Ready Capital (RC) 10-K 28 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-35808
Entity Registrant Name	READY CAPITAL CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	90-0729143
Entity Address, Address Line One	1251 Avenue of the Americas, 50th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10020
City Area Code	212
Local Phone Number	257-4600
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 914.4
Entity Common Stock, Shares Outstanding		83,328,441
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001527590
Amendment Flag	false
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York, New York
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
Preferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share
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
Preferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share
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	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 229,531	$ 138,975
Restricted cash	51,569	47,697
Loans, net (including $10,766 and $13,795 held at fair value)	2,915,446	1,550,624
Loans, held-for-sale, at fair value	552,935	340,288
Paycheck Protection Program loans (including $3,243 and $74,931 held at fair value)	870,352	74,931
Mortgage backed securities, at fair value	99,496	88,011
Loans eligible for repurchase from Ginnie Mae	94,111	250,132
Investment in unconsolidated joint ventures	141,148	79,509
Purchased future receivables, net	7,872	17,308
Derivative instruments	7,022	16,363
Servicing rights (including $120,142 and $76,840 held at fair value)	204,599	114,663
Other assets	172,098	89,503
Total Assets	9,534,031	5,372,095
Liabilities
Secured borrowings	2,517,600	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	941,505	76,276
Convertible notes, net	113,247	112,129
Senior secured notes, net	342,035	179,659
Corporate debt, net	441,817	150,989
Guaranteed loan financing	345,217	401,705
Contingent consideration	16,400
Liabilities for loans eligible for repurchase from Ginnie Mae	94,111	250,132
Derivative instruments	410	11,604
Dividends payable	34,348	19,746
Accounts payable and other accrued liabilities	184,079	135,655
Total Liabilities	8,245,072	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, 75,838,050 and 54,368,999 shares issued and outstanding, respectively	8	5
Additional paid-in capital	1,161,853	849,541
Retained earnings (deficit)	8,598	(24,203)
Accumulated other comprehensive loss	(5,733)	(9,947)
Total Ready Capital Corporation equity	1,276,104	815,396
Non-controlling interests	4,494	18,812
Total Stockholders' Equity	1,280,598	834,208
Total Liabilities, Redeemable Preferred Stock, and Stockholders' Equity	9,534,031	5,372,095
Consolidated Excluding VIEs
Assets
Cash and cash equivalents	229,531	138,975
Restricted cash	51,569	47,697
Loans, net (including $10,766 and $13,795 held at fair value)	2,915,446	1,550,624
Real estate, held for sale	42,288	45,348
Other assets	172,098	89,503
Consolidated VIEs
Assets
Total Assets	4,145,564	2,518,743
Liabilities
Secured borrowings	$ 3,214,303	$ 1,905,749

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Parenthetical information
Loans, net, held at fair value	$ 10,766	$ 13,795
Paycheck Protection Program loans, held at fair value	3,243	74,931
Investment in unconsolidated joint ventures, held at fair value	8,894
Servicing rights held at fair value	$ 120,142	$ 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	75,838,050	54,368,999
Common stock, outstanding	75,838,050	54,368,999

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 403,496
Interest expense	(213,561)
Net interest income before provision for loan losses	189,935
Provision for (recovery of) loan losses	(8,049)
Net interest income after provision for (recovery of) loan losses	181,886
Non-interest income
Residential mortgage banking activities	137,297
Net realized gains on financial instruments and real estate owned	68,881
Net unrealized gain (loss) on financial instruments	39,377
Servicing income, net of amortization and impairment of $10,588, $5,975 and $5,811	48,015
Income on purchased future receivables, net of allowance for doubtful accounts of $1,296, $11,769 and $5,082	10,257
Income (loss) on unconsolidated joint ventures	6,916
Other income (loss)	9,009
Total non-interest income (loss)	319,752
Non-interest expense
Employee compensation and benefits	(90,065)
Allocated employee compensation and benefits from related party	(12,031)
Variable expenses on residential mortgage banking activities	(75,133)
Professional fees	(16,339)
Management fees - related party	(10,928)
Incentive fees - related party	(5,419)
Loan servicing expense	(29,983)
Transaction related expenses	(14,282)
Other operating expenses	(58,401)
Total non-interest expense	(312,581)
Income before provision for income taxes	189,057
Income tax provision	(29,083)
Net income	159,974
Less: Dividends on preferred stock	7,503
Less: Net income attributable to non-controlling interest	2,230
Net income attributable to Ready Capital Corporation	$ 150,241
Earnings (loss) per basic common share
Earnings per common share - basic | $ / shares	$ 2.17
Earnings (loss) per diluted common share
Earnings per common share - basic | $ / shares	2.17
Earnings per common share - diluted | $ / shares	$ 2.17
Weighted-average shares outstanding
Basic | shares	68,511,578
Diluted | shares	68,660,906
Dividends declared per share of common stock | $ / shares	$ 1.66

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF INCOME
Servicing income, amortization and impairment	$ 10,588	$ 5,975	$ 5,811
Income on purchased future receivable, allowance for doubtful accounts	$ 1,296	$ 11,769	$ 5,082

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 159,974	$ 46,069	$ 75,056
Other comprehensive income (loss) - net change by component
Net change in hedging derivatives (cash flow hedges)	2,539	(1,526)	(5,724)
Foreign currency translation adjustment	1,947	(2,326)	289
Other comprehensive income (loss)	4,486	(3,852)	(5,435)
Comprehensive income	164,460	42,217	69,621
Comprehensive income attributable to non-controlling interests	2,313	1,118	1,907
Comprehensive income attributable to Ready Capital Corporation	$ 162,147	$ 41,099	$ 67,714

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, 2018		$ 544,831				$ 3	$ 540,478		$ 5,272	$ (922)		$ 19,244		$ 564,075
Balance at beginning of period (in shares) at Dec. 31, 2018						32,105,112
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock | ASU 2016-13	$ (6,599)							$ (6,599)			$ (155)		$ (6,754)
Dividend declared on common stock		(69,494)							(69,494)					(69,494)
Dividend declared on OP units												(1,788)		(1,788)
Shares issued pursuant to merger transactions		189,611				$ 1	189,610							189,611
Shares issued pursuant merger to merger transactions (shares)						12,882,323
Equity issuances		91,800				$ 1	91,799							91,800
Shares issued						6,000,000
Offering costs		(408)					(408)					(2)		(410)
Contributions, net												20		20
Equity component of 2017 convertible note issuance		(351)					(351)					(9)		(360)
Stock-based compensation		1,476					1,476							1,476
Stock-based compensation (shares)						124,952
Manager incentive fee paid in stock		233					233							233
Manager incentive fee paid in stock (shares)						14,939
Net income		72,968							72,968			2,088		75,056
Other comprehensive income (loss)		(5,254)								(5,254)		(181)		(5,435)
Balance at end of period at Dec. 31, 2019		825,412				$ 5	822,837		8,746	(6,176)		19,372		844,784
Balance at end of period (in shares) at Dec. 31, 2019						51,127,326
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(71,220)							(71,220)					(71,220)
Dividend declared on OP units												(1,504)		(1,504)
Stock issued in connection with stock dividend		17,033					17,033					362		17,395
Stock issued in connection with stock dividend (shares)						2,764,487
Equity issuances		13,410					13,410							13,410
Shares issued						900,000
Offering costs		(49)					(49)					(1)		(50)
Distributions, net												(250)		(250)
Equity component of 2017 convertible note issuance		(379)					(379)					(8)		(387)
Stock-based compensation		5,399					5,399							5,399
Stock-based compensation (shares)						357,945
Manager incentive fee paid in stock		1,806					1,806							1,806
Manager incentive fee paid in stock (shares)						212,844
Share repurchases		(10,516)					(10,516)							(10,516)
Share repurchases (shares)						(993,603)
Sale of subsidiary interest to non-controlling interest												(122)		(122)
Net income		44,870							44,870			1,199		46,069
Other comprehensive income (loss)		(3,771)								(3,771)		(81)		(3,852)
Balance at end of period at Dec. 31, 2020		815,396				$ 5	849,541		(24,203)	(9,947)		18,812		834,208
Balance at end of period (in shares) at Dec. 31, 2020						54,368,999
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock		(117,440)							(117,440)					(117,440)
Dividend declared on OP units												(1,581)		(1,581)
Dividend declared - $1.088125 per Series B preferred share		(1,162)							(1,162)			(1)		(1,163)
Dividend declared - $1.562505 per Series C preferred share		(492)							(492)					(492)
Dividend declared - $0.953125 per Series D preferred share		(1,074)							(1,074)			(1)		(1,075)
Dividend declared - $1.03846 per Series E preferred share		(4,775)							(4,775)					(4,775)
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		166,687			$ 111,378	$ 1	55,308							166,687
Shares issued					4,600,000	3,527,935
Equity redemptions		(98,241)	$ (47,984)	$ (50,257)										(98,241)
Equity redemptions (shares)			(1,919,378)	(2,010,278)
Offering costs		(1,621)					(1,621)					(16)		(1,637)
Distributions, net												(226)		(226)
Equity component of 2017 convertible note issuance		(410)					(410)					(7)		(417)
Stock-based compensation		4,419					4,419							4,419
Stock-based compensation (shares)						288,436
Conversion of OP units into common stock		13,207					13,207					(13,207)		13,207
Conversion of OP units into common stock (shares)						882,202
Manager incentive fee paid in stock		1,386					1,386							1,386
Manager incentive fee paid in stock (shares)						84,758
Share repurchases		(1,293)					(1,293)							(1,293)
Share repurchases (shares)						(88,617)
Reallocation of noncontrolling interest		1,592					1,781			(189)		(1,592)
Net income		157,744							157,744			2,230		159,974
Other comprehensive income (loss)		4,403								4,403		83		4,486
Balance at end of period at Dec. 31, 2021		$ 1,276,104			$ 111,378	$ 8	$ 1,161,853		$ 8,598	$ (5,733)		$ 4,494		$ 1,280,598
Balance at end of period (in shares) at Dec. 31, 2021					4,600,000	75,838,050

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2021$ / shares
Dividends declared per share of common stock	$ 1.66
Series B Preferred Stock
Dividends declared per share of preferred stock	1.088125
Series C Preferred Stock
Dividends declared per share of preferred stock	1.562505
Series D Preferred Stock
Dividends declared per share of preferred stock	0.953125
Series E Preferred Stock
Dividends declared per share of preferred stock	$ 1.03846

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities:
Net income (loss)	$ 159,974	$ 46,069	$ 75,056
Adjustments to reconcile net income to net cash used for operating activities:
Stock-based compensation	6,920	5,299	1,476
Provision for loan losses	8,049	34,726	3,684
Impairment loss on real estate, held for sale	2,293	3,520	1,317
Repair and denial reserve	10,168	4,378	(345)
Allowance for doubtful accounts on purchased future receivables	1,296	11,769	5,082
Origination of loans, held for sale, at fair value	(5,356,406)	(5,076,936)	(2,621,324)
Amortization of premiums, discounts, and debt issuance costs, net	(23,563)	33,550	14,409
Purchase of loans, held for sale, at fair value	(75,666)		(9,149)
Proceeds from disposition and principal payments of loans, held for sale, at fair value	5,475,139	5,152,861	2,628,521
Net (income) loss of unconsolidated joint ventures, net of distributions	561	(1,893)	(5,716)
Realized (gains) losses, net	(182,813)	(263,332)	(101,794)
Unrealized (gains) losses, net	(43,143)	48,105	18,790
Gain on bargain purchase			(30,728)
Net changes in operating assets and liabilities
Purchased future receivables, net	8,140	14,188	(8,807)
Derivative instruments	(63,431)	(10,014)	(6,219)
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	6,182	11,859	(21,265)
Receivable from third parties	9,505	(10)	7,556
Other assets	(7,261)	16,675	(26,286)
Accounts payable and other accrued liabilities	29,615	38,079	23,345
Net cash used for operating activities	(34,441)	68,893	(52,397)
Cash Flows From Investing Activities:
Origination of loans	(3,826,182)	(669,359)	(1,307,143)
Purchase of loans	(141,663)	(242,532)	(739,002)
Origination of Paycheck Protection Program loans	(2,129,830)	(105,222)
Purchase of Paycheck Protection Program loans	(3,866)
Proceeds from disposition and principal payment of Paycheck Protection Program loans	1,401,330	30,291
Purchase of mortgage backed securities, at fair value		(14,216)	(9,593)
Purchase of real estate		(329)	(117)
Investment in unconsolidated joint ventures	(59,714)	(23,707)	(26,655)
Purchase of servicing rights			(894)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	18,307	4,941	15,578
Proceeds from disposition and principal payment of loans	977,096	930,944	826,702
Proceeds from sale and principal payment of mortgage backed securities, at fair value	2,015,907	12,486	14,354
Proceeds from sale of real estate, held for sale	41,746	17,261	18,983
Net cash used for business acquisitions	(11,536)		(5,005)
Net cash used for investing activities	(1,718,405)	(59,442)	(1,212,792)
Cash Flows From Financing Activities:
Proceeds from secured borrowings	12,201,084	6,765,354	5,398,657
Payment of secured borrowings	(12,758,787)	(6,663,200)	(5,087,424)
Proceeds from the Paycheck Protection Program Liquidity Facility borrowings	2,299,167	105,222
Repayment of Paycheck Protection Program Liquidity Facility borrowings	(1,433,938)	(28,945)
Proceeds from issuance of securitized debt obligations of consolidated VIEs	1,993,111	495,220	1,395,518
Repayment of securitized debt obligations of consolidated VIEs	(673,069)	(441,212)	(477,205)
Proceeds from corporate debt	303,511		104,687
Repayment of corporate debt	(50,000)
Proceeds from senior secured note	350,000
Repayment of senior secured note	(180,294)
Repayment of guaranteed loan financing	(70,388)	(102,155)	(34,704)
Repayment of deferred financing costs	(46,938)	(12,820)	(28,207)
Proceeds from issuance of equity, net of issuance costs	165,050	13,360	91,390
Payment of contingent consideration			(1,207)
Distributions from non-controlling interests, net	(226)	(250)	20
Dividend payments	(111,924)	(56,885)	(63,326)
Tender offer of preferred shares	(11,133)
Preferred stock redemption	(98,241)
Common stock repurchased		(9,235)
Settlement of share-based awards in satisfaction of withholding tax requirements	(1,293)	(1,281)
Sale of subsidiary interest to noncontrolling interests		(122)
Net cash provided by financing activities	1,875,692	63,051	1,298,199
Net increase in cash, cash equivalents, and restricted cash	122,846	72,502	33,010
Cash, cash equivalents, and restricted cash beginning balance	200,482	127,980	94,970
Cash, cash equivalents, and restricted cash ending balance	323,328	200,482	127,980
Supplemental disclosures:
Cash paid for interest	186,095	156,262	126,188
Cash paid (received) for income taxes	13,375	(8,482)	(2,661)
Supplemental disclosure: Non-cash investing activities
Loans transferred from loans, held for sale, at fair value to loans, net		714	1,262
Loans transferred from loans, net to loans, held for sale, at fair value	1,138
Consolidation of assets in securitization trusts			463,177
Loans transferred to real estate owned	9,015	11,339
Contingent consideration in connection with acquisitions	12,400
Deconsolidation of assets in securitization trusts			177,815
Supplemental disclosure: Non-cash financing activities
Common stock issued in connection with merger transactions	239,537		189,611
Consolidation of borrowings in securitization trusts			463,177
Deconsolidation of borrowings in securitization trusts			177,815
Dividends paid in stock		17,395
Share-based component of incentive fees	1,386	$ 1,806	$ 233
Conversion of OP units into common stock	$ 13,207

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, cash equivalents, and restricted cash reconciliation
Cash and cash equivalents	$ 229,531	$ 138,975	$ 67,928
Restricted cash	51,569	47,697	51,728
Cash, cash equivalents, and restricted cash in Assets of consolidated VIEs	42,228	13,810	8,324
Cash, cash equivalents, and restricted cash ending balance	$ 323,328	$ 200,482	$ 127,980

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization
Organization	READY CAPITAL CORPORATION NOTES TO the CONS OLIDATED FINANCIAL STATEMENTS ​ Note 1. Organization ​ Ready Capital Corporation (the “Company” or “Ready Capital” and together with its subsidiaries “we,” “us” and “our”), is a Maryland corporation. The Company is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial (“SBC”) loans, Small Business Administration (“SBA”) loans, residential mortgage loans, and to a lesser extent, mortgage backed securities (“MBS”) collateralized primarily by SBC loans, or other real estate-related investments. SBC loans represent a special category of commercial loans, sharing both commercial and residential loan characteristics. SBC loans are generally secured by first mortgages on commercial properties, but because SBC loans are also often accompanied by collateralization of personal assets and subordinate lien positions, aspects of residential mortgage credit analysis are utilized in the underwriting process. ​ The Company is externally managed and advised by Waterfall Asset Management, LLC (“Waterfall” or the “Manager”), an investment advisor registered with the United States Securities and Exchange Commission (“SEC”) 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 December 31, 2021 and December 31, 2020, the Company owned approximately 99.6% 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. ​ Acquisitions ​ Anworth Mortgage Asset Corporation. ​ In addition, in connection with the Anworth 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 Anworth 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 Anworth 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 Anworth 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 Anworth 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 Anworth enhanced the trading volume and liquidity for our stockholders. In addition, part of our strategy in acquiring Anworth was to manage the liquidation and runoff of certain assets within the Anworth portfolio and repay certain indebtedness on the Anworth portfolio following the completion of the Anworth 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 December 31, 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 Anworth 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 Anworth 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 Anworth 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. ​ Red Stone. ​ Mosaic. ​ The combined company will continue to operate under the name “Ready Capital Corporation” and its shares are expected to continue trading on the NYSE under the existing ticker symbol “RC.” Waterfall will continue to manage the combined company. ​ The Mosaic Mergers are expected to close during the first quarter of 2022, subject to the required approvals by the Company’s stockholders and the holders of interests in each of the Mosaic Funds and other customary closing conditions. There can be no assurances that the Mosaic Mergers will close. ​ 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 dividends equal to at least 90% of its taxable income in the form of distributions to shareholders.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Basis of Presentation
Basis of Presentation	Note 2. Basis of Presentation ​ The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)—as prescribed by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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, disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates and assumptions are based on the best available information however, 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 databases with historical loan losses 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 (less costs to sell the asset if repayment is expected through the sale 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; and (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 through the SBC Lending and Acquisitions and Small Business Lending 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 further 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 in the consolidated statements of income as interest income when earned and deemed collectible. Although PPP includes a 100% guarantee from the federal government and principal forgiveness for borrowers if the funds were used for defined purposes, changes in fair value are recurring and are reported as net unrealized gains (losses) on financial instruments in the consolidated statements of income. ​ 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 recognizes the difference between the initial recorded investment and the principal amount in the loan as interest income using the effective yield method. The effective yield is determined based on the payment terms required by the loan contract as well as with actual and 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. The fair value adjustments on MBS are reported within net unrealized gain (loss) on financial instruments in the consolidated statements of income. ​ 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 MSRs, 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 MSRs 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 multi-family servicing rights are accounted for under ASC 860, Transfers and Servicing, accounted for under the fair value option under ASC 825, Financial Instruments. ​ Servicing rights – SBA and multi-family portfolio. ​ 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 to 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 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 Goodwill represents the excess of the consideration transferred over the fair value of net assets, including identifiable intangible assets, at the acquisition date. Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment exists. ​ In assessing goodwill for impairment, the Company follows ASC 350, Intangibles- Goodwill and Other, estimated fair value of the reporting unit is derived based on valuation techniques we believe market participants would use for each of the reporting units. ​ 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. As a result of the qualitative assessment, the Company determined that it was more likely than not that the estimated fair value of each of the reporting units exceeded its respective estimated carrying value. Therefore, goodwill for each reporting unit was not impaired and a quantitative test was not required. ​ 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 SBC Lending and Acquisitions segment 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 Paycheck Protection Program Facility (“PPPLF”) is a government loan facility created to enable the distribution of funds for PPP whereby the Company may receive advances from the Federal Reserve through the PPPLF. Loans are participated with a PPP participant bank in accordance with respective financing agreements, repurchased from such PPP participant bank, and then pledged using PPPLF. The Company accounts for borrowings under the PPPLF 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 a special purpose entity 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 VIE’s 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. ​ Contingent consideration Contingent consideration is a liability recognized in relation to the Red Stone acquisition during 2021. The fair value of this liability is dependent on the probability of the acquiree achieving certain financial performance targets using earnings before interest, taxes, depreciation and amortization (“EBITDA”) as a metric. Contingent consideration is classified as level 3 in the fair value hierarchy with fair value adjustments reported within other income (loss) in the consolidated statements of income. The increase in value during 2021 was due to higher projected EBITDA at the measurement date. ​ 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

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2021
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 4. Recent accounting pronouncements ​ Financial Accounting Standards Board (“FASB”) Standards ​ ​ ​ ​ ​ ​ Standard ​ Summary of guidance ​ Effects on financial statements ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ Provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. The 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. Issued March 2020 ​ 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 December 31, 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) ​ ​ Addresses the complexities in accounting for certain financial instruments with a debt and equity component. The number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted “Earnings per share” under ASC 260. ​ The Company is currently assessing the impact this guidance will have on our consolidated financial statements. Issued August 2020 ​ Effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. ​ ​ ​

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2021
Business Combinations
Business Combinations	Note 5. Business Combinations ​ On March 19, 2021, the Company completed a merger agreement with Anworth, a specialty finance company that focused 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 Anworth 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 ​ ​ ​ Anworth 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 Anworth 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. See Note 1 for more information about the Red Stone acquisition. 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 acquisition. ​ ​ ​ ​ ​ (in thousands) July 31, 2021 Assets ​ ​ ​ Cash and cash equivalents ​ $ 1,553 Restricted cash ​ 6,994 Investment in unconsolidated joint ventures ​ 20,793 Servicing rights ​ 30,503 Other assets: ​ ​ Intangible Assets ​ ​ 9,300 Other ​ ​ 1,330 Total assets acquired ​ $ 70,473 Liabilities ​ ​ ​ Accounts payable and other accrued liabilities ​ ​ 7,965 Total liabilities assumed ​ $ 7,965 Net assets acquired ​ $ 62,508 ​ 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 $ 62,508 ​ ​ ​ Cash paid ​ 63,000 Contingent consideration ​ 12,400 Total consideration transferred $ 75,400 ​ ​ ​ Goodwill $ 12,892 ​ 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 December 31, 2021, the goodwill recorded in connection with the Anworth Merger and Red Stone acquisition have been allocated to the SBC Lending and Acquisitions segment. The following pro-forma income and earnings (unaudited) of the combined company are presented as if the Anworth Merger had occurred on January 1, 2021 and January 1, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ For the year ended December 31, 2021 ​ For the year ended December 31, 2020 Selected Financial Data ​ ​ ​ ​ ​ ​ Interest income ​ $ 415,245 ​ $ 341,733 Interest expense ​ ​ (217,089) ​ ​ (220,370) Provision for loan losses ​ ​ (8,049) ​ ​ (35,394) Non-interest income ​ ​ 322,477 ​ ​ 399,075 Non-interest expense ​ ​ (318,391) ​ ​ (570,884) Income before provision for income taxes ​ $ 194,193 ​ $ (85,840) Income tax expense ​ ​ (29,083) ​ ​ (8,385) Net income ​ $ 165,110 ​ $ (94,225) ​ Non-recurring pro-forma transaction costs directly attributable to the Anworth Merger were $7.8 million for the year ended December 31, 2021 and have been deducted from the non-interest expense amount above. These costs included legal, accounting, valuation, and other professional or consulting fees directly attributable to the merger. Such costs for the three months ended December 31, 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	12 Months Ended
	Dec. 31, 2021
Loans and Allowance for Credit Losses
Loans and Allowance for Credit Losses	Note 6. Loans and allowance for credit losses ​ The accounting for a loan depends on management’s strategy for the loan, and on whether the loan was credit-deteriorated at the date of acquisition. The Company accounts for loans based on the following loan program categories: ​ ● Originated or purchased loans held-for-investment– originated transitional loans, originated conventional SBC and SBA loans, or acquired loans with no signs of credit deterioration at 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 table below summarizes the classification, UPB, and carrying value of loans held by the Company including loans of consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ December 31, 2020 (in thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,693,471 ​ $ 1,705,037 ​ ​ $ 530,671 ​ $ 535,963 Originated SBA 7(a) loans ​ ​ 351,664 ​ ​ 361,392 ​ ​ ​ 310,537 ​ ​ 314,938 Acquired SBA 7(a) loans ​ ​ 152,327 ​ ​ 158,016 ​ ​ ​ 201,066 ​ ​ 210,115 Originated SBC loans ​ ​ 266,026 ​ ​ 259,786 ​ ​ ​ 173,190 ​ ​ 167,470 Acquired loans ​ ​ 471,842 ​ ​ 480,088 ​ ​ ​ 351,381 ​ ​ 352,546 Originated SBC loans, at fair value ​ ​ 10,766 ​ ​ 10,956 ​ ​ ​ 13,795 ​ ​ 14,088 Originated Residential Agency loans ​ ​ 2,566 ​ ​ 2,566 ​ ​ ​ 3,208 ​ ​ 3,208 Total Loans, before allowance for loan losses ​ $ 2,948,662 ​ $ 2,977,841 ​ ​ $ 1,583,848 ​ $ 1,598,328 Allowance for loan losses ​ $ (33,216) ​ $ — ​ ​ $ (33,224) ​ $ — Total Loans, net ​ $ 2,915,446 ​ $ 2,977,841 ​ ​ $ 1,550,624 ​ $ 1,598,328 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated SBC loans ​ $ 718,201 ​ $ 715,842 ​ ​ $ 892,316 ​ $ 887,917 Originated Transitional loans ​ ​ 2,693,186 ​ ​ 2,717,487 ​ ​ ​ 785,653 ​ ​ 789,750 Acquired loans ​ ​ 594,274 ​ ​ 593,649 ​ ​ ​ 697,567 ​ ​ 701,133 Originated SBA 7(a) loans ​ ​ 55,580 ​ ​ 58,792 ​ ​ ​ 68,625 ​ ​ 72,451 Acquired SBA 7(a) loans ​ ​ 32,768 ​ ​ 39,812 ​ ​ ​ 42,154 ​ ​ 52,456 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 4,094,009 ​ $ 4,125,582 ​ ​ $ 2,486,315 ​ $ 2,503,707 Allowance for loan losses on loans in consolidated VIEs ​ $ (12,161) ​ $ — ​ ​ $ (13,508) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 4,081,848 ​ $ 4,125,582 ​ ​ $ 2,472,807 ​ $ 2,503,707 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ $ 235,925 ​ $ 231,196 ​ ​ $ 260,447 ​ $ 249,852 Originated Freddie Mac loans ​ ​ 42,384 ​ ​ 41,864 ​ ​ ​ 51,248 ​ ​ 50,408 Originated SBC loans ​ ​ 101,172 ​ ​ 100,655 ​ ​ ​ 17,850 ​ ​ 17,850 Originated SBA 7(a) loans ​ ​ 42,761 ​ ​ 38,966 ​ ​ ​ 10,232 ​ ​ 9,436 Acquired loans ​ ​ 130,693 ​ ​ 128,079 ​ ​ ​ 511 ​ ​ 499 Total Loans, held for sale, at fair value ​ $ 552,935 ​ $ 540,760 ​ ​ $ 340,288 ​ $ 328,045 Total Loans, net and Loans, held for sale, at fair value ​ $ 7,550,229 ​ $ 7,644,183 ​ ​ $ 4,363,719 ​ $ 4,430,080 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 867,109 ​ $ 927,766 ​ ​ $ — ​ $ — Paycheck Protection Program loans, held at fair value ​ ​ 3,243 ​ ​ 3,243 ​ ​ ​ 74,931 ​ ​ 74,931 Total Paycheck Protection Program loans ​ $ 870,352 ​ $ 931,009 ​ ​ $ 74,931 ​ $ 74,931 Total Loan portfolio ​ $ 8,420,581 ​ $ 8,575,192 ​ ​ $ 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 the borrower’s capacity and willingness to meet its financial obligations. In the tables below, Total Loans, net includes Loans, net in consolidated VIEs and a specific allowance for loan losses of $17.3 million and $17.2 million as of December 31, 2021 and 2020, respectively. ​ The tables below summarizes 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 4,422,524 ​ $ 3,339,437 ​ $ 420,486 ​ $ 424,118 ​ $ 192,901 ​ $ — ​ $ 5,340 ​ $ 4,382,282 Originated SBC loans ​ ​ 975,628 ​ ​ 142,947 ​ ​ 58,651 ​ ​ 394,648 ​ ​ 163,912 ​ ​ 98,123 ​ ​ 121,752 ​ ​ 980,033 Acquired loans ​ ​ 1,073,737 ​ ​ 126,803 ​ ​ 80,705 ​ ​ 50,720 ​ ​ 44,530 ​ ​ 26,194 ​ ​ 733,996 ​ ​ 1,062,948 Originated SBA 7(a) loans ​ ​ 420,184 ​ ​ 91,991 ​ ​ 44,878 ​ ​ 91,208 ​ ​ 108,631 ​ ​ 48,771 ​ ​ 18,779 ​ ​ 404,258 Acquired SBA 7(a) loans ​ ​ 197,828 ​ ​ 39 ​ ​ 77 ​ ​ 13,730 ​ ​ 13,605 ​ ​ 261 ​ ​ 154,842 ​ ​ 182,554 Originated SBC loans, at fair value ​ ​ 10,956 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,766 ​ ​ 10,766 Originated Residential Agency loans ​ ​ 2,566 ​ 1,414 ​ 492 ​ 468 ​ ​ — ​ ​ — ​ 192 ​ 2,566 Total Loans, before general allowance for loan losses ​ $ 7,103,423 ​ $ 3,702,631 ​ $ 605,289 ​ $ 974,892 ​ $ 523,579 ​ $ 173,349 ​ $ 1,045,667 ​ $ 7,025,407 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,113) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,997,294 ​ UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,325,713 ​ $ 385,183 ​ $ 583,593 ​ $ 306,971 ​ $ 23,783 ​ $ 16,794 ​ $ — ​ $ 1,316,324 Originated SBC loans ​ ​ 1,055,387 ​ ​ 66,715 ​ ​ 486,033 ​ ​ 237,313 ​ ​ 110,354 ​ ​ 45,382 ​ ​ 113,508 ​ ​ 1,059,305 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 table below presents 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 6,901,474 ​ $ 3,666,020 ​ $ 596,289 ​ $ 953,269 ​ $ 473,798 ​ $ 167,629 ​ $ 984,680 ​ $ 6,841,685 30 - 59 days past due ​ ​ 73,836 ​ ​ 35,549 ​ ​ 352 ​ ​ 18,393 ​ ​ 3,714 ​ ​ 228 ​ ​ 14,601 ​ ​ 72,837 60+ days past due ​ ​ 128,113 ​ ​ 1,062 ​ ​ 8,648 ​ ​ 3,230 ​ ​ 46,067 ​ ​ 5,492 ​ ​ 46,386 ​ ​ 110,885 Total Loans, before general allowance for loan losses ​ $ 7,103,423 ​ $ 3,702,631 ​ $ 605,289 ​ $ 974,892 ​ $ 523,579 ​ $ 173,349 ​ $ 1,045,667 ​ $ 7,025,407 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,113) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,997,294 ​ ​ ​ ​ Carrying Value by Year of Origination ​ ​ UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 table below presents 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 4,289,571 ​ $ 52,997 ​ $ 39,714 ​ $ 4,382,282 ​ $ 30,038 ​ $ — Originated SBC loans ​ 944,803 ​ ​ — ​ ​ 35,230 ​ ​ 980,033 ​ ​ 27,125 ​ ​ — Acquired loans ​ 1,018,805 ​ ​ 13,099 ​ ​ 31,044 ​ ​ 1,062,948 ​ ​ 25,803 ​ ​ — Originated SBA 7(a) loans ​ 397,554 ​ ​ 5,309 ​ ​ 1,395 ​ ​ 404,258 ​ ​ 10,822 ​ ​ — Acquired SBA 7(a) loans ​ 179,039 ​ ​ 1,432 ​ ​ 2,083 ​ ​ 182,554 ​ ​ 4,297 ​ ​ — Originated SBC loans, at fair value ​ 10,766 ​ ​ — ​ ​ — ​ ​ 10,766 ​ ​ — ​ ​ — Originated Residential Agency loans ​ 1,147 ​ ​ — ​ ​ 1,419 ​ ​ 2,566 ​ ​ 1,418 ​ ​ — Total Loans, before general allowance for loan losses $ 6,841,685 ​ $ 72,837 ​ $ 110,885 ​ $ 7,025,407 ​ $ 99,503 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,113) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,997,294 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 97.4% ​ ​ 1.0% ​ ​ 1.6% ​ ​ 100% ​ ​ 1.4% ​ ​ 0.0% December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 1,278,829 ​ $ 17,713 ​ $ 19,782 ​ $ 1,316,324 ​ $ 19,416 ​ $ — Originated SBC loans ​ 1,003,628 ​ ​ 6,591 ​ ​ 49,086 ​ ​ 1,059,305 ​ ​ 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 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 782 $ 109,954 $ 330,935 $ 3,294,838 $ 628,489 $ 17,284 $ 4,382,282 Originated SBC loans ​ 416 ​ 27,976 ​ 311,758 ​ 613,021 ​ 16,217 ​ 10,645 ​ 980,033 Acquired loans ​ 234,677 ​ 305,414 ​ 271,862 ​ 224,246 ​ 14,182 ​ 12,567 ​ 1,062,948 Originated SBA 7(a) loans ​ 1,222 ​ 10,780 ​ 49,750 ​ 159,246 ​ 56,174 ​ 127,086 ​ 404,258 Acquired SBA 7(a) loans ​ 5,997 ​ 31,163 ​ 69,364 ​ 38,704 ​ 25,214 ​ 12,112 ​ 182,554 Originated SBC loans, at fair value ​ — ​ 5,817 ​ — ​ 4,949 ​ — ​ — ​ 10,766 Originated Residential Agency loans — ​ — ​ 386 ​ 961 ​ 1,219 ​ — 2,566 Total Loans, before general allowance for loan losses $ 243,094 $ 491,104 $ 1,034,055 $ 4,335,965 $ 741,495 $ 179,694 $ 7,025,407 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,113) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,997,294 Percentage of loans outstanding ​ 3.5% ​ 7.0% ​ 14.7% ​ 61.7% ​ 10.5% ​ 2.6% ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 5,485 $ 7,205 $ 251,112 $ 891,895 $ 157,900 $ 2,727 $ 1,316,324 Originated SBC loans 5,372 ​ 77,963 ​ 455,067 ​ 515,023 ​ — ​ 5,880 1,059,305 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 geographic concentration of loans, net, secured by real estate. ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) December 31, 2021 ​ December 31, 2020 Texas 19.2 % ​ 14.2 % California 14.3 ​ ​ 18.1 ​ Arizona 7.4 ​ ​ 2.8 ​ New York 7.3 ​ ​ 9.8 ​ Georgia 7.0 ​ ​ 4.9 ​ Florida 6.7 ​ ​ 7.8 ​ Illinois 4.3 ​ ​ 5.2 ​ North Carolina 2.6 ​ ​ 3.1 ​ Washington 2.1 ​ ​ 3.1 ​ Colorado ​ 1.9 ​ ​ 2.8 ​ Other 27.2 ​ ​ 28.2 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) December 31, 2021 ​ December 31, 2020 Multi-family 54.4 % ​ 23.8 % Retail 10.2 ​ ​ 17.3 ​ SBA 8.7 ​ ​ 17.4 ​ Office 8.2 ​ ​ 13.1 ​ Mixed Use 7.1 ​ ​ 12.9 ​ Industrial 6.4 ​ ​ 7.1 ​ Lodging/Residential 1.8 ​ ​ 3.2 ​ Other 3.2 ​ ​ 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) December 31, 2021 ​ December 31, 2020 Lodging ​ 17.0 % ​ 17.2 % Offices of Physicians ​ 10.9 ​ ​ 12.0 ​ Child Day Care Services 7.4 ​ ​ 7.2 ​ Eating Places 5.0 ​ ​ 5.3 ​ Gasoline Service Stations 3.7 ​ ​ 3.4 ​ Veterinarians ​ 2.4 ​ ​ 3.3 ​ Funeral Service & Crematories 1.9 ​ ​ 1.8 ​ Grocery Stores 1.8 ​ ​ 1.7 ​ Car washes ​ 1.4 ​ ​ 1.4 ​ Couriers ​ 1.3 ​ ​ 1.0 ​ Other 47.2 ​ ​ 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 SBC loans ​ Originated Transitional loans ​ Acquired loans ​ Acquired SBA 7(a) loans ​ Originated SBA 7(a) loans ​ Total Allowance for loan losses December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 2,666 ​ $ 15,841 ​ $ 2,953 ​ $ 543 ​ $ 6,110 ​ $ 28,113 Specific ​ 4,194 ​ ​ 4,375 ​ ​ 3,168 ​ ​ 2,541 ​ ​ 2,986 ​ ​ 17,264 Ending balance $ 6,860 ​ $ 20,216 ​ $ 6,121 ​ $ 3,084 ​ $ 9,096 ​ $ 45,377 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 table below present a summary of the changes in the allowance for loan losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Originated SBC loans Originated Transitional loans Acquired loans Acquired SBA 7(a) loans Originated SBA 7(a) loans Total Allowance for loan losses Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ Beginning balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ 46,732 Provision for (recoveries of) loan losses ​ (480) ​ 9,971 ​ (1,426) ​ (555) ​ 1,217 ​ 8,727 Charge-offs and sales ​ (1,311) ​ (4,300) ​ (26) ​ (949) ​ (2,179) ​ (8,765) Recoveries ​ (189) ​ (450) ​ (724) ​ 39 ​ 7 ​ (1,317) Ending balance $ 6,860 $ 20,216 $ 6,121 $ 3,084 $ 9,096 $ 45,377 Year Ended December 31, 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 ​ 6,335 ​ 16,247 ​ 3,502 ​ 141 ​ 7,560 ​ 33,785 Charge-offs and sales ​ (199) ​ (3,346) ​ (137) ​ (1,396) ​ (717) ​ (5,795) Recoveries ​ — ​ — ​ — ​ 128 ​ 48 ​ 176 Ending balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ 46,732 ​ The table above excludes $0.3 million and $0.9 million of provision for loan losses on unfunded lending commitments as of December 31, 2021 and 2020, respectively. Refer to Note 3 – Summary of Significant Accounting Policies for more information on our accounting policies, methodologies and judgment applied to determine the allowance for loan losses and lending commitments. ​ Non-accrual loans 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 on non-accrual loans. ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 ​ December 31, 2020 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 71,645 ​ $ 75,862 Without an allowance ​ 27,858 ​ ​ 58,296 Total recorded carrying value of non-accrual loans $ 99,503 ​ $ 134,158 Allowance for loan losses related to non-accrual loans $ (17,264) ​ $ (17,367) Unpaid principal balance of non-accrual loans $ 119,554 ​ $ 158,471 Interest income on non-accrual loans for the year ended $ 1,364 ​ $ 3,212 ​ ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (in thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Carrying value of modified loans classified as TDRs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On accrual status $ 284 ​ $ 8,242 ​ $ 8,526 ​ $ 307 ​ $ 6,888 ​ $ 7,195 On non-accrual status ​ 11,220 ​ ​ 11,409 ​ ​ 22,629 ​ ​ 7,020 ​ ​ 11,044 ​ ​ 18,064 Total carrying value of modified loans classified as TDRs $ 11,504 ​ $ 19,651 ​ $ 31,155 ​ $ 7,327 ​ $ 17,932 ​ $ 25,259 Allowance for loan losses on loans classified as TDRs $ 46 ​ $ 2,626 ​ $ 2,672 ​ $ 17 ​ $ 3,323 ​ $ 3,340 ​ ​ The table below presents TDR loan activity and the financial effects of these modifications by type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 (in thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 2 ​ ​ 29 ​ ​ 31 ​ ​ 5 ​ ​ 28 ​ ​ 33 Pre-modification recorded balance (a) $ 8,660 ​ $ 9,547 ​ $ 18,207 ​ $ 10,963 ​ $ 8,420 ​ $ 19,383 Post-modification recorded balance (a) $ 8,660 ​ $ 9,024 ​ $ 17,684 ​ $ 10,963 ​ $ 8,455 ​ $ 19,418 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default (b) ​ 2 ​ ​ 7 ​ ​ 9 ​ ​ 3 ​ ​ 4 ​ ​ 7 Balance of loans that remain in default (b) $ 8,660 ​ $ 1,532 ​ $ 10,192 ​ $ 5,285 ​ $ 302 ​ $ 5,587 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 7,616 ​ $ 7,616 ​ $ — ​ $ 7,020 ​ $ 7,020 Interest rate reduction ​ — ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 8,660 ​ ​ 86 ​ ​ 8,746 ​ ​ 5,285 ​ ​ 302 ​ ​ 5,587 Total $ 8,660 ​ $ 7,702 ​ $ 16,362 ​ $ 5,285 ​ $ 7,322 ​ $ 12,607 (a) Represents carrying value. (b) Represents carrying values of the TDRs that occurred during the respective periods ended and 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 December 31, 2021 and 2020, the Company’s total carrying amount of loans in the foreclosure process was $2.3 million and $2.2 million, respectively ​ PCD loans The Company did not acquire any PCD loans as of the years ended December 2021 and 2020.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 MSRs 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 presents financial instruments carried at fair value on a recurring basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 321,070 ​ $ 231,865 ​ $ 552,935 Loans, net, at fair value — ​ — ​ 10,766 ​ 10,766 Paycheck Protection Program loans — ​ — ​ 3,243 ​ 3,243 MBS, at fair value — ​ 97,915 ​ 1,581 ​ 99,496 Derivative instruments, at fair value ​ — ​ ​ 4,683 ​ ​ 2,339 ​ ​ 7,022 Residential MSRs, at fair value — ​ — ​ 120,142 ​ 120,142 Investment in unconsolidated joint ventures — ​ — ​ 8,894 ​ 8,894 Total assets $ — ​ $ 423,668 ​ $ 378,830 ​ $ 802,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 410 ​ $ — ​ $ 410 Contingent consideration ​ — ​ ​ — ​ ​ 16,400 ​ ​ 16,400 Total liabilities $ — ​ $ 410 ​ $ 16,400 ​ $ 16,810 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 MBS, at fair value — ​ 62,880 ​ 25,131 ​ 88,011 Derivative instruments, at fair value — ​ ​ — ​ ​ 16,363 ​ 16,363 Residential MSRs, 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) Fair Value Predominant Valuation Technique (a) Unobservable Input Range Weighted Average December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential MSRs, at fair value $ 120,142 Income Approach Forward prepayment rate | Forward Default Rate | Discount rate | Servicing expense ​ (b) ​ (b) Derivative instruments, at fair value $ 2,339 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 63.0 - 100% | 0.4 - 5.2% | 0.1 - 3.1% ​ 86.7% | 4.1% | 1.3% Investment in unconsolidated joint ventures $ 8,894 ​ Income Approach ​ Discount rate ​ 9.0% ​ 9.0% Contingent consideration $ (16,400) ​ Monte Carlo Simulation Model ​ EBT volatility | Risk-free rate of return | EBT discount rate | Liability discount rate ​ 25.0% | 0.4% | 17.6% | 3.8% ​ 25.0% | 0.4% | 17.6% | 3.8% December 31, 2020 ​ ​ ​ ​ ​ Residential MSRs, at fair value $ 76,840 Income Approach Discount rate ​ (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 - 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 MSRs unobservable inputs. ​ Included within Level 3 assets of $378.8 million as of December 31, 2021 and $207.1 million as of December 30, 2020, is $247.5 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 Loans, held for sale, at fair value ​ PPP loans Residential MSRs ​ Investment in unconsolidated joint ventures ​ Contingent Consideration ​ ​ Total Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ — ​ $ 74,931 ​ $ 76,840 ​ $ — ​ $ — ​ $ 207,060 Purchases or Originations — ​ — ​ — ​ 283,054 ​ 3,866 ​ — ​ 9,197 ​ (12,400) ​ 283,717 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 46,286 ​ ​ — ​ ​ — ​ ​ 46,286 Sales / Principal payments ​ (92) ​ ​ — ​ ​ (3,201) ​ ​ (68,001) ​ ​ (75,554) ​ ​ (19,904) ​ ​ — ​ ​ — ​ ​ (166,752) Realized gains, net ​ — ​ ​ — ​ ​ 7 ​ ​ (1,635) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,628) Unrealized gains (losses), net ​ 1,253 ​ ​ (14,024) ​ ​ 165 ​ ​ 86 ​ ​ — ​ ​ 16,920 ​ ​ (303) ​ ​ (4,000) ​ ​ 97 Accreted discount, net ​ 59 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 59 Transfer to (from) Level 3 ​ (24,770) ​ ​ — ​ ​ — ​ ​ 18,361 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,409) Ending Balance $ 1,581 ​ $ 2,339 ​ $ 10,766 ​ $ 231,865 ​ $ 3,243 ​ $ 120,142 ​ $ 8,894 ​ $ (16,400) ​ $ 362,430 Unrealized gains (losses), net on assets/liabilities $ 154 ​ $ 2,339 ​ $ (190) ​ $ 3,133 ​ $ — ​ $ (30,289) ​ $ (303) ​ $ (4,000) ​ $ (29,156) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ — ​ $ — ​ $ 91,174 ​ $ — ​ $ — ​ $ 114,660 Originations 12,640 ​ — ​ — ​ — ​ 106,704 ​ — ​ — ​ — ​ ​ 119,344 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,701 ​ ​ — ​ ​ — ​ ​ 43,701 Sales / Principal payments ​ (13) ​ ​ — ​ ​ (5,649) ​ ​ — ​ ​ (31,786) ​ ​ (20,777) ​ ​ — ​ ​ — ​ ​ (58,225) Realized gains, net ​ — ​ ​ — ​ ​ 350 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 350 Unrealized gains (losses), net ​ (348) ​ ​ 13,549 ​ ​ (1,118) ​ ​ — ​ ​ 13 ​ ​ (37,258) ​ ​ — ​ ​ — ​ ​ (25,162) Accreted discount, net ​ 12 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 Transfer to (from) Level 3 ​ 12,380 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,380 Ending Balance $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ — ​ $ 74,931 ​ $ 76,840 ​ $ — ​ $ — ​ $ 207,060 Unrealized gains (losses), net on assets/liabilities $ 602 ​ $ 16,363 ​ $ (293) ​ $ — ​ $ — ​ $ (47,209) ​ $ — ​ $ — ​ $ (30,537) ​ 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 our financial instruments that are not carried at fair value and are classified as Level 3. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 6,986,528 ​ $ 7,112,282 ​ $ 4,009,636 ​ $ 4,103,200 Paycheck Protection Program loans ​ ​ 867,109 ​ ​ 927,766 ​ ​ — ​ ​ — Purchased future receivables, net ​ ​ 7,872 ​ ​ 7,872 ​ ​ 17,308 ​ ​ 17,308 Servicing rights ​ ​ 84,457 ​ 89,470 ​ 37,823 ​ 47,567 Total assets ​ $ 7,945,966 ​ $ 8,137,390 ​ $ 4,064,767 ​ $ 4,168,075 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 2,517,600 ​ $ 2,517,600 ​ $ 1,294,243 ​ $ 1,294,243 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 941,505 ​ ​ 941,505 ​ ​ 76,276 ​ ​ 76,276 Securitized debt obligations of consolidated VIEs, net ​ 3,214,303 ​ 3,238,155 ​ 1,905,749 ​ 1,907,541 Senior secured note, net ​ ​ 342,035 ​ ​ 338,990 ​ ​ 179,659 ​ ​ 188,114 Guaranteed loan financing ​ 345,217 ​ 366,887 ​ 401,705 ​ 426,348 Convertible notes, net ​ ​ 113,247 ​ ​ 118,922 ​ ​ 112,129 ​ ​ 68,186 Corporate debt, net ​ ​ 441,817 ​ ​ 457,741 ​ ​ 150,989 ​ ​ 151,209 Total liabilities ​ $ 7,915,724 ​ $ 7,979,800 ​ $ 4,120,750 ​ $ 4,111,917 ​ Other assets of $45.6 million as of December 31, 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 $29.3 million as of December 31, 2021 and $1.2 million as of December 31, 2020, are not carried at fair value but generally approximates fair value and are classified as Level 3. Accounts payable and other accrued liabilities of $27.5 million as of December 31, 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	12 Months Ended
	Dec. 31, 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 12/2037 ​ 3.7 % $ 103,928 ​ $ 46,828 ​ $ 52,088 ​ $ 5,260 ​ $ — Commercial Loans ​ 01/2051 ​ 4.5 ​ ​ 70,498 ​ ​ 38,661 ​ ​ 34,347 ​ ​ 795 ​ ​ (5,109) Residential 08/2045 3.7 ​ 13,675 ​ 10,370 ​ 13,061 ​ 2,691 ​ — Total MBS, at fair value ​ 12/2044 ​ 4.1 % $ 188,101 ​ $ 95,859 ​ $ 99,496 ​ $ 8,746 ​ $ (5,109) 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 MBS, 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years — % $ — ​ $ — ​ $ — After ten years 4.1 ​ 188,101 ​ 95,859 ​ 99,496 Total Mortgage backed securities, at fair value ​ 4.1 % $ 188,101 ​ $ 95,859 ​ $ 99,496 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	12 Months Ended
	Dec. 31, 2021
Servicing Rights
Servicing Rights	Note 9. Servicing rights ​ The Company performs servicing activities for third parties, which primarily include collecting principal, interest and other payments from borrowers, remitting the corresponding payments to investors and monitoring delinquencies. The Company’s servicing fees are specified by pooling and servicing agreements. ​ The table below presents information about servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 2020 SBA servicing rights, at amortized cost ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 18,764 ​ $ 17,660 Additions due to loans sold, servicing retained ​ ​ 8,572 ​ ​ 4,153 Amortization ​ ​ (4,021) ​ ​ (3,555) Impairment (recovery) ​ ​ (1,158) ​ ​ 506 Ending net carrying amount ​ $ 22,157 ​ $ 18,764 Multi-family servicing rights, at amortized cost ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 19,059 ​ $ 13,135 Additions due to loans sold, servicing retained ​ ​ 18,147 ​ ​ 8,850 Acquisitions ​ ​ 30,503 ​ ​ — Amortization ​ ​ (5,409) ​ ​ (2,926) Ending net carrying amount ​ $ 62,300 ​ $ 19,059 Total servicing rights, at amortized cost ​ $ 84,457 ​ $ 37,823 Residential MSRs, at fair value ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 76,840 ​ $ 91,174 Additions due to loans sold, servicing retained ​ ​ 46,286 ​ ​ 43,701 Loan pay-offs ​ ​ (19,904) ​ ​ (20,777) Unrealized gains (losses) ​ ​ 16,920 ​ ​ (37,258) Ending fair value amount ​ $ 120,142 ​ $ 76,840 Total servicing rights ​ $ 204,599 ​ $ 114,663 ​ Servicing rights – SBA and multi-family portfolio. ​ 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 multi-family servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 (in thousands) ​ UPB ​ Carrying Value ​ UPB ​ Carrying Value SBA ​ $ 856,188 ​ $ 22,157 ​ $ 643,135 ​ $ 18,764 Multi-family ​ ​ 4,232,969 ​ ​ 62,300 ​ ​ 1,501,998 ​ ​ 19,059 Total ​ $ 5,089,157 ​ $ 84,457 ​ $ 2,145,133 ​ $ 37,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents significant assumptions used in the estimated valuation of SBA and multi-family servicing rights carried at amortized cost. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights ​ Forward prepayment rate ​ 7.9 - 21.0 % ​ 8.9 % ​ 6.7 - 20.8 % ​ 8.5 % ​ Forward default rate ​ 0.0 - 10.4 % ​ 9.1 % ​ 0.0 - 10.5 % ​ 8.2 % ​ Discount rate ​ 10.0 - 21.3 % ​ 10.7 % ​ 4.5 - 4.5 % ​ 4.5 % ​ Servicing expense ​ 0.4 - 0.4 % ​ 0.4 % ​ 0.4 - 0.4 % ​ 0.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family servicing rights ​ Forward prepayment rate ​ 0.0 - 7.3 % ​ 3.5 % ​ 0.1 - 5.1 % ​ 2.4 % ​ Forward default rate ​ 0.0 - 1.3 % ​ 1.0 % ​ 0.0 - 0.4 % ​ 0.3 % ​ Discount rate ​ 6.0 - 6.0 % ​ 6.0 % ​ 6.0 - 6.0 % ​ 6.0 % ​ Servicing expense ​ 0.0 - 0.8 % ​ 0.1 % ​ 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 reflects the possible impact of 10% and 20% adverse changes to key assumptions on SBA and multi-family servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (670) ​ $ (729) Impact of 20% adverse change ​ $ (1,305) ​ $ (1,420) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (155) ​ $ (150) Impact of 20% adverse change ​ $ (309) ​ $ (298) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (746) ​ $ (395) Impact of 20% adverse change ​ $ (1,443) ​ $ (777) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,344) ​ $ (1,250) Impact of 20% adverse change ​ $ (2,687) ​ $ (2,501) Multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (291) ​ $ (163) Impact of 20% adverse change ​ $ (575) ​ $ (324) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (25) ​ $ (6) Impact of 20% adverse change ​ $ (50) ​ $ (13) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,910) ​ $ (678) Impact of 20% adverse change ​ $ (3,726) ​ $ (1,324) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,659) ​ $ (1,947) Impact of 20% adverse change ​ $ (5,318) ​ $ (3,894) ​ The table below presents estimated future amortization expense for SBA and Multi-family servicing rights. ​ ​ ​ ​ ​ (in thousands) December 31, 2021 2022 ​ $ 12,509 2023 ​ 10,922 2024 ​ 9,645 2025 ​ 8,565 2026 ​ 7,685 Thereafter ​ 35,131 Total ​ $ 84,457 ​ Residential MSRs. ​ The table below presents additional information about residential MSRs carried at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (in thousands) ​ UPB ​ Fair Value ​ UPB ​ Fair Value Fannie Mae ​ $ 4,056,595 ​ $ 41,698 ​ $ 3,700,450 ​ $ 27,632 Ginnie Mae ​ ​ 4,131,904 ​ ​ 45,017 ​ ​ 2,757,124 ​ ​ 25,899 Freddie Mac ​ ​ 2,807,186 ​ ​ 33,427 ​ ​ 3,071,312 ​ ​ 23,309 Total ​ $ 10,995,685 ​ $ 120,142 ​ $ 9,528,886 ​ $ 76,840 ​ The table below presents significant assumptions used in the valuation of residential MSRs carried at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average Residential MSRs ​ Forward prepayment rate ​ 8.4 - 20.9 % ​ 9.5 % ​ 12.6 - 31.4 % ​ 14.3 % ​ Discount rate ​ 9.0 - 11.0 % ​ 9.4 % ​ 9.1 - 11.7 % ​ 9.8 % ​ Servicing expense ​ $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 MSRs. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 ​ December 31, 2020 Residential MSRs ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,262) ​ $ (5,049) Impact of 20% adverse change ​ $ (9,262) ​ $ (9,701) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (4,533) ​ $ (2,601) Impact of 20% adverse change ​ $ (8,745) ​ $ (5,028) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,125) ​ $ (1,469) Impact of 20% adverse change ​ $ (4,251) ​ $ (2,938) ​

Residential mortgage banking ac

Residential mortgage banking activities and variable expenses on residential mortgage banking activities	12 Months Ended
	Dec. 31, 2021
Residential mortgage banking activities and variable expenses on residential mortgage banking activities
Gains on residential mortgage banking activities, net of variable loan expenses	Note 10. Residential mortgage banking activities and variable expenses on residential mortgage banking activities ​ Residential mortgage banking activities reflects revenue within our residential mortgage banking business directly related to loan origination and sale activity. This primarily consists of the realized gains on sales of residential loans held for sale and loan origination fee income. Residential mortgage banking activities also consists of unrealized gains and losses associated with the changes in fair value of the loans held for sale, the fair value of retained MSR additions, and the realized and unrealized gains and losses from derivative instruments. Variable expenses include correspondent fee expenses and other direct expenses relating to these loans, which vary based on loan origination volumes. ​ The table below presents the components of residential mortgage banking activities and associated variable expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Realized and unrealized gain of residential mortgage loans held for sale, at fair value ​ ​ $ 101,038 ​ $ 198,937 ​ $ 54,640 Creation of new MSRs, net of payoffs ​ ​ ​ 26,382 ​ ​ 22,919 ​ ​ 16,676 Loan origination fee income on residential mortgage loans ​ ​ ​ 20,307 ​ ​ 20,802 ​ ​ 10,702 Unrealized gain (loss) on IRLCs and other derivatives ​ ​ (10,430) ​ 10,062 ​ 1,521 Residential mortgage banking activities ​ ​ $ 137,297 ​ $ 252,720 ​ $ 83,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ ​ $ (75,133) ​ $ (114,510) ​ $ (51,760) ​

Secured Borrowings

Secured Borrowings	12 Months Ended
	Dec. 31, 2021
Secured Borrowings
Secured borrowings	Note 11. Secured borrowings ​ The table below presents certain characteristics of secured borrowings. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value as of December 31, Lender Asset Class Current Maturity Pricing Facility Size Carrying Value 2021 2020 JPMorgan Acquired loans, SBA loans August 2022 1M L + 2.50% to 2.875% $ 200,000 $ 77,534 $ 54,164 $ 36,604 Keybank Freddie Mac loans February 2022 SOFR + 1.41% ​ 100,000 ​ 42,384 ​ 41,864 ​ 50,408 East West Bank SBA loans October 2022 Prime - 0.821% to + 0.00% ​ 75,000 ​ 80,556 ​ 58,622 ​ 40,542 Credit Suisse Acquired loans (non USD) February 2022 Euribor + 2.50% to 3.00% ​ 227,400 ​ 46,154 ​ 40,373 ​ 36,840 Comerica Bank Residential loans June 2022 1M L + 1.75% ​ 100,000 ​ 69,194 ​ 63,991 ​ 78,312 TBK Bank Residential loans January 2022 Variable Pricing ​ 150,000 ​ 127,018 ​ 125,145 ​ 123,951 Origin Bank Residential loans September 2022 Variable Pricing ​ 60,000 ​ 16,932 ​ 16,052 ​ 27,450 Associated Bank Residential loans November 2022 1M L + 1.50% ​ 60,000 ​ 15,137 ​ 14,449 ​ 15,556 East West Bank Residential MSRs September 2023 1M L + 2.50% ​ 50,000 ​ 86,714 ​ 49,400 ​ 34,400 Credit Suisse Purchased future receivables October 2023 1M L + 4.50% ​ 50,000 ​ 7,872 ​ 1,000 ​ — Bank of the Sierra Real estate August 2050 3.25% to 3.45% ​ 22,770 ​ — ​ — ​ 22,611 Western Alliance Residential loans July 2022 Variable Pricing ​ 50,000 ​ 7,282 ​ 6,823 ​ — Total borrowings under credit facilities and other financing agreements ​ $ 1,145,170 $ 576,777 $ 471,883 $ 466,674 Citibank Fixed rate, Transitional, Acquired loans October 2022 1M L + 2.00% to 3.00% $ 500,000 $ 165,547 $ 128,851 $ 210,735 Deutsche Bank Fixed rate, Transitional loans November 2023 SOFR + 1.90% to 2.75% ​ 350,000 ​ 309,295 ​ 236,073 ​ 190,567 JPMorgan Transitional loans November 2022 1M L + 2.00% to 2.75% ​ 1,000,000 ​ 1,079,368 ​ 825,265 ​ 247,616 Performance Trust Acquired loans March 2024 1M T + 2.00% ​ 239,000 ​ 142,722 ​ 124,057 ​ — Credit Suisse Fixed rate, Transitional, Acquired loans May 2022 1M L + 2.00% to 2.35% ​ 500,000 ​ 543,139 ​ 403,644 ​ — Credit Suisse Residential loans January 2022 L + 3.00% ​ 63,412 ​ 32,779 ​ 27,058 ​ — JPMorgan MBS January 2022 1.15% to 1.71% ​ 83,267 ​ 107,837 ​ 83,267 ​ 65,407 Deutsche Bank MBS January 2022 2.37% ​ 12,956 ​ 19,776 ​ 12,956 ​ 16,354 Citibank MBS January 2022 2.32% ​ 47,777 ​ 82,260 ​ 47,777 ​ 58,076 RBC MBS January 2022 1.31% to 1.96% ​ 61,302 ​ 90,012 ​ 61,302 ​ 38,814 CSFB MBS January 2022 2.09% to 2.95% ​ 95,467 ​ 132,658 ​ 95,467 ​ — Total borrowings under repurchase agreements $ 2,953,181 $ 2,705,393 $ 2,045,717 $ 827,569 Total secured borrowings $ 4,098,351 $ 3,282,170 $ 2,517,600 $ 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 3.0% as of December 31, 2021 and 2020, respectively. ● The weighted average interest rate of borrowings under repurchase agreements was 2.1% and 3.3% as of December 31, 2021 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 December 31, 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) ​ December 31, 2021 December 31, 2020 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 276,022 $ 313,844 Loans, net ​ ​ 206,169 ​ 159,482 MSRs ​ ​ 86,714 ​ 50,941 Purchased future receivables ​ ​ 7,872 ​ — Real estate owned, held for sale ​ ​ — ​ 32,948 Total ​ $ 576,777 $ 557,215 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 2,062,867 $ 815,603 Mortgage backed securities ​ 53,194 72,179 Retained interest in assets of consolidated VIEs ​ ​ 379,349 ​ 226,773 Loans, held for sale, at fair value ​ ​ 208,558 ​ 17,850 Loans, held at fair value ​ — 3,071 Real estate acquired in settlement of loans ​ ​ 1,425 ​ 829 Total ​ $ 2,705,393 $ 1,136,305 Total collateral pledged on secured borrowings ​ $ 3,282,170 $ 1,693,520 ​

Senior secured notes, convertib

Senior secured notes, convertible notes, and corporate debt, net	12 Months Ended
	Dec. 31, 2021
Senior secured notes, convertible notes, and corporate debt, net
Senior secured notes, convertible notes, and corporate debt, net	Note 12. Senior secured notes, convertible notes, and corporate debt, net ​ Senior secured notes, net ​ ReadyCap Holdings, LLC (“ReadyCap Holdings”) 7.50% senior secured notes due 2022. ​ ReadyCap Holdings 4.50% senior secured notes due 2026. ​ The Senior Secured Notes bear interest at 4.50% per annum, payable semiannually on each April 20 and October 20, beginning on April 20, 2022. The Senior Secured Notes will mature on October 15, 2026, unless redeemed or repurchased prior to such date. ReadyCap Holdings may redeem the Senior Secured Notes on or after October 15, 2021, at its option, in whole or in part at any time and from time to time, at a price equal to 100% of the outstanding principal amount thereof, plus the applicable “make-whole” premium as of, and unpaid interest, if any, accrued to, the redemption date. ReadyCap Holdings’ and the Guarantors’ respective obligations under the Senior Secured Notes are secured by a perfected first-priority lien on certain capital stock and assets owned by certain subsidiaries of the Company. ​ ​ Convertible notes, net On August 9, 2017, the Company closed an underwritten public sale of $115.0 million aggregate principal amount of its 7.00% convertible senior notes due 2023 (“Convertible Notes”). The Convertible Notes will mature on August 15, 2023, unless earlier repurchased, redeemed or converted. During certain periods and subject to certain conditions, the Convertible Notes will be convertible by holders into shares of the Company's common stock. As of December 31, 2021, the conversion rate was 1.6253 shares of common stock per $25 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $15.38 per share of common stock. Upon conversion, holders will receive, at the Company's discretion, cash, shares of the Company's common stock or a combination thereof. ​ The Company may redeem all or any portion of the Convertible Notes on or after August 15, 2021, if the last reported sale price of the Company’s common stock has been at least 120% of the conversion price in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price payable in cash equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest. Additionally, upon the occurrence of certain corporate transactions, holders may require the Company to purchase the Convertible Notes for cash at a purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest. ​ The Convertible Notes will be convertible only upon satisfaction of one or more of the following conditions: (1) the closing market price of the Company’s common stock is greater than or equal to 120% of the conversion price of the respective Convertible Notes for at least 20 out of 30 days prior to the end of the preceding fiscal quarter, (2) the trading price of the Convertible Notes is less than 98% of the product of (i) the conversion rate and (ii) the closing price of the Company’s common stock during any five ​ At issuance, the Company allocated $112.7 million and $2.3 million of the carrying value of the Convertible Notes to its debt and equity components, respectively, before the allocation of deferred financing costs. ​ As of December 31, 2021, we were in compliance with all covenants with respect to the Convertible Notes. ​ Corporate debt, net ​ The 2021 Notes ​ On March 25, 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. ​ 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. 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 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 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 the public offer and sale of $45.0 million aggregate principal amount of the 6.20% 2026 Notes. The new notes have the same terms (expect with respect to issue date, issue price and the date from which interest will accrue), are fully fungible with, and are treated as a single series of debt securities as, the 6.20% Senior Notes due 2026 the Company issued on July 22, 2019. ​ 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. ​ Prior to February 15, 2023, the 5.75% 2026 Notes will not be redeemable by us. On or after February 15, 2023, the Company may redeem for cash all or any portion of the 5.75% 2026 Notes, at our option, at a redemption price equal to 100% of the principal amount of the 5.75% 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If we undergo a change of control repurchase event, holders may require us to purchase the 5.75% 2026 Notes, in whole or in part, for cash at a repurchase price equal to 101% of the aggregate principal amount of the 5.75% 2026 Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, as described in greater detail in the base indenture, as supplemented by the fifth supplemental indenture dated as of February 10, 2021. ​ 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 our existing and future unsecured and unsubordinated indebtedness; effectively junior in right of payment to any of our 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 us) preferred stock, if any, of its subsidiaries. ​ The 5.50% 2028 Notes. ​ ​ On or after December 30, 2024, we may redeem for cash all or any portion of the notes, at our option, at the redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, if redeemed during the twelve-month period beginning on of the years indicated: 2024 equal to 102.75%; 2025 equal to 101.375%; 2026 equal to 100.6875%; 2027 and thereafter equal to 100.00%. If we undergo a change of control repurchase event, holders may require us to purchase the 5.50% 2028 Notes for cash at a repurchase price equal to 101% of the aggregate principal amount of the 5.50% 2028 Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. ​ As of December 31, 2021, we were in compliance with all covenants with respect to the corporate debt. ​ The table below presents information about senior secured notes, convertible notes and corporate debt. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Coupon Rate ​ Maturity Date December 31, 2021 Senior secured notes principal amount (1) ​ 4.50 % ​ 10/20/2026 ​ $ 350,000 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (7,965) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 342,035 Convertible notes principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (642) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (1,111) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 113,247 Corporate debt principal amount (4) ​ 5.50 % ​ 12/30/2028 ​ ​ 110,000 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 ​ ​ ​ ​ ​ ​ ​ (6,541) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (3,392) 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 ​ ​ ​ ​ ​ ​ $ 441,817 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 897,099 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 642 (1) Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year. (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. (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) December 31, 2021 2022 $ — 2023 ​ 115,000 2024 ​ — 2025 ​ — 2026 ​ ​ 655,500 Thereafter ​ 146,250 Total contractual amounts ​ $ 916,750 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (19,651) Total carrying amount of debt ​ $ 897,099 ​

Guaranteed loan financing

Guaranteed loan financing	12 Months Ended
	Dec. 31, 2021
Guaranteed loan financing.
Guaranteed loan financing	Note 13. Guaranteed loan financing ​ Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment in the consolidated balance sheets and the portion sold is recorded as guaranteed loan financing in the liabilities section of the consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan balance is recorded as interest income and the interest earned by the buyer in the partial loan sale is recorded within interest expense in the accompanying consolidated statements of income. Guaranteed loan financings are secured by loans of $346.1 million and $403.0 million as of December 31, 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 ​ December 31, 2021 ​ 3.78 % 0.99-6.50 % 2022-2046 ​ $ 345,217 ​ December 31, 2020 ​ 3.76 % 0.99-6.50 % 2021-2044 ​ $ 401,705 ​ ​ The table below presents the contractual maturities of guaranteed loan financing. ​ ​ ​ ​ ​ (in thousands) December 31, 2021 2022 $ 790 2023 ​ 889 2024 ​ 1,850 2025 ​ 2,629 2026 ​ ​ 6,140 Thereafter ​ 332,919 Total ​ $ 345,217 ​

Variable interest entities and

Variable interest entities and securitization activities	12 Months Ended
	Dec. 31, 2021
Variable interest entities and securitization activities
Variable interest entities and securitization activities	Note 14. Variable interest entities and securitization activities ​ In the normal course of business, we enter into certain types of transactions with entities that are considered to be VIEs. Our primary involvement with VIEs has been related to our securitization transactions in which we transfer assets to securitization 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ December 31, 2020 ​ ​ Current ​ ​ Weighted ​ Current ​ ​ Weighted ​ ​ ​ Principal ​ Carrying ​ Average ​ ​ Principal ​ Carrying ​ Average ​ (in thousands) ​ Balance ​ value ​ Interest Rate ​ ​ Balance ​ value ​ Interest Rate ​ Waterfall Victoria Mortgage Trust 2011-SBC2 ​ $ — ​ $ — ​ — % ​ $ 4,055 ​ $ 4,055 ​ 5.5 % ReadyCap Lending Small Business Trust 2019-2 ​ ​ 79,294 ​ ​ 78,268 ​ 2.6 ​ ​ ​ 103,030 ​ ​ 101,468 ​ 3.1 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 16,729 ​ ​ 16,471 ​ 3.8 ​ ​ ​ 27,035 ​ ​ 26,555 ​ 3.6 ​ Sutherland Commercial Mortgage Trust 2018-SBC7 ​ ​ — ​ ​ — ​ 4.7 ​ ​ ​ 79,302 ​ ​ 78,168 ​ 4.7 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 145,351 ​ ​ 143,153 ​ 2.9 ​ ​ ​ 178,911 ​ ​ 176,307 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ 86,680 ​ ​ 85,459 ​ 4.1 ​ ​ ​ 131,729 ​ ​ 129,014 ​ 3.8 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 159,745 ​ ​ 157,483 ​ 1.6 ​ ​ ​ — ​ ​ — ​ — ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ 6,770 ​ ​ 6,756 ​ 5.7 ​ ​ 10,880 ​ ​ 10,858 ​ 5.8 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 17,598 ​ ​ 15,960 ​ 5.1 ​ ​ 45,075 ​ ​ 35,183 ​ 4.8 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 19,106 ​ ​ 18,285 ​ 4.9 ​ ​ 26,371 ​ ​ 25,286 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 81,379 ​ ​ 78,751 ​ 4.1 ​ ​ ​ 94,273 ​ ​ 91,098 ​ 4.0 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 150,547 ​ ​ 143,204 ​ 4.3 ​ ​ ​ 229,232 ​ ​ 220,605 ​ 4.2 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 269,315 ​ ​ 263,752 ​ 3.2 ​ ​ ​ 359,266 ​ ​ 348,773 ​ 3.2 ​ Ready Capital Mortgage Financing 2018-FL2 ​ ​ — ​ ​ — ​ 2.4 ​ ​ ​ 48,979 ​ ​ 48,975 ​ 2.4 ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ 92,930 ​ ​ 92,921 ​ 1.6 ​ ​ ​ 229,440 ​ ​ 227,950 ​ 2.0 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 304,157 ​ ​ 300,832 ​ 3.1 ​ ​ ​ 324,219 ​ ​ 318,385 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 506,721 ​ ​ 501,697 ​ 1.5 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 543,223 ​ ​ 536,270 ​ 1.3 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2021-FL7 ​ ​ 753,314 ​ ​ 744,449 ​ 1.6 ​ ​ ​ — ​ ​ — ​ — ​ Total ​ $ 3,232,859 $ 3,183,711 ​ 2.2 % $ 1,891,797 $ 1,842,680 ​ 3.3 % ​ The table above excludes non-company sponsored securitized debt obligations of $30.6 million and $63.1 million that are consolidated in the consolidated balance sheets as of December 31, 2021 and December 31, 2020, respectively. ​ Repayment of our securitized debt will be dependent upon the cash flows generated by the loans in the securitization trust that collateralize such debt. The actual cash flows from the securitized loans are comprised of coupon interest, scheduled principal payments, prepayments and liquidations of the underlying loans. The actual term of the securitized debt may differ significantly from our estimate given that actual interest collections, mortgage prepayments and/or losses on liquidation of mortgages may differ significantly from those expected. ​ Third-party sponsored securitizations. ​ Other VIEs Other VIEs include a variable interest that we hold in an acquired joint venture investment that we account for as an equity method investment. We do not consolidate these entities 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) December 31, 2021 December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 9,041 $ 20 Restricted cash ​ 33,187 ​ ​ 13,790 Loans, net ​ ​ 4,081,848 ​ ​ 2,472,807 Real estate owned, held for sale ​ ​ — ​ ​ 4,456 Other assets ​ ​ 21,488 ​ ​ 27,670 Total assets ​ $ 4,145,564 ​ $ 2,518,743 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 3,214,303 ​ ​ 1,905,749 Total liabilities ​ $ 3,214,303 ​ $ 1,905,749 ​ ​ ​ Assets of unconsolidated VIEs The table below reflects our variable interests in identified VIEs for which we are not the primary beneficiary. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (in thousands) ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2021 ​ December 31, 2020 Mortgage backed securities, at fair value (2) $ 80,756 ​ $ 80,690 $ 80,756 ​ $ 80,690 Investment in unconsolidated joint ventures ​ ​ 74,334 ​ ​ 28,290 ​ ​ 74,334 ​ ​ 28,290 Total assets in unconsolidated VIEs ​ $ 155,090 ​ $ 108,980 ​ $ 155,090 ​ $ 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	12 Months Ended
	Dec. 31, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 2020 2019 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated transitional loans ​ ​ $ 151,803 ​ $ 88,271 ​ $ 69,217 Originated SBC loans ​ ​ ​ 49,099 ​ ​ 57,134 ​ ​ 51,617 Acquired loans ​ ​ ​ 56,156 ​ ​ 57,471 ​ ​ 63,879 Acquired SBA 7(a) loans ​ ​ ​ 15,906 ​ ​ 18,251 ​ ​ 20,687 Originated SBA 7(a) loans ​ ​ ​ 21,634 ​ ​ 20,434 ​ ​ 11,409 Originated SBC loans, at fair value ​ ​ ​ 886 ​ ​ 1,938 ​ ​ 1,383 Originated residential agency loans ​ ​ ​ 138 ​ ​ 149 ​ ​ 75 Total loans (1) ​ ​ $ 295,622 ​ $ 243,648 ​ $ 218,267 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated residential agency loans ​ ​ $ 11,250 ​ $ 7,532 ​ $ 4,328 Originated Freddie loans ​ ​ ​ 2,661 ​ ​ 1,193 ​ ​ 1,008 Acquired loans ​ ​ ​ 1,080 ​ ​ 166 ​ ​ 217 Total loans, held for sale, at fair value (1) ​ ​ $ 14,991 ​ $ 8,891 ​ $ 5,553 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans ​ ​ ​ 78,932 ​ ​ — ​ ​ — Paycheck Protection Program loans, at fair value ​ ​ ​ 269 ​ ​ — ​ ​ — Total Paycheck Protection Program loans ​ ​ $ 79,201 ​ $ — ​ $ — Mortgage backed securities, at fair value ​ ​ $ 13,682 ​ $ 6,097 ​ $ 6,096 Total interest income ​ ​ $ 403,496 ​ $ 258,636 ​ $ 229,916 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ $ (65,692) ​ $ (45,430) ​ $ (49,009) Paycheck Protection Program Liquidity Facility borrowings ​ ​ (7,140) ​ — ​ — Securitized debt obligations of consolidated VIEs ​ ​ (82,249) ​ (78,029) ​ (69,152) Guaranteed loan financing ​ ​ ​ (13,900) ​ ​ (18,399) ​ ​ (5,125) Senior secured note ​ ​ (15,472) ​ (13,870) ​ (13,920) Convertible note ​ ​ ​ (8,752) ​ ​ (8,752) ​ ​ (8,752) Corporate debt ​ ​ ​ (20,356) ​ ​ (11,001) ​ ​ (5,922) Total interest expense ​ ​ $ (213,561) ​ $ (175,481) ​ $ (151,880) Net interest income before provision for loan losses ​ ​ $ 189,935 ​ $ 83,155 ​ $ 78,036 (1) Includes interest income on loans in consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivative instruments

Derivative instruments	12 Months Ended
	Dec. 31, 2021
Derivative instruments
Derivative instruments	​ Note 16. Derivative instruments ​ The Company is exposed to changing interest rates and market conditions, which affect cash flows associated with borrowings. The Company uses derivative instruments to manage interest rate risk and conditions in the commercial mortgage market and, as such, views them as economic hedges. Interest rate swaps are used to mitigate the exposure to changes in interest rates and involve the receipt of variable-rate interest amounts from a counterparty in exchange for making payments based on a fixed interest rate over the life of the swap contract. CDS are executed in order to mitigate the risk of deterioration in the current credit health of the commercial mortgage market. IRLCs are entered into with customers who have applied for residential mortgage loans and meet certain underwriting criteria. These commitments expose GMFS to market risk if interest rates change and if the loan is not economically hedged or committed to an investor. ​ For derivative instruments where the Company has not elected hedge accounting, fair value adjustments are recorded in earnings. The fair value adjustments for interest rate swaps and CDS, along with the related interest income, interest expense and gains (losses) on termination of such instruments, are reported as a net realized gain on financial instruments in the consolidated statements of income. The fair value adjustments for IRLCs and TBAs, 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 liabilities by type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 348,348 ​ $ 2,340 ​ $ — ​ $ 614,358 ​ $ 16,363 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 536,548 ​ ​ 4,076 ​ ​ — ​ ​ 160,801 ​ ​ — ​ ​ (952) Interest Rate Swaps - designated as hedges ​ Interest rate risk ​ ​ — ​ ​ — ​ ​ — ​ ​ 132,325 ​ ​ — ​ ​ (5,701) TBA Agency Securities ​ Interest rate risk ​ ​ 346,000 ​ ​ — ​ ​ (410) ​ ​ 565,000 ​ ​ — ​ ​ (4,004) Credit Default Swaps Credit risk ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,000 ​ ​ — ​ ​ (174) FX forwards ​ Foreign exchange rate risk ​ ​ 27,484 ​ ​ 606 ​ ​ — ​ ​ 3,866 ​ ​ — ​ ​ (773) Total ​ ​ ​ $ 1,258,380 ​ $ 7,022 ​ $ (410) ​ $ 1,491,350 ​ $ 16,363 ​ $ (11,604) ​ The table below presents gains and losses on derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 ​ ​ ​ ​ ​ Net Realized ​ ​ Net Unrealized ​ ​ Net Realized ​ ​ Net Unrealized ​ (in thousands) ​ ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ Credit default swaps ​ ​ $ (287) ​ $ 322 ​ $ - ​ $ (65) ​ Interest rate swaps ​ ​ (8,867) ​ 16,422 ​ ​ (3,981) ​ (7,297) ​ TBA Agency Securities ​ ​ - ​ 3,593 ​ - ​ ​ (3,527) ​ Interest rate lock commitments ​ ​ ​ - ​ (14,023) ​ ​ - ​ 13,589 ​ FX forwards ​ ​ ​ 603 ​ ​ 1,378 ​ ​ (1,017) ​ ​ (523) ​ Total ​ ​ $ (8,551) ​ $ 7,692 ​ $ (4,998) ​ $ 2,177 ​ ​ 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 TBAs 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 $ (1,133) ​ $ — $ (1,133) ​ $ 1,406 ​ $ 2,539 Year Ended December 31, 2020 $ (1,359) ​ $ (1,694) $ (3,053) ​ $ (4,579) ​ $ (1,526) ​ ​ 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	12 Months Ended
	Dec. 31, 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) December 31, 2021 December 31, 2020 Acquired ORM Portfolio: ​ ​ ​ ​ ​ ​ Retail ​ $ — ​ $ 18,700 Mixed Use ​ 1,020 ​ 14,248 Land ​ ​ 6,318 ​ ​ 7,256 Lodging/Residential ​ ​ — ​ ​ 3,230 Total Acquired ORM REO ​ $ 7,338 ​ $ 43,434 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 24,300 ​ $ — Retail ​ ​ 3,129 ​ ​ 660 Office ​ ​ 7,384 ​ ​ 829 SBA ​ 137 ​ 425 Total Other REO ​ $ 34,950 ​ $ 1,914 Total real estate owned, held for sale ​ $ 42,288 ​ $ 45,348 ​ ​ ​ ​ ​ ​ In the table above, ● Other REO excludes $4.5 million as of December 30, 2020 of real estate owned, held for sale within consolidated VIEs. There was no such REO activity within consolidated VIEs as of December 31, 2021. ● 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	12 Months Ended
	Dec. 31, 2021
Agreements and transactions with related parties
Agreements and transactions with related parties	Note 18. Agreements and transactions with related parties ​ Management Agreement The Company has entered into a management agreement with our Manager (the “Management Agreement”), which describes the services to be provided to us by our Manager and compensation for such services. Our Manager is responsible for managing the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors. ​ Management fee. ​ The table below presents the management fee payable to our Manager ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2021 ​ 2020 Management fee - total ​ $ 10.9 million ​ $ 10.7 million Management fee - amount unpaid ​ $ 2.9 million ​ $ 2.7 million ​ Incentive distribution. four twelve ​ The table below presents the incentive fee payable to our Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2021 ​ 2020 Incentive fee distribution - total ​ $ 5.4 million ​ $ 6.0 million Incentive fee distribution - amount unpaid ​ $ 2.4 million ​ $ 1.3 million ​ The Management Agreement may be terminated upon the affirmative vote of at least two ​ The current term of the Management Agreement will expire on October 31, 2022 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2021 ​ 2020 Reimbursable expenses payable to our Manager - total ​ $ 10.3 million ​ $ 8.4 million Reimbursable expenses payable to our Manager - amount unpaid ​ $ 6.2 million ​ $ 5.3 million ​ ​ ​ ​ Other.

Other assets and other liabilit

Other assets and other liabilities	12 Months Ended
	Dec. 31, 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) December 31, 2021 December 31, 2020 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 3,601 $ 18,396 ​ Deferred loan exit fees ​ ​ 25,923 ​ ​ 13,940 ​ Accrued interest ​ ​ 21,873 ​ ​ 12,656 ​ Goodwill ​ ​ 31,470 ​ ​ 11,206 ​ Due from servicers ​ ​ 23,729 ​ ​ 11,171 ​ Right-of-use lease asset ​ ​ 2,402 ​ ​ 3,172 ​ Intangible assets ​ 14,842 ​ 6,986 ​ Deferred financing costs ​ ​ 3,840 ​ ​ 2,612 ​ PPP fee receivable ​ ​ 407 ​ ​ 18 ​ Receivable from third party ​ ​ 29,298 ​ ​ 1,246 ​ Other assets ​ ​ 14,713 ​ ​ 8,100 ​ Other assets $ 172,098 ​ $ 89,503 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 11,986 ​ $ 16,839 ​ Accrued salaries, wages and commissions ​ ​ 42,715 ​ ​ 35,724 ​ Accrued interest payable ​ 22,278 ​ 19,695 ​ Servicing principal and interest payable ​ ​ 19,100 ​ ​ 7,318 ​ Repair and denial reserve ​ 19,725 ​ 9,557 ​ Payable to related parties ​ 5,232 ​ 4,088 ​ Accrued professional fees ​ ​ 4,324 ​ ​ 1,365 ​ Lease payable ​ ​ 3,002 ​ ​ 3,670 ​ Deferred LSP revenue ​ 286 ​ 10,700 ​ Accrued PPP related costs ​ ​ 12,460 ​ ​ 498 ​ Other liabilities ​ 42,971 ​ 26,201 ​ Total accounts payable and other accrued liabilities ​ $ 184,079 ​ $ 135,655 ​ ​ Goodwill The table below presents the carrying value of goodwill by reportable segment. ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 SBC Lending and Acquisitions $ 20,264 $ — Small Business Lending ​ 11,206 ​ 11,206 Residential mortgage banking ​ — ​ — Total $ 31,470 $ 11,206 ​ Intangible assets The table below presents information on intangible assets. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 ​ December 31, 2020 Estimated Useful Life Customer Relationships - Red Stone $ 6,651 ​ $ — 19 years Internally developed software - Knight Capital ​ 2,428 ​ ​ 3,061 6 years Trade name - Red Stone ​ 2,500 ​ ​ — Indefinite life SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Broker network - Knight Capital ​ 622 ​ ​ 889 4.5 years Favorable lease ​ 640 ​ ​ 768 12 years Trade name - Knight Capital ​ 562 ​ ​ 709 6 years Trade name - GMFS ​ 439 ​ ​ 559 15 years Total intangible assets $ 14,842 ​ $ 6,986 ​ ​ The amortization expense related to intangible assets for the years ended December 31, 2021 and 2020 was $1.4 million and $1.3 million, respectively. 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) December 31, 2021 Internally developed software - Knight Capital $ 1,372 Favorable lease ​ 840 Trade name - GMFS ​ 781 Broker network - Knight Capital ​ 578 Trade name - Knight Capital ​ 318 Customer Relationship – Red Stone ​ 149 Total accumulated amortization $ 4,038 ​ ​ The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years. ​ ​ ​ ​ (in thousands) December 31, 2021 2022 $ 1,626 2023 ​ 1,599 2024 ​ 1,390 2025 ​ 1,144 2026 ​ 477 Thereafter ​ 5,106 Total $ 11,342 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 2021 and 2020, the loan indemnification reserve was $4.0 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 December 31, 2021 and 2020, the reasonably possible loss above the recorded loan indemnification reserve was not material.

Other income and operating expe

Other income and operating expenses	12 Months Ended
	Dec. 31, 2021
Other income and operating expenses
Other income and operating expenses	Note 20. Other income and operating expenses ​ Paycheck Protection Program In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “Round 1”), signed into law on March 27, 2020, and the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Economic Aid Act” or “Round 2”), signed into law on December 27, 2020, established and extended the PPP, 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 December 31, 2021 were $0.3 million. Expenses related to PPP loans under the CARES Act are recognized in the period in which they are incurred. ​ ​ The table below present details about the Company’s assets and liabilities related to its PPP activities. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 Assets ​ ​ ​ ​ ​ ​ Restricted cash ​ $ — ​ $ 178 Paycheck Protection Program loans ​ ​ 867,109 ​ ​ — Paycheck Protection Program loans, at fair value ​ 3,243 ​ 74,931 Other assets ​ — ​ — Prepaid expenses ​ ​ — ​ ​ 77 PPP fee receivable ​ 407 ​ 18 Deferred financing costs ​ — ​ — Accrued interest receivable ​ 7,025 ​ 510 Total PPP related assets ​ $ 877,784 ​ $ 75,714 Liabilities ​ ​ ​ ​ ​ ​ Paycheck Protection Program Liquidity Facility borrowings ​ $ 941,505 ​ $ 76,276 Interest payable ​ ​ 2,358 ​ ​ 104 Deferred LSP revenue ​ ​ 286 ​ ​ 10,700 Accrued PPP related costs ​ ​ 12,460 ​ ​ 498 Payable to third parties ​ 2,091 ​ 2,716 Repair and denial reserve ​ ​ 12,844 ​ ​ 3,305 Total PPP related liabilities ​ $ 971,544 ​ $ 93,599 ​ 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 $123.7 million are deferred over the expected life of the loans and will be recognized as interest income. ● As of December 31, 2021, PPPLF borrowings exceed PPP loans on the balance sheet due to net fees of $60.7 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. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 ​ Financial statement account Income ​ ​ ​ ​ ​ ​ LSP origination fees $ — $ 27,768 ​ Other income PPP processing fees ​ — ​ 5,162 ​ Other income LSP fee income ​ 10,414 ​ 4,829 ​ Servicing income Interest income ​ 79,201 ​ 739 ​ Interest income Total PPP related income $ 89,615 $ 38,498 ​ ​ Expense ​ ​ ​ ​ ​ ​ Direct operating expenses $ 8,241 $ 9,600 ​ Other operating expenses Repair and denial reserve ​ 9,539 ​ 3,305 ​ Other income Interest expense ​ 15,774 ​ 2,174 ​ Interest expense Total PPP related expenses (direct) $ 33,554 $ 15,079 ​ ​ Net PPP related income $ 56,061 $ 23,419 ​ ​ ​ Other income and expenses The table below presents the composition of other income and operating expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income ​ $ 12,415 $ 40,836 $ 5,860 Change in repair and denial reserve ​ ​ (10,168) ​ (4,133) ​ 345 Other ​ ​ 6,762 ​ 4,813 ​ 4,873 Total other income ​ $ 9,009 ​ $ 41,516 ​ $ 11,078 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs ​ $ 24,337 ​ $ 19,815 ​ $ 10,168 Technology expense ​ 7,971 ​ 6,722 ​ 4,834 Impairment on real estate ​ 2,293 ​ 3,520 ​ 1,317 Rent and property tax expense ​ 6,680 ​ 5,006 ​ 4,310 Recruiting, training and travel expense ​ 1,309 ​ 1,419 ​ 2,352 Marketing expense ​ ​ 3,025 ​ ​ 1,970 ​ ​ 2,052 Loan acquisition costs ​ ​ 110 ​ ​ 722 ​ ​ 575 Financing costs on purchased future receivables ​ ​ 117 ​ ​ 1,495 ​ ​ 376 Other ​ 12,559 ​ 13,700 ​ 7,178 Total other operating expenses ​ $ 58,401 ​ $ 54,369 ​ $ 33,162 ​

Redeemable Preferred Stock and

Redeemable Preferred Stock and Stockholders Equity	12 Months Ended
	Dec. 31, 2021
Redeemable Preferred Stock and Stockholders' Equity
Redeemable Preferred Stock and 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 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 ​ December 14, 2021 ​ December 31, 2021 ​ January 31, 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 Shares 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 Vested (127,094) ​ ​ (1,966) ​ 15.46 Forfeited (42,945) ​ ​ (631) ​ 14.68 Outstanding, December 31, 2021 888,777 $ 13,517 $ 15.21 ​ During the years ended December 31, 2021 and 2020, the Company recognized $6.9 million and $5.4 million, respectively of non-cash compensation expense related to its stock-based incentive plan in our consolidated statements of income. As of December 31, 2021 and 2020, approximately $13.5 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, 43,327 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) ​ December 31, 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 December 31, 2021. The dividends are payable on January 14, 2022 for Series C preferred stock and on January 31, 2022 for Series E preferred stock to the Preferred Stock Shareholders of record as of the close of business on December 31, 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 Act (the “Equity ATM Program”). As of December 31, 2021, the Company sold 3.5 million shares of common stock at an average price of $15.68 per share through the Equity ATM Program .

Earnings per Share of Common St

Earnings per Share of Common Stock	12 Months Ended
	Dec. 31, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands, except for share and per share amounts) 2021 2020 2019 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 159,974 ​ $ 46,069 ​ $ 75,056 Less: Income attributable to non-controlling interest ​ ​ ​ 2,230 ​ ​ 1,199 ​ ​ 2,088 Less: Income attributable to participating shares ​ ​ ​ 9,093 ​ ​ 1,392 ​ ​ 653 Basic earnings ​ ​ $ 148,651 ​ $ 43,478 ​ $ 72,315 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 159,974 ​ $ 46,069 ​ $ 75,056 Less: Income attributable to non-controlling interest ​ ​ ​ 2,230 ​ ​ 1,199 ​ ​ 2,088 Less: Income attributable to participating shares ​ ​ ​ 9,093 ​ ​ 1,392 ​ ​ 653 Diluted earnings ​ ​ $ 148,651 ​ $ 43,478 ​ $ 72,315 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ ​ 68,511,578 ​ ​ 53,736,523 ​ ​ 42,011,750 Effect of dilutive securities — Unvested participating shares ​ ​ ​ 149,328 ​ ​ 81,855 ​ ​ 35,898 Diluted — Average shares outstanding ​ ​ ​ 68,660,906 ​ ​ 53,818,378 ​ ​ 42,047,648 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 2.17 ​ $ 0.81 ​ $ 1.72 Diluted ​ ​ $ 2.17 ​ $ 0.81 ​ $ 1.72 ​ 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 December 31, 2021, the conversion spread value is currently zero, since the closing price of our common stock does not exceed the conversion rate (strike price) and is “out-of-the-money”, resulting in no impact on diluted EPS. ​ Certain investors own OP units in our operating partnership. An OP unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the operating partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions. The redemption is required to be satisfied in shares of common stock or cash at the Company's option, calculated as follows: one share of the Company's common stock, or cash equal to the fair value of a share of the Company's common stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interests in the operating partnership is reduced and the Company's equity is increased. As of December 31, 2021 and 2020, the non-controlling interest OP unit holders owned 293,003 and 1,175,205 OP units, respectively.

Offsetting assets and liabiliti

Offsetting assets and liabilities	12 Months Ended
	Dec. 31, 2021
Offsetting assets and liabilities
Offsetting assets and liabilities	​ Note 23. Offsetting assets and liabilities ​ In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association (“ISDA”) Master Agreement with multiple derivative counterparties. An ISDA Master Agreement, published by ISDA, is a bilateral trading agreement between two parties that allow both parties to enter into over-the-counter (“OTC”), derivative contracts. The ISDA Master Agreement contains a Schedule to the Master Agreement and a Credit Support Annex, which governs the maintenance, reporting, collateral management and default process (netting provisions in the event of a default and/or a termination event). Under an ISDA Master Agreement, the Company may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Company’s stockholders’ equity declines by a stated percentage or the Company fails to meet the terms of its ISDA Master Agreements, which would cause the Company to accelerate payment of any net liability owed to the counterparty. As of December 31, 2021 and 2020, and for the periods then ended, the Company was in good standing on all of its ISDA Master Agreements or similar arrangements with its counterparties. ​ For derivatives traded under an ISDA Master Agreement, the collateral requirements are listed under the Credit Support Annex, which is the sum of the mark to market for each derivative contract, the independent amount due to the derivative counterparty and any thresholds, if any. Collateral may be in the form of cash or any eligible securities, as defined in the respective ISDA agreements. Cash collateral pledged to and by the Company with the counterparty, if any, is reported separately in the consolidated balance sheets as restricted cash. All margin call amounts must be made before the notification time and must exceed a minimum transfer amount threshold before a transfer is required. All margin calls must be responded to and completed by the close of business on the same day of the margin call, unless otherwise specified. Any margin calls after the notification time must be completed by the next business day. Typically, the Company and its counterparties are not permitted to sell, rehypothecate or use the collateral posted. To the extent amounts due to the Company from its counterparties are not fully collateralized, the Company bears exposure and the risk of loss from a defaulting counterparty. The Company attempts to mitigate counterparty risk by establishing ISDA agreements with only high grade counterparties that have the financial health to honor their obligations and diversification, entering into agreements with multiple counterparties. ​ In accordance with ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ​ ​ ​ The 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 the 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments $ 2,340 ​ $ — ​ $ 2,340 ​ $ — ​ $ — ​ $ 2,340 FX forwards ​ 606 ​ ​ — ​ ​ 606 ​ ​ — ​ ​ — ​ ​ 606 TBA Agency Securities ​ 128 ​ ​ 128 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Interest rate swaps ​ 6,076 ​ ​ 2,000 ​ ​ 4,076 ​ ​ — ​ ​ — ​ ​ 4,076 Total $ 9,150 ​ $ 2,128 ​ $ 7,022 ​ $ — ​ $ — ​ $ 7,022 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps $ 3,830 ​ $ 3,830 ​ $ — ​ $ — ​ $ — ​ $ — TBA Agency Securities ​ 538 ​ ​ 128 ​ ​ 410 ​ ​ — ​ ​ — ​ ​ 410 Secured borrowings ​ 2,517,600 ​ ​ — ​ ​ 2,517,600 ​ ​ 2,517,600 ​ ​ — ​ ​ — Paycheck Protection Program Liquidity Facility ​ 941,505 ​ ​ — ​ ​ 941,505 ​ ​ 870,349 ​ ​ — ​ ​ 71,156 Total $ 3,463,473 ​ $ 3,958 ​ $ 3,459,515 ​ $ 3,387,949 ​ $ — ​ $ 71,566 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	12 Months Ended
	Dec. 31, 2021
Financial Instruments off-balance sheet risk, credit risk, and certain other risks
Financial Instruments with off-balance sheet risk, credit risk, and certain other risks	Note 24. Financial instruments with off-balance sheet risk, credit risk, and certain other risks ​ In the normal course of business, the Company enters into transactions in various financial instruments that expose us to various types of risk, both on and off balance sheet. Such risks are associated with financial instruments and markets in which the Company invests. These financial instruments expose us to varying degrees of market risk, credit risk, interest rate risk, liquidity risk, off balance sheet risk and prepayment risk. ​ Market Risk ​ Credit Risk ​ ​ The Company is also subject to credit risk with respect to the counterparties to derivative contracts. If a counterparty becomes bankrupt or otherwise fails to perform its obligation under a derivative contract due to financial difficulties, we may experience significant delays in obtaining any recovery under the derivative contract in a dissolution, assignment for the benefit of creditors, liquidation, winding-up, bankruptcy, or other analogous proceeding. In the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If we are owed this fair market value in the termination of the derivative transaction and its claim is unsecured, we will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. We may obtain only a limited recovery or may obtain no recovery in such circumstances. In addition, the business failure of a counterparty with whom we enter a hedging transaction will most likely result in its default, which may result in the loss of potential future value and the loss of our hedge and force us to cover our commitments, if any, at the then current market price. ​ Counterparty credit risk is the risk that counterparties may fail to fulfill their obligations, including their inability to post additional collateral in circumstances where their pledged collateral value becomes inadequate. The Company attempts to manage its exposure to counterparty risk through diversification, use of financial instruments and monitoring the creditworthiness of counterparties. ​ The Company finances the acquisition of a significant portion of its loans and investments with repurchase agreements and borrowings under credit facilities and other financing agreements. In connection with these financing arrangements, the Company pledges its loans, securities and cash as collateral to secure the borrowings. The amount of collateral pledged will typically exceed the amount of the borrowings (i.e., the haircut) such that the borrowings will be over-collateralized. As a result, the Company is exposed to the counterparty if, during the term of the repurchase agreement financing, a lender should default on its obligation and the Company is not able to recover its pledged assets. The amount of this exposure is the difference between the amount loaned to the Company plus interest due to the counterparty and the fair value of the collateral pledged by the Company to the lender including accrued interest receivable on such collateral. ​ GMFS sells loans to investors without recourse. As such, the investors have assumed the risk of loss or default by the borrower. However, GMFS is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation and collateral. To the extent that GMFS does not comply with such representations, or there are early payment defaults, GMFS may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. In addition, if loans pay-off within a specified time frame, GMFS may be required to refund a portion of the sales proceeds to the investors. ​ Liquidity Risk ​ Off-Balance Sheet Risk ​ Interest Rate ​ ​ Our operating results will depend, in part, on differences between the income from our investments and our financing costs. Generally, our debt financing is based on a floating rate of interest calculated on a fixed spread over the relevant index, subject to a floor, as determined by the particular financing arrangement. In the event of a significant rising interest rate environment and/or economic downturn, defaults could increase and result in credit losses to us, which could materially and adversely affect our business, financial condition, liquidity, results of operations and prospects. Furthermore, such defaults could have an adverse effect on the spread between our interest-earning assets and interest-bearing liabilities. ​ Additionally, non-performing SBC loans are not as interest rate sensitive as performing loans, as earnings on non-performing loans are often generated from restructuring the assets through loss mitigation strategies and opportunistically disposing of them. Because non-performing SBC loans are short-term assets, the discount rates used for valuation are based on short-term market interest rates, which may not move in tandem with long-term market interest rates. A rising rate environment often means an improving economy, which might have a positive impact on commercial property values, resulting in increased gains on the disposition of these assets. ​ While rising rates could make it more costly to refinance these assets, we expect that the impact of this would be mitigated by higher property values. Moreover, small business owners are generally less interest rate sensitive than large commercial property owners, and interest cost is a relatively small component of their operating expenses. An improving economy will likely spur increased property values and sales, thereby increasing the need for SBC financing. ​ Prepayment Risk — ​

Commitments, Contingencies and

Commitments, Contingencies and Indemnifications	12 Months Ended
	Dec. 31, 2021
Commitments, Contingencies and Indemnifications
Commitments, Contingencies and Indemnifications	Note 25. Commitments, contingencies and indemnifications ​ Litigation The Company may be subject to litigation and administrative proceedings arising in the ordinary course of its business. The Company has entered into agreements, which provide for indemnifications against losses, costs, claims, and liabilities arising from the performance of individual obligations under such agreements. The Company has had no prior claims or payments pursuant to these agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on history and experience, the Company expects the risk of loss to be remote. Management is not aware of any other contingencies that would require accrual or disclosure in the consolidated financial statements. ​ Unfunded Loan Commitments The table below presents unfunded loan commitments for SBC loans. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ December 31, 2021 ​ December 31, 2020 Loans, net ​ $ 455,119 ​ $ 285,389 Loans, held for sale at fair value ​ $ 24,150 ​ $ 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) ​ December 31, 2021 ​ December 31, 2020 Commitments to originate residential agency loans ​ $ 346,660 ​ $ 575,600 ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	Note 26. Income Taxes ​ The Company is a REIT pursuant to Internal Revenue Code Section 856. Our qualification as a REIT depends on our ability to meet various requirements imposed by the Internal Revenue Code, which relate to our organizational structure, diversity of stock ownership and certain requirements with regard to the nature of our assets and the sources of our income. As a REIT, we generally must distribute annually dividends equal to 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. 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. 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. ​ The table below presents the composition of income tax provision. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 2020 2019 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax (benefit) ​ $ 17,553 ​ $ (1,795) ​ $ 523 ​ State and local income tax ​ 2,330 ​ 57 ​ 47 ​ Net current tax provision (benefit) ​ $ 19,883 ​ $ (1,738) ​ $ 570 ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax (benefit) ​ $ 10,808 ​ $ 8,776 ​ $ (9,739) ​ State and local income tax (benefit) ​ (1,608) ​ 1,346 ​ (1,383) ​ Net deferred tax provision (benefit) ​ $ 9,200 ​ $ 10,122 ​ $ (11,122) ​ Total income tax provision (benefit) ​ $ 29,083 ​ $ 8,384 ​ $ (10,552) ​ ​ The table below is a reconciliation of federal income tax determined using the statutory federal tax rate to our reported income tax provision. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 ​ 2020 ​ U.S. statutory tax $ 38,264 ​ 21.0 % ​ $ 12,381 ​ 21.0 % State and local income tax 2,073 ​ 1.1 ​ ​ 1,716 ​ 2.9 ​ Income attributable to REIT (13,839) ​ (7.6) ​ ​ (3,090) ​ (5.3) ​ Income attributable to non-controlling interests (158) ​ (0.1) ​ ​ (67) ​ (0.1) ​ Permanent items 3,816 ​ 2.1 ​ ​ (242) ​ (0.4) ​ NOL carryback rate impact ​ — ​ — ​ ​ ​ (2,702) ​ (4.6) ​ Other (1,073) ​ (0.5) ​ ​ 388 ​ 0.6 ​ Effective income tax $ 29,083 ​ 16.0 % ​ $ 8,384 ​ 14.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are presented net by tax jurisdiction and are reported in other assets and other liabilities, respectively. ​ The table below presents the tax effects of temporary differences on their respective net deferred tax assets and liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 2020 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 11,275 ​ $ 12,893 Unrealized losses ​ 596 ​ 313 Accruals ​ 1,043 ​ 723 Depreciation and amortization ​ 997 ​ 1,185 Goodwill ​ ​ 2,664 ​ ​ 3,171 Other ​ 2,466 ​ 111 Total deferred tax assets ​ $ 19,041 ​ $ 18,396 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Loan / servicing rights balance ​ $ 26,309 ​ $ 11,600 Derivative instruments ​ ​ 421 ​ ​ 3,868 Compensation ​ ​ 617 ​ ​ — Other taxable temporary difference ​ 79 ​ 1,371 Total deferred tax liabilities ​ $ 27,426 ​ $ 16,839 Net deferred tax assets (liabilities) ​ $ (8,385) ​ $ 1,557 ​ ​ ​ ​ ​ ​ ​ ​ The Company has approximately $22.5 million of federal and $103.7 million of state net operating loss carryforwards that will begin to expire in 2034. ​ Additionally, as of December 31, 2021, the Company had federal net operating loss carryforwards of $38.6 million and capital loss carryforwards of $137.4 million, as well as state net operating loss carryforwards of $33.1 million and capital loss carryforwards of $174.0 million, obtained in the acquisition of Anworth that can be used to offset future taxable ordinary income and capital gains, respectively. The federal carryforwards can reduce the Company's REIT distribution requirements. ​ We recognize deferred tax assets and liabilities for the future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases. We evaluate our deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including our historical profitability and projections of future taxable income. ​ As of December 31, 2021, we continued to conclude that the positive evidence in favor of the recoverability of our deferred tax asset outweighed the negative evidence and that it is more likely than not that our deferred tax assets will be realized. Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, including the sustainability of recent profitability required to realize the deferred tax assets, the cumulative net income in our consolidated statements of income in recent years, the future reversals of existing taxable temporary differences, and the carryforward periods for any carryforwards of net operating losses. ​ The difference between the statutory rate of 21% and the effective income tax rate is primarily due to income attributable to the REIT that is offset by the dividends paid deduction. ​ As of December 31, 2021 and 2020, the Company had no uncertain tax positions recorded or disclosed in the financial statements. Additionally, it is the belief of management that the total amount of uncertain tax positions, if any, will not materially change over the next 12 months. ​ Our major tax jurisdictions where we file income tax returns include Federal, New York State and New York City. Our 2018 and forward tax years are subject to examination. The TRS major tax jurisdictions are Federal, Louisiana, New York City, New Jersey and California. For Federal and state purposes, with the exception of New Jersey, the TRS entities are subject to examination for the 2018 and forward tax years. For New Jersey, the TRS entities are subject to examination for the 2017 and forward tax years.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2021
Segment Reporting
Segment Reporting	​ ​ Note 27. Segment reporting ​ The Company reports its results of operations through the following three business segments: i) SBC Lending and Acquisitions Small Business Lending Residential Mortgage Banking ​ SBC Lending and Acquisitions The Company originates SBC loans secured by stabilized or transitional investor properties using multiple loan origination channels. 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 SBC securitization activities as well as construction and permanent financing activities for the preservation and construction of affordable housing, primarily utilizing tax-exempt bonds, through Red Stone. 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. ​ Small Business Lending 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. The Company also acquires purchased future receivables through our Knight Capital platform. ​ Residential mortgage banking 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. ​ Prior to the fourth quarter of 2021, we reported our activities in the following four business segments: Acquisitions, SBC Originations, Small Business Lending and Residential Mortgage Banking. Our Chief Executive Officer, as our CODM, realigned our business segments to incorporate results from our Acquisitions segment in our SBC Lending and Acquisitions segment. We believe this to be more closely aligned with the activities for and projections of our business models. We have recast prior period amounts and segment information to conform to this presentation. ​ ​ ​ Results of business segments and all other. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 278,455 ​ $ 116,741 ​ $ 8,300 ​ $ — ​ $ 403,496 Interest expense ​ ​ (164,797) ​ ​ (36,872) ​ ​ (9,193) ​ ​ (2,699) ​ ​ (213,561) Net interest income before provision for loan losses ​ $ 113,658 ​ $ 79,869 ​ $ (893) ​ $ (2,699) ​ $ 189,935 Provision for loan losses ​ ​ (7,387) ​ ​ (662) ​ ​ — ​ ​ — ​ (8,049) Net interest income after provision for loan losses ​ $ 106,271 ​ $ 79,207 ​ $ (893) ​ $ (2,699) ​ $ 181,886 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 137,297 ​ $ — ​ $ 137,297 Net realized gain on financial instruments and real estate owned ​ ​ 24,813 ​ ​ 44,068 ​ ​ — ​ ​ — ​ ​ 68,881 Net unrealized gain on financial instruments ​ ​ 19,457 ​ ​ 2,999 ​ ​ 16,921 ​ ​ — ​ ​ 39,377 Servicing income, net ​ ​ 3,113 ​ ​ 14,510 ​ ​ 30,392 ​ ​ — ​ ​ 48,015 Income on purchased future receivables, net ​ ​ — ​ ​ 10,257 ​ ​ — ​ ​ — ​ 10,257 Income on unconsolidated joint ventures ​ ​ 6,916 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,916 Other income (loss) ​ ​ 13,002 ​ ​ (6,231) ​ ​ 2,153 ​ ​ 85 ​ ​ 9,009 Total non-interest income ​ $ 67,301 ​ $ 65,603 ​ $ 186,763 ​ $ 85 ​ $ 319,752 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (16,582) ​ $ (36,757) ​ $ (32,973) ​ $ (3,753) ​ $ (90,065) Allocated employee compensation and benefits from related party ​ ​ (1,203) ​ ​ — ​ ​ — ​ ​ (10,828) ​ (12,031) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (75,133) ​ ​ — ​ (75,133) Professional fees ​ ​ (4,064) ​ ​ (3,034) ​ ​ (2,951) ​ ​ (6,290) ​ (16,339) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,928) ​ (10,928) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,419) ​ (5,419) Loan servicing expense ​ ​ (19,680) ​ ​ (886) ​ ​ (9,417) ​ ​ — ​ (29,983) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (14,282) ​ ​ (14,282) Other operating expenses ​ ​ (21,997) ​ ​ (23,377) ​ ​ (8,498) ​ ​ (4,529) ​ (58,401) Total non-interest expense ​ $ (63,526) ​ $ (64,054) ​ $ (128,972) ​ $ (56,029) ​ $ (312,581) Income (loss) before provision for income taxes ​ $ 110,046 ​ $ 80,756 ​ $ 56,898 ​ $ (58,643) ​ $ 189,057 Total assets ​ $ 7,106,206 ​ $ 1,558,641 ​ $ 482,185 ​ $ 386,999 ​ $ 9,534,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ Lending ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 211,525 ​ $ 39,430 ​ $ 7,681 ​ $ — ​ $ 258,636 Interest expense ​ ​ (138,444) ​ ​ (27,472) ​ ​ (8,294) ​ ​ (1,271) ​ ​ (175,481) Net interest income before provision for loan losses ​ $ 73,081 ​ $ 11,958 ​ $ (613) ​ $ (1,271) ​ $ 83,155 Provision for loan losses ​ ​ (26,932) ​ ​ (7,794) ​ ​ — ​ ​ — ​ (34,726) Net interest income after provision for loan losses ​ $ 46,149 ​ $ 4,164 ​ $ (613) ​ $ (1,271) ​ $ 48,429 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 252,720 ​ $ — ​ $ 252,720 Net realized gain on financial instruments and real estate owned ​ ​ 13,349 ​ ​ 18,564 ​ ​ — ​ ​ — ​ ​ 31,913 Net unrealized loss on financial instruments ​ ​ (9,763) ​ ​ (1,084) ​ ​ (37,254) ​ ​ — ​ ​ (48,101) Servicing income, net ​ ​ 2,265 ​ ​ 11,100 ​ ​ 25,229 ​ ​ — ​ ​ 38,594 Income on purchased future receivables, net ​ ​ — ​ ​ 15,711 ​ ​ — ​ ​ — ​ 15,711 Income on unconsolidated joint ventures ​ ​ 2,404 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,404 Other income ​ ​ 8,200 ​ ​ 32,944 ​ ​ 183 ​ ​ 189 ​ ​ 41,516 Total non-interest income ​ $ 16,455 ​ $ 77,235 ​ $ 240,878 ​ $ 189 ​ $ 334,757 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (14,137) ​ $ (29,008) ​ $ (45,368) ​ $ (3,407) ​ $ (91,920) Allocated employee compensation and benefits from related party ​ ​ (700) ​ ​ — ​ ​ — ​ ​ (6,300) ​ (7,000) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (114,510) ​ ​ — ​ (114,510) Professional fees ​ ​ (2,174) ​ ​ (1,839) ​ ​ (1,777) ​ ​ (7,570) ​ (13,360) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,682) ​ (10,682) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,973) ​ (5,973) Loan servicing expense ​ ​ (14,390) ​ ​ (675) ​ ​ (15,754) ​ ​ (37) ​ (30,856) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (63) ​ ​ (63) Other operating expenses ​ ​ (18,865) ​ ​ (23,525) ​ ​ (8,737) ​ ​ (3,242) ​ (54,369) Total non-interest expense ​ $ (50,266) ​ $ (55,047) ​ $ (186,146) ​ $ (37,274) ​ $ (328,733) Income (loss) before provision for income taxes ​ $ 12,338 ​ $ 26,352 ​ $ 54,119 ​ $ (38,356) ​ $ 54,453 Total assets ​ $ 3,790,899 ​ $ 754,600 ​ $ 626,035 ​ $ 200,561 ​ $ 5,372,095 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 193,417 ​ $ 32,096 ​ $ 4,403 ​ $ — ​ $ 229,916 Interest expense ​ ​ (131,179) ​ ​ (14,864) ​ ​ (5,837) ​ ​ — ​ ​ (151,880) Net interest income before provision for loan losses ​ $ 62,238 ​ $ 17,232 ​ $ (1,434) ​ $ — ​ $ 78,036 Provision for loan losses ​ ​ (1,127) ​ ​ (2,557) ​ ​ — ​ ​ — ​ (3,684) Net interest income after provision for loan losses ​ $ 61,111 ​ $ 14,675 ​ $ (1,434) ​ $ — ​ $ 74,352 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 83,539 ​ $ — ​ $ 83,539 Net realized gain on financial instruments and real estate owned ​ ​ 13,768 ​ ​ 15,190 ​ ​ — ​ ​ — ​ ​ 28,958 Net unrealized gain (loss) on financial instruments ​ ​ (361) ​ ​ 393 ​ ​ (18,569) ​ ​ (253) ​ ​ (18,790) Servicing income, net ​ ​ 1,899 ​ ​ 6,127 ​ ​ 22,639 ​ ​ — ​ ​ 30,665 Income on purchased future receivables, net ​ ​ — ​ ​ 2,362 ​ ​ — ​ ​ — ​ 2,362 Income on unconsolidated joint ventures ​ ​ 6,088 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,088 Other income ​ ​ 8,304 ​ ​ 2,361 ​ ​ 249 ​ ​ 164 ​ ​ 11,078 Gain on bargain purchase ​ ​ — ​ ​ — ​ ​ — ​ ​ 30,728 ​ ​ 30,728 Total non-interest income ​ $ 29,698 ​ $ 26,433 ​ $ 87,858 ​ $ 30,639 ​ $ 174,628 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (6,958) ​ $ (18,057) ​ $ (22,882) ​ $ (3,340) ​ $ (51,237) Allocated employee compensation and benefits from related party ​ ​ (547) ​ ​ — ​ ​ — ​ ​ (4,926) ​ (5,473) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (51,760) ​ ​ — ​ (51,760) Professional fees ​ ​ (2,134) ​ ​ (1,252) ​ ​ (1,101) ​ ​ (2,947) ​ (7,434) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,578) ​ (9,578) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (106) ​ (106) Loan servicing expense ​ ​ (10,357) ​ ​ (261) ​ ​ (7,225) ​ ​ (133) ​ (17,976) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,750) ​ ​ (7,750) Other operating expenses ​ ​ (14,218) ​ ​ (8,145) ​ ​ (7,717) ​ ​ (3,082) ​ (33,162) Total non-interest expense ​ $ (34,214) ​ $ (27,715) ​ $ (90,685) ​ $ (31,862) ​ $ (184,476) Income (loss) before provision for income taxes ​ $ 56,595 ​ $ 13,393 ​ $ (4,261) ​ $ (1,223) ​ $ 64,504 Total assets ​ $ 3,694,266 ​ $ 822,147 ​ $ 330,363 ​ $ 130,242 ​ $ 4,977,018 ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	Note 28. Subsequent events ​ On January 14, 2022, the Company committed to invest, in the form of an asset contribution of existing commercial real estate equity positions and additional capital, together in an amount equal to at least $50 million, into a parallel vehicle of Waterfall Atlas Fund, LP (the “Fund”), a fund managed by Waterfall Asset Management, LLC, in exchange for interests in the Fund. The Company committed to invest up to an additional $50 million as of the Final Closing Date of the Fund, subject to available capacity in the Fund. In exchange for the Company’s commitment, the Company will be entitled to 15% of any carried interest distributions received by the General Partner of the Fund such that over the life of the Fund, the Company receives an internal rate of return of 1.5% over the internal rate of return of the Fund. The Fund will focus on commercial real estate equity through the acquisition of distressed and value-add real estate across property types with local operating partners. ​ On January 14, 2022, the Company completed a public offering of 7,000,000 shares of common stock at a price of $15.30 per share. The Company received aggregate net proceeds of approximately $106.6 million, after deducting offering expenses. ​

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
Schedule IV - Mortgage Loans on Real Estate
Schedule IV - Mortgage Loans on Real Estate	Ready Capital Corporation Schedule IV – Mortgage Loans on Real Estate ​ There are no individual loans that exceed 3% of the total carrying amount of all mortgages. The table below presents the Company’s mortgage loans on real estate, categorized by product type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product Type UPB Grouping Loan Count ​ Interest Rate ​ Maturity Date ​ Carrying Value ​ UPB ​ UPB of loans subject to delinquent principal or interest Acquired loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 1,412 ​ 1.00 - 11.50% ​ 2004 - 2049 ​ $ 286,054 ​ $ 289,410 ​ $ 17,282 ​ 500k - 1mm 265 ​ 3.88 - 8.00% ​ 2021 - 2037 ​ ​ 181,979 ​ ​ 181,598 ​ ​ 9,208 ​ 1mm - 1.5mm 88 ​ 1.00 - 8.50% ​ 2021 - 2049 ​ ​ 105,812 ​ ​ 106,449 ​ ​ 7,054 ​ 1.5mm - 2mm 28 ​ 2.20 - 10.25% ​ 2020 - 2050 ​ ​ 48,357 ​ ​ 48,570 ​ ​ 3,104 ​ 2mm - 2.5mm 15 ​ 2.49 - 7.75% ​ 2020 - 2048 ​ ​ 33,711 ​ ​ 33,630 ​ ​ 2,206 ​ > 2.5mm 63 ​ 3.13 - 11.00% ​ 2022 - 2030 ​ ​ 537,728 ​ ​ 542,159 ​ ​ 10,000 Total Acquired loans ​ 1,871 ​ ​ ​ ​ ​ $ 1,193,641 ​ $ 1,201,816 ​ $ 48,854 Acquired SBA 7(a) loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 720 ​ 0.00 - 8.75% ​ 2017 - 2041 ​ $ 83,596 ​ $ 94,536 ​ $ 5,467 ​ 500k - 1mm 80 ​ 3.75 - 7.50% ​ 2014 - 2041 ​ ​ 54,288 ​ ​ 57,425 ​ ​ 1,781 ​ 1mm - 1.5mm 13 ​ 4.00 - 6.00% ​ 2032 - 2042 ​ ​ 14,638 ​ ​ 15,341 ​ ​ - ​ 1.5mm - 2mm 3 ​ 6.00 - 6.00% ​ 2037 - 2042 ​ ​ 5,325 ​ ​ 5,402 ​ ​ - ​ 2mm - 2.5mm 2 ​ 5.00 - 5.75% ​ 2037 - 2040 ​ ​ 4,541 ​ ​ 4,599 ​ ​ - ​ > 2.5mm 6 ​ 4.75- 5.25% ​ 2035 - 2042 ​ ​ 20,166 ​ ​ 20,525 ​ ​ - Total Acquired SBA 7(a) loans ​ 824 ​ ​ ​ ​ ​ $ 182,554 ​ $ 197,828 ​ $ 7,248 Originated transitional loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 62 ​ 3.15 - 7.00% ​ 2021 - 2026 ​ $ 11,077 ​ $ 11,089 ​ $ - ​ 500k - 1mm 22 ​ 3.30 - 105.10% ​ 2021 - 2046 ​ ​ 15,325 ​ ​ 15,412 ​ ​ 1,227 ​ 1mm - 1.5mm 11 ​ 3.85 - 5.90% ​ 2022 - 2026 ​ ​ 13,536 ​ ​ 13,629 ​ ​ - ​ 1.5mm - 2mm 17 ​ 4.10 - 8.10% ​ 2021 - 2026 ​ ​ 30,241 ​ ​ 30,519 ​ ​ 1,995 ​ 2mm - 2.5mm 15 ​ 4.00 - 12.00% ​ 2021 - 2024 ​ ​ 33,052 ​ ​ 33,371 ​ ​ 2,364 ​ > 2.5mm 309 ​ 3.00 - 9.25% ​ 2021 - 2028 ​ ​ 4,279,051 ​ ​ 4,318,504 ​ ​ 91,890 Total Originated transitional loans ​ 436 ​ ​ ​ ​ ​ $ 4,382,282 ​ $ 4,422,524 ​ $ 97,476 Originated Freddie Mac loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1mm - 1.5mm 4 ​ 3.18 - 3.47% ​ 2029 - 2042 ​ $ 5,012 ​ $ 4,949 ​ $ - ​ 1.5mm - 2mm 1 ​ 3.23 - 3.23% ​ 2029 - 2029 ​ ​ 1,605 ​ ​ 1,589 ​ ​ - ​ 2mm - 2.5mm 2 ​ 3.17 - 3.21% ​ 2027 - 2027 ​ ​ 4,213 ​ ​ 4,171 ​ ​ - ​ > 2.5mm 7 ​ 3.35 - 3.63% ​ 2029 - 2042 ​ ​ 31,554 ​ ​ 31,155 ​ ​ - Total Originated Freddie loans ​ 14 ​ ​ ​ ​ ​ $ 42,384 ​ $ 41,864 ​ $ - Originated Residential Agency loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 1,019 ​ 2.13- 5.50% ​ 2018 - 2053 ​ $ 214,463 ​ $ 210,194 ​ $ 1,663 ​ 500k - 1mm 38 ​ 2.13 - 4.99% ​ 2022 - 2052 ​ ​ 24,028 ​ ​ 23,568 ​ ​ - Total Originated Residential Agency loans ​ 1,057 ​ ​ ​ ​ ​ $ 238,491 ​ $ 233,762 ​ $ 1,663 Originated SBA 7(a) loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 805 ​ 0.00 - 7.50% ​ 2023 - 2047 ​ $ 139,128 ​ $ 147,119 ​ $ 3,859 ​ 500k - 1mm 138 ​ 4.25 - 6.00% ​ 2027 - 2047 ​ ​ 97,311 ​ ​ 99,969 ​ ​ 1,998 ​ 1mm - 1.5mm 63 ​ 4.00 - 6.00% ​ 2027 - 2047 ​ ​ 74,344 ​ ​ 75,909 ​ ​ - ​ 1.5mm - 2mm 19 ​ 4.25 - 6.00% ​ 2041 - 2046 ​ ​ 32,678 ​ ​ 32,675 ​ ​ - ​ 2mm - 2.5mm 17 ​ 4.50 - 6.00% ​ 2031 - 2046 ​ ​ 39,196 ​ ​ 39,026 ​ ​ - ​ > 2.5mm 20 ​ 4.50 - 6.00% ​ 2031 - 2046 ​ ​ 64,362 ​ ​ 64,452 ​ ​ 2,542 Total Originated SBA 7(a) loans ​ 1,062 ​ ​ ​ ​ ​ $ 447,019 ​ $ 459,150 ​ $ 8,399 Originated SBC loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 - 500k 18 ​ 3.25 - 8.10% ​ 2021 - 2046 ​ $ 4,899 ​ $ 4,837 ​ $ - ​ 500k - 1mm 32 ​ 4.50 - 9.22% ​ 2024 - 2030 ​ ​ 26,034 ​ ​ 25,679 ​ ​ 709 ​ 1mm - 1.5mm 43 ​ 4.68 - 10.00% ​ 2019 - 2031 ​ ​ 52,724 ​ ​ 52,309 ​ ​ 4,316 ​ 1.5mm - 2mm 36 ​ 4.25 - 6.43% ​ 2019 - 2032 ​ ​ 62,180 ​ ​ 62,353 ​ ​ 1,560 ​ 2mm - 2.5mm 27 ​ 4.60 - 6.06% ​ 2022 - 2030 ​ ​ 61,377 ​ ​ 60,837 ​ ​ 2,224 ​ > 2.5mm 124 ​ 3.73 - 7.50% ​ 2019 - 2040 ​ ​ 772,819 ​ ​ 769,613 ​ ​ 30,149 Total Originated SBC loans ​ 280 ​ ​ ​ ​ ​ $ 980,033 ​ $ 975,628 ​ $ 38,958 Originated SBC loans, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1mm - 1.5mm 1 ​ 3.25 - 3.25% ​ 2046 - 2046 ​ $ 1,337 ​ $ 1,337 ​ $ - ​ 1.5mm - 2mm 2 ​ 4.59 - 5.27% ​ 2026 - 2031 ​ ​ 4,023 ​ ​ 4,023 ​ ​ - ​ > 2.5mm 13 ​ 3.51 - 7.75% ​ 2020 - 2032 ​ ​ 106,578 ​ ​ 106,251 ​ ​ - Total Originated SBC loans, at fair value ​ 16 ​ ​ ​ ​ ​ $ 111,938 ​ $ 111,611 ​ $ - General Allowance for Loan Losses ​ ​ ​ ​ ​ ​ ​ ​ (28,113) ​ ​ ​ ​ ​ ​ Total Loans ​ 5,560 ​ ​ ​ ​ ​ $ 7,550,229 ​ $ 7,644,183 ​ $ 202,598 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents activity for mortgage loans on real estate, including loans in consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Loans, net ​ Loans, held for sale, at fair value ​ Total Loan Receivables Balance as of December 31, 2018 ​ $ 2,414,366 ​ $ 115,258 ​ $ 2,529,624 Origination of loan receivables ​ ​ 1,307,143 ​ ​ 2,621,324 ​ ​ 3,928,467 Purchases of loan receivables ​ ​ 739,002 ​ ​ 9,149 ​ ​ 748,151 Proceeds from disposition and principal payment of loan receivables ​ ​ (826,702) ​ ​ (2,628,521) ​ ​ (3,455,223) Loans acquired as part of ORM merger transaction ​ ​ 130,449 ​ ​ - ​ ​ 130,449 Net realized gain (loss) on sale of loan receivables ​ ​ (5,700) ​ ​ 76,274 ​ ​ 70,574 Net unrealized gain (loss) on loan receivables ​ ​ 760 ​ ​ 289 ​ ​ 1,049 Accretion/amortization of discount, premium and other fees ​ ​ 14,194 ​ ​ - ​ ​ 14,194 Loans consolidated as part of RCLT 2019-2 transaction ​ ​ 463,177 ​ ​ - ​ ​ 463,177 Payment of guaranteed loan financing ​ ​ (177,815) ​ ​ - ​ ​ (177,815) Transfers ​ ​ 1,262 ​ ​ (1,262) ​ ​ - Transfers to real estate owned, held for sale ​ ​ (2,269) ​ ​ - ​ ​ (2,269) Provision for loan losses ​ ​ (3,684) ​ ​ - ​ ​ (3,684) Balance as of December 31, 2019 ​ $ 4,054,183 ​ $ 192,511 ​ $ 4,246,694 CECL Day 1 adjustment ​ ​ (7,527) ​ ​ - ​ ​ (7,527) Origination of loan receivables ​ ​ 699,650 ​ ​ 5,076,936 ​ ​ 5,776,586 Purchases of loan receivables ​ ​ 277,170 ​ ​ - ​ ​ 277,170 Proceeds from disposition and principal payment of loan receivables ​ ​ (962,404) ​ ​ (5,152,861) ​ ​ (6,115,265) Net realized gain (loss) on sale of loan receivables ​ ​ (5,069) ​ ​ 218,809 ​ ​ 213,740 Net unrealized gain (loss) on loan receivables ​ ​ (1,105) ​ ​ 5,607 ​ ​ 4,502 Accretion/amortization of discount, premium and other fees ​ ​ 8,434 ​ ​ - ​ ​ 8,434 Foreign currency gain (loss), net ​ ​ 4,509 ​ ​ - ​ ​ 4,509 Transfers ​ ​ 714 ​ ​ (714) ​ ​ - Transfers to real estate owned, held for sale ​ ​ (11,339) ​ ​ - ​ ​ (11,339) Provision for loan losses ​ ​ (33,785) ​ ​ - ​ ​ (33,785) Balance as of December 31, 2020 ​ $ 4,023,431 ​ $ 340,288 ​ $ 4,363,719 Origination of loan receivables ​ ​ 3,826,182 ​ ​ 5,356,406 ​ ​ 9,182,588 Purchases of loan receivables ​ ​ 141,663 ​ ​ 75,666 ​ ​ 217,329 Proceeds from disposition and principal payment of loan receivables ​ ​ (977,096) ​ ​ (5,475,139) ​ ​ (6,452,235) Loans acquired as part of ANH merger transaction ​ ​ - ​ ​ 102,798 ​ ​ 102,798 Net realized gain (loss) on sale of loan receivables ​ ​ (7,317) ​ ​ 154,801 ​ ​ 147,484 Net unrealized gain (loss) on loan receivables ​ ​ 170 ​ ​ (3,023) ​ ​ (2,853) Accretion/amortization of discount, premium and other fees ​ ​ 13,232 ​ ​ - ​ ​ 13,232 Foreign currency gain (loss), net ​ ​ (4,091) ​ ​ - ​ ​ (4,091) Transfers ​ ​ (1,138) ​ ​ 1,138 ​ ​ - Transfers to real estate owned, held for sale ​ ​ (9,015) ​ ​ - ​ ​ (9,015) Provision for loan losses ​ ​ (8,727) ​ ​ - ​ ​ (8,727) Balance as of December 31, 2021 ​ $ 6,997,294 ​ $ 552,935 ​ $ 7,550,229 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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, disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. These estimates and assumptions are based on the best available information however, 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, net	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	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 databases with historical loan losses 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 (less costs to sell the asset if repayment is expected through the sale 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; and (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 through the SBC Lending and Acquisitions and Small Business Lending 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 further 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 in the consolidated statements of income as interest income when earned and deemed collectible. Although PPP includes a 100% guarantee from the federal government and principal forgiveness for borrowers if the funds were used for defined purposes, changes in fair value are recurring and are reported as net unrealized gains (losses) on financial instruments in the consolidated statements of income. ​ 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 recognizes the difference between the initial recorded investment and the principal amount in the loan as interest income using the effective yield method. The effective yield is determined based on the payment terms required by the loan contract as well as with actual and 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. The fair value adjustments on MBS are reported within net unrealized gain (loss) on financial instruments in the consolidated statements of income.
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 MSRs, 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 MSRs 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 multi-family servicing rights are accounted for under ASC 860, Transfers and Servicing, accounted for under the fair value option under ASC 825, Financial Instruments. ​ Servicing rights – SBA and multi-family portfolio. ​ 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 to 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 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 Goodwill represents the excess of the consideration transferred over the fair value of net assets, including identifiable intangible assets, at the acquisition date. Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment exists. ​ In assessing goodwill for impairment, the Company follows ASC 350, Intangibles- Goodwill and Other, estimated fair value of the reporting unit is derived based on valuation techniques we believe market participants would use for each of the reporting units. ​ 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. As a result of the qualitative assessment, the Company determined that it was more likely than not that the estimated fair value of each of the reporting units exceeded its respective estimated carrying value. Therefore, goodwill for each reporting unit was not impaired and a quantitative test was not required. ​
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 SBC Lending and Acquisitions segment 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 Paycheck Protection Program Facility (“PPPLF”) is a government loan facility created to enable the distribution of funds for PPP whereby the Company may receive advances from the Federal Reserve through the PPPLF. Loans are participated with a PPP participant bank in accordance with respective financing agreements, repurchased from such PPP participant bank, and then pledged using PPPLF. The Company accounts for borrowings under the PPPLF 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 a special purpose entity 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 VIE’s 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. ​
Contingent consideration	Contingent consideration Contingent consideration is a liability recognized in relation to the Red Stone acquisition during 2021. The fair value of this liability is dependent on the probability of the acquiree achieving certain financial performance targets using earnings before interest, taxes, depreciation and amortization (“EBITDA”) as a metric. Contingent consideration is classified as level 3 in the fair value hierarchy with fair value adjustments reported within other income (loss) in the consolidated statements of income. The increase in value during 2021 was due to higher projected EBITDA at the measurement date.
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 one of the PPP, loans held-for-sale originated by GMFS that the Company intends to sell in the near term and residential MSR.
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, unvested RSAs and preferred stock 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 the date of the consolidated balance sheets, 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)	12 Months Ended
	Dec. 31, 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 ​ ​ ​ Anworth 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 Anworth 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ For the year ended December 31, 2021 ​ For the year ended December 31, 2020 Selected Financial Data ​ ​ ​ ​ ​ ​ Interest income ​ $ 415,245 ​ $ 341,733 Interest expense ​ ​ (217,089) ​ ​ (220,370) Provision for loan losses ​ ​ (8,049) ​ ​ (35,394) Non-interest income ​ ​ 322,477 ​ ​ 399,075 Non-interest expense ​ ​ (318,391) ​ ​ (570,884) Income before provision for income taxes ​ $ 194,193 ​ $ (85,840) Income tax expense ​ ​ (29,083) ​ ​ (8,385) Net income ​ $ 165,110 ​ $ (94,225)
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 ​ 20,793 Servicing rights ​ 30,503 Other assets: ​ ​ Intangible Assets ​ ​ 9,300 Other ​ ​ 1,330 Total assets acquired ​ $ 70,473 Liabilities ​ ​ ​ Accounts payable and other accrued liabilities ​ ​ 7,965 Total liabilities assumed ​ $ 7,965 Net assets acquired ​ $ 62,508 ​
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 $ 62,508 ​ ​ ​ Cash paid ​ 63,000 Contingent consideration ​ 12,400 Total consideration transferred $ 75,400 ​ ​ ​ Goodwill $ 12,892 ​

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of classification, unpaid principal balance, and carrying value of loans held including loans of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ December 31, 2020 (in thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,693,471 ​ $ 1,705,037 ​ ​ $ 530,671 ​ $ 535,963 Originated SBA 7(a) loans ​ ​ 351,664 ​ ​ 361,392 ​ ​ ​ 310,537 ​ ​ 314,938 Acquired SBA 7(a) loans ​ ​ 152,327 ​ ​ 158,016 ​ ​ ​ 201,066 ​ ​ 210,115 Originated SBC loans ​ ​ 266,026 ​ ​ 259,786 ​ ​ ​ 173,190 ​ ​ 167,470 Acquired loans ​ ​ 471,842 ​ ​ 480,088 ​ ​ ​ 351,381 ​ ​ 352,546 Originated SBC loans, at fair value ​ ​ 10,766 ​ ​ 10,956 ​ ​ ​ 13,795 ​ ​ 14,088 Originated Residential Agency loans ​ ​ 2,566 ​ ​ 2,566 ​ ​ ​ 3,208 ​ ​ 3,208 Total Loans, before allowance for loan losses ​ $ 2,948,662 ​ $ 2,977,841 ​ ​ $ 1,583,848 ​ $ 1,598,328 Allowance for loan losses ​ $ (33,216) ​ $ — ​ ​ $ (33,224) ​ $ — Total Loans, net ​ $ 2,915,446 ​ $ 2,977,841 ​ ​ $ 1,550,624 ​ $ 1,598,328 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated SBC loans ​ $ 718,201 ​ $ 715,842 ​ ​ $ 892,316 ​ $ 887,917 Originated Transitional loans ​ ​ 2,693,186 ​ ​ 2,717,487 ​ ​ ​ 785,653 ​ ​ 789,750 Acquired loans ​ ​ 594,274 ​ ​ 593,649 ​ ​ ​ 697,567 ​ ​ 701,133 Originated SBA 7(a) loans ​ ​ 55,580 ​ ​ 58,792 ​ ​ ​ 68,625 ​ ​ 72,451 Acquired SBA 7(a) loans ​ ​ 32,768 ​ ​ 39,812 ​ ​ ​ 42,154 ​ ​ 52,456 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 4,094,009 ​ $ 4,125,582 ​ ​ $ 2,486,315 ​ $ 2,503,707 Allowance for loan losses on loans in consolidated VIEs ​ $ (12,161) ​ $ — ​ ​ $ (13,508) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 4,081,848 ​ $ 4,125,582 ​ ​ $ 2,472,807 ​ $ 2,503,707 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Residential Agency loans ​ $ 235,925 ​ $ 231,196 ​ ​ $ 260,447 ​ $ 249,852 Originated Freddie Mac loans ​ ​ 42,384 ​ ​ 41,864 ​ ​ ​ 51,248 ​ ​ 50,408 Originated SBC loans ​ ​ 101,172 ​ ​ 100,655 ​ ​ ​ 17,850 ​ ​ 17,850 Originated SBA 7(a) loans ​ ​ 42,761 ​ ​ 38,966 ​ ​ ​ 10,232 ​ ​ 9,436 Acquired loans ​ ​ 130,693 ​ ​ 128,079 ​ ​ ​ 511 ​ ​ 499 Total Loans, held for sale, at fair value ​ $ 552,935 ​ $ 540,760 ​ ​ $ 340,288 ​ $ 328,045 Total Loans, net and Loans, held for sale, at fair value ​ $ 7,550,229 ​ $ 7,644,183 ​ ​ $ 4,363,719 ​ $ 4,430,080 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 867,109 ​ $ 927,766 ​ ​ $ — ​ $ — Paycheck Protection Program loans, held at fair value ​ ​ 3,243 ​ ​ 3,243 ​ ​ ​ 74,931 ​ ​ 74,931 Total Paycheck Protection Program loans ​ $ 870,352 ​ $ 931,009 ​ ​ $ 74,931 ​ $ 74,931 Total Loan portfolio ​ $ 8,420,581 ​ $ 8,575,192 ​ ​ $ 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 4,422,524 ​ $ 3,339,437 ​ $ 420,486 ​ $ 424,118 ​ $ 192,901 ​ $ — ​ $ 5,340 ​ $ 4,382,282 Originated SBC loans ​ ​ 975,628 ​ ​ 142,947 ​ ​ 58,651 ​ ​ 394,648 ​ ​ 163,912 ​ ​ 98,123 ​ ​ 121,752 ​ ​ 980,033 Acquired loans ​ ​ 1,073,737 ​ ​ 126,803 ​ ​ 80,705 ​ ​ 50,720 ​ ​ 44,530 ​ ​ 26,194 ​ ​ 733,996 ​ ​ 1,062,948 Originated SBA 7(a) loans ​ ​ 420,184 ​ ​ 91,991 ​ ​ 44,878 ​ ​ 91,208 ​ ​ 108,631 ​ ​ 48,771 ​ ​ 18,779 ​ ​ 404,258 Acquired SBA 7(a) loans ​ ​ 197,828 ​ ​ 39 ​ ​ 77 ​ ​ 13,730 ​ ​ 13,605 ​ ​ 261 ​ ​ 154,842 ​ ​ 182,554 Originated SBC loans, at fair value ​ ​ 10,956 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,766 ​ ​ 10,766 Originated Residential Agency loans ​ ​ 2,566 ​ 1,414 ​ 492 ​ 468 ​ ​ — ​ ​ — ​ 192 ​ 2,566 Total Loans, before general allowance for loan losses ​ $ 7,103,423 ​ $ 3,702,631 ​ $ 605,289 ​ $ 974,892 ​ $ 523,579 ​ $ 173,349 ​ $ 1,045,667 ​ $ 7,025,407 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,113) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,997,294 ​ UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans ​ $ 1,325,713 ​ $ 385,183 ​ $ 583,593 ​ $ 306,971 ​ $ 23,783 ​ $ 16,794 ​ $ — ​ $ 1,316,324 Originated SBC loans ​ ​ 1,055,387 ​ ​ 66,715 ​ ​ 486,033 ​ ​ 237,313 ​ ​ 110,354 ​ ​ 45,382 ​ ​ 113,508 ​ ​ 1,059,305 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 6,901,474 ​ $ 3,666,020 ​ $ 596,289 ​ $ 953,269 ​ $ 473,798 ​ $ 167,629 ​ $ 984,680 ​ $ 6,841,685 30 - 59 days past due ​ ​ 73,836 ​ ​ 35,549 ​ ​ 352 ​ ​ 18,393 ​ ​ 3,714 ​ ​ 228 ​ ​ 14,601 ​ ​ 72,837 60+ days past due ​ ​ 128,113 ​ ​ 1,062 ​ ​ 8,648 ​ ​ 3,230 ​ ​ 46,067 ​ ​ 5,492 ​ ​ 46,386 ​ ​ 110,885 Total Loans, before general allowance for loan losses ​ $ 7,103,423 ​ $ 3,702,631 ​ $ 605,289 ​ $ 974,892 ​ $ 523,579 ​ $ 173,349 ​ $ 1,045,667 ​ $ 7,025,407 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,113) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,997,294 ​ ​ ​ ​ Carrying Value by Year of Origination ​ ​ UPB ​ 2020 2019 2018 2017 ​ 2016 Pre 2016 Total December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 4,289,571 ​ $ 52,997 ​ $ 39,714 ​ $ 4,382,282 ​ $ 30,038 ​ $ — Originated SBC loans ​ 944,803 ​ ​ — ​ ​ 35,230 ​ ​ 980,033 ​ ​ 27,125 ​ ​ — Acquired loans ​ 1,018,805 ​ ​ 13,099 ​ ​ 31,044 ​ ​ 1,062,948 ​ ​ 25,803 ​ ​ — Originated SBA 7(a) loans ​ 397,554 ​ ​ 5,309 ​ ​ 1,395 ​ ​ 404,258 ​ ​ 10,822 ​ ​ — Acquired SBA 7(a) loans ​ 179,039 ​ ​ 1,432 ​ ​ 2,083 ​ ​ 182,554 ​ ​ 4,297 ​ ​ — Originated SBC loans, at fair value ​ 10,766 ​ ​ — ​ ​ — ​ ​ 10,766 ​ ​ — ​ ​ — Originated Residential Agency loans ​ 1,147 ​ ​ — ​ ​ 1,419 ​ ​ 2,566 ​ ​ 1,418 ​ ​ — Total Loans, before general allowance for loan losses $ 6,841,685 ​ $ 72,837 ​ $ 110,885 ​ $ 7,025,407 ​ $ 99,503 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,113) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,997,294 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ 97.4% ​ ​ 1.0% ​ ​ 1.6% ​ ​ 100% ​ ​ 1.4% ​ ​ 0.0% December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 1,278,829 ​ $ 17,713 ​ $ 19,782 ​ $ 1,316,324 ​ $ 19,416 ​ $ — Originated SBC loans ​ 1,003,628 ​ ​ 6,591 ​ ​ 49,086 ​ ​ 1,059,305 ​ ​ 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 782 $ 109,954 $ 330,935 $ 3,294,838 $ 628,489 $ 17,284 $ 4,382,282 Originated SBC loans ​ 416 ​ 27,976 ​ 311,758 ​ 613,021 ​ 16,217 ​ 10,645 ​ 980,033 Acquired loans ​ 234,677 ​ 305,414 ​ 271,862 ​ 224,246 ​ 14,182 ​ 12,567 ​ 1,062,948 Originated SBA 7(a) loans ​ 1,222 ​ 10,780 ​ 49,750 ​ 159,246 ​ 56,174 ​ 127,086 ​ 404,258 Acquired SBA 7(a) loans ​ 5,997 ​ 31,163 ​ 69,364 ​ 38,704 ​ 25,214 ​ 12,112 ​ 182,554 Originated SBC loans, at fair value ​ — ​ 5,817 ​ — ​ 4,949 ​ — ​ — ​ 10,766 Originated Residential Agency loans — ​ — ​ 386 ​ 961 ​ 1,219 ​ — 2,566 Total Loans, before general allowance for loan losses $ 243,094 $ 491,104 $ 1,034,055 $ 4,335,965 $ 741,495 $ 179,694 $ 7,025,407 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (28,113) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,997,294 Percentage of loans outstanding ​ 3.5% ​ 7.0% ​ 14.7% ​ 61.7% ​ 10.5% ​ 2.6% ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated Transitional loans $ 5,485 $ 7,205 $ 251,112 $ 891,895 $ 157,900 $ 2,727 $ 1,316,324 Originated SBC loans 5,372 ​ 77,963 ​ 455,067 ​ 515,023 ​ — ​ 5,880 1,059,305 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 SBC loans Originated Transitional loans Acquired loans Acquired SBA 7(a) loans Originated SBA 7(a) loans Total Allowance for loan losses Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ Beginning balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ 46,732 Provision for (recoveries of) loan losses ​ (480) ​ 9,971 ​ (1,426) ​ (555) ​ 1,217 ​ 8,727 Charge-offs and sales ​ (1,311) ​ (4,300) ​ (26) ​ (949) ​ (2,179) ​ (8,765) Recoveries ​ (189) ​ (450) ​ (724) ​ 39 ​ 7 ​ (1,317) Ending balance $ 6,860 $ 20,216 $ 6,121 $ 3,084 $ 9,096 $ 45,377 Year Ended December 31, 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 ​ 6,335 ​ 16,247 ​ 3,502 ​ 141 ​ 7,560 ​ 33,785 Charge-offs and sales ​ (199) ​ (3,346) ​ (137) ​ (1,396) ​ (717) ​ (5,795) Recoveries ​ — ​ — ​ — ​ 128 ​ 48 ​ 176 Ending balance $ 8,840 $ 14,995 $ 8,297 $ 4,549 $ 10,051 $ 46,732 ​
Schedule of recorded investment of TDRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (in thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Carrying value of modified loans classified as TDRs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On accrual status $ 284 ​ $ 8,242 ​ $ 8,526 ​ $ 307 ​ $ 6,888 ​ $ 7,195 On non-accrual status ​ 11,220 ​ ​ 11,409 ​ ​ 22,629 ​ ​ 7,020 ​ ​ 11,044 ​ ​ 18,064 Total carrying value of modified loans classified as TDRs $ 11,504 ​ $ 19,651 ​ $ 31,155 ​ $ 7,327 ​ $ 17,932 ​ $ 25,259 Allowance for loan losses on loans classified as TDRs $ 46 ​ $ 2,626 ​ $ 2,672 ​ $ 17 ​ $ 3,323 ​ $ 3,340
Schedule of TDR modifications by primary modification type and related financial effects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 (in thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 2 ​ ​ 29 ​ ​ 31 ​ ​ 5 ​ ​ 28 ​ ​ 33 Pre-modification recorded balance (a) $ 8,660 ​ $ 9,547 ​ $ 18,207 ​ $ 10,963 ​ $ 8,420 ​ $ 19,383 Post-modification recorded balance (a) $ 8,660 ​ $ 9,024 ​ $ 17,684 ​ $ 10,963 ​ $ 8,455 ​ $ 19,418 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default (b) ​ 2 ​ ​ 7 ​ ​ 9 ​ ​ 3 ​ ​ 4 ​ ​ 7 Balance of loans that remain in default (b) $ 8,660 ​ $ 1,532 ​ $ 10,192 ​ $ 5,285 ​ $ 302 ​ $ 5,587 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 7,616 ​ $ 7,616 ​ $ — ​ $ 7,020 ​ $ 7,020 Interest rate reduction ​ — ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 8,660 ​ ​ 86 ​ ​ 8,746 ​ ​ 5,285 ​ ​ 302 ​ ​ 5,587 Total $ 8,660 ​ $ 7,702 ​ $ 16,362 ​ $ 5,285 ​ $ 7,322 ​ $ 12,607 (a) Represents carrying value. (b) Represents carrying values of the TDRs that occurred during the respective periods ended and 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) December 31, 2021 ​ December 31, 2020 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 71,645 ​ $ 75,862 Without an allowance ​ 27,858 ​ ​ 58,296 Total recorded carrying value of non-accrual loans $ 99,503 ​ $ 134,158 Allowance for loan losses related to non-accrual loans $ (17,264) ​ $ (17,367) Unpaid principal balance of non-accrual loans $ 119,554 ​ $ 158,471 Interest income on non-accrual loans for the year ended $ 1,364 ​ $ 3,212
Geographical concentration
Schedule of concentration risk of loans secured by real estate	​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) December 31, 2021 ​ December 31, 2020 Texas 19.2 % ​ 14.2 % California 14.3 ​ ​ 18.1 ​ Arizona 7.4 ​ ​ 2.8 ​ New York 7.3 ​ ​ 9.8 ​ Georgia 7.0 ​ ​ 4.9 ​ Florida 6.7 ​ ​ 7.8 ​ Illinois 4.3 ​ ​ 5.2 ​ North Carolina 2.6 ​ ​ 3.1 ​ Washington 2.1 ​ ​ 3.1 ​ Colorado ​ 1.9 ​ ​ 2.8 ​ Other 27.2 ​ ​ 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) December 31, 2021 ​ December 31, 2020 Multi-family 54.4 % ​ 23.8 % Retail 10.2 ​ ​ 17.3 ​ SBA 8.7 ​ ​ 17.4 ​ Office 8.2 ​ ​ 13.1 ​ Mixed Use 7.1 ​ ​ 12.9 ​ Industrial 6.4 ​ ​ 7.1 ​ Lodging/Residential 1.8 ​ ​ 3.2 ​ Other 3.2 ​ ​ 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) December 31, 2021 ​ December 31, 2020 Lodging ​ 17.0 % ​ 17.2 % Offices of Physicians ​ 10.9 ​ ​ 12.0 ​ Child Day Care Services 7.4 ​ ​ 7.2 ​ Eating Places 5.0 ​ ​ 5.3 ​ Gasoline Service Stations 3.7 ​ ​ 3.4 ​ Veterinarians ​ 2.4 ​ ​ 3.3 ​ Funeral Service & Crematories 1.9 ​ ​ 1.8 ​ Grocery Stores 1.8 ​ ​ 1.7 ​ Car washes ​ 1.4 ​ ​ 1.4 ​ Couriers ​ 1.3 ​ ​ 1.0 ​ Other 47.2 ​ ​ 45.7 ​ Total 100.0 % ​ 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 321,070 ​ $ 231,865 ​ $ 552,935 Loans, net, at fair value — ​ — ​ 10,766 ​ 10,766 Paycheck Protection Program loans — ​ — ​ 3,243 ​ 3,243 MBS, at fair value — ​ 97,915 ​ 1,581 ​ 99,496 Derivative instruments, at fair value ​ — ​ ​ 4,683 ​ ​ 2,339 ​ ​ 7,022 Residential MSRs, at fair value — ​ — ​ 120,142 ​ 120,142 Investment in unconsolidated joint ventures — ​ — ​ 8,894 ​ 8,894 Total assets $ — ​ $ 423,668 ​ $ 378,830 ​ $ 802,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 410 ​ $ — ​ $ 410 Contingent consideration ​ — ​ ​ — ​ ​ 16,400 ​ ​ 16,400 Total liabilities $ — ​ $ 410 ​ $ 16,400 ​ $ 16,810 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 MBS, at fair value — ​ 62,880 ​ 25,131 ​ 88,011 Derivative instruments, at fair value — ​ ​ — ​ ​ 16,363 ​ 16,363 Residential MSRs, 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) Fair Value Predominant Valuation Technique (a) Unobservable Input Range Weighted Average December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential MSRs, at fair value $ 120,142 Income Approach Forward prepayment rate | Forward Default Rate | Discount rate | Servicing expense ​ (b) ​ (b) Derivative instruments, at fair value $ 2,339 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 63.0 - 100% | 0.4 - 5.2% | 0.1 - 3.1% ​ 86.7% | 4.1% | 1.3% Investment in unconsolidated joint ventures $ 8,894 ​ Income Approach ​ Discount rate ​ 9.0% ​ 9.0% Contingent consideration $ (16,400) ​ Monte Carlo Simulation Model ​ EBT volatility | Risk-free rate of return | EBT discount rate | Liability discount rate ​ 25.0% | 0.4% | 17.6% | 3.8% ​ 25.0% | 0.4% | 17.6% | 3.8% December 31, 2020 ​ ​ ​ ​ ​ Residential MSRs, at fair value $ 76,840 Income Approach Discount rate ​ (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 - 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 MSRs 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 Loans, held for sale, at fair value ​ PPP loans Residential MSRs ​ Investment in unconsolidated joint ventures ​ Contingent Consideration ​ ​ Total Year Ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ — ​ $ 74,931 ​ $ 76,840 ​ $ — ​ $ — ​ $ 207,060 Purchases or Originations — ​ — ​ — ​ 283,054 ​ 3,866 ​ — ​ 9,197 ​ (12,400) ​ 283,717 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 46,286 ​ ​ — ​ ​ — ​ ​ 46,286 Sales / Principal payments ​ (92) ​ ​ — ​ ​ (3,201) ​ ​ (68,001) ​ ​ (75,554) ​ ​ (19,904) ​ ​ — ​ ​ — ​ ​ (166,752) Realized gains, net ​ — ​ ​ — ​ ​ 7 ​ ​ (1,635) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,628) Unrealized gains (losses), net ​ 1,253 ​ ​ (14,024) ​ ​ 165 ​ ​ 86 ​ ​ — ​ ​ 16,920 ​ ​ (303) ​ ​ (4,000) ​ ​ 97 Accreted discount, net ​ 59 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 59 Transfer to (from) Level 3 ​ (24,770) ​ ​ — ​ ​ — ​ ​ 18,361 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6,409) Ending Balance $ 1,581 ​ $ 2,339 ​ $ 10,766 ​ $ 231,865 ​ $ 3,243 ​ $ 120,142 ​ $ 8,894 ​ $ (16,400) ​ $ 362,430 Unrealized gains (losses), net on assets/liabilities $ 154 ​ $ 2,339 ​ $ (190) ​ $ 3,133 ​ $ — ​ $ (30,289) ​ $ (303) ​ $ (4,000) ​ $ (29,156) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 460 ​ $ 2,814 ​ $ 20,212 ​ $ — ​ $ — ​ $ 91,174 ​ $ — ​ $ — ​ $ 114,660 Originations 12,640 ​ — ​ — ​ — ​ 106,704 ​ — ​ — ​ — ​ ​ 119,344 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,701 ​ ​ — ​ ​ — ​ ​ 43,701 Sales / Principal payments ​ (13) ​ ​ — ​ ​ (5,649) ​ ​ — ​ ​ (31,786) ​ ​ (20,777) ​ ​ — ​ ​ — ​ ​ (58,225) Realized gains, net ​ — ​ ​ — ​ ​ 350 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 350 Unrealized gains (losses), net ​ (348) ​ ​ 13,549 ​ ​ (1,118) ​ ​ — ​ ​ 13 ​ ​ (37,258) ​ ​ — ​ ​ — ​ ​ (25,162) Accreted discount, net ​ 12 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12 Transfer to (from) Level 3 ​ 12,380 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,380 Ending Balance $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ — ​ $ 74,931 ​ $ 76,840 ​ $ — ​ $ — ​ $ 207,060 Unrealized gains (losses), net on assets/liabilities $ 602 ​ $ 16,363 ​ $ (293) ​ $ — ​ $ — ​ $ (47,209) ​ $ — ​ $ — ​ $ (30,537) ​
Summary of the carrying value and estimated fair value of financial instruments not carried at fair value on the consolidated balance sheets and are classified as Level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 6,986,528 ​ $ 7,112,282 ​ $ 4,009,636 ​ $ 4,103,200 Paycheck Protection Program loans ​ ​ 867,109 ​ ​ 927,766 ​ ​ — ​ ​ — Purchased future receivables, net ​ ​ 7,872 ​ ​ 7,872 ​ ​ 17,308 ​ ​ 17,308 Servicing rights ​ ​ 84,457 ​ 89,470 ​ 37,823 ​ 47,567 Total assets ​ $ 7,945,966 ​ $ 8,137,390 ​ $ 4,064,767 ​ $ 4,168,075 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 2,517,600 ​ $ 2,517,600 ​ $ 1,294,243 ​ $ 1,294,243 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 941,505 ​ ​ 941,505 ​ ​ 76,276 ​ ​ 76,276 Securitized debt obligations of consolidated VIEs, net ​ 3,214,303 ​ 3,238,155 ​ 1,905,749 ​ 1,907,541 Senior secured note, net ​ ​ 342,035 ​ ​ 338,990 ​ ​ 179,659 ​ ​ 188,114 Guaranteed loan financing ​ 345,217 ​ 366,887 ​ 401,705 ​ 426,348 Convertible notes, net ​ ​ 113,247 ​ ​ 118,922 ​ ​ 112,129 ​ ​ 68,186 Corporate debt, net ​ ​ 441,817 ​ ​ 457,741 ​ ​ 150,989 ​ ​ 151,209 Total liabilities ​ $ 7,915,724 ​ $ 7,979,800 ​ $ 4,120,750 ​ $ 4,111,917

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac Loans 12/2037 ​ 3.7 % $ 103,928 ​ $ 46,828 ​ $ 52,088 ​ $ 5,260 ​ $ — Commercial Loans ​ 01/2051 ​ 4.5 ​ ​ 70,498 ​ ​ 38,661 ​ ​ 34,347 ​ ​ 795 ​ ​ (5,109) Residential 08/2045 3.7 ​ 13,675 ​ 10,370 ​ 13,061 ​ 2,691 ​ — Total MBS, at fair value ​ 12/2044 ​ 4.1 % $ 188,101 ​ $ 95,859 ​ $ 99,496 ​ $ 8,746 ​ $ (5,109) 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 MBS, at fair value ​ 10/2041 ​ 4.1 % $ 212,574 ​ $ 91,636 ​ $ 88,011 ​ $ 2,106 ​ $ (5,731) (a) Weighted based on current principal balance ​
Schedule of information about the maturity of the Company's MBS portfolio	The 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years — % $ — ​ $ — ​ $ — After ten years 4.1 ​ 188,101 ​ 95,859 ​ 99,496 Total Mortgage backed securities, at fair value ​ 4.1 % $ 188,101 ​ $ 95,859 ​ $ 99,496 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ After five years through ten years 6.0 % $ 92 ​ $ 92 ​ $ 91 After ten years 2.8 ​ 212,482 ​ 91,544 ​ 87,920 Total Mortgage backed securities, at fair value ​ 4.1 % $ 212,574 ​ $ 91,636 ​ $ 88,011 ​ ​ ​ (a) Weighted based on current principal balance

Servicing rights (Tables)

Servicing rights (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of information regarding portfolio of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 2020 SBA servicing rights, at amortized cost ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 18,764 ​ $ 17,660 Additions due to loans sold, servicing retained ​ ​ 8,572 ​ ​ 4,153 Amortization ​ ​ (4,021) ​ ​ (3,555) Impairment (recovery) ​ ​ (1,158) ​ ​ 506 Ending net carrying amount ​ $ 22,157 ​ $ 18,764 Multi-family servicing rights, at amortized cost ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 19,059 ​ $ 13,135 Additions due to loans sold, servicing retained ​ ​ 18,147 ​ ​ 8,850 Acquisitions ​ ​ 30,503 ​ ​ — Amortization ​ ​ (5,409) ​ ​ (2,926) Ending net carrying amount ​ $ 62,300 ​ $ 19,059 Total servicing rights, at amortized cost ​ $ 84,457 ​ $ 37,823 Residential MSRs, at fair value ​ ​ ​ ​ ​ ​ Beginning net carrying amount ​ $ 76,840 ​ $ 91,174 Additions due to loans sold, servicing retained ​ ​ 46,286 ​ ​ 43,701 Loan pay-offs ​ ​ (19,904) ​ ​ (20,777) Unrealized gains (losses) ​ ​ 16,920 ​ ​ (37,258) Ending fair value amount ​ $ 120,142 ​ $ 76,840 Total servicing rights ​ $ 204,599 ​ $ 114,663
Residential MSRs
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 (in thousands) ​ UPB ​ Fair Value ​ UPB ​ Fair Value Fannie Mae ​ $ 4,056,595 ​ $ 41,698 ​ $ 3,700,450 ​ $ 27,632 Ginnie Mae ​ ​ 4,131,904 ​ ​ 45,017 ​ ​ 2,757,124 ​ ​ 25,899 Freddie Mac ​ ​ 2,807,186 ​ ​ 33,427 ​ ​ 3,071,312 ​ ​ 23,309 Total ​ $ 10,995,685 ​ $ 120,142 ​ $ 9,528,886 ​ $ 76,840
Schedule of mortgage servicing rights portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average Residential MSRs ​ Forward prepayment rate ​ 8.4 - 20.9 % ​ 9.5 % ​ 12.6 - 31.4 % ​ 14.3 % ​ Discount rate ​ 9.0 - 11.0 % ​ 9.4 % ​ 9.1 - 11.7 % ​ 9.8 % ​ Servicing expense ​ $70 - $85 ​ ​ $74 ​ ​ $70 - $85 ​ ​ $74 ​
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 ​ December 31, 2020 Residential MSRs ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,262) ​ $ (5,049) Impact of 20% adverse change ​ $ (9,262) ​ $ (9,701) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (4,533) ​ $ (2,601) Impact of 20% adverse change ​ $ (8,745) ​ $ (5,028) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,125) ​ $ (1,469) Impact of 20% adverse change ​ $ (4,251) ​ $ (2,938)
SBA | Multi-family
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 (in thousands) ​ UPB ​ Carrying Value ​ UPB ​ Carrying Value SBA ​ $ 856,188 ​ $ 22,157 ​ $ 643,135 ​ $ 18,764 Multi-family ​ ​ 4,232,969 ​ ​ 62,300 ​ ​ 1,501,998 ​ ​ 19,059 Total ​ $ 5,089,157 ​ $ 84,457 ​ $ 2,145,133 ​ $ 37,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of assumptions used in the estimated valuation of servicing rights carried at amortized cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights ​ Forward prepayment rate ​ 7.9 - 21.0 % ​ 8.9 % ​ 6.7 - 20.8 % ​ 8.5 % ​ Forward default rate ​ 0.0 - 10.4 % ​ 9.1 % ​ 0.0 - 10.5 % ​ 8.2 % ​ Discount rate ​ 10.0 - 21.3 % ​ 10.7 % ​ 4.5 - 4.5 % ​ 4.5 % ​ Servicing expense ​ 0.4 - 0.4 % ​ 0.4 % ​ 0.4 - 0.4 % ​ 0.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family servicing rights ​ Forward prepayment rate ​ 0.0 - 7.3 % ​ 3.5 % ​ 0.1 - 5.1 % ​ 2.4 % ​ Forward default rate ​ 0.0 - 1.3 % ​ 1.0 % ​ 0.0 - 0.4 % ​ 0.3 % ​ Discount rate ​ 6.0 - 6.0 % ​ 6.0 % ​ 6.0 - 6.0 % ​ 6.0 % ​ Servicing expense ​ 0.0 - 0.8 % ​ 0.1 % ​ 0.2 - 0.3 % ​ 0.2 %
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (670) ​ $ (729) Impact of 20% adverse change ​ $ (1,305) ​ $ (1,420) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (155) ​ $ (150) Impact of 20% adverse change ​ $ (309) ​ $ (298) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (746) ​ $ (395) Impact of 20% adverse change ​ $ (1,443) ​ $ (777) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,344) ​ $ (1,250) Impact of 20% adverse change ​ $ (2,687) ​ $ (2,501) Multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (291) ​ $ (163) Impact of 20% adverse change ​ $ (575) ​ $ (324) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (25) ​ $ (6) Impact of 20% adverse change ​ $ (50) ​ $ (13) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,910) ​ $ (678) Impact of 20% adverse change ​ $ (3,726) ​ $ (1,324) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,659) ​ $ (1,947) Impact of 20% adverse change ​ $ (5,318) ​ $ (3,894)
Schedule of future amortization expense for the servicing rights	​ ​ ​ ​ (in thousands) December 31, 2021 2022 ​ $ 12,509 2023 ​ 10,922 2024 ​ 9,645 2025 ​ 8,565 2026 ​ 7,685 Thereafter ​ 35,131 Total ​ $ 84,457

Residential mortgage banking _2

Residential mortgage banking activities and variable expenses on residential mortgage banking activities (Tables)	12 Months Ended
	Dec. 31, 2021
Residential mortgage banking activities and variable expenses on residential mortgage banking activities
Schedule of the components of gains on residential mortgage banking activities, net of variable loan expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Realized and unrealized gain of residential mortgage loans held for sale, at fair value ​ ​ $ 101,038 ​ $ 198,937 ​ $ 54,640 Creation of new MSRs, net of payoffs ​ ​ ​ 26,382 ​ ​ 22,919 ​ ​ 16,676 Loan origination fee income on residential mortgage loans ​ ​ ​ 20,307 ​ ​ 20,802 ​ ​ 10,702 Unrealized gain (loss) on IRLCs and other derivatives ​ ​ (10,430) ​ 10,062 ​ 1,521 Residential mortgage banking activities ​ ​ $ 137,297 ​ $ 252,720 ​ $ 83,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ ​ $ (75,133) ​ $ (114,510) ​ $ (51,760)

Secured Borrowings (Tables)

Secured Borrowings (Tables)	12 Months Ended
	Dec. 31, 2021
Secured Borrowings
Schedule of characteristics of secured borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value as of December 31, Lender Asset Class Current Maturity Pricing Facility Size Carrying Value 2021 2020 JPMorgan Acquired loans, SBA loans August 2022 1M L + 2.50% to 2.875% $ 200,000 $ 77,534 $ 54,164 $ 36,604 Keybank Freddie Mac loans February 2022 SOFR + 1.41% ​ 100,000 ​ 42,384 ​ 41,864 ​ 50,408 East West Bank SBA loans October 2022 Prime - 0.821% to + 0.00% ​ 75,000 ​ 80,556 ​ 58,622 ​ 40,542 Credit Suisse Acquired loans (non USD) February 2022 Euribor + 2.50% to 3.00% ​ 227,400 ​ 46,154 ​ 40,373 ​ 36,840 Comerica Bank Residential loans June 2022 1M L + 1.75% ​ 100,000 ​ 69,194 ​ 63,991 ​ 78,312 TBK Bank Residential loans January 2022 Variable Pricing ​ 150,000 ​ 127,018 ​ 125,145 ​ 123,951 Origin Bank Residential loans September 2022 Variable Pricing ​ 60,000 ​ 16,932 ​ 16,052 ​ 27,450 Associated Bank Residential loans November 2022 1M L + 1.50% ​ 60,000 ​ 15,137 ​ 14,449 ​ 15,556 East West Bank Residential MSRs September 2023 1M L + 2.50% ​ 50,000 ​ 86,714 ​ 49,400 ​ 34,400 Credit Suisse Purchased future receivables October 2023 1M L + 4.50% ​ 50,000 ​ 7,872 ​ 1,000 ​ — Bank of the Sierra Real estate August 2050 3.25% to 3.45% ​ 22,770 ​ — ​ — ​ 22,611 Western Alliance Residential loans July 2022 Variable Pricing ​ 50,000 ​ 7,282 ​ 6,823 ​ — Total borrowings under credit facilities and other financing agreements ​ $ 1,145,170 $ 576,777 $ 471,883 $ 466,674 Citibank Fixed rate, Transitional, Acquired loans October 2022 1M L + 2.00% to 3.00% $ 500,000 $ 165,547 $ 128,851 $ 210,735 Deutsche Bank Fixed rate, Transitional loans November 2023 SOFR + 1.90% to 2.75% ​ 350,000 ​ 309,295 ​ 236,073 ​ 190,567 JPMorgan Transitional loans November 2022 1M L + 2.00% to 2.75% ​ 1,000,000 ​ 1,079,368 ​ 825,265 ​ 247,616 Performance Trust Acquired loans March 2024 1M T + 2.00% ​ 239,000 ​ 142,722 ​ 124,057 ​ — Credit Suisse Fixed rate, Transitional, Acquired loans May 2022 1M L + 2.00% to 2.35% ​ 500,000 ​ 543,139 ​ 403,644 ​ — Credit Suisse Residential loans January 2022 L + 3.00% ​ 63,412 ​ 32,779 ​ 27,058 ​ — JPMorgan MBS January 2022 1.15% to 1.71% ​ 83,267 ​ 107,837 ​ 83,267 ​ 65,407 Deutsche Bank MBS January 2022 2.37% ​ 12,956 ​ 19,776 ​ 12,956 ​ 16,354 Citibank MBS January 2022 2.32% ​ 47,777 ​ 82,260 ​ 47,777 ​ 58,076 RBC MBS January 2022 1.31% to 1.96% ​ 61,302 ​ 90,012 ​ 61,302 ​ 38,814 CSFB MBS January 2022 2.09% to 2.95% ​ 95,467 ​ 132,658 ​ 95,467 ​ — Total borrowings under repurchase agreements $ 2,953,181 $ 2,705,393 $ 2,045,717 $ 827,569 Total secured borrowings $ 4,098,351 $ 3,282,170 $ 2,517,600 $ 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) ​ December 31, 2021 December 31, 2020 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 276,022 $ 313,844 Loans, net ​ ​ 206,169 ​ 159,482 MSRs ​ ​ 86,714 ​ 50,941 Purchased future receivables ​ ​ 7,872 ​ — Real estate owned, held for sale ​ ​ — ​ 32,948 Total ​ $ 576,777 $ 557,215 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 2,062,867 $ 815,603 Mortgage backed securities ​ 53,194 72,179 Retained interest in assets of consolidated VIEs ​ ​ 379,349 ​ 226,773 Loans, held for sale, at fair value ​ ​ 208,558 ​ 17,850 Loans, held at fair value ​ — 3,071 Real estate acquired in settlement of loans ​ ​ 1,425 ​ 829 Total ​ $ 2,705,393 $ 1,136,305 Total collateral pledged on secured borrowings ​ $ 3,282,170 $ 1,693,520

Senior secured notes, convert_2

Senior secured notes, convertible notes, and corporate debt, net (Tables)	12 Months Ended
	Dec. 31, 2021
Senior secured notes, convertible notes, and corporate debt, net
Schedule of components of the Senior Secured Notes, Convertible Notes, and Corporate debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Coupon Rate ​ Maturity Date December 31, 2021 Senior secured notes principal amount (1) ​ 4.50 % ​ 10/20/2026 ​ $ 350,000 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (7,965) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 342,035 Convertible notes principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (642) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (1,111) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 113,247 Corporate debt principal amount (4) ​ 5.50 % ​ 12/30/2028 ​ ​ 110,000 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 ​ ​ ​ ​ ​ ​ ​ (6,541) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (3,392) 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 ​ ​ ​ ​ ​ ​ $ 441,817 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 897,099 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 642 (1) Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year. (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. (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) December 31, 2021 2022 $ — 2023 ​ 115,000 2024 ​ — 2025 ​ — 2026 ​ ​ 655,500 Thereafter ​ 146,250 Total contractual amounts ​ $ 916,750 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (19,651) Total carrying amount of debt ​ $ 897,099

Guaranteed loan financing (Tabl

Guaranteed loan financing (Tables)	12 Months Ended
	Dec. 31, 2021
Guaranteed loan financing.
Schedule of guaranteed loan financing and the related interest rates and maturity dates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Range of ​ Range of ​ ​ ​ (in thousands) ​ Interest Rate ​ Interest Rates ​ Maturities (Years) ​ Ending Balance ​ December 31, 2021 ​ 3.78 % 0.99-6.50 % 2022-2046 ​ $ 345,217 ​ 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) December 31, 2021 2022 $ 790 2023 ​ 889 2024 ​ 1,850 2025 ​ 2,629 2026 ​ ​ 6,140 Thereafter ​ 332,919 Total ​ $ 345,217

Variable interest entities an_2

Variable interest entities and securitization activities (Tables)	12 Months Ended
	Dec. 31, 2021
Consolidated VIEs
Variable interest entities
Summary of information on securitized debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ December 31, 2020 ​ ​ Current ​ ​ Weighted ​ Current ​ ​ Weighted ​ ​ ​ Principal ​ Carrying ​ Average ​ ​ Principal ​ Carrying ​ Average ​ (in thousands) ​ Balance ​ value ​ Interest Rate ​ ​ Balance ​ value ​ Interest Rate ​ Waterfall Victoria Mortgage Trust 2011-SBC2 ​ $ — ​ $ — ​ — % ​ $ 4,055 ​ $ 4,055 ​ 5.5 % ReadyCap Lending Small Business Trust 2019-2 ​ ​ 79,294 ​ ​ 78,268 ​ 2.6 ​ ​ ​ 103,030 ​ ​ 101,468 ​ 3.1 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 16,729 ​ ​ 16,471 ​ 3.8 ​ ​ ​ 27,035 ​ ​ 26,555 ​ 3.6 ​ Sutherland Commercial Mortgage Trust 2018-SBC7 ​ ​ — ​ ​ — ​ 4.7 ​ ​ ​ 79,302 ​ ​ 78,168 ​ 4.7 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 145,351 ​ ​ 143,153 ​ 2.9 ​ ​ ​ 178,911 ​ ​ 176,307 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ 86,680 ​ ​ 85,459 ​ 4.1 ​ ​ ​ 131,729 ​ ​ 129,014 ​ 3.8 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 159,745 ​ ​ 157,483 ​ 1.6 ​ ​ ​ — ​ ​ — ​ — ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ 6,770 ​ ​ 6,756 ​ 5.7 ​ ​ 10,880 ​ ​ 10,858 ​ 5.8 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 17,598 ​ ​ 15,960 ​ 5.1 ​ ​ 45,075 ​ ​ 35,183 ​ 4.8 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 19,106 ​ ​ 18,285 ​ 4.9 ​ ​ 26,371 ​ ​ 25,286 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 81,379 ​ ​ 78,751 ​ 4.1 ​ ​ ​ 94,273 ​ ​ 91,098 ​ 4.0 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 150,547 ​ ​ 143,204 ​ 4.3 ​ ​ ​ 229,232 ​ ​ 220,605 ​ 4.2 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 269,315 ​ ​ 263,752 ​ 3.2 ​ ​ ​ 359,266 ​ ​ 348,773 ​ 3.2 ​ Ready Capital Mortgage Financing 2018-FL2 ​ ​ — ​ ​ — ​ 2.4 ​ ​ ​ 48,979 ​ ​ 48,975 ​ 2.4 ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ 92,930 ​ ​ 92,921 ​ 1.6 ​ ​ ​ 229,440 ​ ​ 227,950 ​ 2.0 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 304,157 ​ ​ 300,832 ​ 3.1 ​ ​ ​ 324,219 ​ ​ 318,385 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 506,721 ​ ​ 501,697 ​ 1.5 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 543,223 ​ ​ 536,270 ​ 1.3 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2021-FL7 ​ ​ 753,314 ​ ​ 744,449 ​ 1.6 ​ ​ ​ — ​ ​ — ​ — ​ Total ​ $ 3,232,859 $ 3,183,711 ​ 2.2 % $ 1,891,797 $ 1,842,680 ​ 3.3 %
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 9,041 $ 20 Restricted cash ​ 33,187 ​ ​ 13,790 Loans, net ​ ​ 4,081,848 ​ ​ 2,472,807 Real estate owned, held for sale ​ ​ — ​ ​ 4,456 Other assets ​ ​ 21,488 ​ ​ 27,670 Total assets ​ $ 4,145,564 ​ $ 2,518,743 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 3,214,303 ​ ​ 1,905,749 Total liabilities ​ $ 3,214,303 ​ $ 1,905,749
Unconsolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (in thousands) ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2021 ​ December 31, 2020 Mortgage backed securities, at fair value (2) $ 80,756 ​ $ 80,690 $ 80,756 ​ $ 80,690 Investment in unconsolidated joint ventures ​ ​ 74,334 ​ ​ 28,290 ​ ​ 74,334 ​ ​ 28,290 Total assets in unconsolidated VIEs ​ $ 155,090 ​ $ 108,980 ​ $ 155,090 ​ $ 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)	12 Months Ended
	Dec. 31, 2021
Interest income and interest expense
Schedule of components of interest income and expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 2020 2019 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated transitional loans ​ ​ $ 151,803 ​ $ 88,271 ​ $ 69,217 Originated SBC loans ​ ​ ​ 49,099 ​ ​ 57,134 ​ ​ 51,617 Acquired loans ​ ​ ​ 56,156 ​ ​ 57,471 ​ ​ 63,879 Acquired SBA 7(a) loans ​ ​ ​ 15,906 ​ ​ 18,251 ​ ​ 20,687 Originated SBA 7(a) loans ​ ​ ​ 21,634 ​ ​ 20,434 ​ ​ 11,409 Originated SBC loans, at fair value ​ ​ ​ 886 ​ ​ 1,938 ​ ​ 1,383 Originated residential agency loans ​ ​ ​ 138 ​ ​ 149 ​ ​ 75 Total loans (1) ​ ​ $ 295,622 ​ $ 243,648 ​ $ 218,267 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated residential agency loans ​ ​ $ 11,250 ​ $ 7,532 ​ $ 4,328 Originated Freddie loans ​ ​ ​ 2,661 ​ ​ 1,193 ​ ​ 1,008 Acquired loans ​ ​ ​ 1,080 ​ ​ 166 ​ ​ 217 Total loans, held for sale, at fair value (1) ​ ​ $ 14,991 ​ $ 8,891 ​ $ 5,553 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans ​ ​ ​ 78,932 ​ ​ — ​ ​ — Paycheck Protection Program loans, at fair value ​ ​ ​ 269 ​ ​ — ​ ​ — Total Paycheck Protection Program loans ​ ​ $ 79,201 ​ $ — ​ $ — Mortgage backed securities, at fair value ​ ​ $ 13,682 ​ $ 6,097 ​ $ 6,096 Total interest income ​ ​ $ 403,496 ​ $ 258,636 ​ $ 229,916 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ $ (65,692) ​ $ (45,430) ​ $ (49,009) Paycheck Protection Program Liquidity Facility borrowings ​ ​ (7,140) ​ — ​ — Securitized debt obligations of consolidated VIEs ​ ​ (82,249) ​ (78,029) ​ (69,152) Guaranteed loan financing ​ ​ ​ (13,900) ​ ​ (18,399) ​ ​ (5,125) Senior secured note ​ ​ (15,472) ​ (13,870) ​ (13,920) Convertible note ​ ​ ​ (8,752) ​ ​ (8,752) ​ ​ (8,752) Corporate debt ​ ​ ​ (20,356) ​ ​ (11,001) ​ ​ (5,922) Total interest expense ​ ​ $ (213,561) ​ $ (175,481) ​ $ (151,880) Net interest income before provision for loan losses ​ ​ $ 189,935 ​ $ 83,155 ​ $ 78,036 (1) Includes interest income on loans in consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivative instruments (Tables)

Derivative instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative instruments
Schedule of the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 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 ​ $ 348,348 ​ $ 2,340 ​ $ — ​ $ 614,358 ​ $ 16,363 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 536,548 ​ ​ 4,076 ​ ​ — ​ ​ 160,801 ​ ​ — ​ ​ (952) Interest Rate Swaps - designated as hedges ​ Interest rate risk ​ ​ — ​ ​ — ​ ​ — ​ ​ 132,325 ​ ​ — ​ ​ (5,701) TBA Agency Securities ​ Interest rate risk ​ ​ 346,000 ​ ​ — ​ ​ (410) ​ ​ 565,000 ​ ​ — ​ ​ (4,004) Credit Default Swaps Credit risk ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,000 ​ ​ — ​ ​ (174) FX forwards ​ Foreign exchange rate risk ​ ​ 27,484 ​ ​ 606 ​ ​ — ​ ​ 3,866 ​ ​ — ​ ​ (773) Total ​ ​ ​ $ 1,258,380 ​ $ 7,022 ​ $ (410) ​ $ 1,491,350 ​ $ 16,363 ​ $ (11,604)
Schedule of gains and losses on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 ​ ​ ​ ​ ​ Net Realized ​ ​ Net Unrealized ​ ​ Net Realized ​ ​ Net Unrealized ​ (in thousands) ​ ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ Credit default swaps ​ ​ $ (287) ​ $ 322 ​ $ - ​ $ (65) ​ Interest rate swaps ​ ​ (8,867) ​ 16,422 ​ ​ (3,981) ​ (7,297) ​ TBA Agency Securities ​ ​ - ​ 3,593 ​ - ​ ​ (3,527) ​ Interest rate lock commitments ​ ​ ​ - ​ (14,023) ​ ​ - ​ 13,589 ​ FX forwards ​ ​ ​ 603 ​ ​ 1,378 ​ ​ (1,017) ​ ​ (523) ​ Total ​ ​ $ (8,551) ​ $ 7,692 ​ $ (4,998) ​ $ 2,177 ​
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 $ (1,133) ​ $ — $ (1,133) ​ $ 1,406 ​ $ 2,539 Year Ended December 31, 2020 $ (1,359) ​ $ (1,694) $ (3,053) ​ $ (4,579) ​ $ (1,526)

Real estate owned, held for s_2

Real estate owned, held for sale (Tables)	12 Months Ended
	Dec. 31, 2021
Real estate owned, held for sale
Summary of the carrying amount of the Company's real estate holdings	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 Acquired ORM Portfolio: ​ ​ ​ ​ ​ ​ Retail ​ $ — ​ $ 18,700 Mixed Use ​ 1,020 ​ 14,248 Land ​ ​ 6,318 ​ ​ 7,256 Lodging/Residential ​ ​ — ​ ​ 3,230 Total Acquired ORM REO ​ $ 7,338 ​ $ 43,434 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 24,300 ​ $ — Retail ​ ​ 3,129 ​ ​ 660 Office ​ ​ 7,384 ​ ​ 829 SBA ​ 137 ​ 425 Total Other REO ​ $ 34,950 ​ $ 1,914 Total real estate owned, held for sale ​ $ 42,288 ​ $ 45,348

Agreements and transactions w_2

Agreements and transactions with related parties (Tables)	12 Months Ended
	Dec. 31, 2021
Management fee
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2021 ​ 2020 Management fee - total ​ $ 10.9 million ​ $ 10.7 million Management fee - amount unpaid ​ $ 2.9 million ​ $ 2.7 million
Incentive distribution
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2021 ​ 2020 Incentive fee distribution - total ​ $ 5.4 million ​ $ 6.0 million Incentive fee distribution - amount unpaid ​ $ 2.4 million ​ $ 1.3 million
Expense reimbursement
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2021 ​ 2020 Reimbursable expenses payable to our Manager - total ​ $ 10.3 million ​ $ 8.4 million Reimbursable expenses payable to our Manager - amount unpaid ​ $ 6.2 million ​ $ 5.3 million

Other assets and other liabil_2

Other assets and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other assets and other liabilities
Schedule of other assets and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 3,601 $ 18,396 ​ Deferred loan exit fees ​ ​ 25,923 ​ ​ 13,940 ​ Accrued interest ​ ​ 21,873 ​ ​ 12,656 ​ Goodwill ​ ​ 31,470 ​ ​ 11,206 ​ Due from servicers ​ ​ 23,729 ​ ​ 11,171 ​ Right-of-use lease asset ​ ​ 2,402 ​ ​ 3,172 ​ Intangible assets ​ 14,842 ​ 6,986 ​ Deferred financing costs ​ ​ 3,840 ​ ​ 2,612 ​ PPP fee receivable ​ ​ 407 ​ ​ 18 ​ Receivable from third party ​ ​ 29,298 ​ ​ 1,246 ​ Other assets ​ ​ 14,713 ​ ​ 8,100 ​ Other assets $ 172,098 ​ $ 89,503 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 11,986 ​ $ 16,839 ​ Accrued salaries, wages and commissions ​ ​ 42,715 ​ ​ 35,724 ​ Accrued interest payable ​ 22,278 ​ 19,695 ​ Servicing principal and interest payable ​ ​ 19,100 ​ ​ 7,318 ​ Repair and denial reserve ​ 19,725 ​ 9,557 ​ Payable to related parties ​ 5,232 ​ 4,088 ​ Accrued professional fees ​ ​ 4,324 ​ ​ 1,365 ​ Lease payable ​ ​ 3,002 ​ ​ 3,670 ​ Deferred LSP revenue ​ 286 ​ 10,700 ​ Accrued PPP related costs ​ ​ 12,460 ​ ​ 498 ​ Other liabilities ​ 42,971 ​ 26,201 ​ Total accounts payable and other accrued liabilities ​ $ 184,079 ​ $ 135,655 ​
Schedule of Goodwill	​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 SBC Lending and Acquisitions $ 20,264 $ — Small Business Lending ​ 11,206 ​ 11,206 Residential mortgage banking ​ — ​ — Total $ 31,470 $ 11,206 ​
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 ​ December 31, 2020 Estimated Useful Life Customer Relationships - Red Stone $ 6,651 ​ $ — 19 years Internally developed software - Knight Capital ​ 2,428 ​ ​ 3,061 6 years Trade name - Red Stone ​ 2,500 ​ ​ — Indefinite life SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Broker network - Knight Capital ​ 622 ​ ​ 889 4.5 years Favorable lease ​ 640 ​ ​ 768 12 years Trade name - Knight Capital ​ 562 ​ ​ 709 6 years Trade name - GMFS ​ 439 ​ ​ 559 15 years Total intangible assets $ 14,842 ​ $ 6,986 ​
Schedule of accumulated amortization for finite-lived intangible assets	​ ​ ​ ​ (in thousands) December 31, 2021 Internally developed software - Knight Capital $ 1,372 Favorable lease ​ 840 Trade name - GMFS ​ 781 Broker network - Knight Capital ​ 578 Trade name - Knight Capital ​ 318 Customer Relationship – Red Stone ​ 149 Total accumulated amortization $ 4,038
Amortization expense related to the intangible assets	​ ​ ​ ​ (in thousands) December 31, 2021 2022 $ 1,626 2023 ​ 1,599 2024 ​ 1,390 2025 ​ 1,144 2026 ​ 477 Thereafter ​ 5,106 Total $ 11,342

Other income and operating ex_2

Other income and operating expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Other income and operating expenses
Schedule of the financial position related to the Paycheck Protection Program (PPP) activities	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2021 December 31, 2020 Assets ​ ​ ​ ​ ​ ​ Restricted cash ​ $ — ​ $ 178 Paycheck Protection Program loans ​ ​ 867,109 ​ ​ — Paycheck Protection Program loans, at fair value ​ 3,243 ​ 74,931 Other assets ​ — ​ — Prepaid expenses ​ ​ — ​ ​ 77 PPP fee receivable ​ 407 ​ 18 Deferred financing costs ​ — ​ — Accrued interest receivable ​ 7,025 ​ 510 Total PPP related assets ​ $ 877,784 ​ $ 75,714 Liabilities ​ ​ ​ ​ ​ ​ Paycheck Protection Program Liquidity Facility borrowings ​ $ 941,505 ​ $ 76,276 Interest payable ​ ​ 2,358 ​ ​ 104 Deferred LSP revenue ​ ​ 286 ​ ​ 10,700 Accrued PPP related costs ​ ​ 12,460 ​ ​ 498 Payable to third parties ​ 2,091 ​ 2,716 Repair and denial reserve ​ ​ 12,844 ​ ​ 3,305 Total PPP related liabilities ​ $ 971,544 ​ $ 93,599
Schedule of the income and expenses related to the Paycheck Protection Program (PPP) activities.	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 ​ Financial statement account Income ​ ​ ​ ​ ​ ​ LSP origination fees $ — $ 27,768 ​ Other income PPP processing fees ​ — ​ 5,162 ​ Other income LSP fee income ​ 10,414 ​ 4,829 ​ Servicing income Interest income ​ 79,201 ​ 739 ​ Interest income Total PPP related income $ 89,615 $ 38,498 ​ ​ Expense ​ ​ ​ ​ ​ ​ Direct operating expenses $ 8,241 $ 9,600 ​ Other operating expenses Repair and denial reserve ​ 9,539 ​ 3,305 ​ Other income Interest expense ​ 15,774 ​ 2,174 ​ Interest expense Total PPP related expenses (direct) $ 33,554 $ 15,079 ​ ​ Net PPP related income $ 56,061 $ 23,419 ​ ​
Schedule of other income and operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, (in thousands) ​ 2021 2020 2019 Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income ​ $ 12,415 $ 40,836 $ 5,860 Change in repair and denial reserve ​ ​ (10,168) ​ (4,133) ​ 345 Other ​ ​ 6,762 ​ 4,813 ​ 4,873 Total other income ​ $ 9,009 ​ $ 41,516 ​ $ 11,078 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs ​ $ 24,337 ​ $ 19,815 ​ $ 10,168 Technology expense ​ 7,971 ​ 6,722 ​ 4,834 Impairment on real estate ​ 2,293 ​ 3,520 ​ 1,317 Rent and property tax expense ​ 6,680 ​ 5,006 ​ 4,310 Recruiting, training and travel expense ​ 1,309 ​ 1,419 ​ 2,352 Marketing expense ​ ​ 3,025 ​ ​ 1,970 ​ ​ 2,052 Loan acquisition costs ​ ​ 110 ​ ​ 722 ​ ​ 575 Financing costs on purchased future receivables ​ ​ 117 ​ ​ 1,495 ​ ​ 376 Other ​ 12,559 ​ 13,700 ​ 7,178 Total other operating expenses ​ $ 58,401 ​ $ 54,369 ​ $ 33,162

Redeemable Preferred Stock an_2

Redeemable Preferred Stock and Stockholders Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Redeemable Preferred Stock and 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 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 ​ December 14, 2021 ​ December 31, 2021 ​ January 31, 2021 ​ $ 0.42 ​
Schedule of Restricted Stock Unit RSU and RSA activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards (in thousands, except share data) Number of Shares 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 Vested (127,094) ​ ​ (1,966) ​ 15.46 Forfeited (42,945) ​ ​ (631) ​ 14.68 Outstanding, December 31, 2021 888,777 $ 13,517 $ 15.21
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) ​ December 31, 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)	12 Months Ended
	Dec. 31, 2021
Earnings per Share of Common Stock
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands, except for share and per share amounts) 2021 2020 2019 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 159,974 ​ $ 46,069 ​ $ 75,056 Less: Income attributable to non-controlling interest ​ ​ ​ 2,230 ​ ​ 1,199 ​ ​ 2,088 Less: Income attributable to participating shares ​ ​ ​ 9,093 ​ ​ 1,392 ​ ​ 653 Basic earnings ​ ​ $ 148,651 ​ $ 43,478 ​ $ 72,315 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 159,974 ​ $ 46,069 ​ $ 75,056 Less: Income attributable to non-controlling interest ​ ​ ​ 2,230 ​ ​ 1,199 ​ ​ 2,088 Less: Income attributable to participating shares ​ ​ ​ 9,093 ​ ​ 1,392 ​ ​ 653 Diluted earnings ​ ​ $ 148,651 ​ $ 43,478 ​ $ 72,315 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ ​ 68,511,578 ​ ​ 53,736,523 ​ ​ 42,011,750 Effect of dilutive securities — Unvested participating shares ​ ​ ​ 149,328 ​ ​ 81,855 ​ ​ 35,898 Diluted — Average shares outstanding ​ ​ ​ 68,660,906 ​ ​ 53,818,378 ​ ​ 42,047,648 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 2.17 ​ $ 0.81 ​ $ 1.72 Diluted ​ ​ $ 2.17 ​ $ 0.81 ​ $ 1.72

Offsetting assets and liabili_2

Offsetting assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Offsetting assets and liabilities
Schedule of effect of offsetting recognized assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the Consolidated Balance Sheets (1) (in thousands) Gross amounts of Assets / Liabilities ​ Gross amounts offset ​ Balance in Consolidated Balance Sheets ​ Financial Instruments ​ Cash Collateral Received / Paid ​ Net Amount December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments $ 2,340 ​ $ — ​ $ 2,340 ​ $ — ​ $ — ​ $ 2,340 FX forwards ​ 606 ​ ​ — ​ ​ 606 ​ ​ — ​ ​ — ​ ​ 606 TBA Agency Securities ​ 128 ​ ​ 128 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Interest rate swaps ​ 6,076 ​ ​ 2,000 ​ ​ 4,076 ​ ​ — ​ ​ — ​ ​ 4,076 Total $ 9,150 ​ $ 2,128 ​ $ 7,022 ​ $ — ​ $ — ​ $ 7,022 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps $ 3,830 ​ $ 3,830 ​ $ — ​ $ — ​ $ — ​ $ — TBA Agency Securities ​ 538 ​ ​ 128 ​ ​ 410 ​ ​ — ​ ​ — ​ ​ 410 Secured borrowings ​ 2,517,600 ​ ​ — ​ ​ 2,517,600 ​ ​ 2,517,600 ​ ​ — ​ ​ — Paycheck Protection Program Liquidity Facility ​ 941,505 ​ ​ — ​ ​ 941,505 ​ ​ 870,349 ​ ​ — ​ ​ 71,156 Total $ 3,463,473 ​ $ 3,958 ​ $ 3,459,515 ​ $ 3,387,949 ​ $ — ​ $ 71,566 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)	12 Months Ended
	Dec. 31, 2021
Commitments, Contingencies and Indemnifications
Schedule of unfunded loan commitments and commitments to originate loans	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ December 31, 2021 ​ December 31, 2020 Loans, net ​ $ 455,119 ​ $ 285,389 Loans, held for sale at fair value ​ $ 24,150 ​ $ 7,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ December 31, 2021 ​ December 31, 2020 Commitments to originate residential agency loans ​ $ 346,660 ​ $ 575,600 ​ ​ ​ ​ ​ ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of income tax provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 2020 2019 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax (benefit) ​ $ 17,553 ​ $ (1,795) ​ $ 523 ​ State and local income tax ​ 2,330 ​ 57 ​ 47 ​ Net current tax provision (benefit) ​ $ 19,883 ​ $ (1,738) ​ $ 570 ​ Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax (benefit) ​ $ 10,808 ​ $ 8,776 ​ $ (9,739) ​ State and local income tax (benefit) ​ (1,608) ​ 1,346 ​ (1,383) ​ Net deferred tax provision (benefit) ​ $ 9,200 ​ $ 10,122 ​ $ (11,122) ​ Total income tax provision (benefit) ​ $ 29,083 ​ $ 8,384 ​ $ (10,552) ​
Schedule of income tax reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 ​ 2020 ​ U.S. statutory tax $ 38,264 ​ 21.0 % ​ $ 12,381 ​ 21.0 % State and local income tax 2,073 ​ 1.1 ​ ​ 1,716 ​ 2.9 ​ Income attributable to REIT (13,839) ​ (7.6) ​ ​ (3,090) ​ (5.3) ​ Income attributable to non-controlling interests (158) ​ (0.1) ​ ​ (67) ​ (0.1) ​ Permanent items 3,816 ​ 2.1 ​ ​ (242) ​ (0.4) ​ NOL carryback rate impact ​ — ​ — ​ ​ ​ (2,702) ​ (4.6) ​ Other (1,073) ​ (0.5) ​ ​ 388 ​ 0.6 ​ Effective income tax $ 29,083 ​ 16.0 % ​ $ 8,384 ​ 14.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule showing temporary differences with respect to deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (in thousands) 2021 2020 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 11,275 ​ $ 12,893 Unrealized losses ​ 596 ​ 313 Accruals ​ 1,043 ​ 723 Depreciation and amortization ​ 997 ​ 1,185 Goodwill ​ ​ 2,664 ​ ​ 3,171 Other ​ 2,466 ​ 111 Total deferred tax assets ​ $ 19,041 ​ $ 18,396 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Loan / servicing rights balance ​ $ 26,309 ​ $ 11,600 Derivative instruments ​ ​ 421 ​ ​ 3,868 Compensation ​ ​ 617 ​ ​ — Other taxable temporary difference ​ 79 ​ 1,371 Total deferred tax liabilities ​ $ 27,426 ​ $ 16,839 Net deferred tax assets (liabilities) ​ $ (8,385) ​ $ 1,557 ​ ​ ​ ​ ​ ​ ​

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 278,455 ​ $ 116,741 ​ $ 8,300 ​ $ — ​ $ 403,496 Interest expense ​ ​ (164,797) ​ ​ (36,872) ​ ​ (9,193) ​ ​ (2,699) ​ ​ (213,561) Net interest income before provision for loan losses ​ $ 113,658 ​ $ 79,869 ​ $ (893) ​ $ (2,699) ​ $ 189,935 Provision for loan losses ​ ​ (7,387) ​ ​ (662) ​ ​ — ​ ​ — ​ (8,049) Net interest income after provision for loan losses ​ $ 106,271 ​ $ 79,207 ​ $ (893) ​ $ (2,699) ​ $ 181,886 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 137,297 ​ $ — ​ $ 137,297 Net realized gain on financial instruments and real estate owned ​ ​ 24,813 ​ ​ 44,068 ​ ​ — ​ ​ — ​ ​ 68,881 Net unrealized gain on financial instruments ​ ​ 19,457 ​ ​ 2,999 ​ ​ 16,921 ​ ​ — ​ ​ 39,377 Servicing income, net ​ ​ 3,113 ​ ​ 14,510 ​ ​ 30,392 ​ ​ — ​ ​ 48,015 Income on purchased future receivables, net ​ ​ — ​ ​ 10,257 ​ ​ — ​ ​ — ​ 10,257 Income on unconsolidated joint ventures ​ ​ 6,916 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,916 Other income (loss) ​ ​ 13,002 ​ ​ (6,231) ​ ​ 2,153 ​ ​ 85 ​ ​ 9,009 Total non-interest income ​ $ 67,301 ​ $ 65,603 ​ $ 186,763 ​ $ 85 ​ $ 319,752 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (16,582) ​ $ (36,757) ​ $ (32,973) ​ $ (3,753) ​ $ (90,065) Allocated employee compensation and benefits from related party ​ ​ (1,203) ​ ​ — ​ ​ — ​ ​ (10,828) ​ (12,031) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (75,133) ​ ​ — ​ (75,133) Professional fees ​ ​ (4,064) ​ ​ (3,034) ​ ​ (2,951) ​ ​ (6,290) ​ (16,339) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,928) ​ (10,928) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,419) ​ (5,419) Loan servicing expense ​ ​ (19,680) ​ ​ (886) ​ ​ (9,417) ​ ​ — ​ (29,983) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (14,282) ​ ​ (14,282) Other operating expenses ​ ​ (21,997) ​ ​ (23,377) ​ ​ (8,498) ​ ​ (4,529) ​ (58,401) Total non-interest expense ​ $ (63,526) ​ $ (64,054) ​ $ (128,972) ​ $ (56,029) ​ $ (312,581) Income (loss) before provision for income taxes ​ $ 110,046 ​ $ 80,756 ​ $ 56,898 ​ $ (58,643) ​ $ 189,057 Total assets ​ $ 7,106,206 ​ $ 1,558,641 ​ $ 482,185 ​ $ 386,999 ​ $ 9,534,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ Lending ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 211,525 ​ $ 39,430 ​ $ 7,681 ​ $ — ​ $ 258,636 Interest expense ​ ​ (138,444) ​ ​ (27,472) ​ ​ (8,294) ​ ​ (1,271) ​ ​ (175,481) Net interest income before provision for loan losses ​ $ 73,081 ​ $ 11,958 ​ $ (613) ​ $ (1,271) ​ $ 83,155 Provision for loan losses ​ ​ (26,932) ​ ​ (7,794) ​ ​ — ​ ​ — ​ (34,726) Net interest income after provision for loan losses ​ $ 46,149 ​ $ 4,164 ​ $ (613) ​ $ (1,271) ​ $ 48,429 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 252,720 ​ $ — ​ $ 252,720 Net realized gain on financial instruments and real estate owned ​ ​ 13,349 ​ ​ 18,564 ​ ​ — ​ ​ — ​ ​ 31,913 Net unrealized loss on financial instruments ​ ​ (9,763) ​ ​ (1,084) ​ ​ (37,254) ​ ​ — ​ ​ (48,101) Servicing income, net ​ ​ 2,265 ​ ​ 11,100 ​ ​ 25,229 ​ ​ — ​ ​ 38,594 Income on purchased future receivables, net ​ ​ — ​ ​ 15,711 ​ ​ — ​ ​ — ​ 15,711 Income on unconsolidated joint ventures ​ ​ 2,404 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,404 Other income ​ ​ 8,200 ​ ​ 32,944 ​ ​ 183 ​ ​ 189 ​ ​ 41,516 Total non-interest income ​ $ 16,455 ​ $ 77,235 ​ $ 240,878 ​ $ 189 ​ $ 334,757 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (14,137) ​ $ (29,008) ​ $ (45,368) ​ $ (3,407) ​ $ (91,920) Allocated employee compensation and benefits from related party ​ ​ (700) ​ ​ — ​ ​ — ​ ​ (6,300) ​ (7,000) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (114,510) ​ ​ — ​ (114,510) Professional fees ​ ​ (2,174) ​ ​ (1,839) ​ ​ (1,777) ​ ​ (7,570) ​ (13,360) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,682) ​ (10,682) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,973) ​ (5,973) Loan servicing expense ​ ​ (14,390) ​ ​ (675) ​ ​ (15,754) ​ ​ (37) ​ (30,856) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (63) ​ ​ (63) Other operating expenses ​ ​ (18,865) ​ ​ (23,525) ​ ​ (8,737) ​ ​ (3,242) ​ (54,369) Total non-interest expense ​ $ (50,266) ​ $ (55,047) ​ $ (186,146) ​ $ (37,274) ​ $ (328,733) Income (loss) before provision for income taxes ​ $ 12,338 ​ $ 26,352 ​ $ 54,119 ​ $ (38,356) ​ $ 54,453 Total assets ​ $ 3,790,899 ​ $ 754,600 ​ $ 626,035 ​ $ 200,561 ​ $ 5,372,095 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 193,417 ​ $ 32,096 ​ $ 4,403 ​ $ — ​ $ 229,916 Interest expense ​ ​ (131,179) ​ ​ (14,864) ​ ​ (5,837) ​ ​ — ​ ​ (151,880) Net interest income before provision for loan losses ​ $ 62,238 ​ $ 17,232 ​ $ (1,434) ​ $ — ​ $ 78,036 Provision for loan losses ​ ​ (1,127) ​ ​ (2,557) ​ ​ — ​ ​ — ​ (3,684) Net interest income after provision for loan losses ​ $ 61,111 ​ $ 14,675 ​ $ (1,434) ​ $ — ​ $ 74,352 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 83,539 ​ $ — ​ $ 83,539 Net realized gain on financial instruments and real estate owned ​ ​ 13,768 ​ ​ 15,190 ​ ​ — ​ ​ — ​ ​ 28,958 Net unrealized gain (loss) on financial instruments ​ ​ (361) ​ ​ 393 ​ ​ (18,569) ​ ​ (253) ​ ​ (18,790) Servicing income, net ​ ​ 1,899 ​ ​ 6,127 ​ ​ 22,639 ​ ​ — ​ ​ 30,665 Income on purchased future receivables, net ​ ​ — ​ ​ 2,362 ​ ​ — ​ ​ — ​ 2,362 Income on unconsolidated joint ventures ​ ​ 6,088 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,088 Other income ​ ​ 8,304 ​ ​ 2,361 ​ ​ 249 ​ ​ 164 ​ ​ 11,078 Gain on bargain purchase ​ ​ — ​ ​ — ​ ​ — ​ ​ 30,728 ​ ​ 30,728 Total non-interest income ​ $ 29,698 ​ $ 26,433 ​ $ 87,858 ​ $ 30,639 ​ $ 174,628 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (6,958) ​ $ (18,057) ​ $ (22,882) ​ $ (3,340) ​ $ (51,237) Allocated employee compensation and benefits from related party ​ ​ (547) ​ ​ — ​ ​ — ​ ​ (4,926) ​ (5,473) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (51,760) ​ ​ — ​ (51,760) Professional fees ​ ​ (2,134) ​ ​ (1,252) ​ ​ (1,101) ​ ​ (2,947) ​ (7,434) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,578) ​ (9,578) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (106) ​ (106) Loan servicing expense ​ ​ (10,357) ​ ​ (261) ​ ​ (7,225) ​ ​ (133) ​ (17,976) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,750) ​ ​ (7,750) Other operating expenses ​ ​ (14,218) ​ ​ (8,145) ​ ​ (7,717) ​ ​ (3,082) ​ (33,162) Total non-interest expense ​ $ (34,214) ​ $ (27,715) ​ $ (90,685) ​ $ (31,862) ​ $ (184,476) Income (loss) before provision for income taxes ​ $ 56,595 ​ $ 13,393 ​ $ (4,261) ​ $ (1,223) ​ $ 64,504 Total assets ​ $ 3,694,266 ​ $ 822,147 ​ $ 330,363 ​ $ 130,242 ​ $ 4,977,018

Organization (Details)

Organization (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Partnership
Ownership percentage in operating partnership	99.60%	97.90%

Organization - Acquisitions (De

Organization - Acquisitions (Details)	Jul. 31, 2021USD ($)shares	Mar. 19, 2021USD ($)item$ / sharesshares	Dec. 31, 2021USD ($)$ / shares	Nov. 03, 2021USD ($)	Jul. 15, 2021$ / 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 C Preferred Stock
Acquisitions
Rate per Annum			6.25%
Par Value per Share | $ / shares			$ 0.0001
Series D Preferred Stock
Acquisitions
Preferred stock redemption price | $ / shares					$ 25
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 B Preferred Stock | ANH
Acquisitions
Rate per Annum		6.25%
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 C Preferred Stock | ANH
Acquisitions
Rate per Annum		7.625%
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
ANH | Series A Preferred Stock | ANH
Acquisitions
Rate per Annum		8.625%
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
Mosaic Merger Agreement | Minimum
Acquisitions
Pro forma equity capital				$ 1,800,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)itemclasssegment	Dec. 31, 2020USD ($)
Number of reportable segments | segment	3
Cash collateral offset against derivative liability positions	$ 1.8	$ 5
Cash collateral not offset against derivative liability positions	$ 9	10.5
Number of separate classes of servicing rights used for risk management purposes | class	2
Number of repurchase agreements accounted for as components of linked transactions | item	0
Unrecognized accrued taxes, interest and penalties	$ 0	$ 0
The number of consecutive months contractual payments that must be received on a loan in non-accrual status before resuming recognition of interest income | item	3
Borrowings under credit facilities | Maximum
Maturity period	2 years

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' equity	$ 1,280,598	$ 834,208	$ 844,784	$ 564,075
Retained earnings (deficit)	8,598	(24,203)
Retained Earnings (Deficit)
Stockholders' equity	$ 8,598	$ (24,203)	$ 8,746	$ 5,272

Business Combinations - ANH Mer

Business Combinations - ANH Merger (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 19, 2021	Dec. 31, 2020
Assets:
Real estate, held for sale	$ 7,338		$ 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 - Aggrega

Business Combinations - Aggregate Consideration Transferred (Details) $ / shares in Units, $ in Thousands	Mar. 19, 2021USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Acquisitions
Goodwill			$ 31,470	$ 11,206
Aggregate consideration transferred, net of assets acquired and bargain purchase gain
Bargain purchase gain		$ 30,728
ANH
Acquisitions
Common stock consideration	$ 239,537
Fair value of net assets acquired	$ 410,526
ANH shares outstanding at March 19, 2021 | shares	99,374
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

Business Combinations - Red Sto

Business Combinations - Red Stone Acquisition (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Liabilities:
Contingent consideration in connection with acquisitions		$ 16,400
Goodwill		$ 31,470	$ 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	20,793
Servicing rights	30,503
Other Assets:
Intangible assets	9,300
Other assets	1,330
Total assets acquired	70,473
Liabilities:
Accounts payable and other accrued liabilities	7,965
Total liabilities assumed	7,965
Net assets acquired	62,508
Cash paid	63,000
Contingent consideration in connection with acquisitions	12,400
Total consideration transferred	75,400
Goodwill	$ 12,892

Business Combinations - Pro-for

Business Combinations - Pro-forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pro-forma information
Bargain purchase gain			$ 30,728
ANH
Pro-forma information
Interest income	$ 415,245	$ 341,733
Interest expense	(217,089)	(220,370)
Recovery of (provision for) loan losses	(8,049)	(35,394)
Non-interest income	322,477	399,075
Non-interest expense	(318,391)	(570,884)
Income (loss) before provision for income taxes	194,193	(85,840)
Income tax benefit (expense)	(29,083)	(8,385)
Net income (loss)	165,110	$ (94,225)
Nonrecurring transaction costs excluded from pro forma non-interest expense	$ 7,800

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses - Classification, unpaid principal balance, and carrying value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Total Loans, before allowance for loan losses	$ 2,948,662	$ 1,583,848
Allowance for loan losses	(33,216)	(33,224)
Total Loans, net	2,915,446	1,550,624
Allowance for loan losses on loans in consolidated VIEs	(45,377)	(46,732)	$ (7,441)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	6,997,294	4,023,431
Loans, held for sale, at fair value	552,935	340,288
Total Loans, net and Loans held for sale, at fair value	7,550,229	4,363,719
Paycheck Protection Program loans	870,352	74,931
Total loan portfolio	8,420,581	4,438,650
UPB
Total Loans, before allowance for loan losses	2,977,841	1,598,328
Total Loans, net	2,977,841	1,598,328
Total Loans, held for sale, at fair value	540,760	328,045
Total Loans, net and Loans held for sale, at fair value	7,644,183	4,430,080
Total Paycheck Protection Program loans	931,009	74,931
Total Loan portfolio	8,575,192	4,505,011
Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	4,094,009	2,486,315
Allowance for loan losses on loans in consolidated VIEs	(12,161)	(13,508)
Total Loans, net, in consolidated VIEs	4,081,848	2,472,807
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	4,125,582	2,503,707
Total Loans, net, in consolidated VIEs	4,125,582	2,503,707
Originated Transitional loans
Carrying Value
Total Loans, before allowance for loan losses	1,693,471	530,671
Allowance for loan losses on loans in consolidated VIEs	(20,216)	(14,995)	(188)
UPB
Total Loans, before allowance for loan losses	1,705,037	535,963
Originated Transitional loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	2,693,186	785,653
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	2,717,487	789,750
Originated SBA 7(a) loans
Carrying Value
Total Loans, before allowance for loan losses	351,664	310,537
Allowance for loan losses on loans in consolidated VIEs	(9,096)	(10,051)	(1,781)
Loans, held for sale, at fair value	42,761	10,232
UPB
Total Loans, before allowance for loan losses	361,392	314,938
Total Loans, held for sale, at fair value	38,966	9,436
Originated SBA 7(a) loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	55,580	68,625
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	58,792	72,451
Acquired SBA 7(a) loans
Carrying Value
Total Loans, before allowance for loan losses	152,327	201,066
Allowance for loan losses on loans in consolidated VIEs	(3,084)	(4,549)	(2,114)
UPB
Total Loans, before allowance for loan losses	158,016	210,115
Acquired SBA 7(a) loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	32,768	42,154
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	39,812	52,456
Originated SBC loans
Carrying Value
Total Loans, before allowance for loan losses	266,026	173,190
Allowance for loan losses on loans in consolidated VIEs	(6,860)	(8,840)	(304)
Loans, held for sale, at fair value	101,172	17,850
UPB
Total Loans, before allowance for loan losses	259,786	167,470
Total Loans, held for sale, at fair value	100,655	17,850
Originated SBC loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	718,201	892,316
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	715,842	887,917
Acquired loans
Carrying Value
Total Loans, before allowance for loan losses	471,842	351,381
Allowance for loan losses on loans in consolidated VIEs	(6,121)	(8,297)	$ (3,054)
Loans, held for sale, at fair value	130,693	511
UPB
Total Loans, before allowance for loan losses	480,088	352,546
Total Loans, held for sale, at fair value	128,079	499
Acquired loans | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	594,274	697,567
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	593,649	701,133
Originated SBC loans, at fair value
Carrying Value
Total Loans, before allowance for loan losses	10,766	13,795
UPB
Total Loans, before allowance for loan losses	10,956	14,088
Originated Residential Agency loans
Carrying Value
Total Loans, before allowance for loan losses	2,566	3,208
Loans, held for sale, at fair value	235,925	260,447
UPB
Total Loans, before allowance for loan losses	2,566	3,208
Total Loans, held for sale, at fair value	231,196	249,852
Originated Freddie Mac loans
Carrying Value
Loans, held for sale, at fair value	42,384	51,248
UPB
Total Loans, held for sale, at fair value	41,864	50,408
Paycheck Protection Program Loans
Carrying Value
Paycheck Protection Program loans	867,109
UPB
Total Paycheck Protection Program loans	927,766
Paycheck Protection Program loans, at fair value
Carrying Value
Paycheck Protection Program loans	3,243	74,931
UPB
Total Paycheck Protection Program loans	$ 3,243	$ 74,931

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loan classification and delinquency by year of origination
UPB	$ 7,103,423	$ 4,102,035
Current fiscal year	3,702,631	522,961
Year before current fiscal year	605,289	1,229,069
Two years before current fiscal year	974,892	735,604
Three years before current fiscal year	523,579	243,042
Four years before current fiscal year	173,349	110,314
Five or more years before current fiscal year	1,045,667	1,211,980
Total	7,025,407	4,052,970
General allowance for loan losses	(28,113)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	6,997,294	4,023,431
Specific allowance for loan losses	17,264	17,193
Current and less than 30 days past due
Loan classification and delinquency by year of origination
UPB	6,901,474	3,904,294
Current fiscal year	3,666,020	516,474
Year before current fiscal year	596,289	1,221,227
Two years before current fiscal year	953,269	707,068
Three years before current fiscal year	473,798	203,331
Four years before current fiscal year	167,629	100,003
Five or more years before current fiscal year	984,680	1,125,100
Total	6,841,685	3,873,203
30-59 Days Past Due
Loan classification and delinquency by year of origination
UPB	73,836	38,836
Current fiscal year	35,549	5,812
Year before current fiscal year	352	5,191
Two years before current fiscal year	18,393	15,097
Three years before current fiscal year	3,714	401
Four years before current fiscal year	228	2
Five or more years before current fiscal year	14,601	11,933
Total	72,837	38,436
60+ Days Past Due
Loan classification and delinquency by year of origination
UPB	128,113	158,905
Current fiscal year	1,062	675
Year before current fiscal year	8,648	2,651
Two years before current fiscal year	3,230	13,439
Three years before current fiscal year	46,067	39,310
Four years before current fiscal year	5,492	10,309
Five or more years before current fiscal year	46,386	74,947
Total	110,885	141,331
Originated Transitional loans
Loan classification and delinquency by year of origination
UPB	4,422,524	1,325,713
Current fiscal year	3,339,437	385,183
Year before current fiscal year	420,486	583,593
Two years before current fiscal year	424,118	306,971
Three years before current fiscal year	192,901	23,783
Four years before current fiscal year		16,794
Five or more years before current fiscal year	5,340
Total	4,382,282	1,316,324
General allowance for loan losses	(15,841)	(14,995)
Specific allowance for loan losses	4,375
Originated Transitional loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	4,289,571	1,278,829
Originated Transitional loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	52,997	17,713
Originated Transitional loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	39,714	19,782
Originated SBC loans
Loan classification and delinquency by year of origination
UPB	975,628	1,055,387
Current fiscal year	142,947	66,715
Year before current fiscal year	58,651	486,033
Two years before current fiscal year	394,648	237,313
Three years before current fiscal year	163,912	110,354
Four years before current fiscal year	98,123	45,382
Five or more years before current fiscal year	121,752	113,508
Total	980,033	1,059,305
General allowance for loan losses	(2,666)	(2,640)
Specific allowance for loan losses	4,194	6,200
Originated SBC loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	944,803	1,003,628
Originated SBC loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total		6,591
Originated SBC loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	35,230	49,086
Acquired loans
Loan classification and delinquency by year of origination
UPB	1,073,737	1,053,679
Current fiscal year	126,803	21,414
Year before current fiscal year	80,705	40,572
Two years before current fiscal year	50,720	42,167
Three years before current fiscal year	44,530	38,649
Four years before current fiscal year	26,194	19,533
Five or more years before current fiscal year	733,996	883,774
Total	1,062,948	1,046,109
General allowance for loan losses	(2,953)	(5,457)
Specific allowance for loan losses	3,168	2,840
Acquired loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,018,805	978,346
Acquired loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	13,099	7,729
Acquired loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	31,044	60,034
Originated SBA 7(a) loans
Loan classification and delinquency by year of origination
UPB	420,184	387,389
Current fiscal year	91,991	47,939
Year before current fiscal year	44,878	98,568
Two years before current fiscal year	91,208	133,812
Three years before current fiscal year	108,631	68,375
Four years before current fiscal year	48,771	22,056
Five or more years before current fiscal year	18,779	4,041
Total	404,258	374,791
General allowance for loan losses	(6,110)	(5,680)
Specific allowance for loan losses	2,986	4,371
Originated SBA 7(a) loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	397,554	369,416
Originated SBA 7(a) loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	5,309	1,741
Originated SBA 7(a) loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	1,395	3,634
Acquired SBA 7(a) loans
Loan classification and delinquency by year of origination
UPB	197,828	262,571
Current fiscal year	39	139
Year before current fiscal year	77	19,658
Two years before current fiscal year	13,730	14,636
Three years before current fiscal year	13,605	283
Four years before current fiscal year	261	19
Five or more years before current fiscal year	154,842	204,703
Total	182,554	239,438
General allowance for loan losses	(543)	(767)
Specific allowance for loan losses	2,541	3,782
Acquired SBA 7(a) loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	179,039	228,651
Acquired SBA 7(a) loans | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	1,432	4,008
Acquired SBA 7(a) loans | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	2,083	6,779
Originated SBC loans, at fair value
Loan classification and delinquency by year of origination
UPB	10,956	14,088
Three years before current fiscal year		1,598
Four years before current fiscal year		6,442
Five or more years before current fiscal year	10,766	5,755
Total	10,766	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	10,766	13,795
Originated Residential Agency loans
Loan classification and delinquency by year of origination
UPB	2,566	3,208
Current fiscal year	1,414	1,571
Year before current fiscal year	492	645
Two years before current fiscal year	468	705
Four years before current fiscal year		88
Five or more years before current fiscal year	192	199
Total	2,566	3,208
Originated Residential Agency loans | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,147	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	$ 1,419	$ 2,016

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses - Delinquency (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loan delinquency information
Total Loans Carrying Value	$ 7,025,407	$ 4,052,970
Non-Accrual Loans	99,503	134,158
General allowance for loan losses	(28,113)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 6,997,294	$ 4,023,431
Percentage of loans outstanding	100.00%	100.00%
Percentage of outstanding, Non-Accrual Loans	1.40%	3.30%
Percentage of outstanding, 90+Days Past Due Accruing		0.00%
Percentage of loans outstanding - Accruing	0.00%
Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	$ 6,841,685	$ 3,873,203
Percentage of loans outstanding	97.40%
Percentage of outstanding, Non-Accrual Loans		95.60%
30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 72,837	$ 38,436
Percentage of loans outstanding	1.00%	0.90%
60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 110,885	$ 141,331
Percentage of loans outstanding	1.60%	3.50%
Originated Transitional loans
Loan delinquency information
Total Loans Carrying Value	$ 4,382,282	$ 1,316,324
Non-Accrual Loans	30,038	19,416
General allowance for loan losses	(15,841)	(14,995)
Originated Transitional loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	4,289,571	1,278,829
Originated Transitional loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	52,997	17,713
Originated Transitional loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	39,714	19,782
Originated SBC loans
Loan delinquency information
Total Loans Carrying Value	980,033	1,059,305
Non-Accrual Loans	27,125	37,635
General allowance for loan losses	(2,666)	(2,640)
Originated SBC loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	944,803	1,003,628
Originated SBC loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value		6,591
Originated SBC loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	35,230	49,086
Acquired loans
Loan delinquency information
Total Loans Carrying Value	1,062,948	1,046,109
Non-Accrual Loans	25,803	57,020
General allowance for loan losses	(2,953)	(5,457)
Acquired loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,018,805	978,346
Acquired loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	13,099	7,729
Acquired loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	31,044	60,034
Originated SBA 7(a) loans
Loan delinquency information
Total Loans Carrying Value	404,258	374,791
Non-Accrual Loans	10,822	8,668
General allowance for loan losses	(6,110)	(5,680)
Originated SBA 7(a) loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	397,554	369,416
Originated SBA 7(a) loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	5,309	1,741
Originated SBA 7(a) loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,395	3,634
Acquired SBA 7(a) loans
Loan delinquency information
Total Loans Carrying Value	182,554	239,438
Non-Accrual Loans	4,297	9,001
General allowance for loan losses	(543)	(767)
Acquired SBA 7(a) loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	179,039	228,651
Acquired SBA 7(a) loans | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,432	4,008
Acquired SBA 7(a) loans | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	2,083	6,779
Originated SBC loans, at fair value
Loan delinquency information
Total Loans Carrying Value	10,766	13,795
Originated SBC loans, at fair value | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	10,766	13,795
Originated Residential Agency loans
Loan delinquency information
Total Loans Carrying Value	2,566	3,208
Non-Accrual Loans	1,418	2,418
Originated Residential Agency loans | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,147	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	$ 1,419	$ 2,016

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses - Credit Quality (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 7,025,407	$ 4,052,970
General allowance for loan losses	(28,113)	(29,539)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 6,997,294	$ 4,023,431
Percentage of loans outstanding	100.00%	100.00%
0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 243,094	$ 285,928
Percentage of loans outstanding	3.50%	7.10%
20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 491,104	$ 532,200
Percentage of loans outstanding	7.00%	13.00%
40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,034,055	$ 1,075,306
Percentage of loans outstanding	14.70%	26.50%
60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 4,335,965	$ 1,728,645
Percentage of loans outstanding	61.70%	42.70%
80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 741,495	$ 289,919
Percentage of loans outstanding	10.50%	7.20%
Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 179,694	$ 140,972
Percentage of loans outstanding	2.60%	3.50%
Originated Transitional loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 4,382,282	$ 1,316,324
General allowance for loan losses	(15,841)	(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	782	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	109,954	7,205
Originated Transitional loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	330,935	251,112
Originated Transitional loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	3,294,838	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	628,489	157,900
Originated Transitional loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	17,284	2,727
Originated SBC loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	980,033	1,059,305
General allowance for loan losses	(2,666)	(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	416	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	27,976	77,963
Originated SBC loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	311,758	455,067
Originated SBC loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	613,021	515,023
Originated SBC loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	16,217
Originated SBC loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	10,645	5,880
Acquired loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,062,948	1,046,109
General allowance for loan losses	(2,953)	(5,457)
Acquired loans | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	234,677	266,345
Acquired loans | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	305,414	385,579
Acquired loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	271,862	228,262
Acquired loans | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	224,246	113,023
Acquired loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	14,182	40,838
Acquired loans | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	12,567	12,062
Originated SBA 7(a) loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	404,258	374,791
General allowance for loan losses	(6,110)	(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	1,222	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	10,780	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	49,750	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	159,246	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	56,174	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	127,086	99,125
Acquired SBA 7(a) loans
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	182,554	239,438
General allowance for loan losses	(543)	(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	5,997	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	31,163	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	69,364	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	38,704	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	25,214	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	12,112	20,846
Originated SBC loans, at fair value
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	10,766	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	5,817	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	2,566	3,208
Originated Residential Agency loans | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	386	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	961	1,236
Originated Residential Agency loans | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,219	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		$ 332

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses - Geographic and Collateral Concentration (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Geographical concentration | Loans, net
Concentration risk
Percentage of loan	100.00%	100.00%
Geographical concentration | Loans, net | Texas
Concentration risk
Percentage of loan	19.20%	14.20%
Geographical concentration | Loans, net | California
Concentration risk
Percentage of loan	14.30%	18.10%
Geographical concentration | Loans, net | Arizona
Concentration risk
Percentage of loan	7.40%	2.80%
Geographical concentration | Loans, net | New York
Concentration risk
Percentage of loan	7.30%	9.80%
Geographical concentration | Loans, net | Georgia
Concentration risk
Percentage of loan	7.00%	4.90%
Geographical concentration | Loans, net | Florida
Concentration risk
Percentage of loan	6.70%	7.80%
Geographical concentration | Loans, net | Illinois
Concentration risk
Percentage of loan	4.30%	5.20%
Geographical concentration | Loans, net | North Carolina
Concentration risk
Percentage of loan	2.60%	3.10%
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	27.20%	28.20%
Collateral concentration
Concentration risk
Percentage of SBA loan	100.00%	100.00%
Collateral concentration | Lodging
Concentration risk
Percentage of SBA loan	17.00%	17.20%
Collateral concentration | Offices of Physicians
Concentration risk
Percentage of SBA loan	10.90%	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	5.00%	5.30%
Collateral concentration | Gasoline Service Stations
Concentration risk
Percentage of SBA loan	3.70%	3.40%
Collateral concentration | Veterinarians
Concentration risk
Percentage of SBA loan	2.40%	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	1.40%	1.40%
Collateral concentration | Couriers
Concentration risk
Percentage of SBA loan	1.30%	1.00%
Collateral concentration | Other
Concentration risk
Percentage of SBA loan	47.20%	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	54.40%	23.80%
Collateral concentration | Loans, net | SBA
Concentration risk
Percentage of loan	8.70%	17.40%
Collateral concentration | Loans, net | Retail
Concentration risk
Percentage of loan	10.20%	17.30%
Collateral concentration | Loans, net | Office
Concentration risk
Percentage of loan	8.20%	13.10%
Collateral concentration | Loans, net | Mixed Use
Concentration risk
Percentage of loan	7.10%	12.90%
Collateral concentration | Loans, net | Industrial
Concentration risk
Percentage of loan	6.40%	7.10%
Collateral concentration | Loans, net | Lodging/Residential
Concentration risk
Percentage of loan	1.80%	3.20%
Collateral concentration | Loans, net | Other
Concentration risk
Percentage of loan	3.20%	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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses
General	$ 28,113	$ 29,539
Specific	17,264	17,193
Ending Balance	45,377	46,732	$ 7,441
Originated SBC loans
Allowance for loan losses
General	2,666	2,640
Specific	4,194	6,200
Ending Balance	6,860	8,840	304
Originated Transitional loans
Allowance for loan losses
General	15,841	14,995
Specific	4,375
Ending Balance	20,216	14,995	188
Acquired loans
Allowance for loan losses
General	2,953	5,457
Specific	3,168	2,840
Ending Balance	6,121	8,297	3,054
Acquired SBA 7(a) loans
Allowance for loan losses
General	543	767
Specific	2,541	3,782
Ending Balance	3,084	4,549	2,114
Originated SBA 7(a) loans
Allowance for loan losses
General	6,110	5,680
Specific	2,986	4,371
Ending Balance	$ 9,096	$ 10,051	$ 1,781

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses - Investment Loans Allowance Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses
Beginning Balance	$ 46,732	$ 7,441
Provision for (recoveries of) loan losses	8,727	33,785	$ 3,684
Charge-offs and sales	(8,765)	(5,795)
Recoveries	(1,317)	176
Ending Balance	45,377	46,732	7,441
Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		11,125
Ending Balance			11,125
Originated SBC loans
Allowance for loan losses
Beginning Balance	8,840	304
Provision for (recoveries of) loan losses	(480)	6,335
Charge-offs and sales	(1,311)	(199)
Recoveries	(189)
Ending Balance	6,860	8,840	304
Originated SBC loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		2,400
Ending Balance			2,400
Originated Transitional loans
Allowance for loan losses
Beginning Balance	14,995	188
Provision for (recoveries of) loan losses	9,971	16,247
Charge-offs and sales	(4,300)	(3,346)
Recoveries	(450)
Ending Balance	20,216	14,995	188
Originated Transitional loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		1,906
Ending Balance			1,906
Acquired loans
Allowance for loan losses
Beginning Balance	8,297	3,054
Provision for (recoveries of) loan losses	(1,426)	3,502
Charge-offs and sales	(26)	(137)
Recoveries	(724)
Ending Balance	6,121	8,297	3,054
Acquired loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		1,878
Ending Balance			1,878
Acquired SBA 7(a) loans
Allowance for loan losses
Beginning Balance	4,549	2,114
Provision for (recoveries of) loan losses	(555)	141
Charge-offs and sales	(949)	(1,396)
Recoveries	39	128
Ending Balance	3,084	4,549	2,114
Acquired SBA 7(a) loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		3,562
Ending Balance			3,562
Originated SBA 7(a) loans
Allowance for loan losses
Beginning Balance	10,051	1,781
Provision for (recoveries of) loan losses	1,217	7,560
Charge-offs and sales	(2,179)	(717)
Recoveries	7	48
Ending Balance	9,096	10,051	1,781
Originated SBA 7(a) loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for loan losses
Beginning Balance		1,379
Ending Balance			$ 1,379
Unfunded Loan Commitment
Allowance for loan losses
Beginning Balance	900
Ending Balance	$ 300	$ 900

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - Non-accrual loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Non-accrual loans
Non-accrual loans with an allowance	$ 71,645	$ 75,862
Non-accrual loans without an allowance	27,858	58,296
Total recorded carrying value of non-accrual loans	99,503	134,158
Allowance for loan losses related to non-accrual loans	(17,264)	(17,367)
Unpaid principal balance of non-accrual loans	119,554	158,471
Interest income on non-accrual loans	$ 1,364	$ 3,212

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses - TDR Accrual Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	$ 31,155	$ 25,259
Allowance for loan losses on loans classified as TDRs	2,672	3,340
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	8,526	7,195
Carrying value of modified loans classified as TDRs on non-accrual status	22,629	18,064
Total carrying value of modified loans classified as TDRs	31,155	25,259
SBC
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	11,504	7,327
Allowance for loan losses on loans classified as TDRs	46	17
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	284	307
Carrying value of modified loans classified as TDRs on non-accrual status	11,220	7,020
Total carrying value of modified loans classified as TDRs	11,504	7,327
SBA
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	19,651	17,932
Allowance for loan losses on loans classified as TDRs	2,626	3,323
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	8,242	6,888
Carrying value of modified loans classified as TDRs on non-accrual status	11,409	11,044
Total carrying value of modified loans classified as TDRs	$ 19,651	$ 17,932

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses - TDR Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	31	33
Pre-modification recorded balance	$ 18,207	$ 19,383
Post-modification recorded balance	$ 17,684	$ 19,418
Number of loans that remain in default | loan	9	7
Balance of loans that remain in default	$ 10,192	$ 5,587
TDR Modifications including financial effects	16,362	12,607
Carrying amount of loan foreclosure in process	2,300	2,200
PCD loans acquired	$ 0	$ 0
SBC
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	2	5
Pre-modification recorded balance	$ 8,660	$ 10,963
Post-modification recorded balance	$ 8,660	$ 10,963
Number of loans that remain in default | loan	2	3
Balance of loans that remain in default	$ 8,660	$ 5,285
TDR Modifications including financial effects	$ 8,660	$ 5,285
SBA
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	29	28
Pre-modification recorded balance	$ 9,547	$ 8,420
Post-modification recorded balance	$ 9,024	$ 8,455
Number of loans that remain in default | loan	7	4
Balance of loans that remain in default	$ 1,532	$ 302
TDR Modifications including financial effects	7,702	7,322
Term Extension
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	7,616	7,020
Term Extension | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	7,616	7,020
Foreclosure
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	8,746	5,587
Foreclosure | SBC
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	8,660	5,285
Foreclosure | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	$ 86	$ 302

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Loans, held for sale, at fair value	$ 552,935	$ 340,288
Loans, net, held at fair value	10,766	13,795
Paycheck Protection Program loans	3,243	74,931
Derivative instruments, at fair value	7,022	16,363
Residential mortgage servicing rights, at fair value	120,142	76,840
Investment in unconsolidated joint venture	8,894
Liabilities:
Derivative instruments, at fair value	410	11,604
Contingent consideration in connection with acquisitions	16,400
Recurring
Assets:
Loans, held for sale, at fair value	552,935	340,288
Loans, net, held at fair value	10,766	13,795
Paycheck Protection Program loans	3,243	74,931
Mortgage backed securities, at fair value	99,496	88,011
Derivative instruments, at fair value	7,022	16,363
Residential mortgage servicing rights, at fair value	120,142	76,840
Investment in unconsolidated joint venture	8,894
Total assets	802,498	610,228
Liabilities:
Derivative instruments, at fair value	410	11,604
Contingent consideration in connection with acquisitions	16,400
Total liabilities	16,810	11,604
Recurring | Level 2 inputs
Assets:
Loans, held for sale, at fair value	321,070	340,288
Mortgage backed securities, at fair value	97,915	62,880
Derivative instruments, at fair value	4,683
Total assets	423,668	403,168
Liabilities:
Derivative instruments, at fair value	410	11,604
Total liabilities	410	11,604
Recurring | Level 3 inputs
Assets:
Loans, held for sale, at fair value	231,865
Loans, net, held at fair value	10,766	13,795
Paycheck Protection Program loans	3,243	74,931
Mortgage backed securities, at fair value	1,581	25,131
Derivative instruments, at fair value	2,339	16,363
Residential mortgage servicing rights, at fair value	120,142	76,840
Investment in unconsolidated joint venture	8,894
Total assets	378,830	$ 207,060
Liabilities:
Contingent consideration in connection with acquisitions	16,400
Total liabilities	$ 16,400

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value (Details) - Level 3 inputs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in fair value of assets
Beginning Balance	$ 207,060	$ 114,660
Purchases or Originations	283,717	119,344
Additions due to loans sold, servicing retained	46,286	43,701
Sales / Principal payments	(166,752)	(58,225)
Realized gains (losses), net	(1,628)	350
Unrealized gains (losses), net	97	(25,162)
Accreted discount, net	59	12
Transfer to (from) Level 3	(6,409)	12,380
Ending Balance	362,430	207,060
Total unrealized gain (loss)	(29,156)	(30,537)
Contingent Consideration
Changes in fair value of liabilities
Purchases or Originations	(12,400)
Realized gains, net	(4,000)
Ending Balance	(16,400)
Total unrealized gain (loss)	(4,000)
Mortgage backed securities
Changes in fair value of assets
Beginning Balance	25,131	460
Purchases or Originations		12,640
Sales / Principal payments	(92)	(13)
Unrealized gains (losses), net	1,253	(348)
Accreted discount, net	59	12
Transfer to (from) Level 3	(24,770)	12,380
Ending Balance	1,581	25,131
Total unrealized gain (loss)	154	602
Derivatives
Changes in fair value of assets
Beginning Balance	16,363	2,814
Unrealized gains (losses), net	(14,024)	13,549
Ending Balance	2,339	16,363
Total unrealized gain (loss)	2,339	16,363
Loans Receivable
Changes in fair value of assets
Beginning Balance	13,795	20,212
Sales / Principal payments	(3,201)	(5,649)
Realized gains (losses), net	7	350
Unrealized gains (losses), net	165	(1,118)
Ending Balance	10,766	13,795
Total unrealized gain (loss)	(190)	(293)
Loans, held for sale, at fair value
Changes in fair value of assets
Purchases or Originations	283,054
Sales / Principal payments	(68,001)
Realized gains (losses), net	(1,635)
Unrealized gains (losses), net	86
Transfer to (from) Level 3	18,361
Ending Balance	231,865
Total unrealized gain (loss)	3,133
Paycheck Protection Program loans, at fair value
Changes in fair value of assets
Beginning Balance	74,931
Purchases or Originations	3,866	106,704
Sales / Principal payments	(75,554)	(31,786)
Unrealized gains (losses), net		13
Ending Balance	3,243	74,931
Mortgage servicing rights
Changes in fair value of assets
Beginning Balance	76,840	91,174
Additions due to loans sold, servicing retained	46,286	43,701
Sales / Principal payments	(19,904)	(20,777)
Unrealized gains (losses), net	16,920	(37,258)
Ending Balance	120,142	76,840
Total unrealized gain (loss)	(30,289)	$ (47,209)
Investment in unconsolidated joint ventures
Changes in fair value of assets
Purchases or Originations	9,197
Unrealized gains (losses), net	(303)
Ending Balance	8,894
Total unrealized gain (loss)	$ (303)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation and Inputs, at FV (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	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	$ 362,430	$ 207,060	$ 114,660
Recurring
Fair value inputs, quantitative information
Asset, fair value	802,498	610,228
Liabilities, fair value	(16,810)	(11,604)
Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	378,830	207,060
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	247,500	113,900
Liabilities, fair value	(16,400)
Loans Receivable | Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	10,766	13,795	20,212
Loans, held for sale, 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	231,865
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	1,581	25,131	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	120,142	76,840	$ 91,174
Mortgage servicing rights | Recurring | Level 3 inputs | Income Approach
Fair value inputs, quantitative information
Asset, fair value	120,142	76,840
Derivative instruments | Recurring | Level 3 inputs | Market Approach
Fair value inputs, quantitative information
Asset, fair value	$ 2,339	$ 16,363
Derivative instruments | Recurring | Level 3 inputs | Origination Pull-Through Rate | Measurement Input, Origination Pull-through Rate | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.630	0.476
Derivative instruments | Recurring | Level 3 inputs | Origination Pull-Through Rate | Measurement Input, Origination Pull-through Rate | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	1	1
Derivative instruments | Recurring | Level 3 inputs | Origination Pull-Through Rate | Measurement Input, Origination Pull-through Rate | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.867	0.841
Derivative instruments | Recurring | Level 3 inputs | Servicing Fee Multiple | Measurement Input, Servicing Fee Multiple | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.004	0.005
Derivative instruments | Recurring | Level 3 inputs | Servicing Fee Multiple | 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 | Servicing Fee Multiple | 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 | Percentage of Unpaid Principal Balance | Measurement Input, Percentage of Unpaid Principal Balance | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.001	0.001
Derivative instruments | Recurring | Level 3 inputs | Percentage of Unpaid Principal Balance | Measurement Input, Percentage of Unpaid Principal Balance | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.031	0.029
Derivative instruments | Recurring | Level 3 inputs | Percentage of Unpaid Principal Balance | Measurement Input, Percentage of Unpaid Principal Balance | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.013	0.011
Derivative instruments | Recurring | Level 3 inputs | Monte Carlo Simulation Model
Fair value inputs, quantitative information
Liabilities, fair value	$ (16,400)
Investment in unconsolidated joint ventures | Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	8,894
Investment in unconsolidated joint ventures | Recurring | Level 3 inputs | Income Approach
Fair value inputs, quantitative information
Asset, fair value	$ 8,894
Investment in unconsolidated joint ventures | Recurring | Level 3 inputs | Income Approach | Measurement Input, Discount Rate | Maximum
Fair value inputs, quantitative information
Debt instrument, measurement input	0.090
Investment in unconsolidated joint ventures | Recurring | Level 3 inputs | Income Approach | Measurement Input, Discount Rate | Weighted Average
Fair value inputs, quantitative information
Debt instrument, measurement input	0.090
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	0.038
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	0.038

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities, Not at FV (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Paycheck Protection Program loans	$ 3,243	$ 74,931
Purchased future receivables, net	7,872	17,308
Investment in unconsolidated joint venture	8,894
Liabilities:
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	941,505	76,276
Senior secured notes, net	342,035	179,659
Carrying Amount
Assets:
Loans, held-for-investment	6,986,528	4,009,636
Paycheck Protection Program loans	867,109
Purchased future receivables, net	7,872	17,308
Servicing rights	84,457	37,823
Total assets	7,945,966	4,064,767
Liabilities:
Secured borrowings	2,517,600	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	941,505	76,276
Securitized debt obligations of consolidated VIEs	3,214,303	1,905,749
Senior secured notes, net	342,035	179,659
Guaranteed loan financing	345,217	401,705
Convertible note, net	113,247	112,129
Corporate debt, net	441,817	150,989
Total liabilities	7,915,724	4,120,750
Carrying Amount | Level 3 inputs
Assets:
Due from servicers and accrued interest	45,600	23,800
Receivable from third parties	29,300	1,200
Liabilities:
Payable to related parties and accrued interest payable	27,500	23,800
Fair Value
Assets:
Loans, held-for-investment	7,112,282	4,103,200
Paycheck Protection Program loans	927,766
Purchased future receivables, net	7,872	17,308
Servicing rights	89,470	47,567
Total assets	8,137,390	4,168,075
Liabilities:
Secured borrowings	2,517,600	1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	941,505	76,276
Securitized debt obligations of consolidated VIEs	3,238,155	1,907,541
Senior secured notes, net	338,990	188,114
Guaranteed loan financing	366,887	426,348
Convertible note, net	118,922	68,186
Corporate debt, net	457,741	151,209
Total liabilities	$ 7,979,800	$ 4,111,917

Mortgage Backed Securities (Det

Mortgage Backed Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Mortgage Backed Securities
Fair Value	$ 99,496	$ 88,011
Mortgage backed securities
Mortgage Backed Securities
Weighted Average Interest Rate	4.10%	4.10%
Principal Balance	$ 188,101	$ 212,574
Amortized Cost	95,859	91,636
Fair Value	99,496	88,011
Gross Unrealized Gains	8,746	2,106
Gross Unrealized Losses	$ (5,109)	$ (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	$ 188,101	212,482
Mortgage Backed Securities Amortized Cost
After five years through ten years		92
After ten years	95,859	91,544
Mortgage Backed Securities Estimated Fair Value
After five years through ten years		91
After ten years	$ 99,496	$ 87,920
Freddie Mac Loans
Mortgage Backed Securities
Weighted Average Interest Rate	3.70%	3.70%
Principal Balance	$ 103,928	$ 139,408
Amortized Cost	46,828	52,320
Fair Value	52,088	53,509
Gross Unrealized Gains	$ 5,260	1,880
Gross Unrealized Losses		$ (691)
Commercial Loans
Mortgage Backed Securities
Weighted Average Interest Rate	4.50%	4.50%
Principal Balance	$ 70,498	$ 73,074
Amortized Cost	38,661	39,224
Fair Value	34,347	34,411
Gross Unrealized Gains	795	226
Gross Unrealized Losses	$ (5,109)	$ (5,039)
Tax Liens
Mortgage Backed Securities
Weighted Average Interest Rate	3.70%	6.00%
Principal Balance	$ 13,675	$ 92
Amortized Cost	10,370	92
Fair Value	13,061	91
Gross Unrealized Gains	$ 2,691
Gross Unrealized Losses		$ (1)

Servicing rights (Details)

Servicing rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Servicing rights
Unpaid Principal Amount	$ 5,089,157	$ 2,145,133
Carrying Value	84,457	37,823
Total servicing rights	204,599	114,663
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	37,823
Ending net carrying value at amortized cost	84,457	37,823
Residential MSRs
Servicing rights
Unpaid Principal Amount	10,995,685	9,528,886
Servicing rights activity at fair value
Beginning net carrying value at fair value	76,840	91,174
Additions due to loans sold, servicing retained	46,286	43,701
Loan pay-offs	(19,904)	(20,777)
Unrealized gains (losses)	16,920	(37,258)
Ending net carrying value at fair value	120,142	76,840
Multi-family
Servicing rights
Unpaid Principal Amount	4,232,969	1,501,998
Carrying Value	62,300	19,059
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	19,059	13,135
Additions due to loans sold, servicing retained	18,147	8,850
Acquisitions	30,503
Amortization	(5,409)	(2,926)
Ending net carrying value at amortized cost	62,300	19,059
Multi-family | Residential MSRs
Servicing rights
Unpaid Principal Amount	2,807,186	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	33,427	23,309
SBA
Servicing rights
Unpaid Principal Amount	856,188	643,135
Carrying Value	22,157	18,764
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	18,764	17,660
Additions due to loans sold, servicing retained	8,572	4,153
Amortization	(4,021)	(3,555)
Impairment (recovery)	(1,158)	506
Ending net carrying value at amortized cost	22,157	18,764
SBA | Multi-family
Servicing rights
Carrying Value	84,457	37,823
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	37,823
Ending net carrying value at amortized cost	$ 84,457	$ 37,823

Servicing rights - Estimated va

Servicing rights - Estimated valuation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Multi-family | 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)	0.00%	0.20%
Multi-family | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	7.30%	5.10%
Forward default rate	1.30%	0.40%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.80%	0.30%
Multi-family | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	3.50%	2.40%
Forward default rate	1.00%	0.30%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.10%	0.20%
SBA | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	7.90%	6.70%
Forward default rate	0.00%	0.00%
Discount rate	10.00%	4.50%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	21.00%	20.80%
Forward default rate	10.40%	10.50%
Discount rate	21.30%	4.50%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	8.90%	8.50%
Forward default rate	9.10%	8.20%
Discount rate	10.70%	4.50%
Servicing expense (as a percent)	0.40%	0.40%

Servicing rights - Assumptions

Servicing rights - Assumptions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Multi-family
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	$ (291)	$ (163)
Prepayment rate (20% adverse change)	(575)	(324)
Default rate (10% adverse change)	(25)	(6)
Default rate (20% adverse change)	(50)	(13)
Discount rate (10% adverse change)	(1,910)	(678)
Discount rate (20% adverse change)	(3,726)	(1,324)
Cost of servicing (10% adverse change)	(2,659)	(1,947)
Cost of servicing (20% adverse change)	(5,318)	(3,894)
SBA
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	(670)	(729)
Prepayment rate (20% adverse change)	(1,305)	(1,420)
Default rate (10% adverse change)	(155)	(150)
Default rate (20% adverse change)	(309)	(298)
Discount rate (10% adverse change)	(746)	(395)
Discount rate (20% adverse change)	(1,443)	(777)
Cost of servicing (10% adverse change)	(1,344)	(1,250)
Cost of servicing (20% adverse change)	$ (2,687)	$ (2,501)

Servicing rights - Amortization

Servicing rights - Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future amortization expense for the servicing rights
2022	$ 12,509
2023	10,922
2024	9,645
2025	8,565
2026	7,685
Thereafter	35,131
Total	$ 84,457	$ 37,823

Servicing rights - Residential

Servicing rights - Residential mortgage servicing rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Servicing rights
Unpaid Principal Amount	$ 5,089,157	$ 2,145,133
Residential MSRs
Servicing rights
Unpaid Principal Amount	10,995,685	9,528,886
Fair Value	120,142	76,840	$ 91,174
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(5,262)	(5,049)
Prepayment rate (20% adverse change)	(9,262)	(9,701)
Discount rate (10% adverse change)	(4,533)	(2,601)
Discount rate (20% adverse change)	(8,745)	(5,028)
Cost of servicing (10% adverse change)	(2,125)	(1,469)
Cost of servicing (20% adverse change)	(4,251)	(2,938)
Fannie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	4,056,595	3,700,450
Fair Value	41,698	27,632
Ginnie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	4,131,904	2,757,124
Fair Value	45,017	25,899
Freddie Mac
Servicing rights
Unpaid Principal Amount	4,232,969	1,501,998
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(291)	(163)
Prepayment rate (20% adverse change)	(575)	(324)
Discount rate (10% adverse change)	(1,910)	(678)
Discount rate (20% adverse change)	(3,726)	(1,324)
Cost of servicing (10% adverse change)	(2,659)	(1,947)
Cost of servicing (20% adverse change)	(5,318)	(3,894)
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount	2,807,186	3,071,312
Fair Value	$ 33,427	$ 23,309
Minimum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	8.40%	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)	0.00%	0.20%
Maximum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	20.90%	31.40%
Discount rate	11.00%	11.70%
Cost of servicing	$ 85	$ 85
Maximum | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	7.30%	5.10%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.80%	0.30%
Weighted Average | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	9.50%	14.30%
Discount rate	9.40%	9.80%
Cost of servicing	$ 74	$ 74
Weighted Average | Freddie Mac
Servicing rights, valuation assumptions
Forward prepayment assumptions	3.50%	2.40%
Discount rate	6.00%	6.00%
Servicing expense (as a percent)	0.10%	0.20%

Residential mortgage banking _3

Residential mortgage banking activities and variable expenses on residential mortgage banking activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Residential mortgage banking activities
Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value	$ 101,038	$ 198,937	$ 54,640
Creation of new mortgage servicing rights, net of payoffs	26,382	22,919	16,676
Loan origination fee income on residential mortgage loans	20,307	20,802	10,702
Unrealized gains (loss) on IRLCs and other derivatives	(10,430)	10,062	1,521
Residential mortgage banking activities	137,297	252,720	83,539
Variable expenses on residential mortgage banking activities	$ (75,133)	$ (114,510)	$ (51,760)

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 3,282,170		$ 1,693,520
Carrying Value, Secured borrowings	2,517,600		1,294,243
Secured borrowings
Secured borrowings and promissory note
Current facility size	4,098,351
Pledged Assets Carrying Value	3,282,170
Carrying Value, Secured borrowings	2,517,600		1,294,243
Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	1,145,170
Pledged Assets Carrying Value	576,777		557,215
Carrying Value, Secured borrowings	$ 471,883		$ 466,674
Weighted average interest rate of borrowings (as a percent)	2.80%	2.80%	3.00%
Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 2,953,181
Pledged Assets Carrying Value	2,705,393		$ 1,136,305
Carrying Value, Secured borrowings	$ 2,045,717		$ 827,569
Weighted average interest rate of borrowings (as a percent)	2.10%	2.10%	3.30%
Paycheck Protection Program loans
Secured borrowings and promissory note
Carrying Value, Secured borrowings	$ 941,505		$ 76,276
Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Pledged Assets Carrying Value	7,872
JPMorgan | Acquired SBA Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	200,000
Pledged Assets Carrying Value	77,534
Carrying Value, Secured borrowings	$ 54,164		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	$ 1,000,000
Pledged Assets Carrying Value	1,079,368
Carrying Value, Secured borrowings	$ 825,265		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	$ 83,267
Pledged Assets Carrying Value	107,837
Carrying Value, Secured borrowings	$ 83,267		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)	1.71%	1.71%
Performance Trust | Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 239,000
Pledged Assets Carrying Value	142,722
Carrying Value, Secured borrowings	$ 124,057
Performance Trust | Acquired loans | Borrowings under repurchase agreements | One Month Treasury Rate
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	42,384
Carrying Value, Secured borrowings	$ 41,864		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	80,556
Carrying Value, Secured borrowings	$ 58,622		40,542
East West Bank | SBA loans | Borrowings under credit facilities | Administrative agent's 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 | Administrative agent's 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	86,714
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	$ 227,400	€ 200
Pledged Assets Carrying Value	46,154
Carrying Value, Secured borrowings	$ 40,373		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	$ 63,412
Pledged Assets Carrying Value	32,779
Carrying Value, Secured borrowings	$ 27,058
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	7,872
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	543,139
Carrying Value, Secured borrowings	$ 403,644
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	69,194
Carrying Value, Secured borrowings	$ 63,991		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	127,018
Carrying Value, Secured borrowings	125,145		123,951
Origin Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Pledged Assets Carrying Value	16,932
Carrying Value, Secured borrowings	16,052		27,450
Associated Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Pledged Assets Carrying Value	15,137
Carrying Value, Secured borrowings	$ 14,449		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
Carrying Value, Secured borrowings			22,611
Bank of the Sierra | Real estate | Borrowings under credit facilities | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	3.25%	3.25%
Bank of the Sierra | Real estate | Borrowings under credit facilities | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	3.45%	3.45%
Western Alliance | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	$ 50,000
Pledged Assets Carrying Value	7,282
Carrying Value, Secured borrowings	6,823
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	500,000
Pledged Assets Carrying Value	165,547
Carrying Value, Secured borrowings	$ 128,851		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
Current facility size	$ 47,777
Pledged Assets Carrying Value	82,260
Carrying Value, Secured borrowings	$ 47,777		58,076
Citibank | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.32%
Pricing, stated rate (as a percent)	2.32%	2.32%
Deutsche Bank | Fixed rate, Transitional loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	$ 350,000
Pledged Assets Carrying Value	309,295
Carrying Value, Secured borrowings	$ 236,073		190,567
Deutsche Bank | Fixed rate, Transitional loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.90%
Deutsche Bank | Fixed rate, Transitional loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.75%
Deutsche Bank | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.37%	2.37%
Current facility size	$ 12,956
Pledged Assets Carrying Value	19,776
Carrying Value, Secured borrowings	12,956		16,354
RBC | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	61,302
Pledged Assets Carrying Value	90,012
Carrying Value, Secured borrowings	$ 61,302		$ 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	$ 95,467
Pledged Assets Carrying Value	132,658
Carrying Value, Secured borrowings	$ 95,467
CSFB | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.09%	2.09%
CSFB | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	2.95%	2.95%

Secured Borrowings - Collateral

Secured Borrowings - Collateral Pledged (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Collateral pledged
Pledged Assets Carrying Value	$ 3,282,170	$ 1,693,520
Secured borrowings
Collateral pledged
Pledged Assets Carrying Value	3,282,170
Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	576,777	557,215
Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	2,705,393	1,136,305
Loans, held for sale, at fair value | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	276,022	313,844
Loans, held for sale, at fair value | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	208,558	17,850
Loans, net | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	206,169	159,482
Loans, net | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	2,062,867	815,603
Loans, held at fair value | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value		3,071
Loans, held at fair value | Real estate acquired in settlement of loans | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	1,425	829
Mortgage servicing rights | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	86,714	50,941
Mortgage servicing rights | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	53,194	72,179
Purchased future receivables | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value	7,872
Purchased future receivables | Real estate, held for sale | Borrowings under credit facilities
Collateral pledged
Pledged Assets Carrying Value		32,948
Retained interest in assets of consolidated VIEs | Borrowings under repurchase agreements
Collateral pledged
Pledged Assets Carrying Value	$ 379,349	$ 226,773

Senior secured notes, convert_3

Senior secured notes, convertible notes, and corporate debt, net (Details)	Dec. 21, 2021USD ($)	Oct. 20, 2021USD ($)	Mar. 25, 2021	Feb. 10, 2021USD ($)	Jul. 22, 2019USD ($)	Aug. 09, 2017USD ($)$ / shares	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 02, 2019USD ($)	Apr. 27, 2018	Apr. 17, 2018USD ($)	Jan. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Senior secured notes, Convertible notes, and Corporate debt
Total Senior secured notes, net							$ 342,035,000	$ 342,035,000	$ 342,035,000	$ 342,035,000	$ 179,659,000
Total Corporate debt, net							441,817,000	441,817,000	441,817,000	441,817,000	150,989,000
Total Convertible notes, net							113,247,000	113,247,000	113,247,000	113,247,000	$ 112,129,000
Total carrying amount of debt components							897,099,000	897,099,000	897,099,000	897,099,000
Total carrying amount of conversion option of equity components recorded in equity							642,000	642,000	642,000	642,000
Contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt
2023							115,000,000	115,000,000	115,000,000	115,000,000
2026							655,500,000	655,500,000	655,500,000	655,500,000
Thereafter							146,250,000	146,250,000	146,250,000	146,250,000
Total contractual amounts							916,750,000	916,750,000	916,750,000	916,750,000
Unamortized deferred financing costs, discounts, and premiums, net							(19,651,000)	(19,651,000)	(19,651,000)	(19,651,000)
Total carrying amount of debt components							897,099,000	897,099,000	897,099,000	897,099,000
Convertible Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value						$ 115,000,000	$ 115,000,000	$ 115,000,000	$ 115,000,000	$ 115,000,000
Interest rate (as a percent)						7.00%	7.00%	7.00%	7.00%	7.00%
Conversion ratio						1.6253
Principal amount of notes for conversion						$ 25
Initial conversion price | $ / shares						$ 15.38
Principal amount of the notes to be redeemed (as a percent)						100.00%
Threshold period of specified consecutive trading days within which common stock price to conversion price of convertible debt instruments must exceed threshold percentage for a specified number of trading days to trigger conversion feature								30		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							$ (642,000)	$ (642,000)	$ (642,000)	$ (642,000)
Unamortized deferred financing costs							(1,111,000)	(1,111,000)	(1,111,000)	(1,111,000)
Total Corporate debt, net							113,247,000	113,247,000	$ 113,247,000	$ 113,247,000
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							(6,541,000)	(6,541,000)	$ (6,541,000)	$ (6,541,000)
Unamortized deferred financing costs							(3,392,000)	(3,392,000)	(3,392,000)	(3,392,000)
Total carrying amount of debt components							441,817,000	441,817,000	441,817,000	441,817,000
Contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt
Total carrying amount of debt components							441,817,000	441,817,000	441,817,000	441,817,000
6.20% Senior Notes due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value					$ 57,500,000		$ 104,250,000	$ 104,250,000	$ 104,250,000	$ 104,250,000		$ 45,000,000
Interest rate (as a percent)					6.20%		6.20%	6.20%	6.20%	6.20%
Proceeds from secured debt facilities					$ 55,300,000
Principal amount of the notes to be redeemed (as a percent)					100.00%
Debt redemption price percentage					101.00%
Proceeds from note offerings					$ 55,300,000
6.20% Senior Notes due 2026 | Over-allotment option
Senior secured notes, Convertible notes, and Corporate debt
Proceeds from secured debt facilities					7,500,000
Proceeds from note offerings					$ 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	$ 201,250,000	$ 201,250,000	$ 201,250,000
Interest rate (as a percent)				5.75%			5.75%	5.75%	5.75%	5.75%
Proceeds from secured debt facilities				$ 195,200,000
Principal amount of the notes to be redeemed (as a percent)				100.00%
Debt redemption price percentage				101.00%
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%
Principal amount of the notes to be redeemed (as a percent)			100.00%
4.50% Senior Secured Notes Due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value							$ 350,000,000	$ 350,000,000	$ 350,000,000	$ 350,000,000
Interest rate (as a percent)							4.50%	4.50%	4.50%	4.50%
Unamortized deferred financing costs							$ (7,965,000)	$ (7,965,000)	$ (7,965,000)	$ (7,965,000)
Total Senior secured notes, net							342,035,000	342,035,000	342,035,000	342,035,000
Junior Subordinated I-A Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value							15,000,000	15,000,000	$ 15,000,000	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	21,250,000	$ 21,250,000	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%
5.50% Senior Notes due 2028
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value	$ 110,000,000						$ 110,000,000	$ 110,000,000	$ 110,000,000	$ 110,000,000
Interest rate (as a percent)	5.50%						5.50%	5.50%	5.50%	5.50%
Proceeds from secured debt facilities	$ 107,400,000
Debt redemption price percentage	101.00%
Proceeds from note offerings	$ 107,400,000
5.50% Senior Notes due 2028 | 2024
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)	102.75%
5.50% Senior Notes due 2028 | 2025
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)	101.375%
5.50% Senior Notes due 2028 | 2026
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)	100.6875%
5.50% Senior Notes due 2028 | 2027 and thereafter
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)	100.00%
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%
ReadyCap Holdings | 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%
Proceeds from secured debt facilities		$ 341,800,000
Principal amount of the notes to be redeemed (as a percent)		100.00%
Proceeds from note offerings		$ 341,800,000

Guaranteed Loan Financing (Deta

Guaranteed Loan Financing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Ending balance	$ 345,217	$ 401,705
Guaranteed loan financing
Ending balance	$ 345,217	$ 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	Dec. 31, 2021	Dec. 31, 2020
Contractual maturities of total guaranteed loan financing outstanding
2022	$ 790
2023	889
2024	1,850
2025	2,629
2026	6,140
Thereafter	332,919
Total	345,217
Guaranteed loan financing
Contractual maturities of total guaranteed loan financing outstanding
Loans held-for-investment pledged as security against guaranteed loan financing	$ 346,100	$ 403,000

Variable interest entities an_3

Variable interest entities and securitization activities - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Variable interest entities
Current Principal Balance	$ 5,089,157	$ 2,145,133
Current principal balance of non-company sponsored securitized loans	30,600	63,100
Consolidated VIEs
Variable interest entities
Current Principal Balance	3,232,859	1,891,797
Carrying value	$ 3,183,711	$ 1,842,680
Weighted Average Rate	2.20%	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	$ 79,294	$ 103,030
Carrying value	$ 78,268	$ 101,468
Weighted Average Rate	2.60%	3.10%
Sutherland Commercial Mortgage Trust 2017-SBC6
Variable interest entities
Current Principal Balance	$ 16,729	$ 27,035
Carrying value	$ 16,471	$ 26,555
Weighted Average Rate	3.80%	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%	4.70%
Sutherland Commercial Mortgage Trust 2019-SBC8
Variable interest entities
Current Principal Balance	$ 145,351	$ 178,911
Carrying value	$ 143,153	$ 176,307
Weighted Average Rate	2.90%	2.90%
Sutherland Commercial Mortgage Trust 2020-SBC9
Variable interest entities
Current Principal Balance	$ 86,680	$ 131,729
Carrying value	$ 85,459	$ 129,014
Weighted Average Rate	4.10%	3.80%
Sutherland Commercial Mortgage Trust 2021-SBC10
Variable interest entities
Current Principal Balance	$ 159,745
Carrying value	$ 157,483
Weighted Average Rate	1.60%
ReadyCap Commercial Mortgage Trust 2014-1
Variable interest entities
Current Principal Balance	$ 6,770	$ 10,880
Carrying value	$ 6,756	$ 10,858
Weighted Average Rate	5.70%	5.80%
ReadyCap Commercial Mortgage Trust 2015-2
Variable interest entities
Current Principal Balance	$ 17,598	$ 45,075
Carrying value	$ 15,960	$ 35,183
Weighted Average Rate	5.10%	4.80%
ReadyCap Commercial Mortgage Trust 2016-3
Variable interest entities
Current Principal Balance	$ 19,106	$ 26,371
Carrying value	$ 18,285	$ 25,286
Weighted Average Rate	4.90%	4.70%
ReadyCap Commercial Mortgage Trust 2018-4
Variable interest entities
Current Principal Balance	$ 81,379	$ 94,273
Carrying value	$ 78,751	$ 91,098
Weighted Average Rate	4.10%	4.00%
ReadyCap Commercial Mortgage Trust 2019-5
Variable interest entities
Current Principal Balance	$ 150,547	$ 229,232
Carrying value	$ 143,204	$ 220,605
Weighted Average Rate	4.30%	4.20%
ReadyCap Commercial Mortgage Trust 2019-6
Variable interest entities
Current Principal Balance	$ 269,315	$ 359,266
Carrying value	$ 263,752	$ 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%	2.40%
Ready Capital Mortgage Financing 2019-FL3
Variable interest entities
Current Principal Balance	$ 92,930	$ 229,440
Carrying value	$ 92,921	$ 227,950
Weighted Average Rate	1.60%	2.00%
Ready Capital Mortgage Financing 2020-FL4
Variable interest entities
Current Principal Balance	$ 304,157	$ 324,219
Carrying value	$ 300,832	$ 318,385
Weighted Average Rate	3.10%	3.10%
Ready Capital Mortgage Financing 2021-FL5
Variable interest entities
Current Principal Balance	$ 506,721
Carrying value	$ 501,697
Weighted Average Rate	1.50%
Ready Capital Mortgage Financing 2021-FL6
Variable interest entities
Current Principal Balance	$ 543,223
Carrying value	$ 536,270
Weighted Average Rate	1.30%
Ready Capital Mortgage Financing 2021-FL7
Variable interest entities
Current Principal Balance	$ 753,314
Carrying value	$ 744,449
Weighted Average Rate	1.60%

Variable interest entities an_4

Variable interest entities and securitization activities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 229,531	$ 138,975	$ 67,928
Restricted cash	51,569	47,697	$ 51,728
Loans, held for sale, at fair value	552,935	340,288
Other assets	172,098	89,503
Total Assets	9,534,031	5,372,095
Liabilities
Secured borrowings	2,517,600	1,294,243
Total Liabilities	8,245,072	4,537,887
Consolidated VIEs
Assets
Loans, net	4,081,848	2,472,807
Total Assets	4,145,564	2,518,743
Liabilities
Secured borrowings	3,214,303	1,905,749
Reportable Legal Entities | Consolidated VIEs
Assets
Cash and cash equivalents	9,041	20
Restricted cash	33,187	13,790
Loans, net	4,081,848	2,472,807
Real estate, held for sale		4,456
Other assets	21,488	27,670
Total Assets	4,145,564	2,518,743
Liabilities
Secured borrowings	3,214,303	1,905,749
Total Liabilities	$ 3,214,303	$ 1,905,749

Variable interest entities an_5

Variable interest entities and securitization activities - Assets of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying amount
Mortgage backed securities, at fair value	$ 99,496	$ 88,011
Investment in unconsolidated joint ventures	141,148	79,509
Total Assets	9,534,031	5,372,095
Unconsolidated VIEs
Carrying amount
Mortgage backed securities, at fair value	80,756	80,690
Investment in unconsolidated joint ventures	74,334	28,290
Total Assets	155,090	108,980
Maximum Exposure to Loss
Mortgage backed securities, at fair value	80,756	80,690
Investment in unconsolidated joint venture	74,334	28,290
Total assets in unconsolidated VIEs maximum exposure to loss	$ 155,090	$ 108,980

Interest income and interest _3

Interest income and interest expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income
Total loans	$ 295,622	$ 243,648	$ 218,267
Total loans, held for sale, at fair value	14,991	8,891	5,553
Total Paycheck Protection Program loans	79,201
Mortgage backed securities, at fair value	13,682	6,097	6,096
Total interest income	403,496	258,636	229,916
Interest expense
Secured borrowings	(65,692)	(45,430)	(49,009)
Paycheck Protection Program Liquidity Facility borrowings	(7,140)
Securitized debt obligations of consolidated VIEs	(82,249)	(78,029)	(69,152)
Guaranteed loan financing	(13,900)	(18,399)	(5,125)
Senior secured note	(15,472)	(13,870)	(13,920)
Convertible note	(8,752)	(8,752)	(8,752)
Corporate debt	(20,356)	(11,001)	(5,922)
Total interest expense	(213,561)	(175,481)	(151,880)
Net interest income before provision for loan losses	189,935	83,155	78,036
Acquired SBA 7(a) loans
Interest income
Total loans	15,906	18,251	20,687
Acquired loans
Interest income
Total loans	56,156	57,471	63,879
Total loans, held for sale, at fair value	1,080	166	217
Originated Transitional loans
Interest income
Total loans	151,803	88,271	69,217
Originated SBC loans, at fair value
Interest income
Total loans	886	1,938	1,383
Originated SBC loans
Interest income
Total loans	49,099	57,134	51,617
Originated SBA 7(a) loans
Interest income
Total loans	21,634	20,434	11,409
Paycheck Protection Program Loans
Interest income
Total Paycheck Protection Program loans	78,932
Paycheck Protection Program loans, at fair value
Interest income
Total Paycheck Protection Program loans	269
Originated Residential Agency loans
Interest income
Total loans	138	149	75
Total loans, held for sale, at fair value	11,250	7,532	4,328
Originated Freddie Mac loans
Interest income
Total loans, held for sale, at fair value	$ 2,661	$ 1,193	$ 1,008

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Notional Amount	$ 1,258,380	$ 1,491,350
Asset Derivatives Fair Value	7,022	16,363
Liabilities Derivatives Fair Value	(410)	(11,604)
Derivative gain (loss)
Net Realized Gain (Loss)	(8,551)	(4,998)
Unrealized Gain (Loss)	7,692	2,177
Total change in OCI for period	2,539	(1,526)	$ (5,724)
Designated as Hedging
Derivative gain (loss)
Derivatives - effective portion reclassified from AOCI to income	(1,133)	(1,359)
Hedge ineffectiveness recorded directly in income		(1,694)
Total income statement impact	(1,133)	(3,053)
Derivatives- effective portion recorded in OCI	1,406	(4,579)
Total change in OCI for period	2,539	(1,526)
Interest rate lock commitments (IRLCs)
Derivative gain (loss)
Unrealized Gain (Loss)	(14,023)	13,589
Interest rate lock commitments (IRLCs) | Interest Rate Risk
Notional Amount	348,348	614,358
Asset Derivatives Fair Value	2,340	16,363
Interest Rate Swap Agreement
Liabilities Derivatives Fair Value	(3,830)	(11,670)
Derivative gain (loss)
Net Realized Gain (Loss)	(8,867)	(3,981)
Unrealized Gain (Loss)	16,422	(7,297)
Interest Rate Swap Agreement | Not Designated as Hedging | Interest Rate Risk
Notional Amount	536,548	160,801
Asset Derivatives Fair Value	4,076
Liabilities Derivatives Fair Value		(952)
Interest Rate Swap Agreement | Designated as Hedging | Interest Rate Risk
Notional Amount		132,325
Liabilities Derivatives Fair Value		(5,701)
TBA agency securities
Liabilities Derivatives Fair Value	(538)	(174)
Derivative gain (loss)
Unrealized Gain (Loss)	3,593	(3,527)
TBA agency securities | Interest Rate Risk
Notional Amount	346,000	565,000
Liabilities Derivatives Fair Value	(410)	(4,004)
Credit default swaps
Liabilities Derivatives Fair Value		(4,004)
Derivative gain (loss)
Net Realized Gain (Loss)	(287)
Unrealized Gain (Loss)	322	(65)
Credit default swaps | Credit Risk
Notional Amount		15,000
Liabilities Derivatives Fair Value		(174)
FX forwards
Liabilities Derivatives Fair Value		(773)
Derivative gain (loss)
Net Realized Gain (Loss)	603	(1,017)
Unrealized Gain (Loss)	1,378	(523)
FX forwards | Foreign Exchange Rate Risk
Notional Amount	27,484	3,866
Asset Derivatives Fair Value	$ 606
Liabilities Derivatives Fair Value		$ (773)

Real estate owned, held for s_3

Real estate owned, held for sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate acquired
Acquired ORM portfolio	$ 7,338	$ 43,434
Other REO held for sale	34,950	1,914
Total Real estate, held for sale	42,288	45,348
Consolidated VIEs
Real estate acquired
Other REO held for sale	0	4,500
Retail
Real estate acquired
Acquired ORM portfolio		18,700
Other REO held for sale	3,129	660
Mixed Use
Real estate acquired
Acquired ORM portfolio	1,020	14,248
Land
Real estate acquired
Acquired ORM portfolio	6,318	7,256
Lodging/Residential
Real estate acquired
Acquired ORM portfolio		3,230
Office
Real estate acquired
Other REO held for sale	7,384	829
SBA
Real estate acquired
Other REO held for sale	137	$ 425
Single family
Real estate acquired
Other REO held for sale	$ 24,300

Agreements and transactions w_3

Agreements and transactions with related parties (Details)	Mar. 19, 2021USD ($)item	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
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		$ 5,232,000	$ 4,088,000
Purchase of loans, held-for-investment		141,663,000	242,532,000	$ 739,002,000
Investment in unconsolidated joint ventures		$ 141,148,000	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		$ 10,900,000	10,700,000
Amount unpaid		2,900,000	2,700,000
Manager | Incentive distribution
Related-party transactions
Incentive distribution paid		5,400,000	6,000,000
Amount unpaid		2,400,000	1,300,000
Manager | Expense reimbursement
Related-party transactions
Reimbursable expenses		10,300,000	8,400,000
Amount unpaid		6,200,000	$ 5,300,000
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	Dec. 31, 2021	Mar. 19, 2021	Dec. 31, 2020
Other assets:
Deferred tax asset	$ 3,601		$ 18,396
Deferred loan exit fees	25,923		13,940
Accrued interest	21,873		12,656
Due from servicers	23,729		11,171
Right-of-use assets	$ 2,402		$ 3,172
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets		Total other assets
Goodwill	$ 31,470		$ 11,206
Intangible assets	14,842		6,986
Deferred financing costs	3,840		2,612
PPP fee receivable	407		18
Other assets	14,713		8,100
Receivable from third parties	29,298		1,246
Total other assets	172,098		89,503
Accounts payable and other accrued liabilities:
Deferred tax liability	11,986		16,839
Accrued salaries, wages and commissions	42,715		35,724
Accrued interest payable	22,278		19,695
Servicing principal and interest payable	19,100		7,318
Repair and denial reserve	19,725		9,557
Payable to related parties	5,232		4,088
Accrued professional fees	4,324		1,365
Lease payable	3,002		3,670
Deferred LSP revenue	286		10,700
Accrued PPP related costs	12,460		498
Other liabilities	42,971		26,201
Total accounts payable and other accrued liabilities	184,079		135,655
Loan indemnification reserve
Loan indemnification reserve	$ 4,000		$ 4,100
ANH
Other assets:
Goodwill		$ 7,372

Other Asset and Other Liabiliti

Other Asset and Other Liabilities - Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2021
Goodwill	$ 31,470	$ 11,206
Finite-lived intangible assets	11,342
Total Intangible Assets	14,842	6,986
Amortization expense	1,400	1,300
Total Accumulated Amortization	4,038
Future amortization of lease intangibles
2022	1,626
2023	1,599
2024	1,390
2025	1,144
2026	477
Thereafter	5,106
Net amount	11,342
Red Stone
Goodwill			$ 12,892
Trade name | Red Stone
Indefinite-lived intangible assets	2,500
SBA license
Indefinite-lived intangible assets	1,000	1,000
SBC Lending and Acquisitions
Goodwill	20,264
Small Business Lending
Goodwill	11,206	11,206
Customer relationships | Red Stone
Finite-lived intangible assets	$ 6,651
Estimated Useful Life	19 years
Total Accumulated Amortization	$ 149
Future amortization of lease intangibles
Net amount	6,651
Internally developed software | Knight Capital
Finite-lived intangible assets	$ 2,428	3,061
Estimated Useful Life	6 years
Total Accumulated Amortization	$ 1,372
Future amortization of lease intangibles
Net amount	2,428	3,061
Broker network | Knight Capital
Finite-lived intangible assets	$ 622	889
Estimated Useful Life	4 years 6 months
Total Accumulated Amortization	$ 578
Future amortization of lease intangibles
Net amount	622	889
Trade name | Knight Capital
Finite-lived intangible assets	$ 562	709
Estimated Useful Life	6 years
Total Accumulated Amortization	$ 318
Future amortization of lease intangibles
Net amount	562	709
Trade name | GMFS
Finite-lived intangible assets	$ 439	559
Estimated Useful Life	15 years
Total Accumulated Amortization	$ 781
Future amortization of lease intangibles
Net amount	439	559
Favorable lease | GMFS
Total Accumulated Amortization	840
Favorable lease | SBA license
Finite-lived intangible assets	$ 640	768
Estimated Useful Life	12 years
Future amortization of lease intangibles
Net amount	$ 640	$ 768

Other income and operating ex_3

Other income and operating expenses - Paycheck Protection Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Paycheck Protection Program (PPP)
Unrecognized net service fees	$ 286	$ 10,700
Origination costs	24,337	19,815	$ 10,168
Paycheck Protection Program loans
Paycheck Protection Program (PPP)
Unrecognized net service fees	286	10,700
PPP Loans - CARES Act
Paycheck Protection Program (PPP)
PPP loans originated		109,500
PPP processing fees		5,200
Unrecognized net service fees	300
PPP Loans - Economic Aid Act
Paycheck Protection Program (PPP)
PPP loans originated	2,200,000
Origination fee and fee income	123,700
Unrecognized net service fees	$ 60,700
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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Restricted cash	$ 51,569	$ 47,697	$ 51,728
Paycheck Protection Program loans	870,352	74,931
PPP fee receivable	407	18
Accrued interest	21,873	12,656
Total Assets	9,534,031	5,372,095
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	941,505	76,276
Interest payable	22,278	19,695
Deferred LSP revenue	286	10,700
Accrued PPP Related Costs	12,460	498
Repair and denial reserve	19,725	9,557
Total Liabilities	8,245,072	4,537,887
Paycheck Protection Program loans
Assets
Restricted cash		178
Prepaid expenses		77
PPP fee receivable	407	18
Accrued interest	7,025	510
Total Assets	877,784	75,714
Liabilities
Interest payable	2,358	104
Deferred LSP revenue	286	10,700
Accrued PPP Related Costs	12,460	498
Payable to third parties	2,091	2,716
Repair and denial reserve	12,844	3,305
Total Liabilities	971,544	93,599
Paycheck Protection Program Loans
Assets
Paycheck Protection Program loans	867,109
Paycheck Protection Program Loans | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	867,109
Paycheck Protection Program loans, at fair value
Assets
Paycheck Protection Program loans	3,243	74,931
Paycheck Protection Program loans, at fair value | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	$ 3,243	$ 74,931

Other income and operating ex_5

Other income and operating expenses - Income and Expenses Related to Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other income
LSP origination fees	$ 12,415	$ 40,836	$ 5,860
Interest income	403,496	258,636	229,916
Interest and Fee Income	295,622	243,648	218,267
Other operating expenses
Direct operating expenses	24,337	19,815	10,168
R&D reserve	(10,168)	(4,133)	345
Interest expense	213,561	175,481	151,880
Total other operating expenses	58,401	54,369	33,162
Net income	159,974	46,069	$ 75,056
Paycheck Protection Program loans
Other income
Interest and Fee Income	89,615	38,498
Other operating expenses
Total other operating expenses	33,554	15,079
Net income	56,061	23,419
Paycheck Protection Program loans | Other Income
Other income
LSP origination fees		27,768
PPP processing fees		5,162
Other operating expenses
R&D reserve	9,539	3,305
Paycheck Protection Program loans | Servicing income
Other income
LSP fee income	10,414	4,829
Paycheck Protection Program loans | Interest income
Other income
Interest income	79,201	739
Paycheck Protection Program loans | Other operating expenses
Other operating expenses
Direct operating expenses	8,241	9,600
Paycheck Protection Program loans | Interest expense
Other operating expenses
Interest expense	$ 15,774	$ 2,174

Other income and operating ex_6

Other income and operating expenses - Components of Other Income and Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other income
Origination income	$ 12,415	$ 40,836	$ 5,860
Change in repair and denial reserve	(10,168)	(4,133)	345
Other	6,762	4,813	4,873
Total other income	9,009	41,516	11,078
Other operating expenses
Origination costs	24,337	19,815	10,168
Technology expense	7,971	6,722	4,834
Impairment on real estate	2,293	3,520	1,317
Rent and property tax expense	6,680	5,006	4,310
Recruiting, training and travel expenses	1,309	1,419	2,352
Marketing expense	3,025	1,970	2,052
Loan acquisition costs	110	722	575
Financing costs on purchased future receivables	117	1,495	376
Other	12,559	13,700	7,178
Total other operating expenses	$ 58,401	$ 54,369	$ 33,162

Redeemable Preferred Stock an_3

Redeemable Preferred Stock and Stockholders Equity - Common Stock Dividends (Details) - $ / shares	Jan. 31, 2022	Dec. 14, 2021	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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends
Dividend per Share, declared		$ 0.42		$ 0.42		$ 0.42		$ 0.10		$ 0.30		$ 0.35	$ 1.66	$ 1.30	$ 1.60
Dividend per Share, paid	$ 0.42		$ 0.42		$ 0.42		$ 0.10		$ 0.30		$ 0.35

Redeemable Preferred Stock an_4

Redeemable Preferred Stock and Stockholders Equity - RSU and RSA activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Weighted-average grant date fair value (per share)
Stock-based compensation					$ 6,900	$ 5,400
Non-cash compensation expense not yet charged to net income					$ 13,500	$ 13,700
Percentage of shares of common stock issued and outstanding on a fully diluted basis					5.00%
RSAs | Certain employees
Number of shares
Outstanding, Beginning balance	1,058,816	941,427	940,514	872,079	872,079
Granted (in shares)		154,825	10,636	185,586
Vested (in shares)	(127,094)	(36,015)	(9,723)	(115,604)
Forfeited (in shares)	(42,945)
Canceled (in shares)		(1,421)		(1,547)
Outstanding, Ending balance	888,777	1,058,816	941,427	940,514	888,777	872,079
Grant date fair value
Beginning balance	$ 16,114	$ 14,317	$ 14,294	$ 13,737	$ 13,737
Granted		2,343	149	2,379
Vested	(1,966)	(526)	(126)	(1,801)
Forfeited	(631)
Canceled		(20)		(21)
Ending balance	$ 13,517	$ 16,114	$ 14,317	$ 14,294	$ 13,517	$ 13,737
Weighted-average grant date fair value (per share)
Beginning balance	$ 15.22	$ 15.21	$ 15.20	$ 15.75	$ 15.75
Granted (in per share)		15.14	14.03	12.82
Vested (in per share)	15.46	14.61	12.99	15.58
Forfeited (in per share)	14.68
Canceled (in per share)		14.26		13.50
Ending balance	$ 15.21	$ 15.22	$ 15.21	$ 15.20	$ 15.21	$ 15.75

Redeemable Preferred Stock an_5

Redeemable Preferred Stock and Stockholders Equity - Performance-based Equity Awards (Details) - Performance Shares	1 Months Ended
	Feb. 28, 2021shares
Performance-based equity awards
Granted (in shares)	43,327
Minimum
Performance-based equity awards
Percentage of target awards that may be achieved.	0.00%
Maximum
Performance-based equity awards
Percentage of target awards that may be achieved.	300.00%
Based on absolute TSR
Performance-based equity awards
Vesting percentage allocation	50.00%
Vesting period	3 years
Based on TSR relative to performance of designated peer group
Performance-based equity awards
Vesting percentage allocation	50.00%
Vesting period	3 years

Redeemable Preferred Stock an_6

Redeemable Preferred Stock and Stockholders Equity - Preferred Stock (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares
Preferred stock
Liquidation Preference	$ 25	$ 25
Carrying Value | $	$ 111,378	$ 111,378
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
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
Percentage of the liquidation preference at which the Company can choose to redeem		100.00%

Redeemable Preferred Stock an_7

Redeemable Preferred Stock and Stockholders Equity - Equity ATM Program (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2021	Jul. 09, 2021	Dec. 31, 2020
Equity
Common stock par value	$ 0.0001		$ 0.0001
Common stock, issued	75,838,050		54,368,999
Equity ATM Program
Equity
Common stock par value		$ 0.0001
Common stock, issued	3,500,000
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	$ 15.68

Earnings per Share of Common _3

Earnings per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Continuing Operations
Net income (loss)	$ 159,974	$ 46,069	$ 75,056
Less: Income (loss) attributable to non-controlling interest	2,230	1,199	2,088
Less: Income attributable to participating shares	9,093	1,392	653
Basic earnings	148,651	43,478	72,315
Discontinued Operations
Net income attributable to Ready Capital Corporation	150,241	44,870	72,968
Diluted Earnings
Net income (loss)	159,974	46,069	75,056
Less: Income (loss) attributable to non-controlling interest	2,230	1,199	2,088
Less: Income attributable to participating shares	9,093	1,392	653
Diluted earnings	$ 148,651	$ 43,478	$ 72,315
Basic - Average shares outstanding	68,511,578	53,736,523	42,011,750
Effect of dilutive securities - Unvested participating shares	149,328	81,855	35,898
Diluted - Average shares outstanding	68,660,906	53,818,378	42,047,648
Earnings Per Share Attributable to RC Common Stockholders:
Basic	$ 2.17	$ 0.81	$ 1.72
Diluted	$ 2.17	$ 0.81	$ 1.72
Conversion spread value on Convertible Notes	$ 0
Impact of Convertible Notes on diluted EPS	$ 0

Earnings per Common Share - Ope

Earnings per Common Share - Operating Partnership Units (Details) - Operating Partnership - Noncontrolling Interests - shares	12 Months Ended
	Dec. 31, 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	293,003	1,175,205

Offsetting assets and liabili_3

Offsetting assets and liabilities - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	$ 9,150	$ 16,363
Gross amounts offset in the Consolidated Balance Sheets	2,128
Amounts presented in the Consolidated Balance Sheets	7,022	16,363
Net Amount	7,022	16,363
Interest rate lock commitments (IRLCs)
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	2,340	16,363
Amounts presented in the Consolidated Balance Sheets	2,340	16,363
Net Amount	2,340	$ 16,363
FX forwards
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	606
Amounts presented in the Consolidated Balance Sheets	606
Net Amount	606
TBA agency securities
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	128
Gross amounts offset in the Consolidated Balance Sheets	128
Interest Rate Swap Agreement
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	6,076
Gross amounts offset in the Consolidated Balance Sheets	2,000
Amounts presented in the Consolidated Balance Sheets	4,076
Net Amount	$ 4,076

Offsetting assets and liabili_4

Offsetting assets and liabilities - Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	$ 410	$ 11,604
Cash Collateral Paid, Derivative	9,000	10,500
Effect of offsetting recognized liabilities, Total
Gross Amounts of Recognized Liabilities, Total	3,463,473	1,387,140
Gross Amounts Offset in the Consolidated Balance Sheets, Total	3,958	5,017
Liabilities Presented in the Consolidated Balance Sheets, Total	3,459,515	1,382,123
Financial Instruments, Total	3,387,949	1,370,519
Cash Collateral Paid, Total		6,827
Net Amount, Total	71,566	4,777
Interest Rate Swap Agreement
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	3,830	11,670
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	3,830	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	538	174
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	128
Liabilities Presented in the Consolidated Balance Sheets, Derivative	410	174
Cash Collateral Paid, Derivative		174
Net Amount, Derivative	410
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	2,517,600	1,294,243
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	2,517,600	1,294,243
Financial Instruments, Borrowings	2,517,600	1,294,243
Paycheck Protection Program Liquidity Facility
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	941,505	76,276
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	941,505	76,276
Financial Instruments, Borrowings	870,349	$ 76,276
Net Amount, Borrowings	$ 71,156

Commitments, Contingencies an_3

Commitments, Contingencies and Indemnifications (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Originated Residential Agency loans
Commitments, contingencies and indemnifications
Commitments to originate residential agency loans	$ 346,660	$ 575,600
Unfunded loan commitments
Commitments, contingencies and indemnifications
Loans, net	455,119	285,389
Loans, held for sale at fair value	$ 24,150	$ 7,809

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
REIT requirements and income tax information
Percentage of nondeductible excise tax the entity would be subject to if they fail to meet the minimum distributions requirement	4.00%
Uncertain tax positions	$ 0	$ 0
Number of taxable years an entity would not be able to qualify as a REIT if qualification lapses	4 years
Statutory federal income tax rate (as a percent)	21.00%	21.00%
NOL carryback rate impact		$ 2,702
Number of years net operating losses can be carried back under provisions of the CARES Act	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%
Federal
REIT requirements and income tax information
Net operating loss carryovers	$ 38,600
Operating loss carryforwards subject to expiration	22,500
Capital loss carryforward	137,400
State
REIT requirements and income tax information
Net operating loss carryovers	33,100
Operating loss carryforwards subject to expiration	103,700
Capital loss carryforward	$ 174,000

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal income tax (benefit)	$ 17,553	$ (1,795)	$ 523
State and local income tax (benefit)	2,330	57	47
Net current tax provision (benefit)	19,883	(1,738)	570
Deferred:
Federal income tax (benefit)	10,808	8,776	(9,739)
State and local income tax (benefit)	(1,608)	1,346	(1,383)
Net deferred tax provision (benefit)	9,200	10,122	(11,122)
Total income tax provision (benefit)	$ 29,083	$ 8,384	$ (10,552)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of federal income tax determined using statutory federal tax rate to our reported income tax provision
U.S. statutory tax	$ 38,264	$ 12,381
State and local income tax	2,073	1,716
Income attributable to REIT	(13,839)	(3,090)
Income attributable to Non-controlling interests	(158)	(67)
Nondeductible	3,816	(242)
NOL carryback rate impact		(2,702)
Other	(1,073)	388
Total income tax provision (benefit)	$ 29,083	$ 8,384	$ (10,552)
Number of years net operating losses can be carried back under provisions of the CARES Act	5 years
Reconciliation of effective income tax rate determined using statutory federal tax rate to our reported income tax provision
U.S. statutory tax, Percent	21.00%	21.00%
State and local income tax (benefit), Percent	1.10%	2.90%
Income attributable to REIT, Percent	(7.60%)	(5.30%)
Income attributable to Non-controlling interests, Percent	(0.10%)	(0.10%)
Nondeductible, Percent	2.10%	(0.40%)
NOL carryback rate impact		(4.60%)
Other, Percent	(0.50%)	0.60%
Effective income tax (benefit), Percent, Total	16.00%	14.10%

Income Taxes - Schedule Of Defe

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 11,275	$ 12,893
Unrealized losses	596	313
Accruals	1,043	723
Depreciation and amortization	997	1,185
Goodwill	2,664	3,171
Other	2,466	111
Total deferred tax assets	19,041	18,396
Deferred tax liabilities:
Loan / servicing rights balance	26,309	11,600
Derivative instruments	421	3,868
Compensation	617
Other taxable temporary difference	79	1,371
Total deferred tax liabilities	27,426	16,839
Net deferred tax assets		$ 1,557
Net deferred tax liabilities	$ (8,385)

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment reporting
Number of reportable segments | segment	3
Interest income	$ 403,496	$ 258,636	$ 229,916
Interest expense	(213,561)	(175,481)	(151,880)
Net interest income before provision for loan losses	189,935	83,155	78,036
Provision for (recovery of) loan losses	(8,049)	(34,726)	(3,684)
Net interest income after provision for (recovery of) loan losses	181,886	48,429	74,352
Non-interest income
Residential mortgage banking activities	137,297	252,720	83,539
Net realized gains on financial instruments and real estate owned	68,881	31,913	28,958
Net unrealized gain (loss) on financial instruments	39,377	(48,101)	(18,790)
Servicing income, net	48,015	38,594	30,665
Income on purchased future receivables, net	10,257	15,711	2,362
Income (Loss) from unconsolidated joint ventures	6,916	2,404	6,088
Other income (loss)	9,009	41,516	11,078
Gain on bargain purchase			30,728
Total non-interest income (loss)	319,752	334,757	174,628
Non-interest expense
Employee compensation and benefits	(90,065)	(91,920)	(51,237)
Allocated employee compensation and benefits from related party	(12,031)	(7,000)	(5,473)
Variable expenses on residential mortgage banking activities	(75,133)	(114,510)	(51,760)
Professional fees	(16,339)	(13,360)	(7,434)
Management fees - related party	(10,928)	(10,682)	(9,578)
Incentive fees - related party	(5,419)	(5,973)	(106)
Loan servicing expense	(29,983)	(30,856)	(17,976)
Transaction related expenses	(14,282)	(63)	(7,750)
Other operating expenses	(58,401)	(54,369)	(33,162)
Total non-interest expense	(312,581)	(328,733)	(184,476)
Income (loss) before provision for income taxes	189,057	54,453	64,504
Total assets	9,534,031	5,372,095	4,977,018
Operating Segments | SBC Lending and Acquisitions
Segment reporting
Interest income	278,455	211,525	193,417
Interest expense	(164,797)	(138,444)	(131,179)
Net interest income before provision for loan losses	113,658	73,081	62,238
Provision for (recovery of) loan losses	(7,387)	(26,932)	(1,127)
Net interest income after provision for (recovery of) loan losses	106,271	46,149	61,111
Non-interest income
Net realized gains on financial instruments and real estate owned	24,813	13,349	13,768
Net unrealized gain (loss) on financial instruments	19,457	(9,763)	(361)
Servicing income, net	3,113	2,265	1,899
Income (Loss) from unconsolidated joint ventures	6,916	2,404	6,088
Other income (loss)	13,002	8,200	8,304
Total non-interest income (loss)	67,301	16,455	29,698
Non-interest expense
Employee compensation and benefits	(16,582)	(14,137)	(6,958)
Allocated employee compensation and benefits from related party	(1,203)	(700)	(547)
Professional fees	(4,064)	(2,174)	(2,134)
Loan servicing expense	(19,680)	(14,390)	(10,357)
Other operating expenses	(21,997)	(18,865)	(14,218)
Total non-interest expense	(63,526)	(50,266)	(34,214)
Income (loss) before provision for income taxes	110,046	12,338	56,595
Total assets	7,106,206	3,790,899	3,694,266
Operating Segments | Small Business Lending
Segment reporting
Interest income	116,741	39,430	32,096
Interest expense	(36,872)	(27,472)	(14,864)
Net interest income before provision for loan losses	79,869	11,958	17,232
Provision for (recovery of) loan losses	(662)	(7,794)	(2,557)
Net interest income after provision for (recovery of) loan losses	79,207	4,164	14,675
Non-interest income
Net realized gains on financial instruments and real estate owned	44,068	18,564	15,190
Net unrealized gain (loss) on financial instruments	2,999	(1,084)	393
Servicing income, net	14,510	11,100	6,127
Income on purchased future receivables, net	10,257	15,711	2,362
Other income (loss)	(6,231)	32,944	2,361
Total non-interest income (loss)	65,603	77,235	26,433
Non-interest expense
Employee compensation and benefits	(36,757)	(29,008)	(18,057)
Professional fees	(3,034)	(1,839)	(1,252)
Loan servicing expense	(886)	(675)	(261)
Other operating expenses	(23,377)	(23,525)	(8,145)
Total non-interest expense	(64,054)	(55,047)	(27,715)
Income (loss) before provision for income taxes	80,756	26,352	13,393
Total assets	1,558,641	754,600	822,147
Operating Segments | Residential Mortgage Banking
Segment reporting
Interest income	8,300	7,681	4,403
Interest expense	(9,193)	(8,294)	(5,837)
Net interest income before provision for loan losses	(893)	(613)	(1,434)
Net interest income after provision for (recovery of) loan losses	(893)	(613)	(1,434)
Non-interest income
Residential mortgage banking activities	137,297	252,720	83,539
Net unrealized gain (loss) on financial instruments	16,921	(37,254)	(18,569)
Servicing income, net	30,392	25,229	22,639
Other income (loss)	2,153	183	249
Total non-interest income (loss)	186,763	240,878	87,858
Non-interest expense
Employee compensation and benefits	(32,973)	(45,368)	(22,882)
Variable expenses on residential mortgage banking activities	(75,133)	(114,510)	(51,760)
Professional fees	(2,951)	(1,777)	(1,101)
Loan servicing expense	(9,417)	(15,754)	(7,225)
Other operating expenses	(8,498)	(8,737)	(7,717)
Total non-interest expense	(128,972)	(186,146)	(90,685)
Income (loss) before provision for income taxes	56,898	54,119	(4,261)
Total assets	482,185	626,035	330,363
Corporate
Segment reporting
Interest expense	(2,699)	(1,271)
Net interest income before provision for loan losses	(2,699)	(1,271)
Net interest income after provision for (recovery of) loan losses	(2,699)	(1,271)
Non-interest income
Net unrealized gain (loss) on financial instruments			(253)
Other income (loss)	85	189	164
Gain on bargain purchase			30,728
Total non-interest income (loss)	85	189	30,639
Non-interest expense
Employee compensation and benefits	(3,753)	(3,407)	(3,340)
Allocated employee compensation and benefits from related party	(10,828)	(6,300)	(4,926)
Professional fees	(6,290)	(7,570)	(2,947)
Management fees - related party	(10,928)	(10,682)	(9,578)
Incentive fees - related party	(5,419)	(5,973)	(106)
Loan servicing expense		(37)	(133)
Transaction related expenses	(14,282)	(63)	(7,750)
Other operating expenses	(4,529)	(3,242)	(3,082)
Total non-interest expense	(56,029)	(37,274)	(31,862)
Income (loss) before provision for income taxes	(58,643)	(38,356)	(1,223)
Total assets	$ 386,999	$ 200,561	$ 130,242

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 14, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event
Proceeds from issuance of common stock		$ 165,050	$ 13,360	$ 91,390
Subsequent event
Subsequent Event
Shares issued	7,000,000
Shares issued, price per share	$ 15.30
Proceeds from issuance of common stock	$ 106,600
Subsequent event | Waterfall Atlas Fund, LP
Subsequent Event
Distributions due as a percentage of carried interest distributions received by the General Partner	15.00%
Incremental percentage by which the entity's internal rate of return is to exceed the investment internal rate of return	1.50%
Subsequent event | Waterfall Atlas Fund, LP | Minimum
Subsequent Event
Value of investment made in the form of asset contribution of commercial real estate equity positions and additional capital	$ 50,000
Subsequent event | Waterfall Atlas Fund, LP | Maximum
Subsequent Event
Commitment to additional future investment contributions	$ 50,000

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Product Type (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	5,560
UPB	$ 7,644,183
UPB of loans subject to DQ principal or interest	202,598
General allowance for loan losses	(28,113)	$ (29,539)
Total Loans	$ 7,550,229	$ 4,363,719	$ 4,246,694	$ 2,529,624
Acquired loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,871
Carrying Value	$ 1,193,641
UPB	1,201,816
UPB of loans subject to DQ principal or interest	$ 48,854
Acquired loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,412
Carrying Value	$ 286,054
UPB	289,410
UPB of loans subject to DQ principal or interest	$ 17,282
Acquired loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Acquired loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	11.50%
Acquired loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	265
Carrying Value	$ 181,979
UPB	181,598
UPB of loans subject to DQ principal or interest	$ 9,208
Acquired loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.88%
Acquired loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.00%
Acquired loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	88
Carrying Value	$ 105,812
UPB	106,449
UPB of loans subject to DQ principal or interest	$ 7,054
Acquired loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1.00%
Acquired loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.50%
Acquired loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	28
Carrying Value	$ 48,357
UPB	48,570
UPB of loans subject to DQ principal or interest	$ 3,104
Acquired loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.20%
Acquired loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	10.25%
Acquired loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	15
Carrying Value	$ 33,711
UPB	33,630
UPB of loans subject to DQ principal or interest	$ 2,206
Acquired loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.49%
Acquired loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.75%
Acquired loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	63
Carrying Value	$ 537,728
UPB	542,159
UPB of loans subject to DQ principal or interest	$ 10,000
Acquired loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.13%
Acquired loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	11.00%
Acquired SBA 7(a) loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	824
Carrying Value	$ 182,554
UPB	197,828
UPB of loans subject to DQ principal or interest	$ 7,248
Acquired SBA 7(a) loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	720
Carrying Value	$ 83,596
UPB	94,536
UPB of loans subject to DQ principal or interest	$ 5,467
Acquired SBA 7(a) loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	0.00%
Acquired SBA 7(a) loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.75%
Acquired SBA 7(a) loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	80
Carrying Value	$ 54,288
UPB	57,425
UPB of loans subject to DQ principal or interest	$ 1,781
Acquired SBA 7(a) loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.75%
Acquired SBA 7(a) loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.50%
Acquired SBA 7(a) loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	13
Carrying Value	$ 14,638
UPB	$ 15,341
Acquired SBA 7(a) loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.00%
Acquired SBA 7(a) loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Acquired SBA 7(a) loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	3
Carrying Value	$ 5,325
UPB	$ 5,402
Acquired SBA 7(a) loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Acquired SBA 7(a) loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Acquired SBA 7(a) loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2
Carrying Value	$ 4,541
UPB	$ 4,599
Acquired SBA 7(a) loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.00%
Acquired SBA 7(a) loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.75%
Acquired SBA 7(a) loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	6
Carrying Value	$ 20,166
UPB	$ 20,525
Acquired SBA 7(a) loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.75%
Acquired SBA 7(a) loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.25%
Originated Transitional loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	436
Carrying Value	$ 4,382,282
UPB	4,422,524
UPB of loans subject to DQ principal or interest	$ 97,476
Originated Transitional loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	62
Carrying Value	$ 11,077
UPB	$ 11,089
Originated Transitional loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.15%
Originated Transitional loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.00%
Originated Transitional loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	22
Carrying Value	$ 15,325
UPB	15,412
UPB of loans subject to DQ principal or interest	$ 1,227
Originated Transitional loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.30%
Originated Transitional loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	105.10%
Originated Transitional loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	11
Carrying Value	$ 13,536
UPB	$ 13,629
Originated Transitional loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.85%
Originated Transitional loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.90%
Originated Transitional loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	17
Carrying Value	$ 30,241
UPB	30,519
UPB of loans subject to DQ principal or interest	$ 1,995
Originated Transitional loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.10%
Originated Transitional loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.10%
Originated Transitional loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	15
Carrying Value	$ 33,052
UPB	33,371
UPB of loans subject to DQ principal or interest	$ 2,364
Originated Transitional loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.00%
Originated Transitional loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	12.00%
Originated Transitional loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	309
Carrying Value	$ 4,279,051
UPB	4,318,504
UPB of loans subject to DQ principal or interest	$ 91,890
Originated Transitional loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.00%
Originated Transitional loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	9.25%
Originated Freddie Mac loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	14
Carrying Value	$ 42,384
UPB	$ 41,864
Originated Freddie Mac loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	4
Carrying Value	$ 5,012
UPB	$ 4,949
Originated Freddie Mac loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.18%
Originated Freddie Mac loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.47%
Originated Freddie Mac loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1
Carrying Value	$ 1,605
UPB	$ 1,589
Originated Freddie Mac loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.23%
Originated Freddie Mac loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.23%
Originated Freddie Mac loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2
Carrying Value	$ 4,213
UPB	$ 4,171
Originated Freddie Mac loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.17%
Originated Freddie Mac loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.21%
Originated Freddie Mac loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	7
Carrying Value	$ 31,554
UPB	$ 31,155
Originated Freddie Mac loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.35%
Originated Freddie Mac loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.63%
Originated Residential Agency loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,057
Carrying Value	$ 238,491
UPB	233,762
UPB of loans subject to DQ principal or interest	$ 1,663
Originated Residential Agency loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,019
Carrying Value	$ 214,463
UPB	210,194
UPB of loans subject to DQ principal or interest	$ 1,663
Originated Residential Agency loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.13%
Originated Residential Agency loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.50%
Originated Residential Agency loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	38
Carrying Value	$ 24,028
UPB	$ 23,568
Originated Residential Agency loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	2.13%
Originated Residential Agency loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.99%
Originated SBA 7(a) loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,062
Carrying Value	$ 447,019
UPB	459,150
UPB of loans subject to DQ principal or interest	$ 8,399
Originated SBA 7(a) loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	805
Carrying Value	$ 139,128
UPB	147,119
UPB of loans subject to DQ principal or interest	$ 3,859
Originated SBA 7(a) loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	0.00%
Originated SBA 7(a) loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.50%
Originated SBA 7(a) loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	138
Carrying Value	$ 97,311
UPB	99,969
UPB of loans subject to DQ principal or interest	$ 1,998
Originated SBA 7(a) loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.25%
Originated SBA 7(a) loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBA 7(a) loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	63
Carrying Value	$ 74,344
UPB	$ 75,909
Originated SBA 7(a) loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.00%
Originated SBA 7(a) loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBA 7(a) loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	19
Carrying Value	$ 32,678
UPB	$ 32,675
Originated SBA 7(a) loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.25%
Originated SBA 7(a) loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBA 7(a) loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	17
Carrying Value	$ 39,196
UPB	$ 39,026
Originated SBA 7(a) loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.50%
Originated SBA 7(a) loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBA 7(a) loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	20
Carrying Value	$ 64,362
UPB	64,452
UPB of loans subject to DQ principal or interest	$ 2,542
Originated SBA 7(a) loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.50%
Originated SBA 7(a) loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.00%
Originated SBC loans
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	280
Carrying Value	$ 980,033
UPB	975,628
UPB of loans subject to DQ principal or interest	$ 38,958
Originated SBC loans | 0 - 500k
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	18
Carrying Value	$ 4,899
UPB	$ 4,837
Originated SBC loans | 0 - 500k | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.25%
Originated SBC loans | 0 - 500k | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.10%
Originated SBC loans | 500k - 1mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	32
Carrying Value	$ 26,034
UPB	25,679
UPB of loans subject to DQ principal or interest	$ 709
Originated SBC loans | 500k - 1mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.50%
Originated SBC loans | 500k - 1mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	9.22%
Originated SBC loans | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	43
Carrying Value	$ 52,724
UPB	52,309
UPB of loans subject to DQ principal or interest	$ 4,316
Originated SBC loans | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.68%
Originated SBC loans | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	10.00%
Originated SBC loans | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	36
Carrying Value	$ 62,180
UPB	62,353
UPB of loans subject to DQ principal or interest	$ 1,560
Originated SBC loans | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.25%
Originated SBC loans | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.43%
Originated SBC loans | 2mm - 2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	27
Carrying Value	$ 61,377
UPB	60,837
UPB of loans subject to DQ principal or interest	$ 2,224
Originated SBC loans | 2mm - 2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.60%
Originated SBC loans | 2mm - 2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.06%
Originated SBC loans | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	124
Carrying Value	$ 772,819
UPB	769,613
UPB of loans subject to DQ principal or interest	$ 30,149
Originated SBC loans | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.73%
Originated SBC loans | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.50%
Originated SBC loans, at fair value
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	16
Carrying Value	$ 111,938
UPB	$ 111,611
Originated SBC loans, at fair value | 1mm - 1.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1
Carrying Value	$ 1,337
UPB	$ 1,337
Originated SBC loans, at fair value | 1mm - 1.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.25%
Originated SBC loans, at fair value | 1mm - 1.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.25%
Originated SBC loans, at fair value | 1.5mm - 2mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2
Carrying Value	$ 4,023
UPB	$ 4,023
Originated SBC loans, at fair value | 1.5mm - 2mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	4.59%
Originated SBC loans, at fair value | 1.5mm - 2mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.27%
Originated SBC loans, at fair value | >2.5mm
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	13
Carrying Value	$ 106,578
UPB	$ 106,251
Originated SBC loans, at fair value | >2.5mm | Minimum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.51%
Originated SBC loans, at fair value | >2.5mm | Maximum
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	7.75%

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconcile mortgage loans on real estate
Balance at beginning	$ 4,363,719	$ 4,246,694	$ 2,529,624
CECL Day 1 adjustment		(7,527)
Origination of loan receivables	9,182,588	5,776,586	3,928,467
Purchases of loan receivables	217,329	277,170	748,151
Proceeds from disposition and principal payment of loan receivables	(6,452,235)	(6,115,265)	(3,455,223)
Loans acquired as part of merger transactions	102,798		130,449
Net realized gain (loss) on sale of loan receivables	147,484	213,740	70,574
Net unrealized gain (loss) on loan receivables	(2,853)	4,502	1,049
Accretion/amortization of discount, premium and other fees	13,232	8,434	14,194
Loans consolidated as part of RCLT 2019-2 transaction			463,177
Foreign currency gain (loss), net	4,091	4,509
Payment of guaranteed loan financing			(177,815)
Transfers to real estate owned, held for sale	(9,015)	(11,339)	(2,269)
Provision for loan losses	(8,727)	(33,785)	(3,684)
Balance at Ending	7,550,229	4,363,719	4,246,694
Loans, net
Reconcile mortgage loans on real estate
Balance at beginning	4,023,431	4,054,183	2,414,366
CECL Day 1 adjustment		(7,527)
Origination of loan receivables	3,826,182	699,650	1,307,143
Purchases of loan receivables	141,663	277,170	739,002
Proceeds from disposition and principal payment of loan receivables	(977,096)	(962,404)	(826,702)
Loans acquired as part of merger transactions			130,449
Net realized gain (loss) on sale of loan receivables	(7,317)	(5,069)	(5,700)
Net unrealized gain (loss) on loan receivables	170	(1,105)	760
Accretion/amortization of discount, premium and other fees	13,232	8,434	14,194
Loans consolidated as part of RCLT 2019-2 transaction			463,177
Foreign currency gain (loss), net	4,091	4,509
Payment of guaranteed loan financing			(177,815)
Transfers	1,138	(714)	1,262
Transfers to real estate owned, held for sale	(9,015)	(11,339)	(2,269)
Provision for loan losses	(8,727)	(33,785)	(3,684)
Balance at Ending	6,997,294	4,023,431	4,054,183
Loans, held for sale, at fair value
Reconcile mortgage loans on real estate
Balance at beginning	340,288	192,511	115,258
Origination of loan receivables	5,356,406	5,076,936	2,621,324
Purchases of loan receivables	75,666		9,149
Proceeds from disposition and principal payment of loan receivables	(5,475,139)	(5,152,861)	(2,628,521)
Loans acquired as part of merger transactions	102,798
Net realized gain (loss) on sale of loan receivables	154,801	218,809	76,274
Net unrealized gain (loss) on loan receivables	(3,023)	5,607	289
Transfers	(1,138)	714	(1,262)
Balance at Ending	$ 552,935	$ 340,288	$ 192,511