outstanding	71,618,168	54,626,995	66,606,749	53,534,497
Effect of dilutive securities - Unvested participating shares	169,061	77,616	162,169	77,616
Diluted - Average shares outstanding	71,787,228	54,704,611	66,768,918	53,612,113
Earnings Per Share Attributable to RC Common Stockholders:
Basic	$ 0.61	$ 0.63	$ 1.47	$ 0.32
Diluted	$ 0.60	$ 0.63	$ 1.46	$ 0.31
Conversion spread value on Convertible Notes			$ 0
Impact of Convertible Notes on diluted EPS			$ 0

Earnings per Common Share - Ope

Earnings per Common Share - Operating Partnership Units (Details) - Operating Partnership - Noncontrolling Interests - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Noncontrolling interest
Number of common shares issued for OP unit redeemed by a noncontrolling interest unit holder	1
Units held by noncontrolling interest unit holders	1,175,205	1,175,205

Offsetting assets and liabili_3

Offsetting assets and liabilities - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	$ 9,285	$ 16,363
Gross amounts offset in the Consolidated Balance Sheets	3,105
Amounts presented in the Consolidated Balance Sheets	6,180	16,363
Net Amount	6,180	16,363
Interest rate lock commitments (IRLCs)
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	2,360	16,363
Amounts presented in the Consolidated Balance Sheets	2,360	16,363
Net Amount	2,360	$ 16,363
FX forwards
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	487
Amounts presented in the Consolidated Balance Sheets	487
Net Amount	487
TBA agency securities
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	2,405
Gross amounts offset in the Consolidated Balance Sheets	53
Amounts presented in the Consolidated Balance Sheets	2,352
Net Amount	2,352
Interest rate swap
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	4,033
Gross amounts offset in the Consolidated Balance Sheets	3,052
Amounts presented in the Consolidated Balance Sheets	981
Net Amount	$ 981

Offsetting assets and liabili_4

Offsetting assets and liabilities - Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities		$ 11,604
Effect of offsetting recognized liabilities, Total
Gross Amounts of Recognized Liabilities, Total	$ 3,995,615	1,387,140
Gross Amounts Offset in the Consolidated Balance Sheets, Total	5,663	5,017
Liabilities Presented in the Consolidated Balance Sheets, Total	3,989,952	1,382,123
Financial Instruments, Total	3,824,514	1,370,519
Cash Collateral Paid, Total		6,827
Net Amount, Total	165,438	4,777
Interest rate swap
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	5,610	11,670
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	5,610	5,017
Liabilities Presented in the Consolidated Balance Sheets, Derivative		6,653
Cash Collateral Paid, Derivative		6,653
Credit default swaps
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities		4,004
Liabilities Presented in the Consolidated Balance Sheets, Derivative		4,004
Net Amount, Derivative		4,004
TBA agency securities
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	53	174
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	53
Liabilities Presented in the Consolidated Balance Sheets, Derivative		174
Cash Collateral Paid, Derivative		174
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	2,044,069	1,294,243
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	2,044,069	1,294,243
Financial Instruments, Borrowings	2,044,069	1,294,243
Paycheck Protection Program Liquidity Facility
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	1,945,883	76,276
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	1,945,883	76,276
Financial Instruments, Borrowings	1,780,445	$ 76,276
Net Amount, Borrowings	$ 165,438

Commitments, Contingencies an_3

Commitments, Contingencies and Indemnifications (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Originated Residential Agency loans
Commitments, contingencies and indemnifications
Commitments to originate residential agency loans	$ 454,917	$ 575,600
Unfunded loan commitments
Commitments, contingencies and indemnifications
Loans, net	421,908	285,389
Loans, held for sale at fair value	$ 17,358	$ 7,809

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)segment	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)segment
Segment reporting
Number of reportable segments | segment	4	4	4	4
Interest income	$ 105,136	$ 61,074	$ 281,554	$ 193,826
Interest expense	(50,136)	(43,823)	(156,312)	(134,162)
Net interest income before provision for loan losses	55,000	17,251	125,242	59,664
Provision for (recovery of) loan losses	(1,579)	4,231	(7,088)	(34,984)
Net interest income after provision for (recovery of) loan losses	53,421	21,482	118,154	24,680
Non-interest income
Residential mortgage banking activities	37,270	75,524	115,369	192,757
Net realized gains on financial instruments and real estate owned	23,210	7,507	49,239	22,118
Net unrealized gain (loss) on financial instruments	5,688	3,420	31,296	(43,762)
Servicing income	10,243	10,115	37,806	27,193
Income on purchased future receivables, net of allowance for doubtful accounts	2,838	4,848	7,934	13,917
Income (Loss) from unconsolidated joint ventures	3,548	1,996	6,100	(1,035)
Other income	5,674	4,496	5,557	40,163
Total non-interest income (loss)	88,471	107,906	253,301	251,351
Non-interest expense
Employee compensation and benefits	(24,537)	(27,612)	(71,584)	(73,836)
Allocated employee compensation and benefits from related party	(3,804)	(2,250)	(9,226)	(4,750)
Variable expenses on residential mortgage banking activities	(24,380)	(30,918)	(61,286)	(87,494)
Professional fees	(6,900)	(4,158)	(12,754)	(8,632)
Management fees - related party	(2,742)	(2,714)	(8,061)	(7,941)
Incentive fees - related party	(2,775)	(1,134)	(3,061)	(4,640)
Loan servicing expense	(8,124)	(8,231)	(21,079)	(24,122)
Transaction related expenses	(2,629)	(6)	(10,202)	(63)
Other operating expenses	(12,926)	(10,448)	(45,600)	(41,927)
Total non-interest expense	(88,817)	(87,471)	(242,853)	(253,405)
Income (loss) before provision for income taxes	53,075	41,917	128,602	22,626
Total assets	9,264,398	5,317,510	9,264,398	5,317,510
Operating Segments | Loan Acquisitions
Segment reporting
Interest income	18,954	14,532	53,919	45,993
Interest expense	(11,951)	(11,011)	(36,206)	(32,871)
Net interest income before provision for loan losses	7,003	3,521	17,713	13,122
Provision for (recovery of) loan losses	1,217	2,906	2,405	(4,776)
Net interest income after provision for (recovery of) loan losses	8,220	6,427	20,118	8,346
Non-interest income
Net realized gains on financial instruments and real estate owned	4,699	(2,244)	465	(3,378)
Net unrealized gain (loss) on financial instruments	1,211	2,295	8,240	(8,148)
Income (Loss) from unconsolidated joint ventures	2,506	1,996	5,058	(1,035)
Other income	1,167	951	3,240	2,354
Total non-interest income (loss)	9,583	2,998	17,003	(10,207)
Non-interest expense
Allocated employee compensation and benefits from related party	(383)	(225)	(926)	(475)
Professional fees	(411)	(254)	(1,306)	(504)
Loan servicing expense	(1,694)	(1,528)	(4,829)	(4,387)
Other operating expenses	(1,108)	(585)	(4,958)	(4,670)
Total non-interest expense	(3,596)	(2,592)	(12,019)	(10,036)
Income (loss) before provision for income taxes	14,207	6,833	25,102	(11,897)
Total assets	1,249,569	1,096,804	1,249,569	1,096,804
Operating Segments | SBC Originations
Segment reporting
Interest income	55,230	35,287	141,040	112,052
Interest expense	(29,300)	(23,342)	(81,402)	(72,476)
Net interest income before provision for loan losses	25,930	11,945	59,638	39,576
Provision for (recovery of) loan losses	(2,774)	2,029	(9,032)	(21,978)
Net interest income after provision for (recovery of) loan losses	23,156	13,974	50,606	17,598
Non-interest income
Net realized gains on financial instruments and real estate owned	4,192	5,309	14,992	15,190
Net unrealized gain (loss) on financial instruments	4,256	3,459	9,197	(3,748)
Servicing income	998	610	2,520	1,541
Income (Loss) from unconsolidated joint ventures	1,042		1,042
Other income	2,778	688	5,602	3,410
Total non-interest income (loss)	13,266	10,066	33,353	16,393
Non-interest expense
Employee compensation and benefits	(7,034)	(4,046)	(13,580)	(11,445)
Professional fees	(782)	(449)	(1,725)	(891)
Loan servicing expense	(2,640)	(2,394)	(7,968)	(5,685)
Other operating expenses	(3,969)	(2,450)	(11,718)	(10,336)
Total non-interest expense	(14,425)	(9,339)	(34,991)	(28,357)
Income (loss) before provision for income taxes	21,997	14,701	48,968	5,634
Total assets	4,546,757	2,515,234	4,546,757	2,515,234
Operating Segments | Small Business Lending
Segment reporting
Interest income	28,739	9,037	80,304	30,316
Interest expense	(6,511)	(6,414)	(29,698)	(21,766)
Net interest income before provision for loan losses	22,228	2,623	50,606	8,550
Provision for (recovery of) loan losses	(22)	(704)	(461)	(7,730)
Net interest income after provision for (recovery of) loan losses	22,206	1,919	50,145	820
Non-interest income
Net realized gains on financial instruments and real estate owned	14,319	4,442	33,782	10,306
Net unrealized gain (loss) on financial instruments	74	2,353	3,055	1,302
Servicing income	1,497	3,194	12,966	7,187
Income on purchased future receivables, net of allowance for doubtful accounts	2,838	4,848	7,934	13,917
Other income	1,696	2,828	(3,454)	34,149
Total non-interest income (loss)	20,424	17,665	54,283	66,861
Non-interest expense
Employee compensation and benefits	(10,716)	(7,570)	(26,097)	(20,436)
Professional fees	(582)	(530)	(1,930)	(1,192)
Loan servicing expense	(426)	(106)		(688)
Loan servicing expense			(468)
Other operating expenses	(4,139)	(4,100)	(19,209)	(18,411)
Total non-interest expense	(15,863)	(12,306)	(47,704)	(40,727)
Income (loss) before provision for income taxes	26,767	7,278	56,724	26,954
Total assets	2,462,862	841,373	2,462,862	841,373
Operating Segments | Residential Mortgage Banking
Segment reporting
Interest income	2,213	2,218	6,291	5,465
Interest expense	(2,374)	(2,157)	(6,997)	(5,778)
Net interest income before provision for loan losses	(161)	61	(706)	(313)
Provision for (recovery of) loan losses				(500)
Net interest income after provision for (recovery of) loan losses	(161)	61	(706)	(813)
Non-interest income
Residential mortgage banking activities	37,270	75,524	115,369	192,757
Net unrealized gain (loss) on financial instruments	147	(4,687)	10,804	(33,168)
Servicing income	7,748	6,311	22,320	18,465
Other income	31	30	84	136
Total non-interest income (loss)	45,196	77,178	148,577	178,190
Non-interest expense
Employee compensation and benefits	(5,399)	(15,118)	(29,114)	(39,702)
Variable expenses on residential mortgage banking activities	(24,380)	(30,918)	(61,286)	(87,494)
Professional fees	(1,534)	(960)	(1,929)	(1,518)
Loan servicing expense	(3,364)	(4,206)	(7,814)	(13,325)
Other operating expenses	(1,908)	(2,618)	(6,325)	(6,376)
Total non-interest expense	(36,585)	(53,820)	(106,468)	(148,415)
Income (loss) before provision for income taxes	8,450	23,419	41,403	28,962
Total assets	570,236	640,112	570,236	640,112
Corporate- Other
Segment reporting
Interest expense		(899)	(2,009)	(1,271)
Net interest income before provision for loan losses		(899)	(2,009)	(1,271)
Net interest income after provision for (recovery of) loan losses		(899)	(2,009)	(1,271)
Non-interest income
Other income	2	(1)	85	114
Total non-interest income (loss)	2	(1)	85	114
Non-interest expense
Employee compensation and benefits	(1,388)	(878)	(2,793)	(2,253)
Allocated employee compensation and benefits from related party	(3,421)	(2,025)	(8,300)	(4,275)
Professional fees	(3,591)	(1,965)	(5,864)	(4,527)
Management fees - related party	(2,742)	(2,714)	(8,061)	(7,941)
Incentive fees - related party	(2,775)	(1,134)	(3,061)	(4,640)
Loan servicing expense		3		(37)
Transaction related expenses	(2,629)	(6)	(10,202)	(63)
Other operating expenses	(1,802)	(695)	(3,390)	(2,134)
Total non-interest expense	(18,348)	(9,414)	(41,671)	(25,870)
Income (loss) before provision for income taxes	(18,346)	(10,314)	(43,595)	(27,027)
Total assets	$ 434,974	$ 223,987	$ 434,974	$ 223,987

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Nov. 03, 2021	Oct. 20, 2021	Sep. 30, 2021	Dec. 31, 2020	Apr. 27, 2018	Aug. 09, 2017
Subsequent Event
Common stock par value			$ 0.0001	$ 0.0001
7.50% Senior Secured Notes Due 2022
Subsequent Event
Debt instrument, face value			$ 180,000
Interest rate (as a percent)			7.50%
Convertible Notes
Subsequent Event
Debt instrument, face value			$ 115,000			$ 115,000
Interest rate (as a percent)			7.00%			7.00%
6.50% Senior Notes due 2021
Subsequent Event
Debt instrument, face value					$ 50,000
Interest rate (as a percent)					6.50%
Subsequent event | 4.50% Senior Secured Notes Due 2026
Subsequent Event
Debt instrument, face value		$ 350,000
Interest rate (as a percent)		4.50%
Subsequent event | Mosaic Merger Agreement
Subsequent Event
Upfront adjustment to be applied to reduce the aggregate adjusted acquired book value	$ 98,900
Potential payments on contingent equity rights as a percent of the upfront adjustment to book value	90.00%
Subsequent event | Mosaic Merger Agreement | Contingent equity rights
Subsequent Event
Period in which additional stock payments can be earned based on performance of funds	3 years
Subsequent event | Mosaic Merger Agreement | Contingent equity rights | Maximum
Subsequent Event
Value of potential stock payments, based on fund performance, which could be achieved	$ 89,000
Subsequent event | Mosaic Merger Agreement | Common Class B
Subsequent Event
Number of shares expected to be issued	30.3
Value of shares expected to be issued	$ 471,000