Ready Capital (RC) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-35808
Entity Registrant Name	READY CAPITAL CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	90-0729143
Entity Address, Address Line One	1251 Avenue of the Americas, 50th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10020
City Area Code	212
Local Phone Number	257-4600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		110,512,870
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001527590
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RC
Security Exchange Name	NYSE
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	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 208,037
Restricted cash	57,675
Loans, net (including $9,582 and $10,766 held at fair value)	4,158,807	$ 2,915,446
Loans, held-for-sale, at fair value	403,609	552,935
Paycheck Protection Program loans (including $599 and $3,243 held at fair value)	275,761	870,352
Mortgage backed securities, at fair value	37,895	99,496
Loans eligible for repurchase from Ginnie Mae	65,188	94,111
Investment in unconsolidated joint ventures (including $8,268 and $8,894 held at fair value)	119,272	141,148
Purchased future receivables, net	8,593	7,872
Derivative instruments	26,212	7,022
Servicing rights (including $192,153 and $120,142 held at fair value)	277,692	204,599
Real estate owned, held for sale	82,977	42,288
Other assets	213,030	172,098
Total Assets	11,858,211	9,534,031
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	305,797	941,505
Convertible notes, net	114,108	113,247
Senior secured notes, net	342,912	342,035
Corporate debt, net	662,247	441,817
Guaranteed loan financing	283,822	345,217
Contingent consideration	33,200	16,400
Liabilities for loans eligible for repurchase from Ginnie Mae	65,188	94,111
Derivative instruments	4,345	410
Dividends payable	51,136	34,348
Loan participations sold	54,104
Due to third parties	14,881	668
Accounts payable and other accrued liabilities	171,152	183,411
Total Liabilities	9,880,987	8,245,072
Preferred stock Series C liquidation preference, $25.00 per share (refer to Note 21)	8,361	8,361
Commitments and contingencies (refer to Note 25)
Stockholders' Equity
Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 21)	111,378	111,378
Common stock, $0.0001 par value, 500,000,000 shares authorized, 114,015,355 and 75,838,050 shares issued and outstanding, respectively	11	8
Additional paid-in capital	1,720,019	1,161,853
Retained earnings (deficit)	40,079	8,598
Accumulated other comprehensive loss	(4,505)	(5,733)
Total Ready Capital Corporation equity	1,866,982	1,276,104
Non-controlling interests	101,881	4,494
Total Stockholders' Equity	1,968,863	1,280,598
Total Liabilities, Redeemable Preferred Stock, and Stockholders' Equity	11,858,211	9,534,031
Consolidated Excluding VIEs
Assets
Cash and cash equivalents	208,037	229,531
Restricted cash	57,675	51,569
Loans, net (including $9,582 and $10,766 held at fair value)	4,158,807	2,915,446
Investments held to maturity	40,089
Other assets	213,030	172,098
Liabilities
Secured borrowings	3,348,249	2,517,600
Consolidated VIEs
Assets
Assets of consolidated VIEs	5,883,374	4,145,564
Liabilities
Secured borrowings	$ 4,429,846	$ 3,214,303

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Parenthetical information
Loans, net, held at fair value	$ 9,582	$ 10,766
Paycheck Protection Program loans, held at fair value	599	3,243
Investment in unconsolidated joint ventures, held at fair value	8,268	8,894
Servicing rights held at fair value	$ 192,153	$ 120,142
Preferred stock Series C, liquidation preference	$ 25	$ 25
Preferred stock Series E liquidation preference	25	25
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized capital	500,000,000	500,000,000
Common stock, issued	114,015,355	75,838,050
Common stock, outstanding	114,015,355	75,838,050

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 186,026	$ 105,136	$ 464,102	$ 281,554
Interest expense	(115,495)	(50,136)	(257,339)	(156,312)
Net interest income before recovery of (provision for) loan losses	70,531	55,000	206,763	125,242
Recovery of (provision for) loan losses	(3,431)	(1,579)	(583)	(7,088)
Net interest income after recovery of (provision for) loan losses	67,100	53,421	206,180	118,154
Non-interest income
Residential mortgage banking activities	12,053	37,270	23,424	115,369
Net realized gains on financial instruments and real estate owned	21,117	23,210	50,238	49,239
Net unrealized gain (loss) on financial instruments	16,460	5,688	58,522	31,296
Servicing income, net of amortization and impairment of $4,123 and $13,128 for the three and nine months ended September 30, 2022, and $2,798 and $7,344 for three and nine months ended September 30, 2021, respectively	12,189	10,243	37,282	37,806
Income on purchased future receivables, net of allowance for (recovery of) doubtful accounts of $(941) and $(1,381) for the three and nine months ended September 30, 2022, and $(279) and $1,260 for three and nine months ended September 30, 2021, respectively	1,162	2,838	5,490	7,934
Income (loss) on unconsolidated joint ventures	(603)	3,548	11,160	6,100
Other income (loss)	16,150	5,674	30,985	5,557
Total non-interest income	78,528	88,471	217,101	253,301
Non-interest expense
Employee compensation and benefits	(25,941)	(24,537)	(79,998)	(71,584)
Allocated employee compensation and benefits from related party	(1,745)	(3,804)	(6,549)	(9,226)
Variable income (expenses) on residential mortgage banking activities	(9,061)	(24,380)	(5,508)	(61,286)
Professional fees	(3,865)	(6,900)	(12,842)	(12,754)
Management fees - related party	(5,410)	(2,742)	(14,071)	(8,061)
Incentive fees - related party	(949)	(2,775)	(949)	(3,061)
Loan servicing expense	(10,697)	(8,124)	(29,913)	(21,079)
Transaction related expenses	(1,535)	(2,629)	(8,606)	(10,202)
Other operating expenses	(15,396)	(12,926)	(42,421)	(45,600)
Total non-interest expense	(74,599)	(88,817)	(200,857)	(242,853)
Income before provision for income taxes	71,029	53,075	222,424	128,602
Income tax provision	(4,776)	(6,540)	(32,943)	(22,216)
Net income	66,253	46,535	189,481	106,386
Less: Dividends on preferred stock	1,999	1,999	5,997	5,504
Less: Net income attributable to non-controlling interest	3,023	756	6,672	1,859
Net income attributable to Ready Capital Corporation	$ 61,231	$ 43,780	$ 176,812	$ 99,023
Earnings (loss) per basic common share
Earnings per common share - basic	$ 0.53	$ 0.61	$ 1.66	$ 1.47
Earnings (loss) per diluted common share
Earnings per common share - diluted	$ 0.50	$ 0.60	$ 1.56	$ 1.46
Weighted-average shares outstanding
Basic	114,371,160	71,618,168	105,576,826	66,606,749
Diluted	125,666,609	71,787,228	116,865,770	66,768,918
Dividends declared per share of common stock	$ 0.42	$ 0.42	$ 1.26	$ 1.24

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF INCOME
Servicing income, amortization and impairment	$ 4,123	$ 2,798	$ 13,128	$ 7,344
Income on purchased future receivable, allowance for (recovery of) doubtful accounts	$ (941)	$ (279)	$ (1,381)	$ 1,260

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 66,253	$ 46,535	$ 189,481	$ 106,386
Other comprehensive income (loss) - net change by component
Net change in hedging derivatives (cash flow hedges)	323	221	887	2,323
Foreign currency translation adjustment	(2,035)	675	298	1,426
Other comprehensive income (loss)	(1,712)	896	1,185	3,749
Comprehensive income	64,541	47,431	190,666	110,135
Comprehensive income attributable to non-controlling interests	2,998	771	6,680	1,937
Comprehensive income attributable to Ready Capital Corporation	$ 61,543	$ 46,660	$ 183,986	$ 108,198

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total Ready Capital Corporation Equity	Preferred stock Series B Preferred Stock	Preferred stock Series D Preferred Stock	Preferred stock Series E Preferred Stock	Common Stock	Additional Paid-in-Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
Balance at beginning of period at Dec. 31, 2020	$ 815,396				$ 5	$ 849,541	$ (24,203)	$ (9,947)	$ 18,812	$ 834,208
Balance at beginning of period (in shares) at Dec. 31, 2020					54,368,999
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock	(85,215)						(85,215)			(85,215)
Dividend declared on OP units									(1,458)	(1,458)
Dividend declared on Series B preferred shares	(1,162)						(1,162)		(1)	(1,163)
Dividend declared on Series C preferred shares	(361)						(361)			(361)
Dividend declared on Series D preferred shares	(1,074)						(1,074)		(1)	(1,075)
Dividend declared on Series E preferred shares	(2,907)						(2,907)			(2,907)
Shares issued pursuant to merger transactions	337,778	$ 47,984	$ 50,257		$ 2	239,535				337,778
Shares issued pursuant merger to merger transactions (shares)		1,919,378	2,010,278		16,774,337
Equity issuances	136,736			$ 111,378		25,358				136,736
Shares issued				4,600,000	1,660,449
Equity redemptions	(98,241)	$ (47,984)	$ (50,257)							(98,241)
Equity redemptions (shares)		(1,919,378)	(2,010,278)
Offering costs	(498)					(498)			(8)	(506)
Distributions, net									(150)	(150)
Equity component of 2017 convertible note issuance	(305)					(305)			(6)	(311)
Stock-based compensation	2,454					2,454				2,454
Stock-based compensation (shares)					161,342
Share repurchases	(614)					(614)				(614)
Share repurchases (shares)					(45,303)
Net income	104,527						104,527		1,859	106,386
Other comprehensive income (loss)	3,671							3,671	78	3,749
Balance at end of period at Sep. 30, 2021	1,210,185			$ 111,378	$ 7	1,115,471	(10,395)	(6,276)	19,125	1,229,310
Balance at end of period (in shares) at Sep. 30, 2021				4,600,000	72,919,824
Balance at beginning of period at Jun. 30, 2021	1,269,526	$ 47,984	$ 50,257	$ 111,378	$ 7	1,090,162	(23,105)	(7,157)	18,857	1,288,383
Balance at beginning of period (in shares) at Jun. 30, 2021		1,919,378	2,010,278	4,600,000	71,231,422
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock	(31,070)						(31,070)			(31,070)
Dividend declared on OP units									(494)	(494)
Dividend declared on Series C preferred shares	(131)						(131)			(131)
Dividend declared on Series E preferred shares	(1,868)						(1,868)			(1,868)
Equity issuances	25,358					25,358				25,358
Shares issued					1,660,449
Equity redemptions	(98,241)	$ (47,984)	$ (50,257)							(98,241)
Equity redemptions (shares)		(1,919,378)	(2,010,278)
Offering costs	(428)					(428)			(7)	(435)
Equity component of 2017 convertible note issuance	(103)					(103)			(2)	(105)
Stock-based compensation	109					109				109
Stock-based compensation (shares)					36,015
Share repurchases	373					373				373
Share repurchases (shares)					(8,062)
Net income	45,779						45,779		756	46,535
Other comprehensive income (loss)	881							881	15	896
Balance at end of period at Sep. 30, 2021	1,210,185			$ 111,378	$ 7	1,115,471	(10,395)	(6,276)	19,125	1,229,310
Balance at end of period (in shares) at Sep. 30, 2021				4,600,000	72,919,824
Balance at beginning 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 beginning of period (in shares) at Dec. 31, 2021				4,600,000	75,838,050
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock	(145,331)						(145,331)			(145,331)
Dividend declared on OP units									(2,156)	(2,156)
Dividend declared on Series C preferred shares	(393)						(393)			(393)
Dividend declared on Series E preferred shares	(5,604)						(5,604)			(5,604)
Shares issued pursuant to merger transactions	437,311				$ 3	437,308				437,311
Shares issued pursuant merger to merger transactions (shares)					30,252,764
Non-controlling interest acquired in merger transaction									82,257	82,257
Retirement of OP units									(1,500)	(1,500)
Equity issuances	124,515					124,515				124,515
Shares issued					8,100,926
Offering costs	(1,017)					(1,017)			(8)	(1,025)
Distributions, net									(10,145)	(10,145)
Equity component of 2017 convertible note issuance	(332)					(332)			(3)	(335)
Stock-based compensation	4,207					4,207				4,207
Stock-based compensation (shares)					281,372
Share repurchases	(5,114)					(5,114)				(5,114)
Share repurchases (shares)					(457,757)
OP units issued pursuant to merger transaction									20,745	20,745
Sale of subsidiary interest to non-controlling interest									167	167
Reallocation of noncontrolling interest	(1,350)					(1,401)		51	1,350
Net income	182,809						182,809		6,672	189,481
Other comprehensive income (loss)	1,177							1,177	8	1,185
Balance at end of period at Sep. 30, 2022	1,866,982			$ 111,378	$ 11	1,720,019	40,079	(4,505)	101,881	1,968,863
Balance at end of period (in shares) at Sep. 30, 2022				4,600,000	114,015,355
Balance at beginning of period at Jun. 30, 2022	1,859,452			$ 111,378	$ 11	1,723,580	27,298	(2,815)	102,613	1,962,065
Balance at beginning of period (in shares) at Jun. 30, 2022				4,600,000	114,375,070
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock	(48,450)						(48,450)			(48,450)
Dividend declared on OP units									(686)	(686)
Dividend declared on Series C preferred shares	(131)						(131)			(131)
Dividend declared on Series E preferred shares	(1,868)						(1,868)			(1,868)
Retirement of OP units									(1,500)	(1,500)
Offering costs	(114)					(114)			(2)	(116)
Distributions, net									(1,392)	(1,392)
Equity component of 2017 convertible note issuance	(113)					(113)			(1)	(114)
Stock-based compensation	167					167				167
Stock-based compensation (shares)					11,596
Share repurchases	(3,820)					(3,820)				(3,820)
Share repurchases (shares)					(371,311)
Sale of subsidiary interest to non-controlling interest									167	167
Reallocation of noncontrolling interest	316					319		(3)	(316)
Net income	63,230						63,230		3,023	66,253
Other comprehensive income (loss)	(1,687)							(1,687)	(25)	(1,712)
Balance at end of period at Sep. 30, 2022	$ 1,866,982			$ 111,378	$ 11	$ 1,720,019	$ 40,079	$ (4,505)	$ 101,881	$ 1,968,863
Balance at end of period (in shares) at Sep. 30, 2022				4,600,000	114,015,355

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Dividends declared per share of common stock	$ 0.42	$ 0.42	$ 1.26	$ 1.24
Series B Preferred Stock
Dividends declared per share of preferred stock				1.078125
Series C Preferred Stock
Dividends declared per share of preferred stock	0.390625	0.390625	1.171875	1.171875
Series D Preferred Stock
Dividends declared per share of preferred stock				0.953125
Series E Preferred Stock
Dividends declared per share of preferred stock	$ 0.406250	$ 0.406250	$ 1.218750	$ 0.631944

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows From Operating Activities:
Net income	$ 189,481	$ 106,386
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums, discounts, and debt issuance costs, net	(17,733)	(10,654)
Stock-based compensation	6,150	5,215
Provision for (recovery of) loan losses	583	7,088
Impairment loss on real estate, held for sale	2,667	1,715
Repair and denial reserve	(7,264)	6,051
Allowance for doubtful accounts on purchased future receivables	1,381	1,383
Origination of loans, held for sale, at fair value	132,671	21,909
Net income of unconsolidated joint ventures, net of distributions	(11,477)	(6,099)
Realized (gains) losses, net	(61,102)	(146,135)
Unrealized (gains) losses, net	(60,408)	(34,142)
Net changes in operating assets and liabilities
Purchased future receivables, net	(2,102)	9,358
Derivative instruments	54,264	(62,818)
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	(15,534)	10,157
Receivable from third parties	(12,660)	(12,789)
Other assets	(2,461)	(10,133)
Accounts payable and other accrued liabilities	(54,300)	32,940
Net cash provided by (used for) operating activities	142,156	(80,568)
Cash Flows From Investing Activities:
Origination of loans	(2,909,082)	(2,584,002)
Purchase of loans	(675,198)	(111,810)
Proceeds from disposition and principal payment of loans	1,152,337	928,678
Origination of Paycheck Protection Program loans		(2,133,861)
Purchase of Paycheck Protection Program loans		(3,866)
Proceeds from disposition and principal payment of Paycheck Protection Program loans	641,370	468,650
Funding of investments held to maturity	(1,656)
Proceeds from principal payments of investments held to maturity	13,173
Proceeds from sale and principal payment of mortgage backed securities, at fair value	56,187	1,997,268
Funding of real estate, held for sale	(4,951)
Proceeds from sale of real estate, held for sale	7,008	2,264
Investment in unconsolidated joint ventures	(122,221)	(22,644)
Proceeds from sale of investment in joint ventures	125,715
Distributions in excess of cumulative earnings from unconsolidated joint ventures	29,859	18,282
Payment of liability under participation agreements, net of proceeds received	(19,552)
Net cash used for business acquisitions		(11,536)
Net of cash provided by business acquisitions	123,566
Net cash used for investing activities	(1,583,478)	(1,452,577)
Sale of a subsidiary	(33)
Cash Flows From Financing Activities:
Proceeds from secured borrowings	8,434,576	9,440,080
Repayment of secured borrowings	(7,664,522)	(10,472,037)
Proceeds from the Paycheck Protection Program Liquidity Facility borrowings		2,299,167
Repayment of Paycheck Protection Program Liquidity Facility borrowings	(635,708)	(429,560)
Proceeds from issuance of securitized debt obligations of consolidated VIEs	1,735,343	1,239,770
Repayment of securitized debt obligations of consolidated VIEs	(501,066)	(462,198)
Proceeds from corporate debt	220,146	195,768
Repayment of corporate debt		(50,000)
Repayment of guaranteed loan financing	(86,046)	(63,526)
Payment of deferred financing costs	(27,966)	(27,714)
Proceeds from issuance of equity, net of issuance costs	123,490	136,230
Payment of contingent consideration	(9,000)
Settlement of share-based awards in satisfaction of withholding tax requirements	(1,294)	(614)
Dividend payments	(136,696)	(78,361)
Tender offer of preferred shares		(11,133)
Preferred stock redemption		(98,241)
Common stock repurchased	(3,820)
Distributions to non-controlling interests, net	(10,145)	(150)
Net cash provided by financing activities	1,437,292	1,617,481
Net increase (decrease) in cash, cash equivalents, and restricted cash	(4,030)	84,336
Cash, cash equivalents, and restricted cash beginning balance	323,328	200,482
Cash, cash equivalents, and restricted cash ending balance	319,298	284,818
Supplemental disclosures:
Cash paid for interest	218,627	138,828
Cash paid for income taxes	27,137	12,235
Supplemental disclosure: Non-cash investing activities
Loans transferred from loans, held for sale, at fair value to loans, net	4,003
Loans transferred from loans, net to loans, held for sale, at fair value	3,255	1,677
Loans transferred to real estate owned	1,532	1,388
Contingent consideration in connection with acquisitions	25,000	12,400
Supplemental disclosure: Non-cash financing activities
Shares and OP units issued in connection with merger transactions	458,056	$ 239,537
Retirement of OP units	$ 1,500

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Cash, cash equivalents, and restricted cash reconciliation
Cash and cash equivalents	$ 208,037	$ 209,769
Restricted cash	57,675	52,692
Cash, cash equivalents, and restricted cash in Assets of consolidated VIEs	53,586	22,357
Cash, cash equivalents, and restricted cash ending balance	$ 319,298	$ 284,818

Organization

Organization	9 Months Ended
	Sep. 30, 2022
Organization
Organization	READY CAPITAL CORPORATION NOTES TO the CONS OLIDATED FINANCIAL STATEMENTS (UNAUDITED) ​ Note 1. Organization ​ Ready Capital Corporation (the “Company” or “Ready Capital” and together with its subsidiaries “we,” “us” and “our”), is a Maryland corporation. The Company is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial (“SBC”) loans, Small Business Administration (“SBA”) loans, residential mortgage loans, construction 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 the Company’s assets and conducts substantially all of the Company’s business. As of September 30, 2022 and December 31, 2021, the Company owned approximately 98.6% and 99.6% 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 ​ Mosaic. ​ As consideration for the Mosaic Mergers, each former investor was entitled to receive an equal number of shares of each of Class B-1 Common Stock, $0.0001 par value per share (the “Class B-1 Common Stock”), Class B-2 Common Stock, $0.0001 par value per share (the “Class B-2 Common Stock”) Class B-3 Common Stock, $0.0001 par value per share (the “Class B-3 Common Stock”), and Class B-4 Common Stock, $0.0001 par value per share (the “Class B-4 Common Stock” and, together with the Class B-1 Common Stock, the Class B-2 Common Stock and the Class B-3 Common Stock, the “Class B Common Stock”), of Ready Capital, contingent equity rights (“CERs”) representing the potential right to receive shares of Common Stock as of the end of the three-year period following the closing date of the Mosaic Mergers based upon the performance of the assets acquired by Ready Capital pursuant to the Mosaic Mergers, and cash consideration in lieu of any fractional shares of Class B Common Stock. ​ The Class B Common Stock ranked equally with the common stock, except that the shares of Class B Common Stock were not listed on the New York Stock Exchange. On May 11, 2022, each issued and outstanding share of Class B Common Stock automatically converted, on a one-for-one basis, into an equal number of shares of Common Stock, and as such, no shares of Class B Common Stock remain outstanding. ​ The CERs are contractual rights and do not represent any equity or ownership interest in Ready Capital or any of its affiliates. If any shares of common stock are issued in settlement of the CERs, each former investor will also be entitled to receive a number of additional shares of common stock equal to (i) the amount of any dividends or other distributions paid with respect to the number of whole shares of common stock received in respect of CERs and having a record date on or after the closing date of the Mergers and a payment date prior to the issuance date of such shares of common stock, divided by (ii) the greater of (a) the average of the volume weighted average prices of one share of common stock over the ten trading days preceding the determination date and (b) the most recently reported book value per share of common stock as of the determination date. The acquisition further expanded the Company’s investment portfolio and origination platform to include a diverse portfolio of construction assets with attractive portfolio yields. Refer to Note 5 for assets acquired and liabilities assumed in the merger. ​ Red Stone. ​ 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’s 8.625% Series A Cumulative Preferred Stock, 6.25% Series B Cumulative Convertible Preferred Stock and 7.625% Series C Cumulative Redeemable preferred stock outstanding prior to the effective time of the Anworth Merger. On July 15, 2021, the Company redeemed all of the outstanding Series B Preferred Stock 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 the Company’s stockholders. In addition, part of the Company’s 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 its core SBC strategies and other assets expected to generate attractive risk-adjusted returns and long-term earnings accretion. ​ ​ In addition, concurrently with entering into the Anworth Merger Agreement, the Company, 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 was 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. ​ REIT Status ​ 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	9 Months Ended
	Sep. 30, 2022
Basis of Presentation
Basis of Presentation	Note 2. Basis of Presentation ​ The unaudited interim consolidated financial statements herein, referred to as the “consolidated financial statements”, as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021, 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. ​ The accompanying interim consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures required in audited financial statements. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements have been condensed or omitted. In the opinion of management, the accompanying consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim period or the entire year. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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, disclosure 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, Consolidation. ​ 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. Consolidation 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. ​ Loans, held at fair value. ​ Allowance for credit losses. ​ ASC 326, Financial Instruments-Credit Losses (“ASC 326”) ​ In connection with ASU 2016-13, 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 the Company has 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. The Company’s 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, Receivables ​ 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. The Company generally intends to hold its investments in MBS to generate interest income; however, the Company has and may continue to sell certain of its investment securities as part of the overall management of assets and liabilities and operating the 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 qualification as a REIT for U.S. federal income tax purposes, the Company utilizes 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 its 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, Derivatives and Hedging ​ 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. ​ ​ During May 2021, the Company 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, Derivatives and Hedging 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, Financial Instruments. ​ Servicing rights – SBA and multi-family portfolio. ​ For purposes of testing servicing rights for impairment, the Company first determines whether facts and circumstances exist that would suggest the carrying value of the servicing asset is not recoverable. If so, the Company then compares 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. ​ ​ The Company estimates 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 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. The Company also considers other factors that can impact the value of the servicing rights, such as surety provider termination clauses and servicer terminations that could result if the Company failed to materially comply with the covenants or conditions of its servicing agreements and did not remedy the failure. Since many factors can affect the estimate of the fair value of servicing rights, the Company regularly evaluates the major assumptions and modeling techniques used in its estimate and reviews these assumptions against market comparables, if available. The Company monitors the actual performance of its 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 ​ Investments held to maturity The Company accounts for held to maturity investments under ASC 320, Investments- Debt Securities ​ 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 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, ​ 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. In the fourth quarter of 2021, 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. ​ There were no events or changes in circumstances during the three months ended September 30, 2022 that would indicate that it was more likely than not that the fair value of each of the reporting units did not exceed its respective carrying value as of September 30, 2022. ​ Deferred financing costs Costs incurred in connection with 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, the Company has engaged in several securitization transactions, which the Company accounts for under ASC 810, Consolidation ​ 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, Debt ​ 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 the Company’s 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 the consolidated balance sheets. ​ Senior secured notes, net The Company accounts for secured debt offerings under ASC 470, Debt . ​ Corporate debt, net The Company accounts for corporate debt offerings under ASC 470, Debt ​ Guaranteed loan financing Certain partial loan sales do not qualify for sale accounting under ASC 860, Transfers and Servicing ​ Contingent consideration The Company accounts for certain liabilities recognized in relation to mergers and acquisitions as contingent consideration whereby the fair value of this liability is dependent on certain criteria. 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. ​ Loan participations sold The Company accounts for loan participations sold, which represents an interest in a loan receivable sold, as a liability on the consolidated balance sheets as these arrangements do not qualify as a sale under U.S. GAAP. Such liabilities are non-recourse and remain on the consolidated balance sheets until the loan is repaid. ​ Due to third parties Due to third parties primarily relates to funds held by the Company to advance certain expenditures necessary to fulfill the Company’s obligations under its existing indebtedness or to be released at the Company’s discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. While retained, these balances earn interest in accordance with the specific loan terms they are associated with. ​ Repair and denial reserve The repair and denial reserve represents the potential liability to the SBA in the event that the Company is required to make the SBA whole for reimbursement of the guaranteed portion of SBA loans. The Company 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 the Company is the primary beneficiary of a VIE, both qualitative and quantitative factors are considered regarding the nature, size and form of its involvement with the VIE, such as its role establishing the VIE and ongoing rights and responsibilities, the design of the VIE, its economic interests, servicing fees and servicing responsibilities, and other factors. The Company performs ongoing reassessments to evaluate whether changes in the entity’s capital structure or changes in the nature of its involvement with the entity result in a change to the VIE designation or a change to its consolidation conclusion. ​ Non-controlling interests Non-controlling interests are presented on the consolidated balance sheets and the consolidated statements of income and represent direct investment in the operating partnership by Sutherland OP Holdings II, Ltd., which is managed by the Manager, and third parties. The Company also has non-controlling interest related to the operating partnership units issued to satisfy a portion of the purchase price in connection with the Mosaic Merger. In addition, the Company has non-controlling interests from investments in consolidated joint ventures whereby, net income or loss is generally based upon relative ownership interests or contractual arrangements. ​ Fair value option ASC 825, Financial Instruments ​ The Company has elected the fair value option for certain loans held-for-sale originated by the Company that it intends 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 MSRs. The Company additionally elected the fair value option for certain held to maturity investments and investments in unconsolidated joint ventures due to their short-term tenor. 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 The Company presents both basic and diluted earnings per share (“EPS”) amounts in its 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 the Company’s share-based compensation, consisting of unvested restricted stock units (“RSUs”), unvested restricted stock awards (“RSAs”), performance-based equity awards, as well as the dilutive impact of convertible senior notes and convertible preferred stock under the if-converted method. 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, preferred stock and CERs contain rights to receive non-forfeitable dividends and, thus, are participating securities. Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. ​ Income taxes U.S. GAAP establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s consolidated financial statements or tax returns. The Company assesses 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 ev

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2022
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 4. Recent accounting pronouncements ​ ​ ​ ​ ​ ​ Standard ​ Summary of guidance ​ Effects on financial statements ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued March 2020 ​ Provides optional expedients and exceptions to GAAP requirements for modifications on debt instruments, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. The guidance generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. ​ The Company has loan, security, and debt agreements that incorporate LIBOR as a reference interest rate. It is difficult to predict what effect, if any, the phase-out of LIBOR and the use of alternative benchmarks may have on our business or on the overall financial markets. ​ ​ In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in this update refine the scope for certain optional expedients and exceptions for contract modifications and hedge accounting to apply to derivative contracts and certain hedging relationships affected by the discounting transition. Guidance is optional and may be elected over time, through December 31, 2022 using a prospective application on all eligible contract modifications. ​ The Company has not adopted any of the optional expedients or exceptions through September 30, 2022, but will continue to evaluate the possible adoption of any such expedients or exceptions. ASU 2022-02, Financial Instruments- Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 ​ Eliminates the recognition and measurement guidance for TDRs and requires assessment on whether the modification represents a new loan or a continuation of an existing loan. This ASU requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty and vintage disclosures which show the gross write-offs recorded in the current period by origination year. The ASU is effective in reporting periods beginning after December 15, 2022, under a prospective approach. ​ The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. ​ ​

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2022
Business Combinations
Business Combinations	Note 5. Business Combinations ​ On March 16, 2022, the Company acquired the Mosaic Funds, a group of privately held, real estate structured finance opportunities funds, with a focus on construction lending. See Note 1 for more information about the Mosaic Mergers. 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) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Assets ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 100,236 $ — $ 100,236 Restricted cash ​ 23,330 — 23,330 Loans, net ​ 432,779 (20,034) 412,745 Investments held to maturity ​ 165,302 (6,306) 158,996 Real estate owned, held for sale ​ 78,693 (33,945) 44,748 Other assets ​ 25,761 (3,683) 22,078 Total assets acquired ​ $ 826,101 $ (63,968) $ 762,133 Liabilities ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ 66,202 ​ — ​ 66,202 Loan participations sold ​ ​ 73,656 ​ — ​ 73,656 Due to third parties ​ ​ 24,634 ​ (333) ​ 24,301 Accounts payable and other accrued liabilities ​ ​ 38,182 ​ (900) ​ 37,282 Total liabilities assumed ​ $ 202,674 $ (1,233) $ 201,441 Net assets acquired ​ $ 623,427 $ (62,735) $ 560,692 Non-controlling interests ​ ​ (82,257) ​ — ​ (82,257) Net assets acquired, net of non-controlling interests ​ $ 541,170 $ (62,735) $ 478,435 ​ 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 for the Mosaic Mergers, certain fair value estimates may change once all information necessary to make a final fair value assessment has been received. The provisional amounts presented in the table above pertained to the preliminary purchase price allocation reported at the time of the Mosaic Mergers based on information that was available to management at the time the consolidated financial statements were prepared. The preliminary purchase price allocation is subject to change as the Company completes its analysis of the fair value of the assets acquired and liabilities assumed, which could have an impact on the consolidated financial statements. During September 2022, the Company recorded a measurement period adjustment based on the updated valuations obtained by decreasing net assets acquired by $62.7 million and decreasing the fair value of the CERs issued by $59.3 million, with the remainder of the offset recorded as a $3.4 million increase to goodwill as reflected in the table below. In addition, the Company recognized $2.8 million of interest from non-credit discounts on acquired assets which was reported as interest income in the consolidated statements of income. ​ The table below illustrates the aggregate consideration transferred, net assets acquired, and the related goodwill. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Fair value of net assets acquired $ 541,170 $ (62,735) $ 478,435 ​ ​ ​ ​ ​ ​ ​ Consideration transferred based on the value of Class B shares issued ​ 437,311 ​ — ​ 437,311 Consideration transferred based on the value of OP units issued ​ 20,745 ​ — ​ 20,745 Fair value of CERs issued ​ 84,348 ​ (59,348) ​ 25,000 Total consideration transferred $ 542,404 $ (59,348) $ 483,056 ​ ​ ​ ​ ​ ​ ​ Goodwill $ 1,234 $ 3,387 $ 4,621 ​ The table above includes contingent consideration in the form of CERs valued at approximately $25.0 million or $0.83 per CER. See Note 7 for more information about the valuation of the CERs. ​ ​ 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 ​ ​ 9,082 Total liabilities assumed ​ $ 9,082 Net assets acquired ​ $ 61,391 ​ The table below illustrates the aggregate consideration transferred, net assets acquired, and the related goodwill. ​ ​ ​ ​ (in thousands) Fair value of net assets acquired $ 61,391 ​ ​ ​ Cash paid ​ 63,000 Contingent consideration ​ 12,400 Total consideration transferred $ 75,400 ​ ​ ​ Goodwill $ 14,009 ​ In the table above, the future value of the contingent consideration 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. ​ On March 19, 2021, the Company completed a merger with Anworth, a specialty finance company that focused primarily on residential MBS 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 issued $ 50,257 Total consideration transferred $ 417,898 Goodwill $ 7,372 ​ As of September 30, 2022, the goodwill recorded in connection with the Mosaic Mergers, 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 Mosaic Mergers had occurred on January 1, 2022 and January 1, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, (in thousands) ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Selected Financial Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 186,026 ​ $ 124,888 ​ $ 477,163 ​ $ 337,126 Interest expense ​ ​ (115,495) ​ ​ (52,555) ​ ​ (260,264) ​ ​ (168,877) Provision for loan losses ​ ​ (3,431) ​ ​ (1,579) ​ ​ (583) ​ ​ (7,088) Non-interest income ​ ​ 78,528 ​ ​ 88,512 ​ ​ 217,768 ​ ​ 253,365 Non-interest expense ​ ​ (73,064) ​ ​ (93,595) ​ ​ (206,336) ​ ​ (250,485) Income before provision for income taxes ​ $ 72,564 ​ $ 65,671 ​ $ 227,748 ​ $ 164,041 Income tax expense ​ ​ (4,776) ​ ​ (6,540) ​ ​ (32,943) ​ ​ (22,216) Net income ​ $ 67,788 ​ $ 59,131 ​ $ 194,805 ​ $ 141,825 ​ Non-recurring pro-forma transaction costs directly attributable to the Mosaic Mergers were $1.5 million and $8.6 million for the three and nine months ended September 30, 2022, respectively 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 Mosaic Mergers. ​

Loans and Allowance for Credit

Loans and Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2022
Loans and Allowance for Credit Losses
Loans and Allowance for Credit Losses	Note 6. Loans and allowance for credit losses ​ Loans includes (i) loans held for investment that are accounted for at amortized cost net of allowance for credit losses or (ii) loans held at fair value under the fair value option and (iii) loans held for sale at fair value that are accounted for at the lower of cost or fair value. The classification for a loan is based on product type and management’s strategy for the loan. Loans with the “Other” classification are generally SBC acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Freddie Mac securitizations due to loan size, rate type, collateral, or borrower criteria. ​ Loan portfolio The table below summarizes the classification, UPB, and carrying value of loans held by the Company including loans of consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ December 31, 2021 (in thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 2,311 ​ $ 2,485 ​ ​ $ 3,641 ​ $ 3,914 SBA - 7(a) ​ ​ 490,134 ​ ​ 508,213 ​ ​ ​ 503,991 ​ ​ 519,408 Fixed rate ​ ​ 124,677 ​ ​ 121,215 ​ ​ ​ 344,673 ​ ​ 341,356 Freddie Mac ​ ​ 6,164 ​ ​ 6,056 ​ ​ ​ 3,087 ​ ​ 2,985 Bridge ​ ​ 2,904,295 ​ ​ 2,926,835 ​ ​ ​ 1,849,524 ​ ​ 1,861,932 Construction ​ ​ 389,104 ​ ​ 392,650 ​ ​ ​ — ​ ​ — Other ​ ​ 293,201 ​ ​ 297,358 ​ ​ ​ 243,746 ​ ​ 248,246 Total Loans, before allowance for loan losses ​ $ 4,209,886 ​ $ 4,254,812 ​ ​ $ 2,948,662 ​ $ 2,977,841 Allowance for loan losses ​ $ (51,079) ​ $ — ​ ​ $ (33,216) ​ $ — Total Loans, net ​ $ 4,158,807 ​ $ 4,254,812 ​ ​ $ 2,915,446 ​ $ 2,977,841 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ 853,188 ​ $ 853,661 ​ ​ $ 749,364 ​ $ 746,720 Bridge ​ ​ 4,429,262 ​ ​ 4,458,450 ​ ​ ​ 2,693,186 ​ ​ 2,717,487 SBA - 7(a) ​ ​ 68,892 ​ ​ 76,435 ​ ​ ​ 88,348 ​ ​ 98,604 Other ​ ​ 341,139 ​ ​ 341,906 ​ ​ ​ 563,111 ​ ​ 562,771 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 5,692,481 ​ $ 5,730,452 ​ ​ $ 4,094,009 ​ $ 4,125,582 Allowance for loan losses on loans in consolidated VIEs ​ $ (9,174) ​ $ — ​ ​ $ (12,161) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 5,683,307 ​ $ 5,730,452 ​ ​ $ 4,081,848 ​ $ 4,125,582 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 156,987 ​ $ 159,572 ​ ​ $ 269,164 ​ $ 263,479 SBA - 7(a) ​ ​ 47,913 ​ ​ 45,061 ​ ​ ​ 42,760 ​ ​ 38,966 Fixed rate ​ ​ 187,334 ​ ​ 214,259 ​ ​ ​ 197,290 ​ ​ 195,114 Freddie Mac ​ ​ 7,575 ​ ​ 7,429 ​ ​ ​ 42,384 ​ ​ 41,864 Other ​ ​ 3,800 ​ ​ 3,657 ​ ​ ​ 1,337 ​ ​ 1,337 Total Loans, held for sale, at fair value ​ $ 403,609 ​ $ 429,978 ​ ​ $ 552,935 ​ $ 540,760 Total Loans, net and Loans, held for sale, at fair value ​ $ 10,245,723 ​ $ 10,415,242 ​ ​ $ 7,550,229 ​ $ 7,644,183 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 275,162 ​ $ 289,041 ​ ​ $ 867,109 ​ $ 927,766 Paycheck Protection Program loans, held at fair value ​ ​ 599 ​ ​ 599 ​ ​ ​ 3,243 ​ ​ 3,243 Total Paycheck Protection Program loans ​ $ 275,761 ​ $ 289,640 ​ ​ $ 870,352 ​ $ 931,009 Total Loan portfolio ​ $ 10,521,484 ​ $ 10,704,882 ​ ​ $ 8,420,581 ​ $ 8,575,192 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $30.5 million, including $16.0 million of reserves of PCD loans as of September 30, 2022 and $17.3 million of specific allowance for loan losses as of December 31, 2021. ​ The tables below summarize the classification, UPB and carrying value of loans by year of origination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (in thousands) UPB ​ 2022 2021 2020 2019 ​ 2018 Pre 2018 Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,385,285 ​ $ 2,754,528 ​ $ 3,682,145 ​ $ 387,775 ​ $ 326,252 ​ $ 146,296 ​ $ 30,930 ​ $ 7,327,926 Construction ​ ​ 392,650 ​ ​ 24,234 ​ ​ — ​ ​ 10,000 ​ ​ 296,171 ​ ​ 42,727 ​ ​ — ​ ​ 373,132 Fixed rate ​ ​ 974,876 ​ ​ 46,499 ​ ​ 143,773 ​ ​ 92,381 ​ ​ 335,631 ​ ​ 135,456 ​ ​ 219,679 ​ ​ 973,419 Freddie Mac ​ ​ 6,056 ​ ​ — ​ ​ — ​ ​ 6,164 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,164 Residential ​ ​ 2,485 ​ ​ 308 ​ ​ 156 ​ ​ — ​ ​ 441 ​ ​ 345 ​ ​ 1,060 ​ ​ 2,310 SBA - 7(a) ​ ​ 584,648 ​ 80,993 ​ 82,948 ​ 40,450 ​ ​ 85,024 ​ ​ 94,669 ​ 171,439 ​ ​ 555,523 Other ​ ​ 639,264 ​ ​ 2,227 ​ ​ 27,294 ​ ​ 10,452 ​ ​ 71,874 ​ ​ 13,911 ​ ​ 507,678 ​ 633,436 Total Loans, before general allowance for loan losses ​ $ 9,985,264 ​ $ 2,908,789 ​ $ 3,936,316 ​ $ 547,222 ​ $ 1,115,393 ​ $ 433,404 ​ $ 930,786 ​ $ 9,871,910 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,796) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,842,114 ​ UPB ​ 2021 2020 2019 2018 ​ 2017 Pre 2017 Total December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 4,579,419 ​ $ 3,461,864 ​ $ 430,248 ​ $ 399,603 ​ $ 205,855 ​ $ 11,327 ​ $ 29,490 ​ $ 4,538,387 Fixed rate ​ ​ 1,088,076 ​ ​ 142,801 ​ ​ 103,528 ​ ​ 393,563 ​ ​ 163,912 ​ ​ 98,123 ​ ​ 187,918 ​ ​ 1,089,845 Freddie Mac ​ ​ 2,985 ​ ​ — ​ ​ 3,093 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,093 Residential ​ ​ 3,914 ​ ​ 1,413 ​ ​ 492 ​ ​ 468 ​ ​ — ​ ​ — ​ ​ 1,215 ​ ​ 3,588 SBA - 7(a) ​ ​ 618,012 ​ ​ 92,030 ​ ​ 44,955 ​ ​ 104,938 ​ ​ 122,242 ​ ​ 49,031 ​ ​ 173,616 ​ ​ 586,812 Other ​ ​ 811,017 ​ ​ 4,523 ​ ​ 22,973 ​ ​ 76,320 ​ ​ 31,570 ​ ​ 14,868 ​ ​ 653,428 ​ 803,682 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 ​ The tables below present delinquency information on loans, net by year of origination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (in thousands) UPB ​ 2022 2021 2020 2019 ​ 2018 Pre 2018 Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 9,700,041 ​ $ 2,908,789 ​ $ 3,927,896 ​ $ 539,893 ​ $ 1,052,098 ​ $ 317,302 ​ $ 876,602 ​ $ 9,622,580 30 - 59 days past due ​ ​ 10,145 ​ ​ — ​ ​ 7,730 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 2,184 ​ ​ 9,917 60+ days past due ​ ​ 275,078 ​ ​ — ​ ​ 690 ​ ​ 7,326 ​ ​ 63,295 ​ ​ 116,102 ​ ​ 52,000 ​ ​ 239,413 Total Loans, before general allowance for loan losses ​ $ 9,985,264 ​ $ 2,908,789 ​ $ 3,936,316 ​ $ 547,222 ​ $ 1,115,393 ​ $ 433,404 ​ $ 930,786 ​ $ 9,871,910 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,796) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,842,114 ​ ​ ​ ​ Carrying Value by Year of Origination ​ ​ 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 ​ 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 September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,200,286 ​ $ 7,730 ​ $ 119,910 ​ $ 7,327,926 ​ $ 124,037 ​ $ — Construction ​ ​ 317,329 ​ ​ — ​ ​ 55,803 ​ ​ 373,132 ​ ​ 55,804 ​ ​ — Fixed rate ​ ​ 948,958 ​ ​ — ​ ​ 24,461 ​ ​ 973,419 ​ ​ 20,662 ​ ​ — Freddie Mac ​ ​ 3,071 ​ ​ — ​ ​ 3,093 ​ ​ 6,164 ​ ​ 3,093 ​ ​ — Residential ​ ​ 700 ​ ​ — ​ ​ 1,610 ​ ​ 2,310 ​ ​ 1,610 ​ ​ — SBA - 7(a) ​ ​ 550,061 ​ ​ 860 ​ ​ 4,602 ​ ​ 555,523 ​ ​ 11,277 ​ ​ — Other ​ ​ 602,175 ​ ​ 1,327 ​ ​ 29,934 ​ ​ 633,436 ​ ​ 33,277 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 9,622,580 ​ $ 9,917 ​ $ 239,413 ​ $ 9,871,910 ​ $ 249,760 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,796) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,842,114 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 97.5% ​ ​ 0.1% ​ ​ 2.4% ​ ​ 100% ​ ​ 2.5% ​ ​ 0.0% December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 4,451,230 ​ $ 52,997 ​ $ 34,160 ​ $ 4,538,387 ​ $ 28,820 ​ $ — Fixed rate ​ ​ 1,057,708 ​ ​ — ​ ​ 32,137 ​ ​ 1,089,845 ​ ​ 24,031 ​ ​ — Freddie Mac ​ ​ — ​ ​ — ​ ​ 3,093 ​ ​ 3,093 ​ ​ 3,093 ​ ​ - Residential ​ ​ 1,674 ​ ​ — ​ ​ 1,914 ​ ​ 3,588 ​ ​ 1,914 ​ ​ — SBA - 7(a) ​ ​ 576,593 ​ ​ 6,741 ​ ​ 3,478 ​ ​ 586,812 ​ ​ 15,119 ​ ​ — Other ​ ​ 754,480 ​ ​ 13,099 ​ ​ 36,103 ​ ​ 803,682 ​ ​ 26,525 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 6,841,685 ​ $ 72,837 ​ $ 110,885 ​ $ 7,025,407 ​ $ 99,502 ​ $ — 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% ​ In addition to delinquency rates, the current estimated LTV ratio, geographic distribution of the loan collateral and collateral concentration are primary credit quality indicators that provide insight into a borrower’s capacity and willingness to meet its financial obligation. High LTV loans tend to have higher delinquency rates than loans where the borrower has equity in the collateral. The geographic distribution of the loan collateral considers factors such as the regional economy, property price changes and specific events such as natural disasters, which will affect credit quality. The collateral concentration of the loan portfolio considers economic factors or events may have a more pronounced impact on certain sectors or property types. The table below presents quantitative information on the credit quality of loans, net. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTV (1) (in thousands) 0.0 – 20.0% 20.1 – 40.0% 40.1 – 60.0% 60.1 – 80.0% 80.1 – 100.0% Greater than 100.0% Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ — $ 299,929 $ 700,981 $ 6,045,241 $ 254,893 $ 26,882 $ 7,327,926 Construction ​ 10,895 ​ 12,267 ​ 26,090 ​ 294,166 ​ 23,877 ​ 5,837 ​ 373,132 Fixed rate ​ 9,962 ​ 43,667 ​ 378,783 ​ 518,464 ​ 15,768 ​ 6,775 ​ 973,419 Freddie Mac ​ — ​ — ​ 3,071 ​ 3,093 ​ — ​ — ​ 6,164 Residential ​ 59 ​ 48 ​ 705 ​ 587 ​ 911 ​ — ​ 2,310 SBA - 7(a) ​ 7,846 46,696 96,027 ​ 186,722 ​ 81,930 136,302 ​ 555,523 Other 169,728 ​ 255,929 ​ 157,909 ​ 35,484 ​ 10,085 ​ 4,301 633,436 Total Loans, before general allowance for loan losses $ 198,490 $ 658,536 $ 1,363,566 $ 7,083,757 $ 387,464 $ 180,097 $ 9,871,910 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,796) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,842,114 Percentage of loans outstanding ​ 2.0% ​ 6.7% ​ 13.8% ​ 71.8% ​ 3.9% ​ 1.8% ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ — $ 107,606 $ 338,355 $ 3,432,820 $ 640,215 $ 19,391 $ 4,538,387 Fixed rate 13,983 ​ 40,570 ​ 390,213 ​ 624,462 ​ 9,972 ​ 10,645 1,089,845 Freddie Mac — ​ — ​ — ​ 3,093 ​ — ​ — 3,093 Residential ​ 69 ​ 262 ​ 835 ​ 1,050 ​ 1,219 ​ 153 ​ 3,588 SBA - 7(a) ​ 7,219 ​ 41,943 ​ 119,114 ​ 197,950 ​ 81,388 ​ 139,198 ​ 586,812 Other 221,823 ​ 300,723 ​ 185,538 ​ 76,590 ​ 8,701 ​ 10,307 803,682 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% ​ ​ (1) LTV is calculated using carrying amount as a percentage of current collateral value ​ The table below presents the geographic concentration of loans, net, secured by real estate. ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) September 30, 2022 ​ December 31, 2021 Texas 20.9 % ​ 19.2 % California 10.1 ​ ​ 14.3 ​ Georgia 7.6 ​ ​ 7.0 ​ Arizona 6.8 ​ ​ 7.4 ​ Florida 6.5 ​ ​ 6.7 ​ New York 5.5 ​ ​ 7.3 ​ Illinois 4.4 ​ ​ 4.3 ​ North Carolina 4.2 ​ ​ 2.6 ​ Washington 1.6 ​ ​ 2.1 ​ Colorado ​ 1.3 ​ ​ 1.9 ​ Other 31.1 ​ ​ 27.2 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) September 30, 2022 ​ December 31, 2021 Multi-family 66.8 % ​ 54.4 % Mixed Use 7.6 ​ ​ 7.1 ​ Retail 5.9 ​ ​ 10.2 ​ SBA 5.9 ​ ​ 8.7 ​ Office 5.1 ​ ​ 8.2 ​ Industrial 4.9 ​ ​ 6.4 ​ Lodging/Residential 1.7 ​ ​ 1.8 ​ Other 2.1 ​ ​ 3.2 ​ Total 100.0 % ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ The table below presents the collateral type concentration of SBA loans within loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) September 30, 2022 ​ December 31, 2021 Lodging ​ 14.9 % ​ 17.0 % Offices of Physicians ​ 8.4 ​ ​ 10.9 ​ Child Day Care Services 6.0 ​ ​ 7.4 ​ Gasoline Service Stations 4.0 ​ ​ 3.7 ​ Eating Places 3.8 ​ ​ 5.0 ​ Veterinarians 1.8 ​ ​ 2.4 ​ Grocery Stores ​ 1.7 ​ ​ 1.8 ​ Funeral Service & Crematories 1.3 ​ ​ 1.9 ​ Couriers ​ 1.1 ​ ​ 1.3 ​ Car washes ​ 0.7 ​ ​ 1.4 ​ Other 56.3 ​ ​ 47.2 ​ 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) Bridge ​ Construction ​ Fixed Rate ​ Residential ​ SBA - 7(a) ​ Other ​ Total Allowance for loan losses September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 14,823 ​ $ 971 ​ $ 1,928 ​ $ 4 ​ $ 9,842 ​ $ 2,228 ​ $ 29,796 Specific ​ 5,631 ​ ​ — ​ ​ 4,446 ​ ​ 1 ​ ​ 3,503 ​ ​ 904 ​ ​ 14,485 PCD ​ — ​ ​ 15,972 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,972 Ending balance $ 20,454 ​ $ 16,943 ​ $ 6,374 ​ $ 5 ​ $ 13,345 ​ $ 3,132 ​ $ 60,253 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 15,204 ​ $ — ​ $ 2,667 ​ $ 8 ​ $ 6,653 ​ $ 3,581 ​ $ 28,113 Specific ​ 4,315 ​ ​ — ​ ​ 4,194 ​ ​ 52 ​ ​ 5,527 ​ ​ 3,176 ​ ​ 17,264 Ending balance $ 19,519 ​ $ — ​ $ 6,861 ​ $ 60 ​ $ 12,180 ​ $ 6,757 ​ $ 45,377 ​ The table below presents a summary of the changes in the allowance for loan losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Bridge Construction Fixed Rate Residential SBA - 7(a) Other Total Allowance for loan losses Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 18,393 $ 5,122 $ 6,222 $ 57 $ 13,126 $ 3,205 $ 46,125 Provision for (recoveries of) loan losses ​ 2,061 ​ 849 ​ 242 ​ (1) ​ 200 ​ (72) ​ 3,279 Measurement period adjustment - PCD ​ — ​ 10,972 ​ — ​ — ​ — ​ — ​ 10,972 Charge-offs and sales ​ — ​ — ​ (90) ​ — ​ (692) ​ — ​ (782) Recoveries ​ — ​ — ​ — ​ (51) ​ 711 ​ (1) ​ 659 Ending balance $ 20,454 $ 16,943 $ 6,374 $ 5 $ 13,345 $ 3,132 $ 60,253 Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 21,178 $ — $ 6,865 $ 61 ​ 13,350 $ 8,175 $ 49,629 Provision for (recoveries of) loan losses ​ 4,056 ​ — ​ (1,142) ​ — ​ 20 ​ (1,214) ​ 1,720 Charge-offs and sales ​ — ​ — ​ — ​ — ​ (1,401) ​ (27) ​ (1,428) Recoveries ​ (660) ​ — ​ — ​ — ​ 30 ​ (44) ​ (674) Ending balance $ 24,574 $ — $ 5,723 $ 61 $ 11,999 $ 6,890 $ 49,247 Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 19,519 $ — $ 6,861 $ 60 $ 12,180 $ 6,757 $ 45,377 Provision for (recoveries of) loan losses ​ 935 ​ 971 ​ (397) ​ (4) ​ 1,691 ​ (3,404) ​ (208) PCD (1) ​ — ​ 15,972 ​ — ​ — ​ — ​ — ​ 15,972 Charge-offs and sales ​ — ​ — ​ (90) ​ — ​ (1,191) ​ (7) ​ (1,288) Recoveries ​ — ​ — ​ — ​ (51) ​ 665 ​ (214) ​ 400 Ending balance $ 20,454 $ 16,943 $ 6,374 $ 5 $ 13,345 $ 3,132 $ 60,253 Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 14,588 $ — $ 7,629 $ 52 $ 14,600 $ 9,863 $ 46,732 Provision for (recoveries of) loan losses ​ 10,646 ​ — ​ (406) ​ 9 ​ 461 ​ (2,893) ​ 7,817 Charge-offs and sales ​ — ​ — ​ (1,311) ​ — ​ (3,105) ​ (26) ​ (4,442) Recoveries ​ (660) ​ — ​ (189) ​ — ​ 43 ​ (54) ​ (860) Ending balance $ 24,574 $ — $ 5,723 $ 61 $ 11,999 $ 6,890 $ 49,247 (1) Includes impact of measurement period adjustment related to the Mosaic Mergers. See Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. ​ The table above excludes $1.0 million and $0.2 million of allowance for loan losses on unfunded lending commitments as of September 30, 2022 and September 30, 2021, respectively. Refer to Note 3 – Summary of Significant Accounting Policies for more information on 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) September 30, 2022 ​ December 31, 2021 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 201,950 ​ $ 71,644 Without an allowance ​ 47,810 ​ ​ 27,858 Total recorded carrying value of non-accrual loans $ 249,760 ​ $ 99,502 Allowance for loan losses related to non-accrual loans $ (30,543) ​ $ (17,264) Unpaid principal balance of non-accrual loans $ 286,406 ​ $ 119,554 ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ September 30, 2021 Interest income on non-accrual loans for the three months ended $ 506 ​ $ 586 Interest income on non-accrual loans for the nine months ended $ 4,218 ​ $ 2,144 ​ ​ Troubled debt restructurings A loan is classified as a TDR when there is a reasonable expectation that the original terms of the loan agreement will be modified by granting concessions to a borrower who is experiencing financial difficulty. Concessions typically include modifications to the interest rate, maturity date, timing of principal and interest payments and principal forgiveness. Modified loans that are classified as TDRs are individually evaluated and measured for impairment. ​ The table below presents details on TDR loans by type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 (in thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Carrying value of modified loans classified as TDRs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On accrual status $ 106 ​ $ 12,177 ​ $ 12,283 ​ $ 284 ​ $ 8,242 ​ $ 8,526 On non-accrual status ​ 10,848 ​ ​ 8,875 ​ ​ 19,723 ​ ​ 11,220 ​ ​ 11,409 ​ ​ 22,629 Total carrying value of modified loans classified as TDRs $ 10,954 ​ $ 21,052 ​ $ 32,006 ​ $ 11,504 ​ $ 19,651 ​ $ 31,155 Allowance for loan losses on loans classified as TDRs $ 38 ​ $ 1,121 ​ $ 1,159 ​ $ 46 ​ $ 2,626 ​ $ 2,672 ​ ​ The table below presents TDR loan activity and the financial effects of these modifications by type. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Three Months Ended September 30, 2021 (in thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 1 ​ ​ 7 ​ ​ 8 ​ ​ — ​ ​ 3 ​ ​ 3 Pre-modification recorded balance (a) $ 1,036 ​ $ 752 ​ $ 1,788 ​ $ — ​ $ 322 ​ $ 322 Post-modification recorded balance (a) $ 1,036 ​ $ 752 ​ $ 1,788 ​ $ — ​ $ 321 ​ $ 321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default (b) ​ 1 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ — Balance of loans that remain in default (b) $ 1,036 ​ $ — ​ $ 1,036 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 706 ​ $ 706 ​ $ — ​ $ 277 ​ $ 277 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 1,036 ​ ​ — ​ ​ 1,036 ​ ​ — ​ ​ — ​ ​ — Total $ 1,036 ​ $ 706 ​ $ 1,742 ​ $ — ​ $ 277 ​ $ 277 ​ Nine Months Ended September 30, 2022 ​ Nine Months Ended September 30, 2021 (in thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 2 ​ ​ 13 ​ ​ 15 ​ ​ 1 ​ ​ 20 ​ ​ 21 Pre-modification recorded balance (a) $ 1,532 ​ $ 2,306 ​ $ 3,838 ​ $ 1,276 ​ $ 8,630 ​ $ 9,906 Post-modification recorded balance (a) $ 1,532 ​ $ 1,812 ​ $ 3,344 ​ $ 1,276 ​ $ 8,164 ​ $ 9,440 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default (b) ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ — ​ ​ 3 ​ ​ 3 Balance of loans that remain in default (b) $ 1,036 ​ $ 5 ​ $ 1,041 ​ $ — ​ $ 686 ​ $ 686 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 1,662 ​ $ 1,662 ​ $ — ​ $ 6,912 ​ $ 6,912 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 1,036 ​ ​ — ​ ​ 1,036 ​ ​ 1,276 ​ ​ 90 ​ ​ 1,366 Total $ 1,036 ​ $ 1,662 ​ $ 2,698 ​ $ 1,276 ​ $ 7,002 ​ $ 8,278 (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 September 30, 2022 and December 31, 2021, the Company’s total carrying amount of loans in the foreclosure process was $31.9 million and $2.3 million, respectively. ​ PCD loans During September 2022, based on updated valuations obtained, the Company recorded a measurement period adjustment of $11.0 million to increase the PCD allowance in connection with the Mosaic Mergers. A reconciliation between the PCD asset’s UPB and purchase price is presented in the table below. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. ​ ​ ​ ​ ​ ​ ​ (in thousands) PCD Reconciliation Unpaid principal balance $ 21,960 Allowance for credit losses ​ (15,972) Non-credit discount ​ (732) Purchase price of loans classified as PCD $ 5,256 ​ The Company did not acquire any PCD loans during the three months ended September 30, 2022 and September 30, 2021.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
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. ​ 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. Contingent consideration also consists of CERs. Pursuant to the CER agreement, if, as of the revaluation date, the sum of the updated fair value of the acquired portfolio less all advances made on such assets, plus all principal payments, return of capital and liquidation proceeds received on such assets exceeds the initial discounted fair value of the acquired portfolio, then the Company will issue to the CER holders, with respect to each CER, a number of shares of common stock equal to 90% of the lesser of the valuation excess and the discount amount, divided by the number of initially issued CERs divided by the Company share value, with cash being paid in lieu of any fractional shares of common stock otherwise due to such holder. In addition, each CER holder will be entitled to receive a number of additional shares of common stock equal to (i) the amount of any dividends or other distributions paid with respect to the number of whole shares of common stock received by such CER holder in respect of such holder’s CERs and having a record date on or after the closing of the Mosaic Mergers and a payment date prior to the issuance date of such shares of common stock, divided by (ii) the Company share value. The probability-weighted expected return method (“PWERM”) was utilized to estimate the return of capital and liquidation proceeds of the acquired asset portfolio, considering each possible outcome, including the economic and projected performance of each acquired asset, using a probability of 65%-100% return of capital. The discounted cashflow technique was utilized by the Company to assess the updated value of the acquired portfolio as of the revaluation date. The fair value of dividend distributions to the CER holders was determined using a Monte Carlo simulation model which considers various potential results based on the CER payments, volatility of the Company’s share value and projected dividend distributions. During September 2022, based on updated valuations obtained, the Company recorded a measurement period adjustment of $59.3 million to decrease the fair value of the CERs in connection with the Mosaic Mergers. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. ​ In certain cases, the inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. ​ ​ The table below presents financial instruments carried at fair value on a recurring basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 215,894 ​ $ 187,715 ​ $ 403,609 Loans, net, at fair value — ​ — ​ 9,582 ​ 9,582 Paycheck Protection Program loans — ​ 599 ​ — ​ 599 MBS, at fair value — ​ 37,895 ​ — ​ 37,895 Derivative instruments, at fair value ​ — ​ ​ 26,212 ​ ​ — ​ ​ 26,212 Residential MSRs, at fair value — ​ — ​ 192,153 ​ 192,153 Investment in unconsolidated joint ventures — ​ — ​ 8,268 ​ 8,268 Total assets $ — ​ $ 280,600 ​ $ 397,718 ​ $ 678,318 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ — ​ $ 4,345 ​ $ 4,345 Contingent consideration ​ — ​ ​ — ​ ​ 33,200 ​ ​ 33,200 Total liabilities $ — ​ $ — ​ $ 37,545 ​ $ 37,545 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 ​ 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) Type Range Weighted Average September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential MSRs, at fair value $ 192,153 Income Approach Forward prepayment rate | Forward Default Rate | Discount rate | Servicing expense ​ (b) ​ (b) Investment in unconsolidated joint ventures ​ $ 8,268 ​ Income Approach ​ Discount rate ​ 9.0% ​ 9.0% Derivative instruments, at fair value ​ ​ $ (4,345) ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 55.0 - 100% | 0.2 - 6.7% | 0.1 to 3.3% ​ 85.1% | 5.3% | 1.8% ​ Contingent consideration- Red Stone ​ $ (8,200) ​ Monte Carlo Simulation Model ​ EBT volatility | EBT discount rate | Liability discount rate ​ 25.0% | 15.2% | 3.8% ​ 25.0% | 15.2% | 3.8% Contingent consideration- Mosaic CER dividends ​ $ (5,000) ​ Monte Carlo Simulation Model ​ Equity volatility | Risk-free rate of return | Discount Rate ​ 45.0% | 4.2% | 11.8% ​ 45.0% | 4.2% | 11.8% Contingent consideration- Mosaic CER units ​ $ (20,000) ​ Income Approach and PWERM Model ​ Revaluation discount rate | Discount rate ​ 12.0% | 11.8% ​ 12.0% | 11.8% December 31, 2021 ​ ​ ​ ​ ​ 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 to 3.1% ​ 86.7% | 4.1% | 1.3% Residential MSRs, at fair value $ 120,142 Income Approach Forward prepayment rate | Forward Default Rate | Discount rate | Servicing expense ​ (b) ​ (b) 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% (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 $397.7 million as of September 30, 2022 and $378.8 million as of December 31, 2021, is $197.4 million and $247.5 million of quoted or transaction prices in which quantitative unobservable inputs are not developed by the Company when measuring fair value, respectively. ​ ​ The table below presents 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 ​ Investments held to maturity ​ PPP loans Residential MSRs ​ Investment in unconsolidated joint ventures ​ Contingent Consideration ​ ​ Total Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 1,666 ​ $ 2,399 ​ $ 9,956 ​ $ 200,863 ​ $ 9,601 ​ $ — ​ $ 168,653 ​ $ 8,439 ​ $ (92,548) ​ $ 309,029 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,463 ​ ​ — ​ ​ — ​ ​ 9,463 Sales / Principal payments ​ — ​ ​ — ​ ​ — ​ ​ (182) ​ ​ (5,877) ​ ​ — ​ ​ (2,610) ​ ​ — ​ ​ — ​ ​ (8,669) Measurement Period Adjustment ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,724) ​ ​ — ​ ​ — ​ ​ — ​ ​ 59,348 ​ ​ 55,624 Realized losses, net ​ — ​ ​ — ​ ​ — ​ ​ (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1) Unrealized gains (losses), net ​ (17) ​ ​ (6,744) ​ ​ (374) ​ ​ (12,965) ​ ​ — ​ ​ — ​ ​ 16,647 ​ ​ (171) ​ ​ — ​ ​ (3,624) Transfer to (from) Level 3 ​ (1,649) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,649) Ending Balance $ — ​ $ (4,345) ​ $ 9,582 ​ $ 187,715 ​ $ — ​ $ — ​ $ 192,153 ​ $ 8,268 ​ $ (33,200) ​ $ 360,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 1,581 ​ $ 2,339 ​ $ 10,766 ​ $ 231,865 ​ $ — ​ $ 3,243 ​ $ 120,142 ​ $ 8,894 ​ $ (16,400) ​ $ 362,430 Purchases or Originations — ​ — ​ — ​ 23,470 ​ — ​ — ​ — ​ — ​ — ​ 23,470 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 32,417 ​ ​ — ​ ​ — ​ ​ 32,417 Sales / Principal payments ​ (1,352) ​ ​ — ​ ​ — ​ ​ (32,891) ​ ​ (13,173) ​ ​ (1,400) ​ ​ (9,636) ​ ​ — ​ ​ 9,000 ​ ​ (49,452) Accreted discount, net ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 Realized gains (losses), net ​ (1,449) ​ ​ — ​ ​ — ​ ​ (788) ​ ​ (156) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,393) Unrealized gains (losses), net ​ 2,688 ​ ​ (6,684) ​ ​ (1,184) ​ ​ (28,739) ​ ​ — ​ ​ — ​ ​ 49,230 ​ ​ (626) ​ ​ (800) ​ ​ 13,885 Measurement Period Adjustment ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,724) ​ ​ — ​ ​ — ​ ​ — ​ ​ 59,348 ​ ​ 55,624 Merger ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,053 ​ ​ — ​ ​ — ​ ​ — ​ ​ (84,348) ​ ​ (67,295) Transfer to loans, held for investment ​ — ​ ​ — ​ ​ — ​ ​ (3,862) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,862) Transfer to (from) Level 3 ​ (1,469) ​ ​ — ​ ​ — ​ ​ (1,340) ​ ​ — ​ ​ (1,843) ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,652) Ending Balance $ — ​ $ (4,345) ​ $ 9,582 ​ $ 187,715 ​ $ — ​ $ — ​ $ 192,153 ​ $ 8,268 ​ $ (33,200) ​ $ 360,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 1,714 ​ $ 6,130 ​ $ 13,681 ​ $ — ​ $ — ​ $ 16,431 ​ $ 100,820 ​ $ — ​ $ — ​ $ 138,776 Purchases or Originations — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (12,400) ​ ​ (12,400) Additions due to loans sold, servicing retained — ​ — ​ — ​ — ​ — ​ — ​ 11,622 ​ — ​ — ​ ​ 11,622 Sales / Principal payments ​ — ​ ​ — ​ ​ (1,380) ​ ​ — ​ ​ — ​ ​ (6,558) ​ ​ (5,000) ​ ​ — ​ ​ — ​ ​ (12,938) Unrealized gains (losses), net ​ 29 ​ ​ (3,770) ​ ​ (139) ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ — ​ ​ (3,733) Transfer to (from) Level 3 ​ (191) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (191) Ending Balance $ 1,552 ​ $ 2,360 ​ $ 12,162 ​ $ — ​ $ — ​ $ 9,873 ​ $ 107,589 ​ $ — ​ $ (12,400) ​ $ 121,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ — ​ $ — ​ $ 74,931 ​ $ 76,840 ​ $ — ​ $ — ​ $ 207,060 Purchases or Originations — ​ — ​ — ​ — ​ — ​ 3,866 ​ — ​ — ​ (12,400) ​ ​ (8,534) Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 35,595 ​ ​ — ​ ​ — ​ ​ 35,595 Sales / Principal payments ​ (92) ​ ​ — ​ ​ (1,592) ​ ​ — ​ ​ — ​ ​ (68,924) ​ ​ (15,650) ​ ​ — ​ ​ — ​ ​ (86,258) Realized losses, net ​ — ​ ​ — ​ ​ (5) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (5) Unrealized gains (losses), net ​ 1,223 ​ ​ (14,003) ​ ​ (36) ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,804 ​ ​ — ​ ​ — ​ ​ (2,012) Accreted discount, net ​ 60 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 60 Transfer to (from) Level 3 ​ (24,770) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (24,770) Ending Balance $ 1,552 ​ $ 2,360 ​ $ 12,162 ​ $ — ​ $ — ​ $ 9,873 ​ $ 107,589 ​ $ — ​ $ (12,400) ​ $ 121,136 ​ The Company’s policy is to recognize transfers in and transfers out as of the end of the period of the event or the date of the change in circumstances that caused the transfer. Transfers between Level 2 and Level 3 generally relate to whether there were changes in the significant relevant observable and unobservable inputs that are available for the fair value measurements of such financial instruments. ​ ​ ​ Financial instruments not carried at fair value The table below presents the carrying value and estimated fair value of financial instruments that are not carried at fair value and are classified as Level 3. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 9,832,532 ​ $ 9,564,785 ​ $ 6,986,528 ​ $ 7,112,282 Paycheck Protection Program loans ​ ​ 275,162 ​ ​ 289,041 ​ ​ 867,109 ​ ​ 927,766 Investments held to maturity ​ ​ 148,512 ​ ​ 148,512 ​ ​ — ​ ​ — Purchased future receivables, net ​ ​ 8,593 ​ ​ 8,593 ​ ​ 7,872 ​ ​ 7,872 Servicing rights ​ ​ 85,539 ​ 89,338 ​ 84,457 ​ 89,470 Total assets ​ $ 10,350,338 ​ $ 10,100,269 ​ $ 7,945,966 ​ $ 8,137,390 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 3,348,249 ​ $ 3,348,249 ​ $ 2,517,600 ​ $ 2,517,600 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 305,797 ​ ​ 305,797 ​ ​ 941,505 ​ ​ 941,505 Securitized debt obligations of consolidated VIEs, net ​ 4,429,846 ​ 4,377,054 ​ 3,214,303 ​ 3,238,155 Senior secured note, net ​ ​ 341,720 ​ ​ 298,390 ​ ​ 342,035 ​ ​ 338,990 Guaranteed loan financing ​ 283,822 ​ 297,402 ​ 345,217 ​ 366,887 Convertible notes, net ​ ​ 114,108 ​ ​ 115,617 ​ ​ 113,247 ​ ​ 118,922 Corporate debt, net ​ ​ 663,439 ​ ​ 641,978 ​ ​ 441,817 ​ ​ 457,741 Total liabilities ​ $ 9,486,981 ​ $ 9,384,487 ​ $ 7,915,724 ​ $ 7,979,800 ​ Other assets of $59.3 million as of September 30, 2022, and $45.6 million as of December 31, 2021, 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 $41.7 million as of September 30, 2022, and $29.3 million as of December 31, 2021, are not carried at fair value but generally approximate fair value and are classified as Level 3. Accounts payable and other accrued liabilities of $44.1 million as of September 30, 2022, and $27.5 million as of December 31, 2021 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.

Investments Held to Maturity

Investments Held to Maturity	9 Months Ended
	Sep. 30, 2022
Investments Held to Maturity
Investments Held to Maturity	Note 8. Investments held to maturity ​ The table below presents information about held to maturity investments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ Weighted Average ​ Amortized ​ ​ ​ ​ Unrealized ​ Unrealized (in thousands) ​ Interest Rate (a) ​ Cost ​ Fair Value ​ Gains ​ Losses September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than one year 12.0 % $ 446 ​ $ 446 ​ $ — ​ $ — One to five years 14.9 % 39,643 ​ 39,643 ​ — ​ — Construction preferred equities ​ 14.9 % $ 40,089 ​ $ 40,089 ​ $ — ​ $ — One to five years 12.0 % 108,423 ​ 108,423 ​ — ​ — Construction preferred equities in consolidated VIEs ​ 12.0 % $ 108,423 ​ $ 108,423 ​ $ — ​ $ — Total held to maturity investments ​ 12.8 % $ 148,512 ​ $ 148,512 ​ $ — ​ $ — (a) Weighted based on current principal balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for credit losses on held to maturity securities was not material for the three and nine months ended September 30, 2022. The Company had no such held to maturity investments as of December 31, 2021. ​ During September 2022, based on updated valuations obtained, the Company recorded a measurement period adjustment of $6.3 million to decrease the value of held to maturity investments in connection with the Mosaic Mergers. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers.

Servicing Rights

Servicing Rights	9 Months Ended
	Sep. 30, 2022
Servicing Rights
Servicing Rights	Note 9. Servicing rights ​ The Company performs servicing activities for third parties, which primarily include collecting principal, interest and other payments from borrowers, remitting the corresponding payments to investors and monitoring delinquencies. The Company’s servicing fees are specified by pooling and servicing agreements. The table below presents information about servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 SBA servicing rights, at amortized cost Beginning net carrying amount ​ $ 21,670 ​ $ 19,721 ​ $ 22,157 ​ $ 18,764 Additions due to loans sold, servicing retained ​ 1,921 ​ 2,778 ​ 5,700 ​ 6,478 Amortization ​ (929) ​ (986) ​ (2,878) ​ (3,075) Impairment ​ (765) ​ (308) ​ (3,082) ​ (962) Ending net carrying amount ​ $ 21,897 ​ $ 21,205 ​ $ 21,897 ​ $ 21,205 Multi-family servicing rights, at amortized cost Beginning net carrying amount ​ $ 63,188 ​ $ 24,724 ​ $ 62,300 ​ $ 19,059 Additions due to loans sold, servicing retained ​ 2,883 ​ 3,292 ​ 8,510 ​ 10,760 Acquisitions ​ — ​ 15,800 ​ — ​ 15,800 Amortization ​ (2,429) ​ (1,504) ​ (7,168) ​ (3,307) Ending net carrying amount ​ $ 63,642 ​ $ 42,312 ​ $ 63,642 ​ $ 42,312 Total servicing rights, at amortized cost ​ $ 85,539 ​ $ 63,517 ​ $ 85,539 ​ $ 63,517 Residential MSRs, at fair value Beginning net carrying amount ​ $ 168,653 ​ $ 100,820 ​ $ 120,142 ​ $ 76,840 Additions due to loans sold, servicing retained ​ 9,463 ​ 11,622 ​ 32,417 ​ 35,595 Loan pay-offs ​ ​ (2,610) ​ ​ (5,000) ​ ​ (9,636) ​ ​ (15,650) Unrealized gains ​ 16,647 ​ 147 ​ 49,230 ​ 10,804 Ending fair value amount ​ $ 192,153 ​ $ 107,589 ​ $ 192,153 ​ $ 107,589 Total servicing rights ​ $ 277,692 ​ $ 171,106 ​ $ 277,692 ​ $ 171,106 ​ 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 September 30, 2022 ​ As of December 31, 2021 (in thousands) ​ UPB ​ Carrying Value ​ UPB ​ Carrying Value SBA ​ $ 976,135 ​ $ 21,897 ​ $ 856,188 ​ $ 22,157 Multi-family ​ ​ 4,659,868 ​ ​ 63,642 ​ ​ 4,232,969 ​ ​ 62,300 Total ​ $ 5,636,003 ​ $ 85,539 ​ $ 5,089,157 ​ $ 84,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents significant assumptions used in the estimated valuation of SBA and multi-family servicing rights carried at amortized cost. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights ​ Forward prepayment rate ​ 9.6 - 21.7 % ​ 10.1 % ​ 7.9 - 21.0 % ​ 8.9 % ​ Forward default rate ​ 0.0 - 10.0 % ​ 9.2 % ​ 0.0 - 10.4 % ​ 9.1 % ​ Discount rate ​ 13.4 - 21.4 % ​ 13.9 % ​ 10.0 - 21.3 % ​ 10.7 % ​ 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 % ​ 0.0 - 7.3 % ​ 3.5 % ​ Forward default rate ​ 0.0 - 1.3 % ​ 0.9 % ​ 0.0 - 1.3 % ​ 1.0 % ​ Discount rate ​ 6.0 - 6.0 % ​ 6.0 % ​ 6.0 - 6.0 % ​ 6.0 % ​ Servicing expense ​ 0.0 - 0.8 % ​ 0.1 % ​ 0.0 - 0.8 % ​ 0.1 % ​ Assumptions can change between and at each reporting period as market conditions and projected interest rates change. ​ The table below presents the possible impact of 10% and 20% adverse changes to key assumptions on SBA and multi-family servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (679) ​ $ (670) Impact of 20% adverse change ​ $ (1,320) ​ $ (1,305) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (146) ​ $ (155) Impact of 20% adverse change ​ $ (290) ​ $ (309) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (828) ​ $ (746) Impact of 20% adverse change ​ $ (1,591) ​ $ (1,443) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,339) ​ $ (1,344) Impact of 20% adverse change ​ $ (2,679) ​ $ (2,687) Multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (280) ​ $ (291) Impact of 20% adverse change ​ $ (553) ​ $ (575) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (25) ​ $ (25) Impact of 20% adverse change ​ $ (49) ​ $ (50) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,894) ​ $ (1,910) Impact of 20% adverse change ​ $ (3,698) ​ $ (3,726) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,658) ​ $ (2,659) Impact of 20% adverse change ​ $ (5,316) ​ $ (5,318) ​ The table below presents estimated future amortization expense for SBA and multi-family servicing rights. ​ ​ ​ ​ ​ (in thousands) September 30, 2022 2022 ​ $ 5,480 2023 ​ 12,266 2024 ​ 10,840 2025 ​ 9,583 2026 ​ 8,589 Thereafter ​ 38,781 Total ​ $ 85,539 ​ Residential MSRs. ​ The table below presents additional information about residential MSRs carried at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 (in thousands) ​ UPB ​ Fair Value ​ UPB ​ Fair Value Fannie Mae ​ $ 4,435,689 ​ $ 64,610 ​ $ 4,056,595 ​ $ 41,698 Freddie Mac ​ ​ 4,502,736 ​ ​ 68,710 ​ ​ 4,131,904 ​ ​ 45,017 Ginnie Mae ​ ​ 3,033,547 ​ ​ 58,833 ​ ​ 2,807,186 ​ ​ 33,427 Total ​ $ 11,971,972 ​ $ 192,153 ​ $ 10,995,685 ​ $ 120,142 ​ The table below presents significant assumptions used in the valuation of residential MSRs carried at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average Residential MSRs ​ Forward prepayment rate ​ 6.0 - 8.6 % ​ 6.2 % ​ 8.4 - 20.9 % ​ 9.5 % ​ Discount rate ​ 9.5 - 12.0 % ​ 10.1 % ​ 9.0 - 11.0 % ​ 9.4 % ​ 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) September 30, 2022 ​ December 31, 2021 Residential MSRs ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,564) ​ $ (5,262) Impact of 20% adverse change ​ $ (10,845) ​ $ (9,262) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (8,957) ​ $ (4,533) Impact of 20% adverse change ​ $ (17,158) ​ $ (8,745) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,682) ​ $ (2,125) Impact of 20% adverse change ​ $ (5,365) ​ $ (4,251) ​

Residential mortgage banking ac

Residential mortgage banking activities and variable expenses on residential mortgage banking activities	9 Months Ended
	Sep. 30, 2022
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 the Company’s residential mortgage banking business directly related to loan origination and sale activity. This primarily consists of the realized gains on sales of residential loans held for sale and loan origination fee income. Residential mortgage banking activities also consists of unrealized gains and losses associated with the changes in fair value of the loans held for sale, the fair value of retained MSR additions, and the realized and unrealized gains and losses from derivative instruments. Variable expenses include correspondent fee expenses and other direct expenses relating to these loans, which vary based on loan origination volumes. ​ The table below presents the components of residential mortgage banking activities and associated variable expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ $ (1,854) ​ $ 26,346 ​ $ (14,827) ​ $ 86,926 Creation of new MSRs, net of payoffs ​ ​ 6,853 ​ ​ 6,623 ​ ​ 22,781 ​ ​ 19,947 Loan origination fee income on residential mortgage loans ​ ​ 3,701 ​ ​ 4,720 ​ ​ 12,560 ​ ​ 16,143 Unrealized gain (loss) on IRLCs and other derivatives ​ 3,353 ​ ​ (419) ​ 2,910 ​ ​ (7,647) Residential mortgage banking activities ​ $ 12,053 ​ $ 37,270 ​ $ 23,424 ​ $ 115,369 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ $ (9,061) ​ $ (24,380) ​ $ (5,508) ​ $ (61,286) ​

Secured Borrowings

Secured Borrowings	9 Months Ended
	Sep. 30, 2022
Secured Borrowings
Secured borrowings	​ Note 11. Secured borrowings ​ The table below presents certain characteristics of secured borrowings. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value Lender Asset Class Current Maturity Pricing Facility Size Carrying Value September 30, 2022 December 31, 2021 JPMorgan SBA loans October 2023 SOFR + 2.875% $ 125,000 $ 108,643 $ 74,828 $ 54,164 KeyBank Freddie Mac loans February 2023 SOFR + 1.35% ​ 100,000 ​ 7,575 ​ 7,429 ​ 41,864 East West Bank SBA loans October 2023 Prime - 0.821% to + 0.00% ​ 75,000 ​ 96,120 ​ 72,835 ​ 58,622 Credit Suisse Acquired loans (non USD) December 2022 Euribor + 2.50% to 3.00% ​ 198,080 ​ 43,737 ​ 34,726 ​ 40,373 Comerica Bank Residential loans June 2023 1M L + 1.75% ​ 100,000 ​ 53,197 ​ 53,769 ​ 63,991 TBK Bank Residential loans February 2023 Variable Pricing ​ 150,000 ​ 56,104 ​ 57,641 ​ 125,145 Origin Bank Residential loans October 2023 Variable Pricing ​ 80,000 ​ 12,148 ​ 11,560 ​ 16,052 Associated Bank Residential loans November 2023 SOFR + 1.50% ​ 60,000 ​ 22,272 ​ 22,160 ​ 14,449 East West Bank Residential MSRs September 2023 1M L + 2.50% ​ 50,000 ​ 133,320 ​ 49,900 ​ 49,400 Credit Suisse Purchased future receivables October 2023 1M L + 4.50% ​ 50,000 ​ 8,593 ​ 2,000 ​ 1,000 Western Alliance Residential loans December 2022 Variable Pricing ​ 50,000 ​ 12,396 ​ 10,680 ​ 6,823 Madison Construction loans June 2023 1 ML +7.00% ​ 260,000 ​ 272,365 ​ 65,165 ​ — HSBC Construction loans (non USD) June 2026 SONIA + 3.25% to 4.25% ​ 111,700 ​ 24,235 ​ 14,749 ​ — Total borrowings under credit facilities and other financing agreements $ 1,409,780 $ 850,705 $ 477,442 $ 471,883 Citibank Fixed rate, Transitional, Acquired loans November 2022 SOFR + 2.10% to 3.10% $ 500,000 $ 161,107 $ 124,976 $ 128,851 Deutsche Bank Fixed rate, Transitional loans November 2023 SOFR + 1.90% to 2.75% ​ 350,000 ​ 328,373 ​ 236,432 ​ 236,073 JPMorgan Transitional loans November 2022 SOFR + 1.75% to 3.60% ​ 1,250,000 ​ 1,344,994 ​ 979,027 ​ 825,265 Performance Trust Fixed rate, Transitional, Acquired loans March 2024 1M T + 2.00% ​ 263,000 ​ 218,002 ​ 189,502 ​ 124,057 Credit Suisse Fixed rate, Transitional, Acquired loans February 2023 SOFR + 2.00% to 3.00% ​ 750,000 ​ 591,824 ​ 436,001 ​ 403,644 Credit Suisse Residential loans Matured L + 3.00% ​ — ​ — ​ — ​ 27,058 Goldman Sachs Fixed rate, Transitional, Acquired loans February 2025 SOFR + 1.50% to 3.00% ​ 350,000 ​ 228,580 ​ 181,713 ​ — Churchill Transitional, Acquired loans March 2026 SOFR + 2.85% ​ 500,000 ​ 407,710 ​ 331,477 ​ — Various MBS November 2022 - February 2023 3.07% to 5.77% ​ 391,679 ​ 729,219 ​ 391,679 ​ 300,769 Total borrowings under repurchase agreements $ 4,354,679 $ 4,009,809 $ 2,870,807 $ 2,045,717 Total secured borrowings $ 5,764,459 $ 4,860,514 $ 3,348,249 $ 2,517,600 ​ In the table above: ● The current facility size for borrowings under credit facilities due to Credit Suisse and HSBC is approximately €200.0 million and £100.0 million, respectively but has been converted into USD for purposes of this disclosure. ● The weighted average interest rate of borrowings under credit facilities was 6.7% and 2.8% as of September 30, 2022 and December 31, 2021, respectively. ● The weighted average interest rate of borrowings under repurchase agreements was 5.3% and 2.1% as of September 30, 2022 and December 31, 2021, respectively. ● The agreements governing secured borrowings require maintenance of certain financial and debt covenants. As of September 30, 2022, certain financing counterparties covenants calculations were amended to exclude the PPPLF from certain covenant calculations. As of December 31, 2021, the Company received a waiver from certain financing counterparties to exclude the PPPLF from certain covenant calculations. As of both September 30, 2022 and December 31, 2021 the Company was in compliance with all debt and financial covenants. ​ The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding. ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value (in thousands) ​ September 30, 2022 December 31, 2021 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 161,980 $ 276,022 Loans, net ​ ​ 546,812 ​ 206,169 MSRs ​ ​ 133,320 ​ 86,714 Purchased future receivables ​ ​ 8,593 ​ 7,872 Total ​ $ 850,705 $ 576,777 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 3,091,831 $ 2,062,867 Mortgage-backed securities ​ 32,817 53,194 Retained interest in assets of consolidated VIEs ​ ​ 696,402 ​ 379,349 Loans, held for sale, at fair value ​ ​ 187,334 ​ 208,558 Real estate acquired in settlement of loans ​ ​ 1,425 ​ 1,425 Total ​ $ 4,009,809 $ 2,705,393 Total collateral pledged on secured borrowings ​ $ 4,860,514 $ 3,282,170 ​ ​ ​ ​ ​ ​ ​

Senior secured notes, convertib

Senior secured notes, convertible notes, and corporate debt, net	9 Months Ended
	Sep. 30, 2022
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”) 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’ 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. ​ Prior to October 20, 2023, ReadyCap Holdings may redeem the Senior Secured Notes, in whole or in part, at any time and from time to time, at a redemption 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. ​ On or after October 20, 2023 and prior to October 20, 2024, ReadyCap Holdings may redeem the Senior Secured Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 102.25% of the principal amount of the Senior Secured Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. ​ On or after October 20, 2024 and prior to October 20, 2025, ReadyCap Holdings may redeem the Senior Secured Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 101.125% of the principal amount of the Senior Secured Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. ​ On or after October 20, 2025 and prior to the maturity date, ReadyCap Holdings may redeem the Senior Secured Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Senior Secured Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. ​ ReadyCap Holdings 7.50% senior secured notes due 2022. ReadyCap Commercial, LLC. The funds were used to fund new SBC and SBA loan originations and new SBC loan acquisitions. On October 20, 2021, the Company redeemed all of the outstanding 2022 Senior Secured Notes. ​ Convertible notes, net On August 9, 2017, the Company closed an underwritten public sale of $115.0 million aggregate principal amount of its 7.00% convertible senior notes due 2023 (“Convertible Notes”). The Convertible Notes will mature on August 15, 2023, unless earlier repurchased, redeemed or converted. During certain periods and subject to certain conditions, the Convertible Notes will be convertible by holders into shares of the Company's common stock. As of September 30, 2022, the conversion rate was 1.6452 shares of common stock per $25 principal amount of the Convertible Notes, which is equivalent to a conversion price of approximately $15.20 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 September 30, 2022, the Company was in compliance with all covenants with respect to the Convertible Notes. ​ Corporate debt, net ​ The 7.375% 2027 Notes. ​ The 7.375% 2027 Notes are governed by a base indenture, dated August 9, 2017, between the Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee, as amended and supplemented by the Third Supplemental Indenture thereto, dated as of February 26, 2019, and the Eighth Supplemental Indenture thereto, dated as of July 25, 2022 (collectively, the “7.375% 2027 Notes Indenture”), and bear interest at a rate of 7.375% per annum, payable semi-annually in arrears on January 31 and July 31 of each year, beginning on January 31, 2023. The 7.375% 2027 Notes will mature on July 31, 2027, unless earlier repurchased or redeemed. ​ ​ Prior to July 31, 2025, the Company may redeem the 7.375% 2027 Notes, in whole or in part, at any time and from time to time at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 7.375% 2027 Notes matured on July 31, 2025) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Notes Treasury Rate (as defined in the 7.375% 2027 Notes Indenture) plus 50 basis points, less (b) interest accrued to, but excluding, the redemption date, and (2) 100% of the principal amount of the 7.375% 2027 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date of the 7.375% 2027 Notes. ​ On or after July 31, 2025 and prior to July 31, 2026, the Company may redeem the 7.375% 2027 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 103.688% of the principal amount of the 7.375% 2027 Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. On or after July 31, 2026 and prior to the maturity date, the Company may redeem the 7.375% 2027 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 7.375% 2027 Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. If the Company undergoes a change of control repurchase event, holders may require it to purchase the 7.375% 2027 Notes, in whole or in part, for cash at a repurchase price equal to 101% of the aggregate principal amount of the 7.375% 2027 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 7.375% 2027 Notes Indenture. ​ On September 16, 2022, the Company entered into a new note purchase agreement and completed the issuance and sale of an additional $20.0 million aggregate principal amount of 7.375% 2027 Notes under the existing 7.375% 2027 Notes Indenture. The net proceeds from the sale of the 7.375% 2027 Notes were approximately $19.3 million, after deducting transaction expenses. The Company contributed the net proceeds to the operating partnership in exchange for the issuance by the operating partnership of a senior unsecured note with terms that are substantially equivalent to the terms of the 7.375% 2027 Notes. ​ The 6.125% 2025 Notes. ​ The 6.125% 2025 Notes bear interest at a rate of 6.125% per annum, payable semi-annually in arrears on April 30 and October 30 of each year, beginning on October 30, 2022. The 6.125% 2025 Notes will mature on April 30, 2025, unless earlier repurchased or redeemed. ​ On or after January 30, 2025, the Company may redeem for cash all or any portion of the 6.125% 2025 Notes, at its option, at a redemption price equal to 100% of the principal amount of the 6.125% 2025 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 6.125% 2025 Notes, in whole or in part, for cash at a repurchase price equal to 101% of the aggregate principal amount of the 6.125% 2025 Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, as described in greater detail in the indenture governing the 6.125% 2025 Notes. ​ The 5.50% 2028 Notes. ​ ​ On or after December 30, 2024, the Company may redeem for cash all or any portion of the 5.50% 2028 Notes, at its 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 December 30 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 the Company undergoes a change of control repurchase event, holders may require it 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. ​ 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 the Company. On or after February 15, 2023, the Company may redeem for cash all or any portion of the 5.75% 2026 Notes, at its 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 the Company undergoes a change of control repurchase event, holders may require it 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 governing the 5.75% 2026 Notes upon the occurrence of certain events. The 5.75% 2026 Notes rank equal in right of payment to any of the Company’s existing and future unsecured and unsubordinated indebtedness; effectively junior in right of payment to any of its existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness, other liabilities (including trade payables) and (to the extent not held by the Company) preferred stock, if any, of its subsidiaries. ​ 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 governing the 6.20% 2026 Notes 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 an additional $45.0 million aggregate principal amount of the 6.20% 2026 Notes. The new notes have the same terms (except with respect to issue date, issue price and the date from which interest will accrue), 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 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. ​ Junior subordinated notes. ​ The Debt ATM Agreement On May 20, 2021, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Agent”), pursuant to which the Company may offer and sell, from time to time, up to $100.0 million of the 6.20% 2026 Notes and the 5.75% 2026 Notes. Sales of the 6.20% 2026 Notes and the 5.75% 2026 Notes pursuant to the Sales Agreement, if any, may be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Debt ATM Program”). The Agent is not required to sell any specific number of the notes, but the Agent will make all sales using commercially reasonable efforts consistent with its normal trading and sales practices on mutually agreed terms between the Agent and the Company. During the nine months ended September 30, 2022, the Company sold an aggregate of thousand of the 6.20% 2026 Notes and 5.75% 2026 Notes through the Debt ATM Program such sales through the Debt ATM Program were made during the three months ended September 30, 2022. ​ As of September 30, 2022, the Company was in compliance with all covenants with respect to Corporate debt. ​ ​ The table below presents information about senior secured notes, convertible notes and corporate debt. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Coupon Rate ​ Maturity Date September 30, 2022 Senior secured notes principal amount (1) ​ 4.50 % ​ 10/20/2026 ​ $ 350,000 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (7,088) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 342,912 Convertible notes principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (308) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (584) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 114,108 Corporate debt principal amount (4) ​ 5.50 % ​ 12/30/2028 ​ ​ 110,000 Corporate debt principal amount (5) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,613 Corporate debt principal amount (5) ​ 5.75 % ​ 2/15/2026 ​ ​ 206,270 Corporate debt principal amount (6) ​ 6.125 % ​ 4/30/2025 ​ ​ 120,000 Corporate debt principal amount (7) ​ 7.375 % ​ 7/31/2027 ​ ​ 100,000 Unamortized discount - corporate debt ​ ​ ​ ​ ​ ​ ​ (10,389) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (4,497) Junior subordinated notes principal amount (8) ​ 3M + 3.10 % ​ 3/30/2035 ​ ​ 15,000 Junior subordinated notes principal amount (9) ​ 3M + 3.10 % ​ 4/30/2035 ​ ​ 21,250 Total corporate debt, net ​ ​ ​ ​ ​ ​ $ 662,247 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 1,119,267 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 308 (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 semiannually on June 30 and December 30 of each year. (5) Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year. (6) Interest on the corporate debt is payable semiannually on April 30, and October 30 of each year. (7) Interest on the corporate debt is payable semiannually on January 31, and July 31 of each year. (8) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year. (9) Interest on the Junior subordinated notes I-B is payable quarterly on January 30, April 30, July 30, and October 30 of each year. ​ The table below presents the contractual maturities for senior secured notes, convertible notes, and corporate debt. ​ ​ ​ ​ ​ (in thousands) September 30, 2022 2022 $ — 2023 ​ 115,000 2024 ​ — 2025 ​ 120,000 2026 ​ ​ 660,883 Thereafter ​ 246,249 Total contractual amounts ​ $ 1,142,132 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (22,865) Total carrying amount of debt ​ $ 1,119,267 ​

Guaranteed loan financing

Guaranteed loan financing	9 Months Ended
	Sep. 30, 2022
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 $284.6 million and $346.1 million as of September 30, 2022 and December 31, 2021, respectively. ​ The table below presents guaranteed loan financing and the related interest rates and maturity dates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Range of ​ Range of ​ ​ ​ (in thousands) ​ Interest Rate ​ Interest Rates ​ Maturities (Years) ​ Ending Balance ​ September 30, 2022 ​ 5.21 % 1.45-7.00 % 2022-2046 ​ $ 283,822 ​ December 31, 2021 ​ 3.78 % 0.99-6.50 % 2022-2046 ​ $ 345,217 ​ ​ The table below presents the contractual maturities of guaranteed loan financing. ​ ​ ​ ​ ​ (in thousands) September 30, 2022 2022 $ 338 2023 ​ 322 2024 ​ 1,343 2025 ​ 1,524 2026 ​ ​ 5,034 Thereafter ​ 275,261 Total ​ $ 283,822 ​

Variable interest entities and

Variable interest entities and securitization activities	9 Months Ended
	Sep. 30, 2022
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, the Company enters into certain types of transactions with entities that are considered to be VIEs. The Company’s primary involvement with VIEs has been related to its securitization transactions in which it transfers assets to securitization vehicles, most notably trusts. The Company primarily securitizes its acquired and originated loans, which provides a source of funding and has enabled it to transfer a certain portion of economic risk on loans or related debt securities to third parties. The Company also transfers originated loans to securitization trusts sponsored by third parties, most notably Freddie Mac. Third-party securitizations are securitization entities in which it maintains an economic interest but does 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 the Company is involved in are consolidated within its financial statements. Refer to Note 3 – Summary of Significant Accounting Policies for a discussion of accounting policies applied to the consolidation of the VIE and transfer of the loans in connection with the securitization. ​ Securitization-related VIEs ​ Company sponsored securitizations. ​ As a result of the consolidation, the securitization is viewed as a loan financing to enable the creation of the senior security and ultimately, sale to a third-party investor. As such, the senior security is presented in the consolidated balance sheets as securitized debt obligations of consolidated VIEs. The third-party beneficial interest holders in the VIE have no recourse against the Company, with the exception of an obligation to repurchase assets from the VIE in the event that certain representations and warranties in relation to the loans sold to the VIE are breached. In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE. ​ The securitization trust receives principal and interest on the underlying loans and distributes those payments to the certificate holders. The assets and other instruments held by the securitization trust are restricted in that they can only be used to fulfill the obligations of the securitization trust. The risks associated with the Company’s involvement with the VIE is limited to the risks and rights as a certificate holder of the securities retained by the Company. ​ The consolidation of securitization transactions includes the senior securities issued to third parties which are shown as securitized debt obligations of consolidated VIEs in the consolidated balance sheets. ​ The table below presents additional information on the Company’s securitized debt obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ December 31, 2021 ​ ​ Current ​ ​ Weighted ​ Current ​ ​ Weighted ​ ​ ​ Principal ​ Carrying ​ Average ​ ​ Principal ​ Carrying ​ Average ​ (in thousands) ​ Balance ​ value ​ Interest Rate ​ ​ Balance ​ value ​ Interest Rate ​ ReadyCap Lending Small Business Trust 2019-2 ​ $ 55,221 ​ $ 54,580 ​ 3.4 % ​ $ 79,294 ​ $ 78,268 ​ 2.6 % Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 9,722 ​ ​ 9,581 ​ 4.3 ​ ​ ​ 16,729 ​ ​ 16,471 ​ 3.8 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 127,529 ​ ​ 125,589 ​ 2.9 ​ ​ ​ 145,351 ​ ​ 143,153 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ — ​ ​ — ​ 4.2 ​ ​ ​ 86,680 ​ ​ 85,459 ​ 4.1 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 115,881 ​ ​ 114,086 ​ 1.6 ​ ​ ​ 159,745 ​ ​ 157,483 ​ 1.6 ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ — ​ ​ — ​ 5.7 ​ ​ 6,770 ​ ​ 6,756 ​ 5.7 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 2,873 ​ ​ 2,462 ​ 5.1 ​ ​ 17,598 ​ ​ 15,960 ​ 5.1 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 12,602 ​ ​ 11,965 ​ 5.1 ​ ​ 19,106 ​ ​ 18,285 ​ 4.9 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 62,811 ​ ​ 60,572 ​ 4.3 ​ ​ ​ 81,379 ​ ​ 78,751 ​ 4.1 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 117,304 ​ ​ 110,939 ​ 4.5 ​ ​ ​ 150,547 ​ ​ 143,204 ​ 4.3 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 216,964 ​ ​ 212,054 ​ 3.3 ​ ​ ​ 269,315 ​ ​ 263,752 ​ 3.2 ​ ReadyCap Commercial Mortgage Trust 2022-7 ​ ​ 203,257 ​ ​ 194,932 ​ 4.2 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ 59,556 ​ ​ 59,556 ​ 3.0 ​ ​ ​ 92,930 ​ ​ 92,921 ​ 1.6 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 236,085 ​ ​ 234,384 ​ 4.1 ​ ​ ​ 304,157 ​ ​ 300,832 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 444,208 ​ ​ 441,474 ​ 2.4 ​ ​ ​ 506,721 ​ ​ 501,697 ​ 1.5 ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 542,990 ​ ​ 538,070 ​ 2.2 ​ ​ ​ 543,223 ​ ​ 536,270 ​ 1.3 ​ Ready Capital Mortgage Financing 2021-FL7 ​ ​ 752,104 ​ ​ 745,738 ​ 2.5 ​ ​ ​ 753,314 ​ ​ 744,449 ​ 1.6 ​ Ready Capital Mortgage Financing 2022-FL8 ​ ​ 913,675 ​ ​ 906,004 ​ 3.0 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2022-FL9 ​ ​ 612,055 ​ ​ 599,117 ​ 5.1 ​ ​ ​ — ​ ​ — ​ — ​ Total ​ $ 4,484,837 $ 4,421,103 ​ 3.2 % $ 3,232,859 $ 3,183,711 ​ 2.2 % ​ The table above excludes non-company sponsored securitized debt obligations of $8.7 million and $30.6 million that are consolidated in the consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. Repayment of 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 the Company’s 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. ​ Joint Venture Investments- VIEs ​ Unconsolidated VIEs. ​ Consolidated VIEs. ​ Assets and liabilities of consolidated VIEs The table below presents assets and liabilities of consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 1,247 $ 9,041 Restricted cash ​ 52,339 ​ ​ 33,187 Loans, net ​ ​ 5,683,307 ​ ​ 4,081,848 Investments held to maturity ​ ​ 108,423 ​ ​ — Other assets ​ ​ 38,058 ​ ​ 21,488 Total assets ​ $ 5,883,374 ​ $ 4,145,564 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 4,429,846 ​ ​ 3,214,303 Due to third parties ​ ​ 4,120 ​ ​ — Accounts payable and other accrued liabilities ​ ​ 9 ​ ​ — Total liabilities ​ $ 4,433,975 ​ $ 3,214,303 ​ ​ Assets of unconsolidated VIEs The table below reflects variable interests in identified VIEs for which the Company is not the primary beneficiary. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (in thousands) ​ September 30, 2022 ​ December 31, 2021 ​ September 30, 2022 ​ December 31, 2021 MBS, at fair value (2) $ 24,344 ​ $ 80,756 $ 24,344 ​ $ 80,756 Investment in unconsolidated joint ventures ​ ​ 112,776 ​ ​ 74,334 ​ ​ 112,776 ​ ​ 74,334 Total assets in unconsolidated VIEs ​ $ 137,120 ​ $ 155,090 ​ $ 137,120 ​ $ 155,090 (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 other third party sponsored securitizations. ​

Interest income and interest ex

Interest income and interest expense	9 Months Ended
	Sep. 30, 2022
Interest income and interest expense
Interest income and interest expense	​ ​ Note 15. Interest income and interest expense ​ Interest income and expense are recorded in the consolidated statements of income and classified based on the nature of the underlying asset or liability. The table below presents the components of interest income and expense. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 118,755 ​ $ 40,602 ​ $ 266,234 ​ $ 97,891 Fixed rate ​ ​ 13,473 ​ ​ 16,431 ​ ​ 42,412 ​ ​ 45,119 Construction ​ ​ 9,942 ​ ​ — ​ ​ 18,942 ​ ​ — SBA - 7(a) ​ ​ 10,604 ​ ​ 10,059 ​ ​ 29,725 ​ ​ 28,377 PPP ​ ​ 14,000 ​ ​ 18,680 ​ ​ 50,140 ​ ​ 51,927 Residential ​ ​ 53 ​ ​ 44 ​ ​ 103 ​ ​ 166 Other ​ ​ 9,090 ​ ​ 11,256 ​ ​ 29,381 ​ ​ 35,236 Total loans (1) ​ $ 175,917 ​ $ 97,072 ​ $ 436,937 ​ $ 258,716 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ 2,292 ​ $ 786 ​ $ 6,585 ​ $ 1,356 Freddie Mac ​ ​ 230 ​ ​ 235 ​ ​ 729 ​ ​ 997 Residential ​ ​ 2,103 ​ ​ 3,225 ​ ​ 6,401 ​ ​ 8,511 Other ​ ​ — ​ ​ — ​ ​ 46 ​ ​ — Total loans, held for sale, at fair value (1) ​ $ 4,625 ​ $ 4,246 ​ $ 13,761 ​ $ 10,864 Investments held to maturity ​ $ 4,764 ​ $ — ​ $ 8,983 ​ $ — MBS, at fair value ​ $ 720 ​ $ 3,818 ​ $ 4,421 ​ $ 11,974 Total interest income ​ $ 186,026 ​ $ 105,136 ​ $ 464,102 ​ $ 281,554 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ (42,124) ​ $ (14,048) ​ $ (89,894) ​ $ (49,687) Paycheck Protection Program Liquidity Facility borrowings ​ (323) ​ (2,258) ​ (1,470) ​ (4,137) Securitized debt obligations of consolidated VIEs ​ (52,186) ​ (19,490) ​ (110,241) ​ (60,004) Guaranteed loan financing ​ ​ (3,798) ​ ​ (3,472) ​ ​ (10,069) ​ ​ (10,595) Senior secured note ​ (4,380) ​ (3,465) ​ (13,117) ​ (10,380) Convertible note ​ ​ (2,188) ​ ​ (2,188) ​ ​ (6,564) ​ ​ (6,564) Corporate debt ​ ​ (10,496) ​ ​ (5,215) ​ ​ (25,984) ​ ​ (14,945) Total interest expense ​ $ (115,495) ​ $ (50,136) ​ $ (257,339) ​ $ (156,312) Net interest income before provision for loan losses ​ $ 70,531 ​ $ 55,000 ​ $ 206,763 ​ $ 125,242 (1) Includes interest income on loans in consolidated VIEs. ​

Derivative instruments

Derivative instruments	9 Months Ended
	Sep. 30, 2022
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative (in thousands) ​ Primary Underlying Risk ​ Amount ​ Asset ​ Liability ​ Amount ​ Asset ​ Liability IRLCs ​ Interest rate risk ​ $ 303,705 ​ $ — ​ $ (4,345) ​ $ 348,348 ​ $ 2,340 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 539,545 ​ ​ 13,963 ​ ​ — ​ ​ 536,548 ​ ​ 4,076 ​ ​ — TBA Agency Securities ​ Interest rate risk ​ ​ 254,500 ​ ​ 9,184 ​ ​ — ​ ​ 346,000 ​ ​ — ​ ​ (410) FX forwards ​ Foreign exchange rate risk ​ ​ 22,717 ​ ​ 3,065 ​ ​ — ​ ​ 27,484 ​ ​ 606 ​ ​ — Total ​ ​ ​ $ 1,120,467 ​ $ 26,212 ​ $ (4,345) ​ $ 1,258,380 ​ $ 7,022 ​ $ (410) ​ The table below presents gains and losses on derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Nine Months Ended September 30, 2022 ​ ​ ​ ​ Net Realized ​ ​ Net Unrealized ​ ​ Net Realized ​ ​ Net Unrealized ​ (in thousands) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ Interest rate swaps ​ $ 9,278 ​ $ 13,965 ​ $ 6,785 ​ $ 54,540 ​ TBA Agency Securities ​ — ​ 10,097 ​ — ​ 9,596 ​ IRLCs ​ ​ — ​ ​ (6,744) ​ ​ — ​ ​ (6,685) ​ FX forwards ​ ​ 599 ​ ​ 2,147 ​ ​ 2,825 ​ ​ 2,459 ​ Total ​ $ 9,877 ​ $ 19,465 ​ $ 9,610 ​ $ 59,910 ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ Net Realized ​ ​ Net Unrealized ​ ​ Net Realized ​ ​ Net Unrealized ​ ​ ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ CDSs ​ $ (286) ​ $ 301 ​ $ (286) ​ $ 322 ​ Interest rate swaps ​ (1,419) ​ 4,126 ​ (7,198) ​ 12,596 ​ TBA Agency Securities ​ — ​ 3,351 ​ — ​ 6,356 ​ IRLCs ​ ​ — ​ ​ (3,769) ​ ​ — ​ ​ (14,003) ​ FX forwards ​ 634 ​ 17 ​ 276 ​ 1,260 ​ Total ​ $ (1,071) ​ $ 4,026 ​ $ (7,208) ​ $ 6,531 ​ ​ In the table above: ● Gains (losses) on CDSs, 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 AOCI. ● Gains (losses) on residential mortgage banking activity TBAs and IRLCs are recorded in residential mortgage banking activities in the consolidated statements of income. The table below summarizes the gains and losses on derivatives which have qualified for hedge accounting. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Derivatives - effective portion reclassified from AOCI to income ​ Hedge ineffectiveness recorded directly in income Total income statement impact ​ Derivatives- effective portion recorded in OCI ​ Total change in OCI for period Interest rate hedges- forecasted transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 $ (402) ​ $ — ​ $ (402) ​ $ (79) ​ $ 323 Three Months Ended September 30, 2021 $ (264) ​ $ — ​ $ (264) ​ $ (43) ​ $ 221 Nine Months Ended September 30, 2022 $ (1,094) ​ $ — $ (1,094) ​ $ (207) ​ $ 887 Nine Months Ended September 30, 2021 $ (874) ​ $ — $ (874) ​ $ 1,449 ​ $ 2,323 ​ ​ ​ In the table above: ● Forecasted transactions on interest rates consists of benchmark interest rate hedges of LIBOR-indexed floating-rate liabilities. ● Hedge ineffectiveness is the amount by which the cumulative gain or loss on the designated derivative instrument exceeds the present value of the cumulative expected change in cash flows on the hedged item attributable to the hedged risk. ● Amounts recorded in OCI for the period represents after tax amounts.

Real estate owned, held for sal

Real estate owned, held for sale	9 Months Ended
	Sep. 30, 2022
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 the real estate owned, held for sale portfolio. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 Acquired Portfolio: ​ ​ ​ ​ ​ ​ Mixed Use $ 34,947 $ 1,020 Land ​ ​ — ​ ​ 6,318 Multi-family ​ ​ 14,752 ​ ​ — Total Acquired REO ​ $ 49,699 ​ $ 7,338 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 24,300 ​ $ 24,300 Retail ​ ​ 1,853 ​ ​ 3,129 Office ​ ​ 7,125 ​ ​ 7,384 SBA ​ — ​ 137 Total Other REO ​ $ 33,278 ​ $ 34,950 Total real estate owned, held for sale ​ $ 82,977 ​ $ 42,288 ​ In the table above, Other REO excludes $1.0 million as of September 30, 2022 of real estate owned, held for sale within consolidated VIEs. No such exclusions were made as of December 31, 2021. ​ During September 2022, based on updated valuations obtained, the Company recorded a measurement period adjustment of $33.9 million to decrease the value of real estate owned, held for sale in connection with the Mosaic Mergers. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers.

Agreements and transactions wit

Agreements and transactions with related parties	9 Months Ended
	Sep. 30, 2022
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 its Manager (the “Management Agreement”), which describes the services to be provided to the Company by its Manager and compensation for such services. The Company’s 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 the Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Management fee - total ​ $ 5.4 million ​ $ 2.7 million ​ $ 14.1 million ​ $ 8.1 million Management fee - amount unpaid ​ $ 5.4 million ​ $ 2.7 million ​ $ 5.4 million ​ $ 2.7 million ​ Incentive distribution. four twelve a majority of the independent directors and (ii) add back any realized gains or losses on the sales of MBS and on discontinued operations which were excluded from the definition of distributable earnings described under "Non-GAAP Financial Measures". ​ The table below presents the incentive fee payable to the Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Incentive fee distribution - total ​ $ 0.9 million ​ $ 2.8 million ​ $ 0.9 million ​ $ 3.1 million Incentive fee distribution - amount unpaid ​ $ 0.9 million ​ $ 2.8 million ​ $ 0.9 million ​ $ 2.8 million ​ The Management Agreement may be terminated upon the affirmative vote of at least two-thirds two-thirds ​ 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 the Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Reimbursable expenses payable to Manager - total ​ $ 2.4 million ​ $ 1.5 million ​ $ 8.2 million ​ $ 7.0 million Reimbursable expenses payable to Manager - amount unpaid ​ $ 5.6 million ​ $ 1.0 million ​ $ 5.6 million ​ $ 1.0 million ​ ​ Co-Investment with Manager On July 15, 2022, the Company closed on a $125.0 million commitment to invest into a parallel vehicle, Waterfall Atlas Fund, LP (the “Fund”), a fund managed by the Manager, in exchange for interests in the Fund. In exchange for the Company’s commitment, the Company is 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. ​ ​ Other During 2021, the Company acquired $6.3 million of interests in unconsolidated joint ventures from a fund which is managed by an affiliate of its Manager.

Other assets and other liabilit

Other assets and other liabilities	9 Months Ended
	Sep. 30, 2022
Other assets and other liabilities
Other assets and other liabilities	Note 19. Other assets and other liabilities ​ The table below presents the composition of other assets and other liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 3,601 $ 3,601 ​ Deferred loan exit fees ​ ​ 34,746 ​ ​ 25,923 ​ Accrued interest ​ ​ 37,147 ​ ​ 21,873 ​ Goodwill ​ ​ 37,559 ​ ​ 31,470 ​ Due from servicers ​ ​ 22,114 ​ ​ 23,729 ​ Right-of-use lease asset ​ ​ 1,863 ​ ​ 2,402 ​ Intangible assets ​ 13,622 ​ 14,842 ​ Deferred financing costs ​ ​ 2,955 ​ ​ 3,840 ​ PPP fee receivable ​ ​ 338 ​ ​ 407 ​ Receivable from third party ​ ​ 41,742 ​ ​ 29,298 ​ Receivable from related parties ​ ​ 318 ​ ​ — ​ Other assets ​ ​ 17,025 ​ ​ 14,713 ​ Other assets $ 213,030 ​ $ 172,098 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 11,986 ​ $ 11,986 ​ Accrued salaries, wages and commissions ​ ​ 35,248 ​ ​ 42,715 ​ Accrued interest payable ​ 37,670 ​ 22,278 ​ Servicing principal and interest payable ​ ​ 10,108 ​ ​ 19,100 ​ Repair and denial reserve ​ 12,461 ​ 19,725 ​ Payable to related parties ​ 6,469 ​ 5,232 ​ Accrued professional fees ​ ​ 884 ​ ​ 4,324 ​ Lease payable ​ ​ 2,003 ​ ​ 3,002 ​ Deferred LSP revenue ​ 151 ​ 286 ​ Accrued PPP related costs ​ ​ 4,294 ​ ​ 12,460 ​ Other liabilities ​ 49,878 ​ 42,303 ​ Total accounts payable and other accrued liabilities ​ $ 171,152 ​ $ 183,411 ​ ​ Goodwill The table below presents the carrying value of goodwill by reportable segment. ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 SBC Lending and Acquisitions $ 26,353 $ 20,264 Small Business Lending ​ 11,206 ​ 11,206 Total $ 37,559 $ 31,470 ​ During September 2022, the Company recorded a measurement period adjustment based on the updated valuations obtained by decreasing net assets acquired by $62.7 million and decreasing the fair value of the CERs issued by $59.3 million, with the remainder of the offset recorded as a $3.4 million increase to goodwill. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. ​ Intangible assets The table below presents information on intangible assets. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 ​ December 31, 2021 Estimated Useful Life Customer Relationships - Red Stone $ 6,383 ​ $ 6,651 19 years Internally developed software - Knight Capital ​ 1,953 ​ ​ 2,428 6 years Trade name - Red Stone ​ 2,500 ​ ​ 2,500 Indefinite life SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Broker network - Knight Capital ​ 422 ​ ​ 622 4.5 years Favorable lease ​ 550 ​ ​ 640 12 years Trade name - Knight Capital ​ 452 ​ ​ 562 6 years Trade name - GMFS ​ 362 ​ ​ 439 15 years Total intangible assets $ 13,622 ​ $ 14,842 ​ ​ The amortization expense related to intangible assets was $0.4 million and $1.2 million for the three and nine months ended September 30, 2022 and $0.4 million and $1.0 million for the three and nine months ended September 30, 2021. Such amounts are recorded as other operating expenses in the consolidated statements of income. ​ ​ The table below presents accumulated amortization for finite-lived intangible assets. ​ ​ ​ ​ (in thousands) September 30, 2022 Internally developed software - Knight Capital $ 1,847 Favorable lease ​ 930 Trade name - GMFS ​ 860 Broker network - Knight Capital ​ 778 Trade name - Knight Capital ​ 428 Customer Relationship - Red Stone ​ 418 Total accumulated amortization $ 5,261 ​ The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years. ​ ​ ​ ​ (in thousands) September 30, 2022 2022 $ 406 2023 ​ 1,599 2024 ​ 1,390 2025 ​ 1,144 2026 ​ 477 Thereafter ​ 5,106 Total $ 10,122 ​ Loan indemnification reserve A liability has been established for potential losses related to representations and warranties made by GMFS for loans sold with a corresponding provision recorded for loan indemnification losses. The liability is included in accounts payable and other accrued liabilities in the Company's consolidated balance sheets and the provision for loan indemnification losses is included in variable expenses on residential mortgage banking activities, in the Company's consolidated statements of income. In assessing the adequacy of the liability, management evaluates various factors including historical repurchases and indemnifications, historical loss experience, known delinquent and other problem loans, outstanding repurchase demand, historical rescission rates and economic trends and conditions in the industry. Actual losses incurred are reflected as a reduction of the reserve liability. As of September 30, 2022 and December 31, 2021, the loan indemnification reserve was $3.2 million and $4.0 million, respectively. ​ Due to the uncertainty in the various estimates underlying the loan indemnification reserve, there is a range of losses in excess of the recorded loan indemnification reserve that is reasonably possible. The estimate of the range of possible losses for representations and warranties does not represent a probable loss, and is based on current available information, significant judgment, and a number of assumptions that are subject to change. As of September 30, 2022 and December 31, 2021, the reasonably possible loss above the recorded loan indemnification reserve was not material.

Other income and operating expe

Other income and operating expenses	9 Months Ended
	Sep. 30, 2022
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, the Company originated $109.5 million of PPP loans and was a Lender Service Provider (“LSP”) for $2.5 billion of PPP loans. For the Company’s originations as direct lender, it elected the fair value option and thus, classified the loans as held at fair value on the consolidated balance sheets. Fees totaling $5.2 million were recognized in the period of origination. For loans processed under the LSP, the Company was 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 the consolidated balance sheet and fees totaling $43.3 million were recognized as services were performed. Unrecognized fees as of September 30, 2022 were $0.2 million. Expenses related to PPP loans under the CARES Act are recognized in the period in which they are incurred. The table below presents details about the Company’s assets and liabilities related to its PPP activities. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 Assets ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans ​ $ 275,162 ​ $ 867,109 Paycheck Protection Program loans, at fair value ​ 599 ​ 3,243 PPP fee receivable ​ 338 ​ 407 Accrued interest receivable ​ 2,328 ​ 7,025 Total PPP related assets ​ $ 278,427 ​ $ 877,784 Liabilities ​ ​ ​ ​ ​ ​ Paycheck Protection Program Liquidity Facility borrowings ​ $ 305,797 ​ $ 941,505 Interest payable ​ ​ 1,532 ​ ​ 2,358 Deferred LSP revenue ​ ​ 151 ​ ​ 286 Accrued PPP related costs ​ ​ 4,294 ​ ​ 12,460 Payable to third parties ​ 360 ​ 2,091 Repair and denial reserve ​ ​ 5,855 ​ ​ 12,844 Total PPP related liabilities ​ $ 317,989 ​ $ 971,544 ​ 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 September 30, 2022, PPPLF borrowings exceed PPP loans on the balance sheet due to net fees of $ 13.9 million. In addition, PPP loans are forgiven before the related PPPLF borrowings are repaid. These proceeds are unrestricted and held in cash and cash equivalents on the consolidated balance sheet. ​ The table below presents details about the Company’s income and expenses related to its pre-tax PPP activities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Financial statement account (in thousands) 2022 2021 ​ 2022 2021 ​ Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LSP fee income $ 26 $ 417 $ 5,336 $ 10,275 ​ Servicing income Interest income ​ 14,000 ​ 18,680 ​ 50,140 ​ 51,927 ​ Interest income Repair and denial reserve ​ 2,153 ​ (196) ​ 6,553 ​ (5,585) ​ Other income - change in repair and denial reserve Total PPP related income $ 16,179 $ 18,901 $ 62,029 $ 56,617 ​ ​ Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating expenses $ 93 $ (25) $ 434 $ 8,193 ​ Other operating expenses - origination costs Interest expense ​ 323 ​ 1,196 ​ 1,470 ​ 13,818 ​ Interest expense Total PPP related expenses (direct) $ 416 $ 1,171 $ 1,904 $ 22,011 ​ ​ Net PPP related income $ 15,763 $ 17,730 $ 60,125 $ 34,606 ​ ​ ​ Other income and expenses The table below presents the composition of other income and operating expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income $ 3,660 ​ $ 2,794 $ 8,039 ​ $ 6,297 Change in repair and denial reserve ​ 1,864 ​ ​ 45 ​ 5,362 ​ ​ (6,108) Employee retention credit consulting income ​ 6,958 ​ ​ — ​ ​ 7,261 ​ ​ — Other ​ 3,668 ​ ​ 2,835 ​ 10,323 ​ ​ 5,368 Total other income $ 16,150 ​ $ 5,674 ​ $ 30,985 ​ $ 5,557 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs $ 3,288 ​ $ 4,041 ​ $ 10,390 ​ $ 20,069 Technology expense 2,619 ​ ​ 2,058 ​ 7,035 ​ ​ 5,968 Impairment on real estate — ​ ​ 184 ​ 2,667 ​ ​ 1,462 Rent and property tax expense 1,764 ​ ​ 1,538 ​ 4,423 ​ ​ 4,967 Recruiting, training and travel expense 395 ​ ​ 297 ​ 1,221 ​ ​ 1,126 Marketing expense ​ 575 ​ ​ 1,121 ​ ​ 1,499 ​ ​ 2,306 Loan acquisition costs ​ (36) ​ ​ 115 ​ ​ 182 ​ ​ 449 Financing costs on purchased future receivables ​ 40 ​ ​ 31 ​ ​ 102 ​ ​ 87 Other 6,751 ​ ​ 3,541 ​ 14,902 ​ ​ 9,166 Total other operating expenses $ 15,396 ​ $ 12,926 ​ $ 42,421 ​ $ 45,600 ​

Redeemable Preferred Stock and

Redeemable Preferred Stock and Stockholders Equity	9 Months Ended
	Sep. 30, 2022
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 September 15, 2021 ​ September 30, 2021 ​ October 29, 2021 ​ $ 0.42 ​ December 14, 2021 ​ December 31, 2021 ​ January 31, 2022 ​ $ 0.42 ​ March 15, 2022 ​ March 31, 2022 ​ April 29, 2022 ​ $ 0.42 ​ June 15, 2022 ​ June 30, 2022 ​ July 29, 2022 ​ $ 0.42 ​ September 15, 2022 ​ September 30, 2022 ​ October 31, 2022 ​ $ 0.42 ​ ​ Stock incentive plan The Company currently maintains the Equity Incentive Plan which authorizes the Compensation Committee to approve grants of equity-based awards to its officers, directors, and employees of the 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, 2021 888,777 $ 13,517 $ 15.21 Granted 349,824 ​ ​ 4,964 ​ 14.19 Vested (252,259) ​ ​ (3,791) ​ 15.03 Forfeited (2,064) ​ ​ (26) ​ 12.82 Outstanding, March 31, 2022 984,278 $ 14,664 $ 14.90 Granted 18,192 ​ ​ 264 ​ 14.52 Vested (17,516) ​ ​ (257) ​ 14.66 Forfeited (2,326) ​ ​ (33) ​ 14.19 Outstanding, June 30, 2022 982,628 $ 14,638 $ 14.90 Granted 4,154 ​ ​ 55 ​ 13.24 Vested (11,596) ​ ​ (167) ​ 14.36 Forfeited (3,266) ​ ​ (46) ​ 14.14 Outstanding, September 30, 2022 971,920 $ 14,480 $ 14.90 ​ The Company recognized $2.0 million and $6.2 million for the three and nine months ended September 30, 2022, respectively and $1.8 million and $5.2 million for the three and nine months ended September 30, 2021, respectively, of non-cash compensation expense related to its stock-based incentive plan in the consolidated statements of income. ​ As of September 30, 2022 and December 31, 2021, approximately $14.5 million and $13.5 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 2022 performance-based equity awards. ​ ​ 2021 performance-based equity awards. ​ 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 the balance sheets using the guidance in ASC 480‑10‑S99. The 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 of September 30, 2022, the conversion rate was 1.2018 shares of common stock per $25 principal amount of the Series C Preferred Stock, which is equivalent to a conversion price of approximately $20.80 per share of common stock. As redemption under these circumstances is not solely within the Company’s control, the Series C Preferred Stock has been classified as temporary equity. The Company has analyzed whether the conversion features should be bifurcated under the guidance in ASC 815‑10 and has determined that bifurcation is not necessary. The table below presents details on preferred equity by series. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferential Cash Dividends Carrying Value (in thousands) Series ​ Shares Issued and Outstanding (in thousands) ​ Par Value ​ Liquidation Preference ​ Rate per Annum ​ Annual Dividend (per share) ​ September 30, 2022 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 Preferred Stock and Series E Preferred Stock during the three months ended September 30, 2022. The dividends were paid on October 14, 2022 for Series C Preferred Stock and on October 31, 2022 for Series E Preferred Stock to the holders of record as of the close of business on September 30, 2022. ​ ● 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, as amended on March 8, 2022, (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 (the “Equity ATM Program”). During the nine months ended September 30, 2022, the Company sold 1.1 million shares of common stock at an average price of $15.82 per share through the Equity ATM Program, for net proceeds of $17.2 million, after deducting offering related expenses paid of $0.3 million. The Company made no such sales through the Equity ATM Program during the three months ended September 30, 2022. As of September 30, 2022, shares representing approximately $78.4 million remain available for sale under the Equity ATM Program. Other On January 14, 2022, the Company completed a public offering of 7 million shares of common stock, par value $0.0001 per share, at a price of $15.30 per share. The Company received aggregate net proceeds of approximately $106.6 million, after deducting offering expenses .

Earnings per Share of Common St

Earnings per Share of Common Stock	9 Months Ended
	Sep. 30, 2022
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 EPS computations, including the number of shares of common stock used for purposes of these computations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ (in thousands, except for share and per share amounts) 2022 2021 2022 2021 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 66,253 ​ $ 46,535 ​ $ 189,481 ​ $ 106,386 ​ Less: Income attributable to non-controlling interest ​ ​ 3,023 ​ ​ 756 ​ ​ 6,672 ​ ​ 1,859 ​ Less: Income attributable to participating shares ​ ​ 2,407 ​ ​ 2,444 ​ ​ 7,231 ​ ​ 6,717 ​ Basic earnings ​ $ 60,823 ​ $ 43,335 ​ $ 175,578 ​ $ 97,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 66,253 ​ $ 46,535 ​ $ 189,481 ​ $ 106,386 ​ Less: Income attributable to non-controlling interest ​ ​ 3,023 ​ ​ 756 ​ ​ 6,672 ​ ​ 1,859 ​ Less: Income attributable to participating shares ​ ​ 2,407 ​ ​ 2,444 ​ ​ 7,231 ​ ​ 6,717 ​ Add: Expenses attributable to dilutive instruments ​ ​ 2,319 ​ ​ — ​ ​ 6,957 ​ ​ — ​ Diluted earnings ​ $ 63,142 ​ $ 43,335 ​ $ 182,535 ​ $ 97,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 114,371,160 ​ ​ 71,618,168 ​ ​ 105,576,826 ​ ​ 66,606,749 ​ Effect of dilutive securities — Unvested participating shares ​ ​ 11,295,449 ​ ​ 169,060 ​ ​ 11,288,944 ​ ​ 162,169 ​ Diluted — Average shares outstanding ​ ​ 125,666,609 ​ ​ 71,787,228 ​ ​ 116,865,770 ​ ​ 66,768,918 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EPS Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.53 ​ $ 0.61 ​ $ 1.66 ​ $ 1.47 ​ Diluted ​ $ 0.50 ​ $ 0.60 ​ $ 1.56 ​ $ 1.46 ​ ​ 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. ​ The Company adopted ASU 2020-06 , Debt – Debt with Conversion and other Options and Derivatives and Hedging-Contracts in Entity’s Own Equity , which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance eliminates the treasury stock method to calculate diluted EPS for convertible instruments and requires the use of the if-converted method. ​ Certain investors own OP units in the operating partnership. An OP unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the operating partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions. The redemption is required to be satisfied in shares of common stock or cash at the Company's option, calculated as follows: one share of the Company's common stock, or cash equal to the fair value of a share of the Company's common stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interests in the operating partnership is reduced and the Company's equity is increased. As of September 30, 2022 and December 31, 2021, the non-controlling interest OP unit holders owned 1,632,924 and 293,003 OP units, respectively.

Offsetting assets and liabiliti

Offsetting assets and liabilities	9 Months Ended
	Sep. 30, 2022
Offsetting assets and liabilities
Offsetting assets and liabilities	​ ​ Note 23. Offsetting assets and liabilities ​ In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association (“ISDA”) Master Agreement with multiple derivative counterparties. An ISDA Master Agreement, published by ISDA, is a bilateral trading agreement between two parties that allow both parties to enter into over-the-counter (“OTC”), derivative contracts. The ISDA Master Agreement contains a Schedule to the Master Agreement and a Credit Support Annex, which governs the maintenance, reporting, collateral management and default process (netting provisions in the event of a default and/or a termination event). Under an ISDA Master Agreement, the Company may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Company’s stockholders’ equity declines by a stated percentage or the Company fails to meet the terms of its ISDA Master Agreements, which would cause the Company to accelerate payment of any net liability owed to the counterparty. As of September 30, 2022 and December 31, 2021, the Company was in good standing on all of its ISDA Master Agreements or similar arrangements with its counterparties. ​ For derivatives traded under an ISDA Master Agreement, the collateral requirements are listed under the Credit Support Annex, which is the sum of the mark to market for each derivative contract, the independent amount due to the derivative counterparty and any thresholds, if any. Collateral may be in the form of cash or any eligible securities, as defined in the respective ISDA agreements. Cash collateral pledged to and by the Company with the counterparty, if any, is reported separately in the consolidated balance sheets as restricted cash. All margin call amounts must be made before the notification time and must exceed a minimum transfer amount threshold before a transfer is required. All margin calls must be responded to and completed by the close of business on the same day of the margin call, unless otherwise specified. Any margin calls after the notification time must be completed by the next business day. Typically, the Company and its counterparties are not permitted to sell, rehypothecate or use the collateral posted. To the extent amounts due to the Company from its counterparties are not fully collateralized, the Company bears exposure and the risk of loss from a defaulting counterparty. The Company attempts to mitigate counterparty risk by establishing ISDA agreements with only high grade counterparties that have the financial health to honor their obligations and diversification by entering into agreements with multiple counterparties. ​ In accordance with ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ​ The table below presents the gross fair value of derivative contracts by product type and secured borrowings, the amount of netting reflected in the consolidated balance sheets, as well as 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 September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FX forwards $ 3,065 ​ $ — ​ $ 3,065 ​ $ — ​ $ — ​ $ 3,065 TBA Agency Securities ​ 9,226 ​ ​ 42 ​ ​ 9,184 ​ ​ — ​ ​ — ​ ​ 9,184 Interest rate swaps ​ 56,787 ​ ​ 42,824 ​ ​ 13,963 ​ ​ — ​ ​ — ​ ​ 13,963 Total $ 69,078 ​ $ 42,866 ​ $ 26,212 ​ $ — ​ $ — ​ $ 26,212 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLCs $ 4,345 ​ $ — ​ $ 4,345 ​ $ — ​ $ — ​ $ 4,345 TBA Agency Securities ​ 42 ​ ​ 42 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Secured borrowings ​ 3,348,249 ​ ​ — ​ ​ 3,348,249 ​ ​ 3,348,249 ​ ​ — ​ ​ — Paycheck Protection Program Liquidity Facility ​ 305,797 ​ ​ — ​ ​ 305,797 ​ ​ 275,761 ​ ​ — ​ ​ 30,036 Total $ 3,658,433 ​ $ 42 ​ $ 3,658,391 ​ $ 3,624,010 ​ $ — ​ $ 34,381 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLCs $ 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 (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty that exceed the financial liabilities subject to a master netting repurchase arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.

Financial Instruments with off-

Financial Instruments with off-balance sheet risk, credit risk, and certain other risks	9 Months Ended
	Sep. 30, 2022
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, the Company 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 the Company is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, it will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. The Company may obtain only a limited recovery or may obtain no recovery in such circumstances. In addition, the business failure of a counterparty with whom it enters 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 the Company to cover its 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. ​ The Company is exposed to changing interest rates and market conditions, which affects cash flows associated with borrowings. The Company enters into derivative instruments, such as interest rate swaps and CDS, to mitigate these risks. 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. CDSs are executed in order to mitigate the risk of deterioration in the current credit health of the commercial mortgage market. ​ Certain subsidiaries have entered into OTC interest rate swap agreements to hedge risks associated with movements in interest rates. Because certain interest rate swaps were not cleared through a central counterparty, the Company remains exposed to the counterparty's ability to perform its obligations under each such swap and cannot look to the creditworthiness of a central counterparty for performance. As a result, if an OTC swap counterparty cannot perform under the terms of an interest rate swap, the Company’s subsidiary would not receive payments due under that agreement, the Company may lose any unrealized gain associated with the interest rate swap and the hedged liability would cease to be hedged by the interest rate swap. While the Company would seek to terminate the relevant OTC swap transaction and may have a claim against the defaulting counterparty for any losses, including unrealized gains, there is no assurance that the Company would be able to recover such amounts or to replace the relevant swap on economically viable terms or at all. In such case, the Company could be forced to cover its unhedged liabilities at the then current market price. The Company may also be at risk for any pledged collateral to secure its obligations under the OTC interest rate swap if the counterparty becomes insolvent or files for bankruptcy. Therefore, upon a default by an interest rate swap agreement counterparty, the interest rate swap would no longer mitigate the impact of changes in interest rates as intended. ​ Liquidity Risk risk. To reduce any perceived disparity between the liquidity and the terms of the debt instruments in which the Company invests, it attempts to minimize its reliance on short-term financing arrangements. While the Company may finance certain investments in security positions using traditional margin arrangements and reverse repurchase agreements, other financial instruments such as collateralized debt obligations, and other longer term financing vehicles may be utilized to provide it with sources of long-term financing. ​ Off-Balance Sheet Risk ​ Interest Rate ​ The Company’s operating results will depend, in part, on differences between the income from its investments and financing costs. Generally, 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 the Company’s business, financial condition, liquidity, results of operations and prospects. Furthermore, such defaults could have an adverse effect on the spread between the Company’s 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. ​ Prepayment Risk — ​

Commitments, Contingencies and

Commitments, Contingencies and Indemnifications	9 Months Ended
	Sep. 30, 2022
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 and as such, 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 and the individual maximum exposure 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 risk of loss is expected to be remote. Management is not aware of any other contingencies that would require accrual or disclosure in the consolidated financial statements. ​ Unfunded Loan Commitments The table below presents unfunded loan commitments for SBC loans. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2022 ​ December 31, 2021 Loans, net ​ $ 714,203 ​ $ 455,119 Loans, held for sale at fair value ​ $ 23,870 ​ $ 24,150 Investments held to maturity ​ $ 1,479 ​ $ — ​ Commitments to Originate Loans GMFS enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose GMFS to market risk if interest rates change, and the loan is not economically hedged or committed to an investor. GMFS is also exposed to credit loss if the loan is originated and not sold to an investor and the borrower does not perform. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. ​ The table below presents commitments to originate residential agency loans. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2022 ​ December 31, 2021 Commitments to originate residential agency loans ​ $ 188,001 ​ $ 346,660 ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Taxes
Income Taxes	Note 26. Income Taxes ​ The Company is a REIT pursuant to Internal Revenue Code Section 856. Qualification as a REIT depends on the Company’s ability to meet various requirements imposed by the Internal Revenue Code, which relate to its organizational structure, diversity of stock ownership and certain requirements with regard to the nature of its assets and the sources of its income. As a REIT, the Company generally must distribute annually dividends equal to at least 90% of its 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 earnings that are distributed. To the extent the Company satisfies this distribution requirement but distribute less than 100% of its net taxable income, it will be subject to U.S. federal income tax on its undistributed taxable income. In addition, the Company will be subject to a 4% nondeductible excise tax if the actual amount paid to stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Even if the Company qualifies as a REIT, it may be subject to certain U.S. federal income and excise taxes and state and local taxes on its income and assets. If the Company fails to maintain its qualification as a REIT for any taxable year, it may be subject to material penalties as well as federal, state and local income tax on its taxable income at regular corporate rates and it would not be able to qualify as a REIT for the subsequent four ​ Certain subsidiaries have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs permit the Company 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, the Company will continue to maintain our qualification as a REIT. The Company’s TRSs engage in various real estate - related operations, including originating and securitizing commercial and residential mortgage loans, and investments in real property. Such 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 the Company with respect to its interest in TRSs. ​ The income tax provision was $4.8 million and $32.9 million for the three and nine months ended September 30, 2022 and $6.5 million and $22.2 million for the three and nine months ended September 30, 2021. The income tax provision primarily relates to activities of the Company’s TRSs.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
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 across the full life-cycle of an SBC property including construction, transitional, stabilized and agency channels. As part of this segment, we originate and service multi-family loan products under the Freddie Mac SBL program. SBC originations include construction and permanent financing activities for the preservation and construction of affordable housing, primarily utilizing tax-exempt bonds, through Red Stone. This segment also reflects the impact of SBC securitization activities. 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 SBA securitization activities. The Company also acquires purchased future receivables through its 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 senior secured and convertible notes, allocated employee compensation from the Manager, management and incentive fees paid to the Manager and other general corporate overhead expenses. ​ Prior to the fourth quarter of 2021, the Company reported its activities in the following four business segments: Acquisitions, SBC Originations, Small Business Lending and Residential Mortgage Banking. The Chief Executive Officer, as the CODM, realigned the business segments to incorporate results from the Acquisitions segment in the SBC Lending and Acquisitions segment. The Company believes this to be more closely aligned with the activities for and projections of its business models. The Company has recasted prior period amounts and segment information to conform to this presentation. ​ Results of business segments and all other. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 159,307 ​ $ 24,605 ​ $ 2,114 ​ $ — ​ $ 186,026 Interest expense ​ ​ (105,560) ​ ​ (7,097) ​ ​ (2,479) ​ ​ (359) ​ ​ (115,495) Net interest income before provision for loan losses ​ $ 53,747 ​ $ 17,508 ​ $ (365) ​ $ (359) ​ $ 70,531 Provision for loan losses ​ ​ (3,231) ​ ​ (200) ​ ​ — ​ ​ — ​ (3,431) Net interest income after provision for loan losses ​ $ 50,516 ​ $ 17,308 ​ $ (365) ​ $ (359) ​ $ 67,100 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 12,053 ​ $ — ​ $ 12,053 Net realized gain on financial instruments and real estate owned ​ ​ 13,060 ​ ​ 8,057 ​ ​ — ​ ​ — ​ ​ 21,117 Net unrealized gain (loss) on financial instruments ​ ​ 322 ​ ​ (509) ​ ​ 16,647 ​ ​ — ​ ​ 16,460 Servicing income, net ​ ​ 1,191 ​ ​ 1,991 ​ ​ 9,007 ​ ​ — ​ ​ 12,189 Income on purchased future receivables, net ​ ​ — ​ ​ 1,162 ​ ​ — ​ ​ — ​ ​ 1,162 Loss on unconsolidated joint ventures ​ ​ (603) ​ ​ — ​ ​ — ​ ​ — ​ ​ (603) Other income ​ ​ 5,476 ​ ​ 10,641 ​ ​ 15 ​ ​ 18 ​ ​ 16,150 Total non-interest income ​ $ 19,446 ​ $ 21,342 ​ $ 37,722 ​ $ 18 ​ $ 78,528 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (6,603) ​ $ (12,329) ​ $ (5,274) ​ $ (1,735) ​ $ (25,941) Allocated employee compensation and benefits from related party ​ ​ (175) ​ ​ — ​ ​ — ​ ​ (1,570) ​ (1,745) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (9,061) ​ ​ — ​ ​ (9,061) Professional fees ​ ​ (1,630) ​ ​ (1,426) ​ ​ (138) ​ ​ (671) ​ (3,865) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,410) ​ (5,410) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (949) ​ ​ (949) Loan servicing expense ​ ​ (8,226) ​ ​ (103) ​ ​ (2,368) ​ ​ — ​ (10,697) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,535) ​ ​ (1,535) Other operating expenses ​ ​ (6,208) ​ ​ (5,482) ​ ​ (2,034) ​ ​ (1,672) ​ (15,396) Total non-interest expense ​ $ (22,842) ​ $ (19,340) ​ $ (18,875) ​ $ (13,542) ​ $ (74,599) Income (loss) before provision for income taxes ​ $ 47,120 ​ $ 19,310 ​ $ 18,482 ​ $ (13,883) ​ $ 71,029 Total assets ​ $ 10,268,015 ​ $ 930,577 ​ $ 459,058 ​ $ 200,561 ​ $ 11,858,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 378,077 ​ $ 79,866 ​ $ 6,159 ​ $ — ​ $ 464,102 Interest expense ​ ​ (231,338) ​ ​ (18,703) ​ ​ (6,663) ​ ​ (635) ​ ​ (257,339) Net interest income before recovery of (provision for) loan losses ​ $ 146,739 ​ $ 61,163 ​ $ (504) ​ $ (635) ​ $ 206,763 Recovery of (provision for) loan losses ​ ​ 1,108 ​ ​ (1,691) ​ ​ — ​ ​ — ​ (583) Net interest income after recovery of (provision for) loan losses ​ $ 147,847 ​ $ 59,472 ​ $ (504) ​ $ (635) ​ $ 206,180 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 23,424 ​ $ — ​ $ 23,424 Net realized gain on financial instruments and real estate owned ​ ​ 25,976 ​ ​ 24,262 ​ ​ — ​ ​ — ​ ​ 50,238 Net unrealized gain (loss) on financial instruments ​ ​ 10,234 ​ ​ (942) ​ ​ 49,230 ​ ​ — ​ ​ 58,522 Servicing income, net ​ ​ 3,542 ​ ​ 8,042 ​ ​ 25,698 ​ ​ — ​ ​ 37,282 Income on purchased future receivables, net ​ ​ — ​ ​ 5,490 ​ ​ — ​ ​ — ​ 5,490 Income on unconsolidated joint ventures ​ ​ 11,160 ​ ​ — ​ ​ — ​ ​ — ​ ​ 11,160 Other income ​ ​ 14,828 ​ ​ 15,462 ​ ​ 60 ​ ​ 635 ​ ​ 30,985 Total non-interest income ​ $ 65,740 ​ $ 52,314 ​ $ 98,412 ​ $ 635 ​ $ 217,101 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (24,666) ​ $ (32,064) ​ $ (19,714) ​ $ (3,554) ​ $ (79,998) Allocated employee compensation and benefits from related party ​ ​ (655) ​ ​ — ​ ​ — ​ ​ (5,894) ​ (6,549) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (5,508) ​ ​ — ​ (5,508) Professional fees ​ ​ (5,128) ​ ​ (4,513) ​ ​ (619) ​ ​ (2,582) ​ (12,842) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (14,071) ​ (14,071) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (949) ​ ​ (949) Loan servicing expense ​ ​ (22,013) ​ ​ (531) ​ ​ (7,369) ​ ​ — ​ (29,913) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,606) ​ ​ (8,606) Other operating expenses ​ ​ (18,041) ​ ​ (13,583) ​ ​ (6,233) ​ ​ (4,564) ​ (42,421) Total non-interest expense ​ $ (70,503) ​ $ (50,691) ​ $ (39,443) ​ $ (40,220) ​ $ (200,857) Income (loss) before provision for income taxes ​ $ 143,084 ​ $ 61,095 ​ $ 58,465 ​ $ (40,220) ​ $ 222,424 Total assets ​ $ 10,268,015 ​ $ 930,577 ​ $ 459,058 ​ $ 200,561 ​ $ 11,858,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 74,184 ​ $ 28,739 ​ $ 2,213 ​ $ — ​ $ 105,136 Interest expense ​ ​ (41,251) ​ ​ (6,511) ​ ​ (2,374) ​ ​ — ​ ​ (50,136) Net interest income before provision for loan losses ​ $ 32,933 ​ $ 22,228 ​ $ (161) ​ $ — ​ $ 55,000 Provision for loan losses ​ ​ (1,557) ​ ​ (22) ​ ​ — ​ ​ — ​ (1,579) Net interest income after provision for loan losses ​ $ 31,376 ​ $ 22,206 ​ $ (161) ​ $ — ​ $ 53,421 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 37,270 ​ $ — ​ $ 37,270 Net realized gain on financial instruments and real estate owned ​ ​ 8,891 ​ ​ 14,319 ​ ​ — ​ ​ — ​ ​ 23,210 Net unrealized gain on financial instruments ​ ​ 5,467 ​ ​ 74 ​ ​ 147 ​ ​ — ​ ​ 5,688 Servicing income, net ​ ​ 998 ​ ​ 1,497 ​ ​ 7,748 ​ ​ — ​ ​ 10,243 Income on purchased future receivables, net ​ ​ — ​ ​ 2,838 ​ ​ — ​ ​ — ​ ​ 2,838 Income on unconsolidated joint ventures ​ ​ 3,548 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,548 Other income ​ ​ 3,945 ​ ​ 1,696 ​ ​ 31 ​ ​ 2 ​ ​ 5,674 Total non-interest income ​ $ 22,849 ​ $ 20,424 ​ $ 45,196 ​ $ 2 ​ $ 88,471 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (7,034) ​ $ (10,716) ​ $ (5,399) ​ $ (1,388) ​ $ (24,537) Allocated employee compensation and benefits from related party ​ ​ (383) ​ ​ — ​ ​ — ​ ​ (3,421) ​ (3,804) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (24,380) ​ ​ — ​ ​ (24,380) Professional fees ​ ​ (1,193) ​ ​ (582) ​ ​ (1,534) ​ ​ (3,591) ​ (6,900) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,742) ​ (2,742) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,775) ​ (2,775) Loan servicing expense ​ ​ (4,334) ​ ​ (426) ​ ​ (3,364) ​ ​ — ​ (8,124) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,629) ​ ​ (2,629) Other operating expenses ​ ​ (5,077) ​ ​ (4,139) ​ ​ (1,908) ​ ​ (1,802) ​ (12,926) Total non-interest expense ​ $ (18,021) ​ $ (15,863) ​ $ (36,585) ​ $ (18,348) ​ $ (88,817) Income (loss) before provision for income taxes ​ $ 36,204 ​ $ 26,767 ​ $ 8,450 ​ $ (18,346) ​ $ 53,075 Total assets ​ $ 5,796,326 ​ $ 2,462,862 ​ $ 570,236 ​ $ 434,974 ​ $ 9,264,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 194,959 ​ $ 80,304 ​ $ 6,291 ​ $ — ​ $ 281,554 Interest expense ​ ​ (117,608) ​ ​ (29,698) ​ ​ (6,997) ​ ​ (2,009) ​ ​ (156,312) Net interest income before provision for loan losses ​ $ 77,351 ​ $ 50,606 ​ $ (706) ​ $ (2,009) ​ $ 125,242 Provision for loan losses ​ ​ (6,627) ​ ​ (461) ​ ​ — ​ ​ — ​ (7,088) Net interest income after provision for loan losses ​ $ 70,724 ​ $ 50,145 ​ $ (706) ​ $ (2,009) ​ $ 118,154 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 115,369 ​ $ — ​ $ 115,369 Net realized gain on financial instruments and real estate owned ​ ​ 15,457 ​ ​ 33,782 ​ ​ — ​ ​ — ​ ​ 49,239 Net unrealized gain on financial instruments ​ ​ 17,437 ​ ​ 3,055 ​ ​ 10,804 ​ ​ — ​ ​ 31,296 Servicing income, net ​ ​ 2,520 ​ ​ 12,966 ​ ​ 22,320 ​ ​ — ​ ​ 37,806 Income on purchased future receivables, net ​ ​ — ​ ​ 7,934 ​ ​ — ​ ​ — ​ 7,934 Income on unconsolidated joint ventures ​ ​ 6,100 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,100 Other income (loss) ​ ​ 8,842 ​ ​ (3,454) ​ ​ 84 ​ ​ 85 ​ ​ 5,557 Total non-interest income ​ $ 50,356 ​ $ 54,283 ​ $ 148,577 ​ $ 85 ​ $ 253,301 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (13,580) ​ $ (26,097) ​ $ (29,114) ​ $ (2,793) ​ $ (71,584) Allocated employee compensation and benefits from related party ​ ​ (926) ​ ​ — ​ ​ — ​ ​ (8,300) ​ (9,226) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (61,286) ​ ​ — ​ (61,286) Professional fees ​ ​ (3,031) ​ ​ (1,930) ​ ​ (1,929) ​ ​ (5,864) ​ (12,754) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,061) ​ (8,061) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,061) ​ (3,061) Loan servicing expense ​ ​ (12,797) ​ ​ (468) ​ ​ (7,814) ​ ​ — ​ (21,079) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,202) ​ ​ (10,202) Other operating expenses ​ ​ (16,676) ​ ​ (19,209) ​ ​ (6,325) ​ ​ (3,390) ​ (45,600) Total non-interest expense ​ $ (47,010) ​ $ (47,704) ​ $ (106,468) ​ $ (41,671) ​ $ (242,853) Income (loss) before provision for income taxes ​ $ 74,070 ​ $ 56,724 ​ $ 41,403 ​ $ (43,595) ​ $ 128,602 Total assets ​ $ 5,796,326 ​ $ 2,462,862 ​ $ 570,236 ​ $ 434,974 ​ $ 9,264,398 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events
Subsequent Events	Note 28. Subsequent events ​ During October 2022, the Company acquired approximately 3.6 million shares of the Company’s common stock, par value $0.0001 per share, at an average price of $10.34 through the Company’s share repurchase program. ​ On October 19, 2022 the Company completed the securitization of $860.1 million of floating rate SBC loans and sold $656.9 million of senior bonds with a weighted average cost of debt of SOFR + 3.0%.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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, disclosure 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, Consolidation.
Reclassifications	Reclassifications Certain amounts reported for the prior periods in the accompanying consolidated financial statements have been reclassified in order to conform to the current period’s presentation. ​
Cash and cash equivalents	Cash and cash equivalents The Company accounts for cash and cash equivalents in accordance with ASC 305, Cash and Cash Equivalents.
Restricted cash	Restricted cash Restricted cash represents cash held by the Company as collateral against its derivatives, borrowings under repurchase agreements, borrowings under credit facilities and other financing agreements with counterparties, construction and mortgage escrows, as well as cash held for remittance on loans serviced for third parties. Restricted cash is not available for general corporate purposes but may be applied against amounts due to counterparties under existing swaps and repurchase agreement borrowings, returned to the Company when the restriction requirements no longer exist or at the maturity of the swap or repurchase agreement.
Loans, held-for-investment	Loans, held-for-investment. Consolidation 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.
Loans, held at fair value	Loans, held at fair value.
Allowance for loan losses	Allowance for credit losses. ​ ASC 326, Financial Instruments-Credit Losses (“ASC 326”) ​ In connection with ASU 2016-13, 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 the Company has 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. The Company’s 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, Receivables
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. The Company generally intends to hold its investments in MBS to generate interest income; however, the Company has and may continue to sell certain of its investment securities as part of the overall management of assets and liabilities and operating the 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 qualification as a REIT for U.S. federal income tax purposes, the Company utilizes 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 its 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, Derivatives and Hedging ​ 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. ​ ​ During May 2021, the Company 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, Derivatives and Hedging 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, Financial Instruments. ​ Servicing rights – SBA and multi-family portfolio. ​ For purposes of testing servicing rights for impairment, the Company first determines whether facts and circumstances exist that would suggest the carrying value of the servicing asset is not recoverable. If so, the Company then compares 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. ​ ​ The Company estimates 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 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. The Company also considers other factors that can impact the value of the servicing rights, such as surety provider termination clauses and servicer terminations that could result if the Company failed to materially comply with the covenants or conditions of its servicing agreements and did not remedy the failure. Since many factors can affect the estimate of the fair value of servicing rights, the Company regularly evaluates the major assumptions and modeling techniques used in its estimate and reviews these assumptions against market comparables, if available. The Company monitors the actual performance of its 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
Investments held to maturity	Investments held to maturity The Company accounts for held to maturity investments under ASC 320, Investments- Debt Securities
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 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, ​ 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. In the fourth quarter of 2021, 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. ​ There were no events or changes in circumstances during the three months ended September 30, 2022 that would indicate that it was more likely than not that the fair value of each of the reporting units did not exceed its respective carrying value as of September 30, 2022. ​
Deferred financing costs	Deferred financing costs Costs incurred in connection with 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, the Company has engaged in several securitization transactions, which the Company accounts for under ASC 810, Consolidation ​ 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, Debt ​ 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 the Company’s 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 the consolidated balance sheets.
Senior secured notes, net	Senior secured notes, net The Company accounts for secured debt offerings under ASC 470, Debt . ​
Corporate debt, net	Corporate debt, net The Company accounts for corporate debt offerings under ASC 470, Debt
Guaranteed loan financing	Guaranteed loan financing Certain partial loan sales do not qualify for sale accounting under ASC 860, Transfers and Servicing
Contingent consideration	Contingent consideration The Company accounts for certain liabilities recognized in relation to mergers and acquisitions as contingent consideration whereby the fair value of this liability is dependent on certain criteria. 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.
Loan participations sold	Loan participations sold The Company accounts for loan participations sold, which represents an interest in a loan receivable sold, as a liability on the consolidated balance sheets as these arrangements do not qualify as a sale under U.S. GAAP. Such liabilities are non-recourse and remain on the consolidated balance sheets until the loan is repaid.
Due to third parties	Due to third parties Due to third parties primarily relates to funds held by the Company to advance certain expenditures necessary to fulfill the Company’s obligations under its existing indebtedness or to be released at the Company’s discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. While retained, these balances earn interest in accordance with the specific loan terms they are associated with.
Repair and denial reserve	Repair and denial reserve The repair and denial reserve represents the potential liability to the SBA in the event that the Company is required to make the SBA whole for reimbursement of the guaranteed portion of SBA loans. The Company 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 the Company is the primary beneficiary of a VIE, both qualitative and quantitative factors are considered regarding the nature, size and form of its involvement with the VIE, such as its role establishing the VIE and ongoing rights and responsibilities, the design of the VIE, its economic interests, servicing fees and servicing responsibilities, and other factors. The Company performs ongoing reassessments to evaluate whether changes in the entity’s capital structure or changes in the nature of its involvement with the entity result in a change to the VIE designation or a change to its 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 the Manager, and third parties. The Company also has non-controlling interest related to the operating partnership units issued to satisfy a portion of the purchase price in connection with the Mosaic Merger. In addition, the Company has non-controlling interests from investments in consolidated joint ventures whereby, net income or loss is generally based upon relative ownership interests or contractual arrangements.
Fair value option	Fair value option ASC 825, Financial Instruments ​ The Company has elected the fair value option for certain loans held-for-sale originated by the Company that it intends 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 MSRs. The Company additionally elected the fair value option for certain held to maturity investments and investments in unconsolidated joint ventures due to their short-term tenor.
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 The Company presents both basic and diluted earnings per share (“EPS”) amounts in its 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 the Company’s share-based compensation, consisting of unvested restricted stock units (“RSUs”), unvested restricted stock awards (“RSAs”), performance-based equity awards, as well as the dilutive impact of convertible senior notes and convertible preferred stock under the if-converted method. 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, preferred stock and CERs 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. The Company assesses 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 the consolidated financial statements or tax returns as well as the recoverability of amounts recorded, including deferred tax assets. ​ The Company provides 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. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense on the consolidated statements of income. As of the date of the consolidated balance sheets, the Company has accrued no taxes, interest or penalties related to uncertain tax positions. In addition, changes in this position in the next 12 months are not anticipated.
Revenue recognition	Revenue recognition Under revenue recognition guidance, specifically ASC 606- Revenue Recognition ​ 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 the 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. Financial Instruments Receivables
Residential Mortgage Banking Activities	Residential mortgage banking activities Residential mortgage banking activities reflects revenue within the Company’s residential mortgage banking business directly related to loan origination and sale activity. This primarily consists of the realized gains on sales of residential loans held for sale and loan origination fee income, Residential mortgage banking activities also consists of unrealized gains and losses associated with the changes in fair value of the loans held for sale, the fair value of retained MSR additions, and the realized and unrealized gains and losses from derivative instruments. ​ Gains and losses from the sale of mortgage loans held for sale are recognized based upon the difference between the sales proceeds and carrying value of the related loans upon sale and is included in residential mortgage banking activities, in the consolidated statements of income. Sales proceeds reflect the cash received from investors from the sale of a loan plus the servicing release premium if the related MSR is sold. Gains and losses also include the unrealized gains and losses associated with the mortgage loans held for sale and the realized and unrealized gains and losses from derivative instruments. ​ Loan origination fee income represents revenue earned from originating mortgage loans held for sale and are reflected in residential mortgage banking activities, when loans are sold. ​ Variable expenses on residential mortgage banking activities.
Foreign currency transactions	​ ​ Foreign currency transactions Assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars using foreign currency exchange rates prevailing at the end of the reporting period. Revenue and expenses are translated at the average exchange rates for each reporting period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of taxes, in the consolidated statements of comprehensive income.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2022
Mosaic
Acquisitions
Schedule of fair value of assets acquired and liabilities acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Assets ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 100,236 $ — $ 100,236 Restricted cash ​ 23,330 — 23,330 Loans, net ​ 432,779 (20,034) 412,745 Investments held to maturity ​ 165,302 (6,306) 158,996 Real estate owned, held for sale ​ 78,693 (33,945) 44,748 Other assets ​ 25,761 (3,683) 22,078 Total assets acquired ​ $ 826,101 $ (63,968) $ 762,133 Liabilities ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ 66,202 ​ — ​ 66,202 Loan participations sold ​ ​ 73,656 ​ — ​ 73,656 Due to third parties ​ ​ 24,634 ​ (333) ​ 24,301 Accounts payable and other accrued liabilities ​ ​ 38,182 ​ (900) ​ 37,282 Total liabilities assumed ​ $ 202,674 $ (1,233) $ 201,441 Net assets acquired ​ $ 623,427 $ (62,735) $ 560,692 Non-controlling interests ​ ​ (82,257) ​ — ​ (82,257) Net assets acquired, net of non-controlling interests ​ $ 541,170 $ (62,735) $ 478,435
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Fair value of net assets acquired $ 541,170 $ (62,735) $ 478,435 ​ ​ ​ ​ ​ ​ ​ Consideration transferred based on the value of Class B shares issued ​ 437,311 ​ — ​ 437,311 Consideration transferred based on the value of OP units issued ​ 20,745 ​ — ​ 20,745 Fair value of CERs issued ​ 84,348 ​ (59,348) ​ 25,000 Total consideration transferred $ 542,404 $ (59,348) $ 483,056 ​ ​ ​ ​ ​ ​ ​ Goodwill $ 1,234 $ 3,387 $ 4,621
Schedule of pro-forma revenue and earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, (in thousands) ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Selected Financial Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 186,026 ​ $ 124,888 ​ $ 477,163 ​ $ 337,126 Interest expense ​ ​ (115,495) ​ ​ (52,555) ​ ​ (260,264) ​ ​ (168,877) Provision for loan losses ​ ​ (3,431) ​ ​ (1,579) ​ ​ (583) ​ ​ (7,088) Non-interest income ​ ​ 78,528 ​ ​ 88,512 ​ ​ 217,768 ​ ​ 253,365 Non-interest expense ​ ​ (73,064) ​ ​ (93,595) ​ ​ (206,336) ​ ​ (250,485) Income before provision for income taxes ​ $ 72,564 ​ $ 65,671 ​ $ 227,748 ​ $ 164,041 Income tax expense ​ ​ (4,776) ​ ​ (6,540) ​ ​ (32,943) ​ ​ (22,216) Net income ​ $ 67,788 ​ $ 59,131 ​ $ 194,805 ​ $ 141,825
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 issued $ 50,257 Total consideration transferred $ 417,898 Goodwill $ 7,372
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 ​ ​ 9,082 Total liabilities assumed ​ $ 9,082 Net assets acquired ​ $ 61,391
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill	​ ​ ​ ​ (in thousands) Fair value of net assets acquired $ 61,391 ​ ​ ​ Cash paid ​ 63,000 Contingent consideration ​ 12,400 Total consideration transferred $ 75,400 ​ ​ ​ Goodwill $ 14,009

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of classification, unpaid principal balance, and carrying value of loans held including loans of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ December 31, 2021 (in thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 2,311 ​ $ 2,485 ​ ​ $ 3,641 ​ $ 3,914 SBA - 7(a) ​ ​ 490,134 ​ ​ 508,213 ​ ​ ​ 503,991 ​ ​ 519,408 Fixed rate ​ ​ 124,677 ​ ​ 121,215 ​ ​ ​ 344,673 ​ ​ 341,356 Freddie Mac ​ ​ 6,164 ​ ​ 6,056 ​ ​ ​ 3,087 ​ ​ 2,985 Bridge ​ ​ 2,904,295 ​ ​ 2,926,835 ​ ​ ​ 1,849,524 ​ ​ 1,861,932 Construction ​ ​ 389,104 ​ ​ 392,650 ​ ​ ​ — ​ ​ — Other ​ ​ 293,201 ​ ​ 297,358 ​ ​ ​ 243,746 ​ ​ 248,246 Total Loans, before allowance for loan losses ​ $ 4,209,886 ​ $ 4,254,812 ​ ​ $ 2,948,662 ​ $ 2,977,841 Allowance for loan losses ​ $ (51,079) ​ $ — ​ ​ $ (33,216) ​ $ — Total Loans, net ​ $ 4,158,807 ​ $ 4,254,812 ​ ​ $ 2,915,446 ​ $ 2,977,841 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ 853,188 ​ $ 853,661 ​ ​ $ 749,364 ​ $ 746,720 Bridge ​ ​ 4,429,262 ​ ​ 4,458,450 ​ ​ ​ 2,693,186 ​ ​ 2,717,487 SBA - 7(a) ​ ​ 68,892 ​ ​ 76,435 ​ ​ ​ 88,348 ​ ​ 98,604 Other ​ ​ 341,139 ​ ​ 341,906 ​ ​ ​ 563,111 ​ ​ 562,771 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 5,692,481 ​ $ 5,730,452 ​ ​ $ 4,094,009 ​ $ 4,125,582 Allowance for loan losses on loans in consolidated VIEs ​ $ (9,174) ​ $ — ​ ​ $ (12,161) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 5,683,307 ​ $ 5,730,452 ​ ​ $ 4,081,848 ​ $ 4,125,582 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 156,987 ​ $ 159,572 ​ ​ $ 269,164 ​ $ 263,479 SBA - 7(a) ​ ​ 47,913 ​ ​ 45,061 ​ ​ ​ 42,760 ​ ​ 38,966 Fixed rate ​ ​ 187,334 ​ ​ 214,259 ​ ​ ​ 197,290 ​ ​ 195,114 Freddie Mac ​ ​ 7,575 ​ ​ 7,429 ​ ​ ​ 42,384 ​ ​ 41,864 Other ​ ​ 3,800 ​ ​ 3,657 ​ ​ ​ 1,337 ​ ​ 1,337 Total Loans, held for sale, at fair value ​ $ 403,609 ​ $ 429,978 ​ ​ $ 552,935 ​ $ 540,760 Total Loans, net and Loans, held for sale, at fair value ​ $ 10,245,723 ​ $ 10,415,242 ​ ​ $ 7,550,229 ​ $ 7,644,183 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 275,162 ​ $ 289,041 ​ ​ $ 867,109 ​ $ 927,766 Paycheck Protection Program loans, held at fair value ​ ​ 599 ​ ​ 599 ​ ​ ​ 3,243 ​ ​ 3,243 Total Paycheck Protection Program loans ​ $ 275,761 ​ $ 289,640 ​ ​ $ 870,352 ​ $ 931,009 Total Loan portfolio ​ $ 10,521,484 ​ $ 10,704,882 ​ ​ $ 8,420,581 ​ $ 8,575,192 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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 ​ 2022 2021 2020 2019 ​ 2018 Pre 2018 Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,385,285 ​ $ 2,754,528 ​ $ 3,682,145 ​ $ 387,775 ​ $ 326,252 ​ $ 146,296 ​ $ 30,930 ​ $ 7,327,926 Construction ​ ​ 392,650 ​ ​ 24,234 ​ ​ — ​ ​ 10,000 ​ ​ 296,171 ​ ​ 42,727 ​ ​ — ​ ​ 373,132 Fixed rate ​ ​ 974,876 ​ ​ 46,499 ​ ​ 143,773 ​ ​ 92,381 ​ ​ 335,631 ​ ​ 135,456 ​ ​ 219,679 ​ ​ 973,419 Freddie Mac ​ ​ 6,056 ​ ​ — ​ ​ — ​ ​ 6,164 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,164 Residential ​ ​ 2,485 ​ ​ 308 ​ ​ 156 ​ ​ — ​ ​ 441 ​ ​ 345 ​ ​ 1,060 ​ ​ 2,310 SBA - 7(a) ​ ​ 584,648 ​ 80,993 ​ 82,948 ​ 40,450 ​ ​ 85,024 ​ ​ 94,669 ​ 171,439 ​ ​ 555,523 Other ​ ​ 639,264 ​ ​ 2,227 ​ ​ 27,294 ​ ​ 10,452 ​ ​ 71,874 ​ ​ 13,911 ​ ​ 507,678 ​ 633,436 Total Loans, before general allowance for loan losses ​ $ 9,985,264 ​ $ 2,908,789 ​ $ 3,936,316 ​ $ 547,222 ​ $ 1,115,393 ​ $ 433,404 ​ $ 930,786 ​ $ 9,871,910 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,796) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,842,114 ​ UPB ​ 2021 2020 2019 2018 ​ 2017 Pre 2017 Total December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 4,579,419 ​ $ 3,461,864 ​ $ 430,248 ​ $ 399,603 ​ $ 205,855 ​ $ 11,327 ​ $ 29,490 ​ $ 4,538,387 Fixed rate ​ ​ 1,088,076 ​ ​ 142,801 ​ ​ 103,528 ​ ​ 393,563 ​ ​ 163,912 ​ ​ 98,123 ​ ​ 187,918 ​ ​ 1,089,845 Freddie Mac ​ ​ 2,985 ​ ​ — ​ ​ 3,093 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,093 Residential ​ ​ 3,914 ​ ​ 1,413 ​ ​ 492 ​ ​ 468 ​ ​ — ​ ​ — ​ ​ 1,215 ​ ​ 3,588 SBA - 7(a) ​ ​ 618,012 ​ ​ 92,030 ​ ​ 44,955 ​ ​ 104,938 ​ ​ 122,242 ​ ​ 49,031 ​ ​ 173,616 ​ ​ 586,812 Other ​ ​ 811,017 ​ ​ 4,523 ​ ​ 22,973 ​ ​ 76,320 ​ ​ 31,570 ​ ​ 14,868 ​ ​ 653,428 ​ 803,682 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
Schedule of delinquency information on loans by year of origination	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (in thousands) UPB ​ 2022 2021 2020 2019 ​ 2018 Pre 2018 Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current and less than 30 days past due ​ $ 9,700,041 ​ $ 2,908,789 ​ $ 3,927,896 ​ $ 539,893 ​ $ 1,052,098 ​ $ 317,302 ​ $ 876,602 ​ $ 9,622,580 30 - 59 days past due ​ ​ 10,145 ​ ​ — ​ ​ 7,730 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 2,184 ​ ​ 9,917 60+ days past due ​ ​ 275,078 ​ ​ — ​ ​ 690 ​ ​ 7,326 ​ ​ 63,295 ​ ​ 116,102 ​ ​ 52,000 ​ ​ 239,413 Total Loans, before general allowance for loan losses ​ $ 9,985,264 ​ $ 2,908,789 ​ $ 3,936,316 ​ $ 547,222 ​ $ 1,115,393 ​ $ 433,404 ​ $ 930,786 ​ $ 9,871,910 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,796) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,842,114 ​ ​ ​ ​ Carrying Value by Year of Origination ​ ​ 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
Schedule of delinquency information on loans, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Current ​ 30-59 days past due ​ 60+ days past due ​ Total ​ Non-Accrual Loans ​ 90+ days past due and Accruing September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,200,286 ​ $ 7,730 ​ $ 119,910 ​ $ 7,327,926 ​ $ 124,037 ​ $ — Construction ​ ​ 317,329 ​ ​ — ​ ​ 55,803 ​ ​ 373,132 ​ ​ 55,804 ​ ​ — Fixed rate ​ ​ 948,958 ​ ​ — ​ ​ 24,461 ​ ​ 973,419 ​ ​ 20,662 ​ ​ — Freddie Mac ​ ​ 3,071 ​ ​ — ​ ​ 3,093 ​ ​ 6,164 ​ ​ 3,093 ​ ​ — Residential ​ ​ 700 ​ ​ — ​ ​ 1,610 ​ ​ 2,310 ​ ​ 1,610 ​ ​ — SBA - 7(a) ​ ​ 550,061 ​ ​ 860 ​ ​ 4,602 ​ ​ 555,523 ​ ​ 11,277 ​ ​ — Other ​ ​ 602,175 ​ ​ 1,327 ​ ​ 29,934 ​ ​ 633,436 ​ ​ 33,277 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 9,622,580 ​ $ 9,917 ​ $ 239,413 ​ $ 9,871,910 ​ $ 249,760 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,796) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,842,114 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 97.5% ​ ​ 0.1% ​ ​ 2.4% ​ ​ 100% ​ ​ 2.5% ​ ​ 0.0% December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 4,451,230 ​ $ 52,997 ​ $ 34,160 ​ $ 4,538,387 ​ $ 28,820 ​ $ — Fixed rate ​ ​ 1,057,708 ​ ​ — ​ ​ 32,137 ​ ​ 1,089,845 ​ ​ 24,031 ​ ​ — Freddie Mac ​ ​ — ​ ​ — ​ ​ 3,093 ​ ​ 3,093 ​ ​ 3,093 ​ ​ - Residential ​ ​ 1,674 ​ ​ — ​ ​ 1,914 ​ ​ 3,588 ​ ​ 1,914 ​ ​ — SBA - 7(a) ​ ​ 576,593 ​ ​ 6,741 ​ ​ 3,478 ​ ​ 586,812 ​ ​ 15,119 ​ ​ — Other ​ ​ 754,480 ​ ​ 13,099 ​ ​ 36,103 ​ ​ 803,682 ​ ​ 26,525 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 6,841,685 ​ $ 72,837 ​ $ 110,885 ​ $ 7,025,407 ​ $ 99,502 ​ $ — 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%
Schedule of information on credit quality of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTV (1) (in thousands) 0.0 – 20.0% 20.1 – 40.0% 40.1 – 60.0% 60.1 – 80.0% 80.1 – 100.0% Greater than 100.0% Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ — $ 299,929 $ 700,981 $ 6,045,241 $ 254,893 $ 26,882 $ 7,327,926 Construction ​ 10,895 ​ 12,267 ​ 26,090 ​ 294,166 ​ 23,877 ​ 5,837 ​ 373,132 Fixed rate ​ 9,962 ​ 43,667 ​ 378,783 ​ 518,464 ​ 15,768 ​ 6,775 ​ 973,419 Freddie Mac ​ — ​ — ​ 3,071 ​ 3,093 ​ — ​ — ​ 6,164 Residential ​ 59 ​ 48 ​ 705 ​ 587 ​ 911 ​ — ​ 2,310 SBA - 7(a) ​ 7,846 46,696 96,027 ​ 186,722 ​ 81,930 136,302 ​ 555,523 Other 169,728 ​ 255,929 ​ 157,909 ​ 35,484 ​ 10,085 ​ 4,301 633,436 Total Loans, before general allowance for loan losses $ 198,490 $ 658,536 $ 1,363,566 $ 7,083,757 $ 387,464 $ 180,097 $ 9,871,910 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (29,796) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,842,114 Percentage of loans outstanding ​ 2.0% ​ 6.7% ​ 13.8% ​ 71.8% ​ 3.9% ​ 1.8% ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ — $ 107,606 $ 338,355 $ 3,432,820 $ 640,215 $ 19,391 $ 4,538,387 Fixed rate 13,983 ​ 40,570 ​ 390,213 ​ 624,462 ​ 9,972 ​ 10,645 1,089,845 Freddie Mac — ​ — ​ — ​ 3,093 ​ — ​ — 3,093 Residential ​ 69 ​ 262 ​ 835 ​ 1,050 ​ 1,219 ​ 153 ​ 3,588 SBA - 7(a) ​ 7,219 ​ 41,943 ​ 119,114 ​ 197,950 ​ 81,388 ​ 139,198 ​ 586,812 Other 221,823 ​ 300,723 ​ 185,538 ​ 76,590 ​ 8,701 ​ 10,307 803,682 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% ​ ​ (1) LTV 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) Bridge ​ Construction ​ Fixed Rate ​ Residential ​ SBA - 7(a) ​ Other ​ Total Allowance for loan losses September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 14,823 ​ $ 971 ​ $ 1,928 ​ $ 4 ​ $ 9,842 ​ $ 2,228 ​ $ 29,796 Specific ​ 5,631 ​ ​ — ​ ​ 4,446 ​ ​ 1 ​ ​ 3,503 ​ ​ 904 ​ ​ 14,485 PCD ​ — ​ ​ 15,972 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,972 Ending balance $ 20,454 ​ $ 16,943 ​ $ 6,374 ​ $ 5 ​ $ 13,345 ​ $ 3,132 ​ $ 60,253 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 15,204 ​ $ — ​ $ 2,667 ​ $ 8 ​ $ 6,653 ​ $ 3,581 ​ $ 28,113 Specific ​ 4,315 ​ ​ — ​ ​ 4,194 ​ ​ 52 ​ ​ 5,527 ​ ​ 3,176 ​ ​ 17,264 Ending balance $ 19,519 ​ $ — ​ $ 6,861 ​ $ 60 ​ $ 12,180 ​ $ 6,757 ​ $ 45,377 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Bridge Construction Fixed Rate Residential SBA - 7(a) Other Total Allowance for loan losses Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 18,393 $ 5,122 $ 6,222 $ 57 $ 13,126 $ 3,205 $ 46,125 Provision for (recoveries of) loan losses ​ 2,061 ​ 849 ​ 242 ​ (1) ​ 200 ​ (72) ​ 3,279 Measurement period adjustment - PCD ​ — ​ 10,972 ​ — ​ — ​ — ​ — ​ 10,972 Charge-offs and sales ​ — ​ — ​ (90) ​ — ​ (692) ​ — ​ (782) Recoveries ​ — ​ — ​ — ​ (51) ​ 711 ​ (1) ​ 659 Ending balance $ 20,454 $ 16,943 $ 6,374 $ 5 $ 13,345 $ 3,132 $ 60,253 Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 21,178 $ — $ 6,865 $ 61 ​ 13,350 $ 8,175 $ 49,629 Provision for (recoveries of) loan losses ​ 4,056 ​ — ​ (1,142) ​ — ​ 20 ​ (1,214) ​ 1,720 Charge-offs and sales ​ — ​ — ​ — ​ — ​ (1,401) ​ (27) ​ (1,428) Recoveries ​ (660) ​ — ​ — ​ — ​ 30 ​ (44) ​ (674) Ending balance $ 24,574 $ — $ 5,723 $ 61 $ 11,999 $ 6,890 $ 49,247 Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 19,519 $ — $ 6,861 $ 60 $ 12,180 $ 6,757 $ 45,377 Provision for (recoveries of) loan losses ​ 935 ​ 971 ​ (397) ​ (4) ​ 1,691 ​ (3,404) ​ (208) PCD (1) ​ — ​ 15,972 ​ — ​ — ​ — ​ — ​ 15,972 Charge-offs and sales ​ — ​ — ​ (90) ​ — ​ (1,191) ​ (7) ​ (1,288) Recoveries ​ — ​ — ​ — ​ (51) ​ 665 ​ (214) ​ 400 Ending balance $ 20,454 $ 16,943 $ 6,374 $ 5 $ 13,345 $ 3,132 $ 60,253 Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 14,588 $ — $ 7,629 $ 52 $ 14,600 $ 9,863 $ 46,732 Provision for (recoveries of) loan losses ​ 10,646 ​ — ​ (406) ​ 9 ​ 461 ​ (2,893) ​ 7,817 Charge-offs and sales ​ — ​ — ​ (1,311) ​ — ​ (3,105) ​ (26) ​ (4,442) Recoveries ​ (660) ​ — ​ (189) ​ — ​ 43 ​ (54) ​ (860) Ending balance $ 24,574 $ — $ 5,723 $ 61 $ 11,999 $ 6,890 $ 49,247 (1) Includes impact of measurement period adjustment related to the Mosaic Mergers. See Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. ​
Schedule of recorded investment of TDRs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 (in thousands) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Carrying value of modified loans classified as TDRs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On accrual status $ 106 ​ $ 12,177 ​ $ 12,283 ​ $ 284 ​ $ 8,242 ​ $ 8,526 On non-accrual status ​ 10,848 ​ ​ 8,875 ​ ​ 19,723 ​ ​ 11,220 ​ ​ 11,409 ​ ​ 22,629 Total carrying value of modified loans classified as TDRs $ 10,954 ​ $ 21,052 ​ $ 32,006 ​ $ 11,504 ​ $ 19,651 ​ $ 31,155 Allowance for loan losses on loans classified as TDRs $ 38 ​ $ 1,121 ​ $ 1,159 ​ $ 46 ​ $ 2,626 ​ $ 2,672
Schedule of TDR modifications by primary modification type and related financial effects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Three Months Ended September 30, 2021 (in thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 1 ​ ​ 7 ​ ​ 8 ​ ​ — ​ ​ 3 ​ ​ 3 Pre-modification recorded balance (a) $ 1,036 ​ $ 752 ​ $ 1,788 ​ $ — ​ $ 322 ​ $ 322 Post-modification recorded balance (a) $ 1,036 ​ $ 752 ​ $ 1,788 ​ $ — ​ $ 321 ​ $ 321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default (b) ​ 1 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ — Balance of loans that remain in default (b) $ 1,036 ​ $ — ​ $ 1,036 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 706 ​ $ 706 ​ $ — ​ $ 277 ​ $ 277 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 1,036 ​ ​ — ​ ​ 1,036 ​ ​ — ​ ​ — ​ ​ — Total $ 1,036 ​ $ 706 ​ $ 1,742 ​ $ — ​ $ 277 ​ $ 277 ​ Nine Months Ended September 30, 2022 ​ Nine Months Ended September 30, 2021 (in thousands, except number of loans) SBC ​ SBA ​ Total ​ SBC ​ SBA ​ Total Number of loans permanently modified ​ 2 ​ ​ 13 ​ ​ 15 ​ ​ 1 ​ ​ 20 ​ ​ 21 Pre-modification recorded balance (a) $ 1,532 ​ $ 2,306 ​ $ 3,838 ​ $ 1,276 ​ $ 8,630 ​ $ 9,906 Post-modification recorded balance (a) $ 1,532 ​ $ 1,812 ​ $ 3,344 ​ $ 1,276 ​ $ 8,164 ​ $ 9,440 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of loans that remain in default (b) ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ — ​ ​ 3 ​ ​ 3 Balance of loans that remain in default (b) $ 1,036 ​ $ 5 ​ $ 1,041 ​ $ — ​ $ 686 ​ $ 686 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concession granted (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term extension $ — ​ $ 1,662 ​ $ 1,662 ​ $ — ​ $ 6,912 ​ $ 6,912 Interest rate reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Principal reduction ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Foreclosure ​ 1,036 ​ ​ — ​ ​ 1,036 ​ ​ 1,276 ​ ​ 90 ​ ​ 1,366 Total $ 1,036 ​ $ 1,662 ​ $ 2,698 ​ $ 1,276 ​ $ 7,002 ​ $ 8,278 (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.
Schedule of reconciliation between unpaid principal balance of credit deteriorated loans acquired and purchase price	​ ​ ​ ​ ​ ​ ​ (in thousands) PCD Reconciliation Unpaid principal balance $ 21,960 Allowance for credit losses ​ (15,972) Non-credit discount ​ (732) Purchase price of loans classified as PCD $ 5,256
Non-accrual loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of non-accrual loans	​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 ​ December 31, 2021 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 201,950 ​ $ 71,644 Without an allowance ​ 47,810 ​ ​ 27,858 Total recorded carrying value of non-accrual loans $ 249,760 ​ $ 99,502 Allowance for loan losses related to non-accrual loans $ (30,543) ​ $ (17,264) Unpaid principal balance of non-accrual loans $ 286,406 ​ $ 119,554 ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ September 30, 2021 Interest income on non-accrual loans for the three months ended $ 506 ​ $ 586 Interest income on non-accrual loans for the nine months ended $ 4,218 ​ $ 2,144
Geographical concentration
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of concentration risk of loans secured by real estate	​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of Unpaid Principal Balance) September 30, 2022 ​ December 31, 2021 Texas 20.9 % ​ 19.2 % California 10.1 ​ ​ 14.3 ​ Georgia 7.6 ​ ​ 7.0 ​ Arizona 6.8 ​ ​ 7.4 ​ Florida 6.5 ​ ​ 6.7 ​ New York 5.5 ​ ​ 7.3 ​ Illinois 4.4 ​ ​ 4.3 ​ North Carolina 4.2 ​ ​ 2.6 ​ Washington 1.6 ​ ​ 2.1 ​ Colorado ​ 1.3 ​ ​ 1.9 ​ Other 31.1 ​ ​ 27.2 ​ Total 100.0 % ​ 100.0 %
Collateral concentration
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of concentration risk of loans secured by real estate	The table below presents the collateral type concentration of loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) September 30, 2022 ​ December 31, 2021 Multi-family 66.8 % ​ 54.4 % Mixed Use 7.6 ​ ​ 7.1 ​ Retail 5.9 ​ ​ 10.2 ​ SBA 5.9 ​ ​ 8.7 ​ Office 5.1 ​ ​ 8.2 ​ Industrial 4.9 ​ ​ 6.4 ​ Lodging/Residential 1.7 ​ ​ 1.8 ​ Other 2.1 ​ ​ 3.2 ​ Total 100.0 % ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ The table below presents the collateral type concentration of SBA loans within loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of Unpaid Principal Balance) September 30, 2022 ​ December 31, 2021 Lodging ​ 14.9 % ​ 17.0 % Offices of Physicians ​ 8.4 ​ ​ 10.9 ​ Child Day Care Services 6.0 ​ ​ 7.4 ​ Gasoline Service Stations 4.0 ​ ​ 3.7 ​ Eating Places 3.8 ​ ​ 5.0 ​ Veterinarians 1.8 ​ ​ 2.4 ​ Grocery Stores ​ 1.7 ​ ​ 1.8 ​ Funeral Service & Crematories 1.3 ​ ​ 1.9 ​ Couriers ​ 1.1 ​ ​ 1.3 ​ Car washes ​ 0.7 ​ ​ 1.4 ​ Other 56.3 ​ ​ 47.2 ​ Total 100.0 % ​ 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Measurements
Schedule of financial instruments carried at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, held for sale, at fair value $ — ​ $ 215,894 ​ $ 187,715 ​ $ 403,609 Loans, net, at fair value — ​ — ​ 9,582 ​ 9,582 Paycheck Protection Program loans — ​ 599 ​ — ​ 599 MBS, at fair value — ​ 37,895 ​ — ​ 37,895 Derivative instruments, at fair value ​ — ​ ​ 26,212 ​ ​ — ​ ​ 26,212 Residential MSRs, at fair value — ​ — ​ 192,153 ​ 192,153 Investment in unconsolidated joint ventures — ​ — ​ 8,268 ​ 8,268 Total assets $ — ​ $ 280,600 ​ $ 397,718 ​ $ 678,318 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ — ​ $ 4,345 ​ $ 4,345 Contingent consideration ​ — ​ ​ — ​ ​ 33,200 ​ ​ 33,200 Total liabilities $ — ​ $ — ​ $ 37,545 ​ $ 37,545 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
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) Type Range Weighted Average September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential MSRs, at fair value $ 192,153 Income Approach Forward prepayment rate | Forward Default Rate | Discount rate | Servicing expense ​ (b) ​ (b) Investment in unconsolidated joint ventures ​ $ 8,268 ​ Income Approach ​ Discount rate ​ 9.0% ​ 9.0% Derivative instruments, at fair value ​ ​ $ (4,345) ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of unpaid principal balance ​ 55.0 - 100% | 0.2 - 6.7% | 0.1 to 3.3% ​ 85.1% | 5.3% | 1.8% ​ Contingent consideration- Red Stone ​ $ (8,200) ​ Monte Carlo Simulation Model ​ EBT volatility | EBT discount rate | Liability discount rate ​ 25.0% | 15.2% | 3.8% ​ 25.0% | 15.2% | 3.8% Contingent consideration- Mosaic CER dividends ​ $ (5,000) ​ Monte Carlo Simulation Model ​ Equity volatility | Risk-free rate of return | Discount Rate ​ 45.0% | 4.2% | 11.8% ​ 45.0% | 4.2% | 11.8% Contingent consideration- Mosaic CER units ​ $ (20,000) ​ Income Approach and PWERM Model ​ Revaluation discount rate | Discount rate ​ 12.0% | 11.8% ​ 12.0% | 11.8% December 31, 2021 ​ ​ ​ ​ ​ 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 to 3.1% ​ 86.7% | 4.1% | 1.3% Residential MSRs, at fair value $ 120,142 Income Approach Forward prepayment rate | Forward Default Rate | Discount rate | Servicing expense ​ (b) ​ (b) 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% (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 ​ Investments held to maturity ​ PPP loans Residential MSRs ​ Investment in unconsolidated joint ventures ​ Contingent Consideration ​ ​ Total Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 1,666 ​ $ 2,399 ​ $ 9,956 ​ $ 200,863 ​ $ 9,601 ​ $ — ​ $ 168,653 ​ $ 8,439 ​ $ (92,548) ​ $ 309,029 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,463 ​ ​ — ​ ​ — ​ ​ 9,463 Sales / Principal payments ​ — ​ ​ — ​ ​ — ​ ​ (182) ​ ​ (5,877) ​ ​ — ​ ​ (2,610) ​ ​ — ​ ​ — ​ ​ (8,669) Measurement Period Adjustment ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,724) ​ ​ — ​ ​ — ​ ​ — ​ ​ 59,348 ​ ​ 55,624 Realized losses, net ​ — ​ ​ — ​ ​ — ​ ​ (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1) Unrealized gains (losses), net ​ (17) ​ ​ (6,744) ​ ​ (374) ​ ​ (12,965) ​ ​ — ​ ​ — ​ ​ 16,647 ​ ​ (171) ​ ​ — ​ ​ (3,624) Transfer to (from) Level 3 ​ (1,649) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,649) Ending Balance $ — ​ $ (4,345) ​ $ 9,582 ​ $ 187,715 ​ $ — ​ $ — ​ $ 192,153 ​ $ 8,268 ​ $ (33,200) ​ $ 360,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 1,581 ​ $ 2,339 ​ $ 10,766 ​ $ 231,865 ​ $ — ​ $ 3,243 ​ $ 120,142 ​ $ 8,894 ​ $ (16,400) ​ $ 362,430 Purchases or Originations — ​ — ​ — ​ 23,470 ​ — ​ — ​ — ​ — ​ — ​ 23,470 Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 32,417 ​ ​ — ​ ​ — ​ ​ 32,417 Sales / Principal payments ​ (1,352) ​ ​ — ​ ​ — ​ ​ (32,891) ​ ​ (13,173) ​ ​ (1,400) ​ ​ (9,636) ​ ​ — ​ ​ 9,000 ​ ​ (49,452) Accreted discount, net ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 Realized gains (losses), net ​ (1,449) ​ ​ — ​ ​ — ​ ​ (788) ​ ​ (156) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,393) Unrealized gains (losses), net ​ 2,688 ​ ​ (6,684) ​ ​ (1,184) ​ ​ (28,739) ​ ​ — ​ ​ — ​ ​ 49,230 ​ ​ (626) ​ ​ (800) ​ ​ 13,885 Measurement Period Adjustment ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,724) ​ ​ — ​ ​ — ​ ​ — ​ ​ 59,348 ​ ​ 55,624 Merger ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,053 ​ ​ — ​ ​ — ​ ​ — ​ ​ (84,348) ​ ​ (67,295) Transfer to loans, held for investment ​ — ​ ​ — ​ ​ — ​ ​ (3,862) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,862) Transfer to (from) Level 3 ​ (1,469) ​ ​ — ​ ​ — ​ ​ (1,340) ​ ​ — ​ ​ (1,843) ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,652) Ending Balance $ — ​ $ (4,345) ​ $ 9,582 ​ $ 187,715 ​ $ — ​ $ — ​ $ 192,153 ​ $ 8,268 ​ $ (33,200) ​ $ 360,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 1,714 ​ $ 6,130 ​ $ 13,681 ​ $ — ​ $ — ​ $ 16,431 ​ $ 100,820 ​ $ — ​ $ — ​ $ 138,776 Purchases or Originations — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (12,400) ​ ​ (12,400) Additions due to loans sold, servicing retained — ​ — ​ — ​ — ​ — ​ — ​ 11,622 ​ — ​ — ​ ​ 11,622 Sales / Principal payments ​ — ​ ​ — ​ ​ (1,380) ​ ​ — ​ ​ — ​ ​ (6,558) ​ ​ (5,000) ​ ​ — ​ ​ — ​ ​ (12,938) Unrealized gains (losses), net ​ 29 ​ ​ (3,770) ​ ​ (139) ​ ​ — ​ ​ — ​ ​ — ​ ​ 147 ​ ​ — ​ ​ — ​ ​ (3,733) Transfer to (from) Level 3 ​ (191) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (191) Ending Balance $ 1,552 ​ $ 2,360 ​ $ 12,162 ​ $ — ​ $ — ​ $ 9,873 ​ $ 107,589 ​ $ — ​ $ (12,400) ​ $ 121,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance $ 25,131 ​ $ 16,363 ​ $ 13,795 ​ $ — ​ $ — ​ $ 74,931 ​ $ 76,840 ​ $ — ​ $ — ​ $ 207,060 Purchases or Originations — ​ — ​ — ​ — ​ — ​ 3,866 ​ — ​ — ​ (12,400) ​ ​ (8,534) Additions due to loans sold, servicing retained ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 35,595 ​ ​ — ​ ​ — ​ ​ 35,595 Sales / Principal payments ​ (92) ​ ​ — ​ ​ (1,592) ​ ​ — ​ ​ — ​ ​ (68,924) ​ ​ (15,650) ​ ​ — ​ ​ — ​ ​ (86,258) Realized losses, net ​ — ​ ​ — ​ ​ (5) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (5) Unrealized gains (losses), net ​ 1,223 ​ ​ (14,003) ​ ​ (36) ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,804 ​ ​ — ​ ​ — ​ ​ (2,012) Accreted discount, net ​ 60 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 60 Transfer to (from) Level 3 ​ (24,770) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (24,770) Ending Balance $ 1,552 ​ $ 2,360 ​ $ 12,162 ​ $ — ​ $ — ​ $ 9,873 ​ $ 107,589 ​ $ — ​ $ (12,400) ​ $ 121,136
Summary of the carrying value and estimated fair value of financial instruments not carried at fair value on the consolidated balance sheets and are classified as Level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 9,832,532 ​ $ 9,564,785 ​ $ 6,986,528 ​ $ 7,112,282 Paycheck Protection Program loans ​ ​ 275,162 ​ ​ 289,041 ​ ​ 867,109 ​ ​ 927,766 Investments held to maturity ​ ​ 148,512 ​ ​ 148,512 ​ ​ — ​ ​ — Purchased future receivables, net ​ ​ 8,593 ​ ​ 8,593 ​ ​ 7,872 ​ ​ 7,872 Servicing rights ​ ​ 85,539 ​ 89,338 ​ 84,457 ​ 89,470 Total assets ​ $ 10,350,338 ​ $ 10,100,269 ​ $ 7,945,966 ​ $ 8,137,390 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 3,348,249 ​ $ 3,348,249 ​ $ 2,517,600 ​ $ 2,517,600 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 305,797 ​ ​ 305,797 ​ ​ 941,505 ​ ​ 941,505 Securitized debt obligations of consolidated VIEs, net ​ 4,429,846 ​ 4,377,054 ​ 3,214,303 ​ 3,238,155 Senior secured note, net ​ ​ 341,720 ​ ​ 298,390 ​ ​ 342,035 ​ ​ 338,990 Guaranteed loan financing ​ 283,822 ​ 297,402 ​ 345,217 ​ 366,887 Convertible notes, net ​ ​ 114,108 ​ ​ 115,617 ​ ​ 113,247 ​ ​ 118,922 Corporate debt, net ​ ​ 663,439 ​ ​ 641,978 ​ ​ 441,817 ​ ​ 457,741 Total liabilities ​ $ 9,486,981 ​ $ 9,384,487 ​ $ 7,915,724 ​ $ 7,979,800

Investments Held to Maturity (T

Investments Held to Maturity (Tables)	9 Months Ended
	Sep. 30, 2022
Investments Held to Maturity
Schedule of information about held to maturity investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ Weighted Average ​ Amortized ​ ​ ​ ​ Unrealized ​ Unrealized (in thousands) ​ Interest Rate (a) ​ Cost ​ Fair Value ​ Gains ​ Losses September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than one year 12.0 % $ 446 ​ $ 446 ​ $ — ​ $ — One to five years 14.9 % 39,643 ​ 39,643 ​ — ​ — Construction preferred equities ​ 14.9 % $ 40,089 ​ $ 40,089 ​ $ — ​ $ — One to five years 12.0 % 108,423 ​ 108,423 ​ — ​ — Construction preferred equities in consolidated VIEs ​ 12.0 % $ 108,423 ​ $ 108,423 ​ $ — ​ $ — Total held to maturity investments ​ 12.8 % $ 148,512 ​ $ 148,512 ​ $ — ​ $ — (a) Weighted based on current principal balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Servicing rights (Tables)

Servicing rights (Tables)	9 Months Ended
	Sep. 30, 2022
Schedule of information regarding portfolio of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 SBA servicing rights, at amortized cost Beginning net carrying amount ​ $ 21,670 ​ $ 19,721 ​ $ 22,157 ​ $ 18,764 Additions due to loans sold, servicing retained ​ 1,921 ​ 2,778 ​ 5,700 ​ 6,478 Amortization ​ (929) ​ (986) ​ (2,878) ​ (3,075) Impairment ​ (765) ​ (308) ​ (3,082) ​ (962) Ending net carrying amount ​ $ 21,897 ​ $ 21,205 ​ $ 21,897 ​ $ 21,205 Multi-family servicing rights, at amortized cost Beginning net carrying amount ​ $ 63,188 ​ $ 24,724 ​ $ 62,300 ​ $ 19,059 Additions due to loans sold, servicing retained ​ 2,883 ​ 3,292 ​ 8,510 ​ 10,760 Acquisitions ​ — ​ 15,800 ​ — ​ 15,800 Amortization ​ (2,429) ​ (1,504) ​ (7,168) ​ (3,307) Ending net carrying amount ​ $ 63,642 ​ $ 42,312 ​ $ 63,642 ​ $ 42,312 Total servicing rights, at amortized cost ​ $ 85,539 ​ $ 63,517 ​ $ 85,539 ​ $ 63,517 Residential MSRs, at fair value Beginning net carrying amount ​ $ 168,653 ​ $ 100,820 ​ $ 120,142 ​ $ 76,840 Additions due to loans sold, servicing retained ​ 9,463 ​ 11,622 ​ 32,417 ​ 35,595 Loan pay-offs ​ ​ (2,610) ​ ​ (5,000) ​ ​ (9,636) ​ ​ (15,650) Unrealized gains ​ 16,647 ​ 147 ​ 49,230 ​ 10,804 Ending fair value amount ​ $ 192,153 ​ $ 107,589 ​ $ 192,153 ​ $ 107,589 Total servicing rights ​ $ 277,692 ​ $ 171,106 ​ $ 277,692 ​ $ 171,106
Residential MSRs
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 (in thousands) ​ UPB ​ Fair Value ​ UPB ​ Fair Value Fannie Mae ​ $ 4,435,689 ​ $ 64,610 ​ $ 4,056,595 ​ $ 41,698 Freddie Mac ​ ​ 4,502,736 ​ ​ 68,710 ​ ​ 4,131,904 ​ ​ 45,017 Ginnie Mae ​ ​ 3,033,547 ​ ​ 58,833 ​ ​ 2,807,186 ​ ​ 33,427 Total ​ $ 11,971,972 ​ $ 192,153 ​ $ 10,995,685 ​ $ 120,142
Schedule of mortgage servicing rights portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average Residential MSRs ​ Forward prepayment rate ​ 6.0 - 8.6 % ​ 6.2 % ​ 8.4 - 20.9 % ​ 9.5 % ​ Discount rate ​ 9.5 - 12.0 % ​ 10.1 % ​ 9.0 - 11.0 % ​ 9.4 % ​ 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) September 30, 2022 ​ December 31, 2021 Residential MSRs ​ ​ ​ ​ ​ ​ Prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,564) ​ $ (5,262) Impact of 20% adverse change ​ $ (10,845) ​ $ (9,262) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (8,957) ​ $ (4,533) Impact of 20% adverse change ​ $ (17,158) ​ $ (8,745) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,682) ​ $ (2,125) Impact of 20% adverse change ​ $ (5,365) ​ $ (4,251)
SBA | Multi-family
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ As of December 31, 2021 (in thousands) ​ UPB ​ Carrying Value ​ UPB ​ Carrying Value SBA ​ $ 976,135 ​ $ 21,897 ​ $ 856,188 ​ $ 22,157 Multi-family ​ ​ 4,659,868 ​ ​ 63,642 ​ ​ 4,232,969 ​ ​ 62,300 Total ​ $ 5,636,003 ​ $ 85,539 ​ $ 5,089,157 ​ $ 84,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of assumptions used in the estimated valuation of servicing rights carried at amortized cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights ​ Forward prepayment rate ​ 9.6 - 21.7 % ​ 10.1 % ​ 7.9 - 21.0 % ​ 8.9 % ​ Forward default rate ​ 0.0 - 10.0 % ​ 9.2 % ​ 0.0 - 10.4 % ​ 9.1 % ​ Discount rate ​ 13.4 - 21.4 % ​ 13.9 % ​ 10.0 - 21.3 % ​ 10.7 % ​ 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 % ​ 0.0 - 7.3 % ​ 3.5 % ​ Forward default rate ​ 0.0 - 1.3 % ​ 0.9 % ​ 0.0 - 1.3 % ​ 1.0 % ​ Discount rate ​ 6.0 - 6.0 % ​ 6.0 % ​ 6.0 - 6.0 % ​ 6.0 % ​ Servicing expense ​ 0.0 - 0.8 % ​ 0.1 % ​ 0.0 - 0.8 % ​ 0.1 %
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (679) ​ $ (670) Impact of 20% adverse change ​ $ (1,320) ​ $ (1,305) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (146) ​ $ (155) Impact of 20% adverse change ​ $ (290) ​ $ (309) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (828) ​ $ (746) Impact of 20% adverse change ​ $ (1,591) ​ $ (1,443) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,339) ​ $ (1,344) Impact of 20% adverse change ​ $ (2,679) ​ $ (2,687) Multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (280) ​ $ (291) Impact of 20% adverse change ​ $ (553) ​ $ (575) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (25) ​ $ (25) Impact of 20% adverse change ​ $ (49) ​ $ (50) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,894) ​ $ (1,910) Impact of 20% adverse change ​ $ (3,698) ​ $ (3,726) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,658) ​ $ (2,659) Impact of 20% adverse change ​ $ (5,316) ​ $ (5,318)
Schedule of future amortization expense for the servicing rights	​ ​ ​ ​ ​ (in thousands) September 30, 2022 2022 ​ $ 5,480 2023 ​ 12,266 2024 ​ 10,840 2025 ​ 9,583 2026 ​ 8,589 Thereafter ​ 38,781 Total ​ $ 85,539

Residential mortgage banking _2

Residential mortgage banking activities and variable expenses on residential mortgage banking activities (Tables)	9 Months Ended
	Sep. 30, 2022
Residential mortgage banking activities and variable expenses on residential mortgage banking activities
Schedule of the components of gains on residential mortgage banking activities, net of variable loan expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ $ (1,854) ​ $ 26,346 ​ $ (14,827) ​ $ 86,926 Creation of new MSRs, net of payoffs ​ ​ 6,853 ​ ​ 6,623 ​ ​ 22,781 ​ ​ 19,947 Loan origination fee income on residential mortgage loans ​ ​ 3,701 ​ ​ 4,720 ​ ​ 12,560 ​ ​ 16,143 Unrealized gain (loss) on IRLCs and other derivatives ​ 3,353 ​ ​ (419) ​ 2,910 ​ ​ (7,647) Residential mortgage banking activities ​ $ 12,053 ​ $ 37,270 ​ $ 23,424 ​ $ 115,369 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ $ (9,061) ​ $ (24,380) ​ $ (5,508) ​ $ (61,286)

Secured Borrowings (Tables)

Secured Borrowings (Tables)	9 Months Ended
	Sep. 30, 2022
Secured Borrowings
Schedule of characteristics of secured borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value Lender Asset Class Current Maturity Pricing Facility Size Carrying Value September 30, 2022 December 31, 2021 JPMorgan SBA loans October 2023 SOFR + 2.875% $ 125,000 $ 108,643 $ 74,828 $ 54,164 KeyBank Freddie Mac loans February 2023 SOFR + 1.35% ​ 100,000 ​ 7,575 ​ 7,429 ​ 41,864 East West Bank SBA loans October 2023 Prime - 0.821% to + 0.00% ​ 75,000 ​ 96,120 ​ 72,835 ​ 58,622 Credit Suisse Acquired loans (non USD) December 2022 Euribor + 2.50% to 3.00% ​ 198,080 ​ 43,737 ​ 34,726 ​ 40,373 Comerica Bank Residential loans June 2023 1M L + 1.75% ​ 100,000 ​ 53,197 ​ 53,769 ​ 63,991 TBK Bank Residential loans February 2023 Variable Pricing ​ 150,000 ​ 56,104 ​ 57,641 ​ 125,145 Origin Bank Residential loans October 2023 Variable Pricing ​ 80,000 ​ 12,148 ​ 11,560 ​ 16,052 Associated Bank Residential loans November 2023 SOFR + 1.50% ​ 60,000 ​ 22,272 ​ 22,160 ​ 14,449 East West Bank Residential MSRs September 2023 1M L + 2.50% ​ 50,000 ​ 133,320 ​ 49,900 ​ 49,400 Credit Suisse Purchased future receivables October 2023 1M L + 4.50% ​ 50,000 ​ 8,593 ​ 2,000 ​ 1,000 Western Alliance Residential loans December 2022 Variable Pricing ​ 50,000 ​ 12,396 ​ 10,680 ​ 6,823 Madison Construction loans June 2023 1 ML +7.00% ​ 260,000 ​ 272,365 ​ 65,165 ​ — HSBC Construction loans (non USD) June 2026 SONIA + 3.25% to 4.25% ​ 111,700 ​ 24,235 ​ 14,749 ​ — Total borrowings under credit facilities and other financing agreements $ 1,409,780 $ 850,705 $ 477,442 $ 471,883 Citibank Fixed rate, Transitional, Acquired loans November 2022 SOFR + 2.10% to 3.10% $ 500,000 $ 161,107 $ 124,976 $ 128,851 Deutsche Bank Fixed rate, Transitional loans November 2023 SOFR + 1.90% to 2.75% ​ 350,000 ​ 328,373 ​ 236,432 ​ 236,073 JPMorgan Transitional loans November 2022 SOFR + 1.75% to 3.60% ​ 1,250,000 ​ 1,344,994 ​ 979,027 ​ 825,265 Performance Trust Fixed rate, Transitional, Acquired loans March 2024 1M T + 2.00% ​ 263,000 ​ 218,002 ​ 189,502 ​ 124,057 Credit Suisse Fixed rate, Transitional, Acquired loans February 2023 SOFR + 2.00% to 3.00% ​ 750,000 ​ 591,824 ​ 436,001 ​ 403,644 Credit Suisse Residential loans Matured L + 3.00% ​ — ​ — ​ — ​ 27,058 Goldman Sachs Fixed rate, Transitional, Acquired loans February 2025 SOFR + 1.50% to 3.00% ​ 350,000 ​ 228,580 ​ 181,713 ​ — Churchill Transitional, Acquired loans March 2026 SOFR + 2.85% ​ 500,000 ​ 407,710 ​ 331,477 ​ — Various MBS November 2022 - February 2023 3.07% to 5.77% ​ 391,679 ​ 729,219 ​ 391,679 ​ 300,769 Total borrowings under repurchase agreements $ 4,354,679 $ 4,009,809 $ 2,870,807 $ 2,045,717 Total secured borrowings $ 5,764,459 $ 4,860,514 $ 3,348,249 $ 2,517,600
Schedule of carrying value of collateral pledged with respect to borrowings under credit facilities and promissory note payable outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value (in thousands) ​ September 30, 2022 December 31, 2021 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 161,980 $ 276,022 Loans, net ​ ​ 546,812 ​ 206,169 MSRs ​ ​ 133,320 ​ 86,714 Purchased future receivables ​ ​ 8,593 ​ 7,872 Total ​ $ 850,705 $ 576,777 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 3,091,831 $ 2,062,867 Mortgage-backed securities ​ 32,817 53,194 Retained interest in assets of consolidated VIEs ​ ​ 696,402 ​ 379,349 Loans, held for sale, at fair value ​ ​ 187,334 ​ 208,558 Real estate acquired in settlement of loans ​ ​ 1,425 ​ 1,425 Total ​ $ 4,009,809 $ 2,705,393 Total collateral pledged on secured borrowings ​ $ 4,860,514 $ 3,282,170 ​ ​ ​ ​ ​ ​

Senior secured notes, convert_2

Senior secured notes, convertible notes, and corporate debt, net (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 Senior secured notes principal amount (1) ​ 4.50 % ​ 10/20/2026 ​ $ 350,000 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (7,088) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 342,912 Convertible notes principal amount (2) ​ 7.00 % 8/15/2023 ​ 115,000 Unamortized discount - Convertible notes (3) ​ ​ ​ ​ ​ ​ ​ (308) Unamortized deferred financing costs - Convertible notes ​ ​ ​ ​ ​ ​ ​ (584) Total Convertible notes, net ​ ​ ​ ​ ​ ​ $ 114,108 Corporate debt principal amount (4) ​ 5.50 % ​ 12/30/2028 ​ ​ 110,000 Corporate debt principal amount (5) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,613 Corporate debt principal amount (5) ​ 5.75 % ​ 2/15/2026 ​ ​ 206,270 Corporate debt principal amount (6) ​ 6.125 % ​ 4/30/2025 ​ ​ 120,000 Corporate debt principal amount (7) ​ 7.375 % ​ 7/31/2027 ​ ​ 100,000 Unamortized discount - corporate debt ​ ​ ​ ​ ​ ​ ​ (10,389) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (4,497) Junior subordinated notes principal amount (8) ​ 3M + 3.10 % ​ 3/30/2035 ​ ​ 15,000 Junior subordinated notes principal amount (9) ​ 3M + 3.10 % ​ 4/30/2035 ​ ​ 21,250 Total corporate debt, net ​ ​ ​ ​ ​ ​ $ 662,247 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 1,119,267 Total carrying amount of conversion option of equity components recorded in equity ​ ​ ​ ​ ​ ​ $ 308 (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 semiannually on June 30 and December 30 of each year. (5) Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year. (6) Interest on the corporate debt is payable semiannually on April 30, and October 30 of each year. (7) Interest on the corporate debt is payable semiannually on January 31, and July 31 of each year. (8) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year. (9) Interest on the Junior subordinated notes I-B is payable quarterly on January 30, April 30, July 30, and October 30 of each year.
Schedule of contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt	​ ​ ​ ​ ​ (in thousands) September 30, 2022 2022 $ — 2023 ​ 115,000 2024 ​ — 2025 ​ 120,000 2026 ​ ​ 660,883 Thereafter ​ 246,249 Total contractual amounts ​ $ 1,142,132 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (22,865) Total carrying amount of debt ​ $ 1,119,267

Guaranteed loan financing (Tabl

Guaranteed loan financing (Tables)	9 Months Ended
	Sep. 30, 2022
Guaranteed loan financing.
Schedule of guaranteed loan financing and the related interest rates and maturity dates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Range of ​ Range of ​ ​ ​ (in thousands) ​ Interest Rate ​ Interest Rates ​ Maturities (Years) ​ Ending Balance ​ September 30, 2022 ​ 5.21 % 1.45-7.00 % 2022-2046 ​ $ 283,822 ​ December 31, 2021 ​ 3.78 % 0.99-6.50 % 2022-2046 ​ $ 345,217 ​
Summary of contractual maturities of total guaranteed loan financing outstanding	​ ​ ​ ​ ​ (in thousands) September 30, 2022 2022 $ 338 2023 ​ 322 2024 ​ 1,343 2025 ​ 1,524 2026 ​ ​ 5,034 Thereafter ​ 275,261 Total ​ $ 283,822

Variable interest entities an_2

Variable interest entities and securitization activities (Tables)	9 Months Ended
	Sep. 30, 2022
Consolidated VIEs
Variable interest entities
Summary of information on securitized debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ December 31, 2021 ​ ​ Current ​ ​ Weighted ​ Current ​ ​ Weighted ​ ​ ​ Principal ​ Carrying ​ Average ​ ​ Principal ​ Carrying ​ Average ​ (in thousands) ​ Balance ​ value ​ Interest Rate ​ ​ Balance ​ value ​ Interest Rate ​ ReadyCap Lending Small Business Trust 2019-2 ​ $ 55,221 ​ $ 54,580 ​ 3.4 % ​ $ 79,294 ​ $ 78,268 ​ 2.6 % Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 9,722 ​ ​ 9,581 ​ 4.3 ​ ​ ​ 16,729 ​ ​ 16,471 ​ 3.8 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 127,529 ​ ​ 125,589 ​ 2.9 ​ ​ ​ 145,351 ​ ​ 143,153 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2020-SBC9 ​ ​ — ​ ​ — ​ 4.2 ​ ​ ​ 86,680 ​ ​ 85,459 ​ 4.1 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 115,881 ​ ​ 114,086 ​ 1.6 ​ ​ ​ 159,745 ​ ​ 157,483 ​ 1.6 ​ ReadyCap Commercial Mortgage Trust 2014-1 ​ — ​ ​ — ​ 5.7 ​ ​ 6,770 ​ ​ 6,756 ​ 5.7 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 2,873 ​ ​ 2,462 ​ 5.1 ​ ​ 17,598 ​ ​ 15,960 ​ 5.1 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 12,602 ​ ​ 11,965 ​ 5.1 ​ ​ 19,106 ​ ​ 18,285 ​ 4.9 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 62,811 ​ ​ 60,572 ​ 4.3 ​ ​ ​ 81,379 ​ ​ 78,751 ​ 4.1 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 117,304 ​ ​ 110,939 ​ 4.5 ​ ​ ​ 150,547 ​ ​ 143,204 ​ 4.3 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 216,964 ​ ​ 212,054 ​ 3.3 ​ ​ ​ 269,315 ​ ​ 263,752 ​ 3.2 ​ ReadyCap Commercial Mortgage Trust 2022-7 ​ ​ 203,257 ​ ​ 194,932 ​ 4.2 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ 59,556 ​ ​ 59,556 ​ 3.0 ​ ​ ​ 92,930 ​ ​ 92,921 ​ 1.6 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ 236,085 ​ ​ 234,384 ​ 4.1 ​ ​ ​ 304,157 ​ ​ 300,832 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 444,208 ​ ​ 441,474 ​ 2.4 ​ ​ ​ 506,721 ​ ​ 501,697 ​ 1.5 ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 542,990 ​ ​ 538,070 ​ 2.2 ​ ​ ​ 543,223 ​ ​ 536,270 ​ 1.3 ​ Ready Capital Mortgage Financing 2021-FL7 ​ ​ 752,104 ​ ​ 745,738 ​ 2.5 ​ ​ ​ 753,314 ​ ​ 744,449 ​ 1.6 ​ Ready Capital Mortgage Financing 2022-FL8 ​ ​ 913,675 ​ ​ 906,004 ​ 3.0 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2022-FL9 ​ ​ 612,055 ​ ​ 599,117 ​ 5.1 ​ ​ ​ — ​ ​ — ​ — ​ Total ​ $ 4,484,837 $ 4,421,103 ​ 3.2 % $ 3,232,859 $ 3,183,711 ​ 2.2 %
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 1,247 $ 9,041 Restricted cash ​ 52,339 ​ ​ 33,187 Loans, net ​ ​ 5,683,307 ​ ​ 4,081,848 Investments held to maturity ​ ​ 108,423 ​ ​ — Other assets ​ ​ 38,058 ​ ​ 21,488 Total assets ​ $ 5,883,374 ​ $ 4,145,564 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 4,429,846 ​ ​ 3,214,303 Due to third parties ​ ​ 4,120 ​ ​ — Accounts payable and other accrued liabilities ​ ​ 9 ​ ​ — Total liabilities ​ $ 4,433,975 ​ $ 3,214,303
Unconsolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (in thousands) ​ September 30, 2022 ​ December 31, 2021 ​ September 30, 2022 ​ December 31, 2021 MBS, at fair value (2) $ 24,344 ​ $ 80,756 $ 24,344 ​ $ 80,756 Investment in unconsolidated joint ventures ​ ​ 112,776 ​ ​ 74,334 ​ ​ 112,776 ​ ​ 74,334 Total assets in unconsolidated VIEs ​ $ 137,120 ​ $ 155,090 ​ $ 137,120 ​ $ 155,090 (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 other third party sponsored securitizations.

Interest income and interest _2

Interest income and interest expense (Tables)	9 Months Ended
	Sep. 30, 2022
Interest income and interest expense
Schedule of components of interest income and expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 118,755 ​ $ 40,602 ​ $ 266,234 ​ $ 97,891 Fixed rate ​ ​ 13,473 ​ ​ 16,431 ​ ​ 42,412 ​ ​ 45,119 Construction ​ ​ 9,942 ​ ​ — ​ ​ 18,942 ​ ​ — SBA - 7(a) ​ ​ 10,604 ​ ​ 10,059 ​ ​ 29,725 ​ ​ 28,377 PPP ​ ​ 14,000 ​ ​ 18,680 ​ ​ 50,140 ​ ​ 51,927 Residential ​ ​ 53 ​ ​ 44 ​ ​ 103 ​ ​ 166 Other ​ ​ 9,090 ​ ​ 11,256 ​ ​ 29,381 ​ ​ 35,236 Total loans (1) ​ $ 175,917 ​ $ 97,072 ​ $ 436,937 ​ $ 258,716 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ 2,292 ​ $ 786 ​ $ 6,585 ​ $ 1,356 Freddie Mac ​ ​ 230 ​ ​ 235 ​ ​ 729 ​ ​ 997 Residential ​ ​ 2,103 ​ ​ 3,225 ​ ​ 6,401 ​ ​ 8,511 Other ​ ​ — ​ ​ — ​ ​ 46 ​ ​ — Total loans, held for sale, at fair value (1) ​ $ 4,625 ​ $ 4,246 ​ $ 13,761 ​ $ 10,864 Investments held to maturity ​ $ 4,764 ​ $ — ​ $ 8,983 ​ $ — MBS, at fair value ​ $ 720 ​ $ 3,818 ​ $ 4,421 ​ $ 11,974 Total interest income ​ $ 186,026 ​ $ 105,136 ​ $ 464,102 ​ $ 281,554 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ (42,124) ​ $ (14,048) ​ $ (89,894) ​ $ (49,687) Paycheck Protection Program Liquidity Facility borrowings ​ (323) ​ (2,258) ​ (1,470) ​ (4,137) Securitized debt obligations of consolidated VIEs ​ (52,186) ​ (19,490) ​ (110,241) ​ (60,004) Guaranteed loan financing ​ ​ (3,798) ​ ​ (3,472) ​ ​ (10,069) ​ ​ (10,595) Senior secured note ​ (4,380) ​ (3,465) ​ (13,117) ​ (10,380) Convertible note ​ ​ (2,188) ​ ​ (2,188) ​ ​ (6,564) ​ ​ (6,564) Corporate debt ​ ​ (10,496) ​ ​ (5,215) ​ ​ (25,984) ​ ​ (14,945) Total interest expense ​ $ (115,495) ​ $ (50,136) ​ $ (257,339) ​ $ (156,312) Net interest income before provision for loan losses ​ $ 70,531 ​ $ 55,000 ​ $ 206,763 ​ $ 125,242 (1) Includes interest income on loans in consolidated VIEs.

Derivative instruments (Tables)

Derivative instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative instruments
Schedule of the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative (in thousands) ​ Primary Underlying Risk ​ Amount ​ Asset ​ Liability ​ Amount ​ Asset ​ Liability IRLCs ​ Interest rate risk ​ $ 303,705 ​ $ — ​ $ (4,345) ​ $ 348,348 ​ $ 2,340 ​ $ — Interest Rate Swaps - not designated as hedges Interest rate risk ​ ​ 539,545 ​ ​ 13,963 ​ ​ — ​ ​ 536,548 ​ ​ 4,076 ​ ​ — TBA Agency Securities ​ Interest rate risk ​ ​ 254,500 ​ ​ 9,184 ​ ​ — ​ ​ 346,000 ​ ​ — ​ ​ (410) FX forwards ​ Foreign exchange rate risk ​ ​ 22,717 ​ ​ 3,065 ​ ​ — ​ ​ 27,484 ​ ​ 606 ​ ​ — Total ​ ​ ​ $ 1,120,467 ​ $ 26,212 ​ $ (4,345) ​ $ 1,258,380 ​ $ 7,022 ​ $ (410)
Schedule of gains and losses on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Nine Months Ended September 30, 2022 ​ ​ ​ ​ Net Realized ​ ​ Net Unrealized ​ ​ Net Realized ​ ​ Net Unrealized ​ (in thousands) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ Interest rate swaps ​ $ 9,278 ​ $ 13,965 ​ $ 6,785 ​ $ 54,540 ​ TBA Agency Securities ​ — ​ 10,097 ​ — ​ 9,596 ​ IRLCs ​ ​ — ​ ​ (6,744) ​ ​ — ​ ​ (6,685) ​ FX forwards ​ ​ 599 ​ ​ 2,147 ​ ​ 2,825 ​ ​ 2,459 ​ Total ​ $ 9,877 ​ $ 19,465 ​ $ 9,610 ​ $ 59,910 ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ Net Realized ​ ​ Net Unrealized ​ ​ Net Realized ​ ​ Net Unrealized ​ ​ ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ ​ Gain (Loss) ​ CDSs ​ $ (286) ​ $ 301 ​ $ (286) ​ $ 322 ​ Interest rate swaps ​ (1,419) ​ 4,126 ​ (7,198) ​ 12,596 ​ TBA Agency Securities ​ — ​ 3,351 ​ — ​ 6,356 ​ IRLCs ​ ​ — ​ ​ (3,769) ​ ​ — ​ ​ (14,003) ​ FX forwards ​ 634 ​ 17 ​ 276 ​ 1,260 ​ Total ​ $ (1,071) ​ $ 4,026 ​ $ (7,208) ​ $ 6,531 ​
Schedule of gains and losses on the Company's derivatives which have qualified for hedge accounting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Derivatives - effective portion reclassified from AOCI to income ​ Hedge ineffectiveness recorded directly in income Total income statement impact ​ Derivatives- effective portion recorded in OCI ​ Total change in OCI for period Interest rate hedges- forecasted transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 $ (402) ​ $ — ​ $ (402) ​ $ (79) ​ $ 323 Three Months Ended September 30, 2021 $ (264) ​ $ — ​ $ (264) ​ $ (43) ​ $ 221 Nine Months Ended September 30, 2022 $ (1,094) ​ $ — $ (1,094) ​ $ (207) ​ $ 887 Nine Months Ended September 30, 2021 $ (874) ​ $ — $ (874) ​ $ 1,449 ​ $ 2,323

Real estate owned, held for s_2

Real estate owned, held for sale (Tables)	9 Months Ended
	Sep. 30, 2022
Real estate owned, held for sale
Summary of the carrying amount of the Company's real estate holdings	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 Acquired Portfolio: ​ ​ ​ ​ ​ ​ Mixed Use $ 34,947 $ 1,020 Land ​ ​ — ​ ​ 6,318 Multi-family ​ ​ 14,752 ​ ​ — Total Acquired REO ​ $ 49,699 ​ $ 7,338 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 24,300 ​ $ 24,300 Retail ​ ​ 1,853 ​ ​ 3,129 Office ​ ​ 7,125 ​ ​ 7,384 SBA ​ — ​ 137 Total Other REO ​ $ 33,278 ​ $ 34,950 Total real estate owned, held for sale ​ $ 82,977 ​ $ 42,288

Agreements and transactions w_2

Agreements and transactions with related parties (Tables)	9 Months Ended
	Sep. 30, 2022
Management fee
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Management fee - total ​ $ 5.4 million ​ $ 2.7 million ​ $ 14.1 million ​ $ 8.1 million Management fee - amount unpaid ​ $ 5.4 million ​ $ 2.7 million ​ $ 5.4 million ​ $ 2.7 million
Incentive distribution
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Incentive fee distribution - total ​ $ 0.9 million ​ $ 2.8 million ​ $ 0.9 million ​ $ 3.1 million Incentive fee distribution - amount unpaid ​ $ 0.9 million ​ $ 2.8 million ​ $ 0.9 million ​ $ 2.8 million
Expense reimbursement
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Reimbursable expenses payable to Manager - total ​ $ 2.4 million ​ $ 1.5 million ​ $ 8.2 million ​ $ 7.0 million Reimbursable expenses payable to Manager - amount unpaid ​ $ 5.6 million ​ $ 1.0 million ​ $ 5.6 million ​ $ 1.0 million

Other assets and other liabil_2

Other assets and other liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Other assets and other liabilities
Schedule of other assets and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 Other assets: ​ ​ ​ ​ ​ ​ ​ Deferred tax asset $ 3,601 $ 3,601 ​ Deferred loan exit fees ​ ​ 34,746 ​ ​ 25,923 ​ Accrued interest ​ ​ 37,147 ​ ​ 21,873 ​ Goodwill ​ ​ 37,559 ​ ​ 31,470 ​ Due from servicers ​ ​ 22,114 ​ ​ 23,729 ​ Right-of-use lease asset ​ ​ 1,863 ​ ​ 2,402 ​ Intangible assets ​ 13,622 ​ 14,842 ​ Deferred financing costs ​ ​ 2,955 ​ ​ 3,840 ​ PPP fee receivable ​ ​ 338 ​ ​ 407 ​ Receivable from third party ​ ​ 41,742 ​ ​ 29,298 ​ Receivable from related parties ​ ​ 318 ​ ​ — ​ Other assets ​ ​ 17,025 ​ ​ 14,713 ​ Other assets $ 213,030 ​ $ 172,098 ​ Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred tax liability ​ $ 11,986 ​ $ 11,986 ​ Accrued salaries, wages and commissions ​ ​ 35,248 ​ ​ 42,715 ​ Accrued interest payable ​ 37,670 ​ 22,278 ​ Servicing principal and interest payable ​ ​ 10,108 ​ ​ 19,100 ​ Repair and denial reserve ​ 12,461 ​ 19,725 ​ Payable to related parties ​ 6,469 ​ 5,232 ​ Accrued professional fees ​ ​ 884 ​ ​ 4,324 ​ Lease payable ​ ​ 2,003 ​ ​ 3,002 ​ Deferred LSP revenue ​ 151 ​ 286 ​ Accrued PPP related costs ​ ​ 4,294 ​ ​ 12,460 ​ Other liabilities ​ 49,878 ​ 42,303 ​ Total accounts payable and other accrued liabilities ​ $ 171,152 ​ $ 183,411 ​
Schedule of Goodwill	​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 SBC Lending and Acquisitions $ 26,353 $ 20,264 Small Business Lending ​ 11,206 ​ 11,206 Total $ 37,559 $ 31,470
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 ​ December 31, 2021 Estimated Useful Life Customer Relationships - Red Stone $ 6,383 ​ $ 6,651 19 years Internally developed software - Knight Capital ​ 1,953 ​ ​ 2,428 6 years Trade name - Red Stone ​ 2,500 ​ ​ 2,500 Indefinite life SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Broker network - Knight Capital ​ 422 ​ ​ 622 4.5 years Favorable lease ​ 550 ​ ​ 640 12 years Trade name - Knight Capital ​ 452 ​ ​ 562 6 years Trade name - GMFS ​ 362 ​ ​ 439 15 years Total intangible assets $ 13,622 ​ $ 14,842 ​
Schedule of accumulated amortization for finite-lived intangible assets	​ ​ ​ ​ (in thousands) September 30, 2022 Internally developed software - Knight Capital $ 1,847 Favorable lease ​ 930 Trade name - GMFS ​ 860 Broker network - Knight Capital ​ 778 Trade name - Knight Capital ​ 428 Customer Relationship - Red Stone ​ 418 Total accumulated amortization $ 5,261
Amortization expense related to the intangible assets	​ ​ ​ ​ (in thousands) September 30, 2022 2022 $ 406 2023 ​ 1,599 2024 ​ 1,390 2025 ​ 1,144 2026 ​ 477 Thereafter ​ 5,106 Total $ 10,122

Other income and operating ex_2

Other income and operating expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Other income and operating expenses
Schedule of the financial position related to the Paycheck Protection Program (PPP) activities	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2022 December 31, 2021 Assets ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans ​ $ 275,162 ​ $ 867,109 Paycheck Protection Program loans, at fair value ​ 599 ​ 3,243 PPP fee receivable ​ 338 ​ 407 Accrued interest receivable ​ 2,328 ​ 7,025 Total PPP related assets ​ $ 278,427 ​ $ 877,784 Liabilities ​ ​ ​ ​ ​ ​ Paycheck Protection Program Liquidity Facility borrowings ​ $ 305,797 ​ $ 941,505 Interest payable ​ ​ 1,532 ​ ​ 2,358 Deferred LSP revenue ​ ​ 151 ​ ​ 286 Accrued PPP related costs ​ ​ 4,294 ​ ​ 12,460 Payable to third parties ​ 360 ​ 2,091 Repair and denial reserve ​ ​ 5,855 ​ ​ 12,844 Total PPP related liabilities ​ $ 317,989 ​ $ 971,544
Schedule of the income and expenses related to the Paycheck Protection Program (PPP) activities.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ Financial statement account (in thousands) 2022 2021 ​ 2022 2021 ​ Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LSP fee income $ 26 $ 417 $ 5,336 $ 10,275 ​ Servicing income Interest income ​ 14,000 ​ 18,680 ​ 50,140 ​ 51,927 ​ Interest income Repair and denial reserve ​ 2,153 ​ (196) ​ 6,553 ​ (5,585) ​ Other income - change in repair and denial reserve Total PPP related income $ 16,179 $ 18,901 $ 62,029 $ 56,617 ​ ​ Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating expenses $ 93 $ (25) $ 434 $ 8,193 ​ Other operating expenses - origination costs Interest expense ​ 323 ​ 1,196 ​ 1,470 ​ 13,818 ​ Interest expense Total PPP related expenses (direct) $ 416 $ 1,171 $ 1,904 $ 22,011 ​ ​ Net PPP related income $ 15,763 $ 17,730 $ 60,125 $ 34,606 ​ ​
Schedule of other income and operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income $ 3,660 ​ $ 2,794 $ 8,039 ​ $ 6,297 Change in repair and denial reserve ​ 1,864 ​ ​ 45 ​ 5,362 ​ ​ (6,108) Employee retention credit consulting income ​ 6,958 ​ ​ — ​ ​ 7,261 ​ ​ — Other ​ 3,668 ​ ​ 2,835 ​ 10,323 ​ ​ 5,368 Total other income $ 16,150 ​ $ 5,674 ​ $ 30,985 ​ $ 5,557 Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs $ 3,288 ​ $ 4,041 ​ $ 10,390 ​ $ 20,069 Technology expense 2,619 ​ ​ 2,058 ​ 7,035 ​ ​ 5,968 Impairment on real estate — ​ ​ 184 ​ 2,667 ​ ​ 1,462 Rent and property tax expense 1,764 ​ ​ 1,538 ​ 4,423 ​ ​ 4,967 Recruiting, training and travel expense 395 ​ ​ 297 ​ 1,221 ​ ​ 1,126 Marketing expense ​ 575 ​ ​ 1,121 ​ ​ 1,499 ​ ​ 2,306 Loan acquisition costs ​ (36) ​ ​ 115 ​ ​ 182 ​ ​ 449 Financing costs on purchased future receivables ​ 40 ​ ​ 31 ​ ​ 102 ​ ​ 87 Other 6,751 ​ ​ 3,541 ​ 14,902 ​ ​ 9,166 Total other operating expenses $ 15,396 ​ $ 12,926 ​ $ 42,421 ​ $ 45,600

Redeemable Preferred Stock an_2

Redeemable Preferred Stock and Stockholders Equity (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 15, 2021 ​ September 30, 2021 ​ October 29, 2021 ​ $ 0.42 ​ December 14, 2021 ​ December 31, 2021 ​ January 31, 2022 ​ $ 0.42 ​ March 15, 2022 ​ March 31, 2022 ​ April 29, 2022 ​ $ 0.42 ​ June 15, 2022 ​ June 30, 2022 ​ July 29, 2022 ​ $ 0.42 ​ September 15, 2022 ​ September 30, 2022 ​ October 31, 2022 ​ $ 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, 2021 888,777 $ 13,517 $ 15.21 Granted 349,824 ​ ​ 4,964 ​ 14.19 Vested (252,259) ​ ​ (3,791) ​ 15.03 Forfeited (2,064) ​ ​ (26) ​ 12.82 Outstanding, March 31, 2022 984,278 $ 14,664 $ 14.90 Granted 18,192 ​ ​ 264 ​ 14.52 Vested (17,516) ​ ​ (257) ​ 14.66 Forfeited (2,326) ​ ​ (33) ​ 14.19 Outstanding, June 30, 2022 982,628 $ 14,638 $ 14.90 Granted 4,154 ​ ​ 55 ​ 13.24 Vested (11,596) ​ ​ (167) ​ 14.36 Forfeited (3,266) ​ ​ (46) ​ 14.14 Outstanding, September 30, 2022 971,920 $ 14,480 $ 14.90
Schedule of preferred stock outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferential Cash Dividends Carrying Value (in thousands) Series ​ Shares Issued and Outstanding (in thousands) ​ Par Value ​ Liquidation Preference ​ Rate per Annum ​ Annual Dividend (per share) ​ September 30, 2022 C ​ 335 ​ ​ 0.0001 ​ $ 25.00 ​ 6.25% ​ $ 1.56 ​ $ 8,361 ​ E ​ 4,600 ​ ​ 0.0001 ​ $ 25.00 ​ 6.50% ​ $ 1.63 ​ $ 111,378 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings per Share of Common _2

Earnings per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings per Share of Common Stock
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ (in thousands, except for share and per share amounts) 2022 2021 2022 2021 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 66,253 ​ $ 46,535 ​ $ 189,481 ​ $ 106,386 ​ Less: Income attributable to non-controlling interest ​ ​ 3,023 ​ ​ 756 ​ ​ 6,672 ​ ​ 1,859 ​ Less: Income attributable to participating shares ​ ​ 2,407 ​ ​ 2,444 ​ ​ 7,231 ​ ​ 6,717 ​ Basic earnings ​ $ 60,823 ​ $ 43,335 ​ $ 175,578 ​ $ 97,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 66,253 ​ $ 46,535 ​ $ 189,481 ​ $ 106,386 ​ Less: Income attributable to non-controlling interest ​ ​ 3,023 ​ ​ 756 ​ ​ 6,672 ​ ​ 1,859 ​ Less: Income attributable to participating shares ​ ​ 2,407 ​ ​ 2,444 ​ ​ 7,231 ​ ​ 6,717 ​ Add: Expenses attributable to dilutive instruments ​ ​ 2,319 ​ ​ — ​ ​ 6,957 ​ ​ — ​ Diluted earnings ​ $ 63,142 ​ $ 43,335 ​ $ 182,535 ​ $ 97,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 114,371,160 ​ ​ 71,618,168 ​ ​ 105,576,826 ​ ​ 66,606,749 ​ Effect of dilutive securities — Unvested participating shares ​ ​ 11,295,449 ​ ​ 169,060 ​ ​ 11,288,944 ​ ​ 162,169 ​ Diluted — Average shares outstanding ​ ​ 125,666,609 ​ ​ 71,787,228 ​ ​ 116,865,770 ​ ​ 66,768,918 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EPS Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.53 ​ $ 0.61 ​ $ 1.66 ​ $ 1.47 ​ Diluted ​ $ 0.50 ​ $ 0.60 ​ $ 1.56 ​ $ 1.46 ​

Offsetting assets and liabili_2

Offsetting assets and liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Offsetting assets and liabilities
Schedule of effect of offsetting recognized assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the Consolidated Balance Sheets (1) (in thousands) Gross amounts of Assets / Liabilities ​ Gross amounts offset ​ Balance in Consolidated Balance Sheets ​ Financial Instruments ​ Cash Collateral Received / Paid ​ Net Amount September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FX forwards $ 3,065 ​ $ — ​ $ 3,065 ​ $ — ​ $ — ​ $ 3,065 TBA Agency Securities ​ 9,226 ​ ​ 42 ​ ​ 9,184 ​ ​ — ​ ​ — ​ ​ 9,184 Interest rate swaps ​ 56,787 ​ ​ 42,824 ​ ​ 13,963 ​ ​ — ​ ​ — ​ ​ 13,963 Total $ 69,078 ​ $ 42,866 ​ $ 26,212 ​ $ — ​ $ — ​ $ 26,212 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLCs $ 4,345 ​ $ — ​ $ 4,345 ​ $ — ​ $ — ​ $ 4,345 TBA Agency Securities ​ 42 ​ ​ 42 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Secured borrowings ​ 3,348,249 ​ ​ — ​ ​ 3,348,249 ​ ​ 3,348,249 ​ ​ — ​ ​ — Paycheck Protection Program Liquidity Facility ​ 305,797 ​ ​ — ​ ​ 305,797 ​ ​ 275,761 ​ ​ — ​ ​ 30,036 Total $ 3,658,433 ​ $ 42 ​ $ 3,658,391 ​ $ 3,624,010 ​ $ — ​ $ 34,381 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLCs $ 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 (1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty that exceed the financial liabilities subject to a master netting repurchase arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.

Commitments, Contingencies an_2

Commitments, Contingencies and Indemnifications (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments, Contingencies and Indemnifications
Schedule of unfunded loan commitments and commitments to originate loans	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2022 ​ December 31, 2021 Loans, net ​ $ 714,203 ​ $ 455,119 Loans, held for sale at fair value ​ $ 23,870 ​ $ 24,150 Investments held to maturity ​ $ 1,479 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2022 ​ December 31, 2021 Commitments to originate residential agency loans ​ $ 188,001 ​ $ 346,660 ​ ​ ​ ​ ​ ​ ​

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 159,307 ​ $ 24,605 ​ $ 2,114 ​ $ — ​ $ 186,026 Interest expense ​ ​ (105,560) ​ ​ (7,097) ​ ​ (2,479) ​ ​ (359) ​ ​ (115,495) Net interest income before provision for loan losses ​ $ 53,747 ​ $ 17,508 ​ $ (365) ​ $ (359) ​ $ 70,531 Provision for loan losses ​ ​ (3,231) ​ ​ (200) ​ ​ — ​ ​ — ​ (3,431) Net interest income after provision for loan losses ​ $ 50,516 ​ $ 17,308 ​ $ (365) ​ $ (359) ​ $ 67,100 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 12,053 ​ $ — ​ $ 12,053 Net realized gain on financial instruments and real estate owned ​ ​ 13,060 ​ ​ 8,057 ​ ​ — ​ ​ — ​ ​ 21,117 Net unrealized gain (loss) on financial instruments ​ ​ 322 ​ ​ (509) ​ ​ 16,647 ​ ​ — ​ ​ 16,460 Servicing income, net ​ ​ 1,191 ​ ​ 1,991 ​ ​ 9,007 ​ ​ — ​ ​ 12,189 Income on purchased future receivables, net ​ ​ — ​ ​ 1,162 ​ ​ — ​ ​ — ​ ​ 1,162 Loss on unconsolidated joint ventures ​ ​ (603) ​ ​ — ​ ​ — ​ ​ — ​ ​ (603) Other income ​ ​ 5,476 ​ ​ 10,641 ​ ​ 15 ​ ​ 18 ​ ​ 16,150 Total non-interest income ​ $ 19,446 ​ $ 21,342 ​ $ 37,722 ​ $ 18 ​ $ 78,528 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (6,603) ​ $ (12,329) ​ $ (5,274) ​ $ (1,735) ​ $ (25,941) Allocated employee compensation and benefits from related party ​ ​ (175) ​ ​ — ​ ​ — ​ ​ (1,570) ​ (1,745) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (9,061) ​ ​ — ​ ​ (9,061) Professional fees ​ ​ (1,630) ​ ​ (1,426) ​ ​ (138) ​ ​ (671) ​ (3,865) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,410) ​ (5,410) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (949) ​ ​ (949) Loan servicing expense ​ ​ (8,226) ​ ​ (103) ​ ​ (2,368) ​ ​ — ​ (10,697) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,535) ​ ​ (1,535) Other operating expenses ​ ​ (6,208) ​ ​ (5,482) ​ ​ (2,034) ​ ​ (1,672) ​ (15,396) Total non-interest expense ​ $ (22,842) ​ $ (19,340) ​ $ (18,875) ​ $ (13,542) ​ $ (74,599) Income (loss) before provision for income taxes ​ $ 47,120 ​ $ 19,310 ​ $ 18,482 ​ $ (13,883) ​ $ 71,029 Total assets ​ $ 10,268,015 ​ $ 930,577 ​ $ 459,058 ​ $ 200,561 ​ $ 11,858,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 378,077 ​ $ 79,866 ​ $ 6,159 ​ $ — ​ $ 464,102 Interest expense ​ ​ (231,338) ​ ​ (18,703) ​ ​ (6,663) ​ ​ (635) ​ ​ (257,339) Net interest income before recovery of (provision for) loan losses ​ $ 146,739 ​ $ 61,163 ​ $ (504) ​ $ (635) ​ $ 206,763 Recovery of (provision for) loan losses ​ ​ 1,108 ​ ​ (1,691) ​ ​ — ​ ​ — ​ (583) Net interest income after recovery of (provision for) loan losses ​ $ 147,847 ​ $ 59,472 ​ $ (504) ​ $ (635) ​ $ 206,180 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 23,424 ​ $ — ​ $ 23,424 Net realized gain on financial instruments and real estate owned ​ ​ 25,976 ​ ​ 24,262 ​ ​ — ​ ​ — ​ ​ 50,238 Net unrealized gain (loss) on financial instruments ​ ​ 10,234 ​ ​ (942) ​ ​ 49,230 ​ ​ — ​ ​ 58,522 Servicing income, net ​ ​ 3,542 ​ ​ 8,042 ​ ​ 25,698 ​ ​ — ​ ​ 37,282 Income on purchased future receivables, net ​ ​ — ​ ​ 5,490 ​ ​ — ​ ​ — ​ 5,490 Income on unconsolidated joint ventures ​ ​ 11,160 ​ ​ — ​ ​ — ​ ​ — ​ ​ 11,160 Other income ​ ​ 14,828 ​ ​ 15,462 ​ ​ 60 ​ ​ 635 ​ ​ 30,985 Total non-interest income ​ $ 65,740 ​ $ 52,314 ​ $ 98,412 ​ $ 635 ​ $ 217,101 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (24,666) ​ $ (32,064) ​ $ (19,714) ​ $ (3,554) ​ $ (79,998) Allocated employee compensation and benefits from related party ​ ​ (655) ​ ​ — ​ ​ — ​ ​ (5,894) ​ (6,549) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (5,508) ​ ​ — ​ (5,508) Professional fees ​ ​ (5,128) ​ ​ (4,513) ​ ​ (619) ​ ​ (2,582) ​ (12,842) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (14,071) ​ (14,071) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (949) ​ ​ (949) Loan servicing expense ​ ​ (22,013) ​ ​ (531) ​ ​ (7,369) ​ ​ — ​ (29,913) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,606) ​ ​ (8,606) Other operating expenses ​ ​ (18,041) ​ ​ (13,583) ​ ​ (6,233) ​ ​ (4,564) ​ (42,421) Total non-interest expense ​ $ (70,503) ​ $ (50,691) ​ $ (39,443) ​ $ (40,220) ​ $ (200,857) Income (loss) before provision for income taxes ​ $ 143,084 ​ $ 61,095 ​ $ 58,465 ​ $ (40,220) ​ $ 222,424 Total assets ​ $ 10,268,015 ​ $ 930,577 ​ $ 459,058 ​ $ 200,561 ​ $ 11,858,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 74,184 ​ $ 28,739 ​ $ 2,213 ​ $ — ​ $ 105,136 Interest expense ​ ​ (41,251) ​ ​ (6,511) ​ ​ (2,374) ​ ​ — ​ ​ (50,136) Net interest income before provision for loan losses ​ $ 32,933 ​ $ 22,228 ​ $ (161) ​ $ — ​ $ 55,000 Provision for loan losses ​ ​ (1,557) ​ ​ (22) ​ ​ — ​ ​ — ​ (1,579) Net interest income after provision for loan losses ​ $ 31,376 ​ $ 22,206 ​ $ (161) ​ $ — ​ $ 53,421 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 37,270 ​ $ — ​ $ 37,270 Net realized gain on financial instruments and real estate owned ​ ​ 8,891 ​ ​ 14,319 ​ ​ — ​ ​ — ​ ​ 23,210 Net unrealized gain on financial instruments ​ ​ 5,467 ​ ​ 74 ​ ​ 147 ​ ​ — ​ ​ 5,688 Servicing income, net ​ ​ 998 ​ ​ 1,497 ​ ​ 7,748 ​ ​ — ​ ​ 10,243 Income on purchased future receivables, net ​ ​ — ​ ​ 2,838 ​ ​ — ​ ​ — ​ ​ 2,838 Income on unconsolidated joint ventures ​ ​ 3,548 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,548 Other income ​ ​ 3,945 ​ ​ 1,696 ​ ​ 31 ​ ​ 2 ​ ​ 5,674 Total non-interest income ​ $ 22,849 ​ $ 20,424 ​ $ 45,196 ​ $ 2 ​ $ 88,471 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (7,034) ​ $ (10,716) ​ $ (5,399) ​ $ (1,388) ​ $ (24,537) Allocated employee compensation and benefits from related party ​ ​ (383) ​ ​ — ​ ​ — ​ ​ (3,421) ​ (3,804) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (24,380) ​ ​ — ​ ​ (24,380) Professional fees ​ ​ (1,193) ​ ​ (582) ​ ​ (1,534) ​ ​ (3,591) ​ (6,900) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,742) ​ (2,742) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,775) ​ (2,775) Loan servicing expense ​ ​ (4,334) ​ ​ (426) ​ ​ (3,364) ​ ​ — ​ (8,124) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,629) ​ ​ (2,629) Other operating expenses ​ ​ (5,077) ​ ​ (4,139) ​ ​ (1,908) ​ ​ (1,802) ​ (12,926) Total non-interest expense ​ $ (18,021) ​ $ (15,863) ​ $ (36,585) ​ $ (18,348) ​ $ (88,817) Income (loss) before provision for income taxes ​ $ 36,204 ​ $ 26,767 ​ $ 8,450 ​ $ (18,346) ​ $ 53,075 Total assets ​ $ 5,796,326 ​ $ 2,462,862 ​ $ 570,236 ​ $ 434,974 ​ $ 9,264,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 194,959 ​ $ 80,304 ​ $ 6,291 ​ $ — ​ $ 281,554 Interest expense ​ ​ (117,608) ​ ​ (29,698) ​ ​ (6,997) ​ ​ (2,009) ​ ​ (156,312) Net interest income before provision for loan losses ​ $ 77,351 ​ $ 50,606 ​ $ (706) ​ $ (2,009) ​ $ 125,242 Provision for loan losses ​ ​ (6,627) ​ ​ (461) ​ ​ — ​ ​ — ​ (7,088) Net interest income after provision for loan losses ​ $ 70,724 ​ $ 50,145 ​ $ (706) ​ $ (2,009) ​ $ 118,154 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 115,369 ​ $ — ​ $ 115,369 Net realized gain on financial instruments and real estate owned ​ ​ 15,457 ​ ​ 33,782 ​ ​ — ​ ​ — ​ ​ 49,239 Net unrealized gain on financial instruments ​ ​ 17,437 ​ ​ 3,055 ​ ​ 10,804 ​ ​ — ​ ​ 31,296 Servicing income, net ​ ​ 2,520 ​ ​ 12,966 ​ ​ 22,320 ​ ​ — ​ ​ 37,806 Income on purchased future receivables, net ​ ​ — ​ ​ 7,934 ​ ​ — ​ ​ — ​ 7,934 Income on unconsolidated joint ventures ​ ​ 6,100 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,100 Other income (loss) ​ ​ 8,842 ​ ​ (3,454) ​ ​ 84 ​ ​ 85 ​ ​ 5,557 Total non-interest income ​ $ 50,356 ​ $ 54,283 ​ $ 148,577 ​ $ 85 ​ $ 253,301 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (13,580) ​ $ (26,097) ​ $ (29,114) ​ $ (2,793) ​ $ (71,584) Allocated employee compensation and benefits from related party ​ ​ (926) ​ ​ — ​ ​ — ​ ​ (8,300) ​ (9,226) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (61,286) ​ ​ — ​ (61,286) Professional fees ​ ​ (3,031) ​ ​ (1,930) ​ ​ (1,929) ​ ​ (5,864) ​ (12,754) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,061) ​ (8,061) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,061) ​ (3,061) Loan servicing expense ​ ​ (12,797) ​ ​ (468) ​ ​ (7,814) ​ ​ — ​ (21,079) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (10,202) ​ ​ (10,202) Other operating expenses ​ ​ (16,676) ​ ​ (19,209) ​ ​ (6,325) ​ ​ (3,390) ​ (45,600) Total non-interest expense ​ $ (47,010) ​ $ (47,704) ​ $ (106,468) ​ $ (41,671) ​ $ (242,853) Income (loss) before provision for income taxes ​ $ 74,070 ​ $ 56,724 ​ $ 41,403 ​ $ (43,595) ​ $ 128,602 Total assets ​ $ 5,796,326 ​ $ 2,462,862 ​ $ 570,236 ​ $ 434,974 ​ $ 9,264,398

Organization (Details)

Organization (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Operating Partnership
Ownership percentage in operating partnership	98.60%	99.60%

Organization - Acquisitions (De

Organization - Acquisitions (Details)				1 Months Ended	9 Months Ended
	Mar. 16, 2022 $ / shares	Jul. 31, 2021 USD ($) shares	Mar. 19, 2021 USD ($) item $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares shares	Jan. 14, 2022 $ / shares	Dec. 31, 2021 $ / shares shares	Jul. 15, 2021 $ / shares
Acquisitions
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
Common stock, par value				$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Number of common shares outstanding | shares				114,015,355	114,015,355		75,838,050
Minimum
Acquisitions
Percentage of taxable income distributed in the form of qualifying distributions					90%
Series B Preferred Stock
Acquisitions
Preferred stock redemption price								$ 25
Series B Preferred Stock | ANH
Acquisitions
Rate per Annum			6.25%
Series C Preferred Stock
Acquisitions
Rate per Annum					6.25%
Par Value per Share				$ 0.0001	$ 0.0001
Series C Preferred Stock | ANH
Acquisitions
Rate per Annum			7.625%
Series D Preferred Stock
Acquisitions
Preferred stock redemption price								$ 25
Series A Preferred Stock | ANH
Acquisitions
Rate per Annum			8.625%
Class B Common Stock
Acquisitions
Number of common shares outstanding | shares				0	0
ANH
Acquisitions
Shares issued | shares			16,774,000
Cash paid | $			$ 60,626,000
Exchange ratio			0.1688
Cash paid per share			$ 0.61
Total purchase price | $			$ 417,898,000
Market price as of March 19, 2021			$ 14.28
Common stock consideration | $			$ 239,537,000
ANH | Ready Capital Shareholders
Acquisitions
Percentage of equity interests held after closing			77%
ANH | ANH Shareholders
Acquisitions
Percentage of equity interests held after closing			23%
ANH | Series B Preferred Stock
Acquisitions
Shares issued | shares			1,919,378
Market price as of March 19, 2021			$ 25
Rate per Annum			8.625%
Par Value per Share			$ 0.0001
Common stock consideration | $			$ 47,984,000
ANH | Series C Preferred Stock
Acquisitions
Shares issued | shares			779,743
Market price as of March 19, 2021			$ 25
Rate per Annum			6.25%
Par Value per Share			$ 0.0001
Common stock consideration | $			$ 19,494,000
ANH | Series D Preferred Stock
Acquisitions
Shares issued | shares			2,010,278
Market price as of March 19, 2021			$ 25
Rate per Annum			7.625%
Par Value per Share			$ 0.0001
Common stock consideration | $			$ 50,257,000
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
Acquisitions
Total purchase price | $				$ 483,056,000
Common stock consideration | $				$ 437,311,000
Period over which the performance of assets acquired will be measured to determine whether additional shares under the contingent equity rights are to be issued	3 years
Mosaic | Class B-1 Common Stock
Acquisitions
Common stock, par value	$ 0.0001
Mosaic | Class B-2 Common Stock
Acquisitions
Common stock, par value	0.0001
Mosaic | Class B-3 Common Stock
Acquisitions
Common stock, par value	0.0001
Mosaic | Class B-4 Common Stock
Acquisitions
Common stock, par value	$ 0.0001

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) segment item class	Sep. 30, 2021 segment	Dec. 31, 2021 USD ($)
Number of reportable segments | segment	3	4
Cash collateral receivable offset against gross derivative asset positions	$ 42.8
Cash collateral offset against derivative liability positions			$ 1.8
Number of separate classes of servicing rights used for risk management purposes | class	2
Unrecognized accrued taxes, interest and penalties	$ 0		0
The number of consecutive months contractual payments that must be received on a loan in non-accrual status before resuming recognition of interest income | item	3
Borrowings under credit facilities | Maximum
Maturity period	2 years
Restricted cash
Cash collateral not offset against derivative liability positions			$ 9

Business Combinations - Mosaic

Business Combinations - Mosaic Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Assets:
Real estate, held for sale	$ 49,699	$ 49,699	$ 7,338
Business Combination, Consideration Transferred [Abstract]
Consideration transferred based on the value of OP units issued		20,745
Goodwill	37,559	37,559	$ 31,470
Mosaic
Assets:
Cash and cash equivalents	100,236	100,236
Restricted cash	23,330	23,330
Loans, net	412,745	412,745
Investments held to maturity	158,996	158,996
Real estate, held for sale	44,748	44,748
Other Assets:
Other assets	22,078	22,078
Total assets acquired	762,133	762,133
Liabilities:
Secured borrowings	66,202	66,202
Loan participations sold	73,656	73,656
Due to third parties	24,301	24,301
Accounts payable and other accrued liabilities	37,282	37,282
Total liabilities assumed	201,441	201,441
Net assets acquired	560,692	560,692
Non-controlling interests	(82,257)	(82,257)
Net assets acquired, net of non-controlling interests	478,435	478,435
Business Combination, Consideration Transferred [Abstract]
Consideration transferred based on value of stock issued	437,311
Consideration transferred based on the value of OP units issued	20,745
Fair value of CERs issued	25,000
Total consideration transferred	$ 483,056
Value per CER unit	$ 0.83
Goodwill	$ 4,621	4,621
Mosaic | Interest income
Business Combination, Consideration Transferred [Abstract]
Interest recognized from non-credit discounts on acquired assets	2,800
Mosaic | Previously Reported
Assets:
Cash and cash equivalents	100,236	100,236
Restricted cash	23,330	23,330
Loans, net	432,779	432,779
Investments held to maturity	165,302	165,302
Real estate, held for sale	78,693	78,693
Other Assets:
Other assets	25,761	25,761
Total assets acquired	826,101	826,101
Liabilities:
Secured borrowings	66,202	66,202
Loan participations sold	73,656	73,656
Due to third parties	24,634	24,634
Accounts payable and other accrued liabilities	38,182	38,182
Total liabilities assumed	202,674	202,674
Net assets acquired	623,427	623,427
Non-controlling interests	(82,257)	(82,257)
Net assets acquired, net of non-controlling interests	541,170	541,170
Business Combination, Consideration Transferred [Abstract]
Consideration transferred based on value of stock issued	437,311
Consideration transferred based on the value of OP units issued	20,745
Fair value of CERs issued	84,348
Total consideration transferred	542,404
Goodwill	1,234	1,234
Mosaic | Adjustments
Assets:
Loans, net	(20,034)	(20,034)
Investments held to maturity	(6,306)	(6,306)
Real estate, held for sale	(33,945)	(33,945)
Other Assets:
Other assets	(3,683)	(3,683)
Total assets acquired	(63,968)	(63,968)
Liabilities:
Due to third parties	(333)	(333)
Accounts payable and other accrued liabilities	(900)	(900)
Total liabilities assumed	(1,233)	(1,233)
Net assets acquired	(62,735)	(62,735)
Net assets acquired, net of non-controlling interests	(62,735)	(62,735)
Business Combination, Consideration Transferred [Abstract]
Fair value of CERs issued	(59,348)
Total consideration transferred	(59,348)
Goodwill	$ 3,387	$ 3,387

Business Combinations - Red Sto

Business Combinations - Red Stone Acquisition (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Sep. 30, 2022	Dec. 31, 2021
Liabilities:
Contingent consideration		$ 33,200	$ 16,400
Goodwill		$ 37,559	$ 31,470
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	9,082
Total liabilities assumed	9,082
Net assets acquired	61,391
Cash paid	63,000
Contingent consideration	12,400
Total consideration transferred	75,400
Goodwill	$ 14,009

Business Combinations - ANH Mer

Business Combinations - ANH Merger (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Mar. 19, 2021
Assets:
Real estate, held for sale	$ 49,699	$ 7,338
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 - ANH Agg

Business Combinations - ANH Aggregate Consideration Transferred (Details) $ / shares in Units, $ in Thousands	Mar. 19, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Acquisitions
Goodwill		$ 37,559	$ 31,470
ANH
Acquisitions
Common stock consideration	$ 239,537
Fair value of net assets acquired	$ 410,526
ANH shares outstanding at March 19, 2021 | shares	99,374,000
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 - Pro-for

Business Combinations - Pro-forma Information (Details) - Mosaic - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pro-forma information
Interest income	$ 186,026	$ 124,888	$ 477,163	$ 337,126
Interest expense	(115,495)	(52,555)	(260,264)	(168,877)
Recovery of (provision for) loan losses	(3,431)	(1,579)	(583)	(7,088)
Non-interest income	78,528	88,512	217,768	253,365
Non-interest expense	(73,064)	(93,595)	(206,336)	(250,485)
Income before provision for income taxes	72,564	65,671	227,748	164,041
Income tax expense	(4,776)	(6,540)	(32,943)	(22,216)
Net income	67,788	$ 59,131	194,805	$ 141,825
Nonrecurring transaction costs excluded from pro forma non-interest expense	$ 1,500		$ 8,600

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses - Classification, unpaid principal balance, and carrying value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Total Loans, before allowance for loan losses	$ 4,209,886		$ 2,948,662
Allowance for loan losses	(51,079)		(33,216)
Total Loans, net	4,158,807		2,915,446
Allowance for loan losses on loans in consolidated VIEs	(60,253)	$ (46,125)	(45,377)	$ (49,247)	$ (49,629)	$ (46,732)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	9,842,114		6,997,294
Loans, held for sale, at fair value	403,609		552,935
Total Loans, net and Loans held for sale, at fair value	10,245,723		7,550,229
Paycheck Protection Program Loans	275,761		870,352
Total loan portfolio	10,521,484		8,420,581
UPB
Total Loans, before allowance for loan losses	4,254,812		2,977,841
Total Loans, net	4,254,812		2,977,841
Total Loans, held for sale, at fair value	429,978		540,760
Total Loans, net and Loans held for sale, at fair value	10,415,242		7,644,183
Total Paycheck Protection Program loans	289,640		931,009
Total Loan portfolio	10,704,882		8,575,192
Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	5,692,481		4,094,009
Allowance for loan losses on loans in consolidated VIEs	(9,174)		(12,161)
Total Loans, net, in consolidated VIEs	5,683,307		4,081,848
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	5,730,452		4,125,582
Total Loans, net, in consolidated VIEs	5,730,452		4,125,582
Residential
Carrying Value
Total Loans, before allowance for loan losses	2,311		3,641
Allowance for loan losses on loans in consolidated VIEs	(5)	(57)	(60)	(61)	(61)	(52)
Loans, held for sale, at fair value	156,987		269,164
UPB
Total Loans, before allowance for loan losses	2,485		3,914
Total Loans, held for sale, at fair value	159,572		263,479
SBA 7(a)
Carrying Value
Total Loans, before allowance for loan losses	490,134		503,991
Allowance for loan losses on loans in consolidated VIEs	(13,345)	(13,126)	(12,180)	(11,999)	(13,350)	(14,600)
Loans, held for sale, at fair value	47,913		42,760
UPB
Total Loans, before allowance for loan losses	508,213		519,408
Total Loans, held for sale, at fair value	45,061		38,966
SBA 7(a) | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	68,892		88,348
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	76,435		98,604
Fixed rate
Carrying Value
Total Loans, before allowance for loan losses	124,677		344,673
Allowance for loan losses on loans in consolidated VIEs	(6,374)	(6,222)	(6,861)	(5,723)	(6,865)	(7,629)
Loans, held for sale, at fair value	187,334		197,290
UPB
Total Loans, before allowance for loan losses	121,215		341,356
Total Loans, held for sale, at fair value	214,259		195,114
Fixed rate | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	853,188		749,364
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	853,661		746,720
Freddie Mac
Carrying Value
Total Loans, before allowance for loan losses	6,164		3,087
Loans, held for sale, at fair value	7,575		42,384
UPB
Total Loans, before allowance for loan losses	6,056		2,985
Total Loans, held for sale, at fair value	7,429		41,864
Bridge
Carrying Value
Total Loans, before allowance for loan losses	2,904,295		1,849,524
Allowance for loan losses on loans in consolidated VIEs	(20,454)	(18,393)	(19,519)	(24,574)	(21,178)	(14,588)
UPB
Total Loans, before allowance for loan losses	2,926,835		1,861,932
Bridge | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	4,429,262		2,693,186
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	4,458,450		2,717,487
Construction
Carrying Value
Total Loans, before allowance for loan losses	389,104
Allowance for loan losses on loans in consolidated VIEs	(16,943)	(5,122)
UPB
Total Loans, before allowance for loan losses	392,650
Other
Carrying Value
Total Loans, before allowance for loan losses	293,201		243,746
Allowance for loan losses on loans in consolidated VIEs	(3,132)	$ (3,205)	(6,757)	$ (6,890)	$ (8,175)	$ (9,863)
Loans, held for sale, at fair value	3,800		1,337
UPB
Total Loans, before allowance for loan losses	297,358		248,246
Total Loans, held for sale, at fair value	3,657		1,337
Other | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	341,139		563,111
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	341,906		562,771
Paycheck Protection Program loans, held for investment
Carrying Value
Paycheck Protection Program Loans	275,162		867,109
UPB
Total Paycheck Protection Program loans	289,041		927,766
Paycheck Protection Program loans, at fair value
Carrying Value
Paycheck Protection Program Loans	599		3,243
UPB
Total Paycheck Protection Program loans	$ 599		$ 3,243

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loan classification and delinquency by year of origination
UPB	$ 9,985,264	$ 7,103,423
Current fiscal year	2,908,789	3,702,631
Year before current fiscal year	3,936,316	605,289
Two years before current fiscal year	547,222	974,892
Three years before current fiscal year	1,115,393	523,579
Four years before current fiscal year	433,404	173,349
Five or more years before current fiscal year	930,786	1,045,667
Total	9,871,910	7,025,407
General allowance for loan losses	(29,796)	(28,113)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	9,842,114	6,997,294
Specific allowance for loan losses including PCD allowance	30,500
Purchased financial assets with credit deterioration	15,972
Specific allowance for loan losses	14,485	17,264
Current and less than 30 days past due
Loan classification and delinquency by year of origination
UPB	9,700,041	6,901,474
Current fiscal year	2,908,789	3,666,020
Year before current fiscal year	3,927,896	596,289
Two years before current fiscal year	539,893	953,269
Three years before current fiscal year	1,052,098	473,798
Four years before current fiscal year	317,302	167,629
Five or more years before current fiscal year	876,602	984,680
Total	9,622,580	6,841,685
30-59 Days Past Due
Loan classification and delinquency by year of origination
UPB	10,145	73,836
Current fiscal year		35,549
Year before current fiscal year	7,730	352
Two years before current fiscal year	3	18,393
Three years before current fiscal year		3,714
Four years before current fiscal year		228
Five or more years before current fiscal year	2,184	14,601
Total	9,917	72,837
60+ Days Past Due
Loan classification and delinquency by year of origination
UPB	275,078	128,113
Current fiscal year		1,062
Year before current fiscal year	690	8,648
Two years before current fiscal year	7,326	3,230
Three years before current fiscal year	63,295	46,067
Four years before current fiscal year	116,102	5,492
Five or more years before current fiscal year	52,000	46,386
Total	239,413	110,885
Bridge
Loan classification and delinquency by year of origination
UPB	7,385,285	4,579,419
Current fiscal year	2,754,528	3,461,864
Year before current fiscal year	3,682,145	430,248
Two years before current fiscal year	387,775	399,603
Three years before current fiscal year	326,252	205,855
Four years before current fiscal year	146,296	11,327
Five or more years before current fiscal year	30,930	29,490
Total	7,327,926	4,538,387
General allowance for loan losses	(14,823)	(15,204)
Specific allowance for loan losses	5,631	4,315
Bridge | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	7,200,286	4,451,230
Bridge | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	7,730	52,997
Bridge | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	119,910	34,160
Construction
Loan classification and delinquency by year of origination
UPB	392,650
Current fiscal year	24,234
Two years before current fiscal year	10,000
Three years before current fiscal year	296,171
Four years before current fiscal year	42,727
Total	373,132
General allowance for loan losses	(971)
Purchased financial assets with credit deterioration	15,972
Construction | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	317,329
Construction | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	55,803
Fixed rate
Loan classification and delinquency by year of origination
UPB	974,876	1,088,076
Current fiscal year	46,499	142,801
Year before current fiscal year	143,773	103,528
Two years before current fiscal year	92,381	393,563
Three years before current fiscal year	335,631	163,912
Four years before current fiscal year	135,456	98,123
Five or more years before current fiscal year	219,679	187,918
Total	973,419	1,089,845
General allowance for loan losses	(1,928)	(2,667)
Specific allowance for loan losses	4,446	4,194
Fixed rate | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	948,958	1,057,708
Fixed rate | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	24,461	32,137
Freddie Mac
Loan classification and delinquency by year of origination
UPB	6,056	2,985
Year before current fiscal year		3,093
Two years before current fiscal year	6,164
Total	6,164	3,093
Freddie Mac | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	3,071
Freddie Mac | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	3,093	3,093
Residential
Loan classification and delinquency by year of origination
UPB	2,485	3,914
Current fiscal year	308	1,413
Year before current fiscal year	156	492
Two years before current fiscal year		468
Three years before current fiscal year	441
Four years before current fiscal year	345
Five or more years before current fiscal year	1,060	1,215
Total	2,310	3,588
General allowance for loan losses	(4)	(8)
Specific allowance for loan losses	1	52
Residential | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	700	1,674
Residential | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	1,610	1,914
SBA 7(a)
Loan classification and delinquency by year of origination
UPB	584,648	618,012
Current fiscal year	80,993	92,030
Year before current fiscal year	82,948	44,955
Two years before current fiscal year	40,450	104,938
Three years before current fiscal year	85,024	122,242
Four years before current fiscal year	94,669	49,031
Five or more years before current fiscal year	171,439	173,616
Total	555,523	586,812
General allowance for loan losses	(9,842)	(6,653)
Specific allowance for loan losses	3,503	5,527
SBA 7(a) | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	550,061	576,593
SBA 7(a) | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	860	6,741
SBA 7(a) | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	4,602	3,478
Other
Loan classification and delinquency by year of origination
UPB	639,264	811,017
Current fiscal year	2,227	4,523
Year before current fiscal year	27,294	22,973
Two years before current fiscal year	10,452	76,320
Three years before current fiscal year	71,874	31,570
Four years before current fiscal year	13,911	14,868
Five or more years before current fiscal year	507,678	653,428
Total	633,436	803,682
General allowance for loan losses	(2,228)	(3,581)
Specific allowance for loan losses	904	3,176
Other | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	602,175	754,480
Other | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	1,327	13,099
Other | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	$ 29,934	$ 36,103

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses - Delinquency (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Loan delinquency information
Total Loans Carrying Value	$ 9,871,910	$ 7,025,407
Non-Accrual Loans	249,760	99,502
General allowance for loan losses	(29,796)	(28,113)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 9,842,114	$ 6,997,294
Percentage of loans outstanding	100%	100%
Percentage of outstanding, Non-Accrual Loans	2.50%	1.40%
Specific allowance for loan losses	$ 60,253	$ 45,377	$ 46,125	$ 49,247	$ 49,629	$ 46,732
Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	$ 9,622,580	$ 6,841,685
Percentage of loans outstanding	97.50%	97.40%
30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 9,917	$ 72,837
Percentage of loans outstanding	0.10%	1%
60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 239,413	$ 110,885
Percentage of loans outstanding	2.40%	1.60%
90+ Days Past Due
Loan delinquency information
Percentage of outstanding, 90+Days Past Due Accruing	0%	0%
Bridge
Loan delinquency information
Total Loans Carrying Value	$ 7,327,926	$ 4,538,387
Non-Accrual Loans	124,037	28,820
General allowance for loan losses	(14,823)	(15,204)
Specific allowance for loan losses	20,454	19,519	18,393	24,574	21,178	14,588
Bridge | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	7,200,286	4,451,230
Bridge | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	7,730	52,997
Bridge | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	119,910	34,160
Construction
Loan delinquency information
Total Loans Carrying Value	373,132
Non-Accrual Loans	55,804
General allowance for loan losses	(971)
Specific allowance for loan losses	16,943		5,122
Construction | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	317,329
Construction | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	55,803
Fixed rate
Loan delinquency information
Total Loans Carrying Value	973,419	1,089,845
Non-Accrual Loans	20,662	24,031
General allowance for loan losses	(1,928)	(2,667)
Specific allowance for loan losses	6,374	6,861	6,222	5,723	6,865	7,629
Fixed rate | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	948,958	1,057,708
Fixed rate | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	24,461	32,137
Freddie Mac
Loan delinquency information
Total Loans Carrying Value	6,164	3,093
Non-Accrual Loans	3,093	3,093
Freddie Mac | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	3,071
Freddie Mac | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	3,093	3,093
Residential
Loan delinquency information
Total Loans Carrying Value	2,310	3,588
Non-Accrual Loans	1,610	1,914
General allowance for loan losses	(4)	(8)
Specific allowance for loan losses	5	60	57	61	61	52
Residential | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	700	1,674
Residential | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,610	1,914
SBA 7(a)
Loan delinquency information
Total Loans Carrying Value	555,523	586,812
Non-Accrual Loans	11,277	15,119
General allowance for loan losses	(9,842)	(6,653)
Specific allowance for loan losses	13,345	12,180	13,126	11,999	13,350	14,600
SBA 7(a) | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	550,061	576,593
SBA 7(a) | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	860	6,741
SBA 7(a) | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	4,602	3,478
Other
Loan delinquency information
Total Loans Carrying Value	633,436	803,682
Non-Accrual Loans	33,277	26,525
General allowance for loan losses	(2,228)	(3,581)
Specific allowance for loan losses	3,132	6,757	$ 3,205	$ 6,890	$ 8,175	$ 9,863
Other | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	602,175	754,480
Other | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,327	13,099
Other | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 29,934	$ 36,103

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses - Credit Quality (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 9,871,910	$ 7,025,407
General allowance for loan losses	(29,796)	(28,113)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 9,842,114	$ 6,997,294
Percentage of loans outstanding	100%	100%
0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 198,490	$ 243,094
Percentage of loans outstanding	2%	3.50%
20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 658,536	$ 491,104
Percentage of loans outstanding	6.70%	7%
40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,363,566	$ 1,034,055
Percentage of loans outstanding	13.80%	14.70%
60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 7,083,757	$ 4,335,965
Percentage of loans outstanding	71.80%	61.70%
80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 387,464	$ 741,495
Percentage of loans outstanding	3.90%	10.50%
Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 180,097	$ 179,694
Percentage of loans outstanding	1.80%	2.60%
Bridge
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 7,327,926	$ 4,538,387
General allowance for loan losses	(14,823)	(15,204)
Bridge | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	299,929	107,606
Bridge | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	700,981	338,355
Bridge | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	6,045,241	3,432,820
Bridge | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	254,893	640,215
Bridge | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	26,882	19,391
Construction
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	373,132
General allowance for loan losses	(971)
Construction | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	10,895
Construction | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	12,267
Construction | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	26,090
Construction | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	294,166
Construction | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	23,877
Construction | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	5,837
Fixed rate
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	973,419	1,089,845
General allowance for loan losses	(1,928)	(2,667)
Fixed rate | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	9,962	13,983
Fixed rate | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	43,667	40,570
Fixed rate | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	378,783	390,213
Fixed rate | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	518,464	624,462
Fixed rate | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	15,768	9,972
Fixed rate | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	6,775	10,645
Freddie Mac
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	6,164	3,093
Freddie Mac | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	3,071
Freddie Mac | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	3,093	3,093
Residential
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	2,310	3,588
General allowance for loan losses	(4)	(8)
Residential | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	59	69
Residential | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	48	262
Residential | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	705	835
Residential | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	587	1,050
Residential | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	911	1,219
Residential | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		153
SBA 7(a)
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	555,523	586,812
General allowance for loan losses	(9,842)	(6,653)
SBA 7(a) | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	7,846	7,219
SBA 7(a) | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	46,696	41,943
SBA 7(a) | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	96,027	119,114
SBA 7(a) | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	186,722	197,950
SBA 7(a) | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	81,930	81,388
SBA 7(a) | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	136,302	139,198
Other
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	633,436	803,682
General allowance for loan losses	(2,228)	(3,581)
Other | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	169,728	221,823
Other | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	255,929	300,723
Other | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	157,909	185,538
Other | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	35,484	76,590
Other | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	10,085	8,701
Other | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 4,301	$ 10,307

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses - Geographic and Collateral Concentration (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Geographical concentration | Loans, net
Concentration risk
Percentage of loan	100%	100%
Geographical concentration | Loans, net | Texas
Concentration risk
Percentage of loan	20.90%	19.20%
Geographical concentration | Loans, net | California
Concentration risk
Percentage of loan	10.10%	14.30%
Geographical concentration | Loans, net | Georgia
Concentration risk
Percentage of loan	7.60%	7%
Geographical concentration | Loans, net | Arizona
Concentration risk
Percentage of loan	6.80%	7.40%
Geographical concentration | Loans, net | Florida
Concentration risk
Percentage of loan	6.50%	6.70%
Geographical concentration | Loans, net | New York
Concentration risk
Percentage of loan	5.50%	7.30%
Geographical concentration | Loans, net | Illinois
Concentration risk
Percentage of loan	4.40%	4.30%
Geographical concentration | Loans, net | North Carolina
Concentration risk
Percentage of loan	4.20%	2.60%
Geographical concentration | Loans, net | Washington
Concentration risk
Percentage of loan	1.60%	2.10%
Geographical concentration | Loans, net | Colorado
Concentration risk
Percentage of loan	1.30%	1.90%
Geographical concentration | Loans, net | Other
Concentration risk
Percentage of loan	31.10%	27.20%
Collateral concentration
Concentration risk
Percentage of SBA loan	100%	100%
Collateral concentration | Lodging
Concentration risk
Percentage of SBA loan	14.90%	17%
Collateral concentration | Offices of Physicians
Concentration risk
Percentage of SBA loan	8.40%	10.90%
Collateral concentration | Child Day Care Services
Concentration risk
Percentage of SBA loan	6%	7.40%
Collateral concentration | Gasoline Service Stations
Concentration risk
Percentage of SBA loan	4%	3.70%
Collateral concentration | Eating Places
Concentration risk
Percentage of SBA loan	3.80%	5%
Collateral concentration | Grocery Stores
Concentration risk
Percentage of SBA loan	1.70%	1.80%
Collateral concentration | Veterinarians
Concentration risk
Percentage of SBA loan	1.80%	2.40%
Collateral concentration | Couriers
Concentration risk
Percentage of SBA loan	1.10%	1.30%
Collateral concentration | Funeral Service and Crematories
Concentration risk
Percentage of SBA loan	1.30%	1.90%
Collateral concentration | Car Washes
Concentration risk
Percentage of SBA loan	0.70%	1.40%
Collateral concentration | Other
Concentration risk
Percentage of SBA loan	56.30%	47.20%
Collateral concentration | Loans, net
Concentration risk
Percentage of loan	100%	100%
Collateral concentration | Loans, net | Multi-family
Concentration risk
Percentage of loan	66.80%	54.40%
Collateral concentration | Loans, net | Mixed Use
Concentration risk
Percentage of loan	7.60%	7.10%
Collateral concentration | Loans, net | Retail
Concentration risk
Percentage of loan	5.90%	10.20%
Collateral concentration | Loans, net | SBA
Concentration risk
Percentage of loan	5.90%	8.70%
Collateral concentration | Loans, net | Office
Concentration risk
Percentage of loan	5.10%	8.20%
Collateral concentration | Loans, net | Industrial
Concentration risk
Percentage of loan	4.90%	6.40%
Collateral concentration | Loans, net | Lodging/Residential
Concentration risk
Percentage of loan	1.70%	1.80%
Collateral concentration | Loans, net | Other
Concentration risk
Percentage of loan	2.10%	3.20%

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses - Allowance for loan losses by loan product and impairment methodology (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	$ 29,796		$ 28,113
Specific	14,485		17,264
PCD	15,972
Ending Balance	60,253	$ 46,125	45,377	$ 49,247	$ 49,629	$ 46,732
Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	14,823		15,204
Specific	5,631		4,315
Ending Balance	20,454	18,393	19,519	24,574	21,178	14,588
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	971
PCD	15,972
Ending Balance	16,943	5,122
Fixed rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	1,928		2,667
Specific	4,446		4,194
Ending Balance	6,374	6,222	6,861	5,723	6,865	7,629
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	4		8
Specific	1		52
Ending Balance	5	57	60	61	61	52
SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	9,842		6,653
Specific	3,503		5,527
Ending Balance	13,345	13,126	12,180	11,999	13,350	14,600
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	2,228		3,581
Specific	904		3,176
Ending Balance	$ 3,132	$ 3,205	$ 6,757	$ 6,890	$ 8,175	$ 9,863

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses - Investment Loans Allowance Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Allowance for loan losses
Beginning Balance	$ 46,125	$ 49,629	$ 45,377	$ 46,732
Provision for (recovery of) loan losses	3,279	1,720	(208)	7,817
Measurement period adjustment - PCD	10,972
PCD			15,972
Charge-offs and sales	(782)	(1,428)	(1,288)	(4,442)
Recoveries		(674)		(860)
Recoveries	659		400
Ending Balance	60,253	49,247	60,253	49,247
Bridge
Allowance for loan losses
Beginning Balance	18,393	21,178	19,519	14,588
Provision for (recovery of) loan losses	2,061	4,056	935	10,646
Recoveries		(660)		(660)
Ending Balance	20,454	24,574	20,454	24,574
Construction
Allowance for loan losses
Beginning Balance	5,122
Provision for (recovery of) loan losses	849		971
Measurement period adjustment - PCD	10,972
PCD			15,972
Ending Balance	16,943		16,943
Fixed rate
Allowance for loan losses
Beginning Balance	6,222	6,865	6,861	7,629
Provision for (recovery of) loan losses	242	(1,142)	(397)	(406)
Charge-offs and sales	(90)		(90)	(1,311)
Recoveries				(189)
Ending Balance	6,374	5,723	6,374	5,723
Residential
Allowance for loan losses
Beginning Balance	57	61	60	52
Provision for (recovery of) loan losses	(1)		(4)	9
Recoveries	(51)		(51)
Ending Balance	5	61	5	61
SBA 7(a)
Allowance for loan losses
Beginning Balance	13,126	13,350	12,180	14,600
Provision for (recovery of) loan losses	200	20	1,691	461
Charge-offs and sales	(692)	(1,401)	(1,191)	(3,105)
Recoveries	711	30	665	43
Ending Balance	13,345	11,999	13,345	11,999
Other
Allowance for loan losses
Beginning Balance	3,205	8,175	6,757	9,863
Provision for (recovery of) loan losses	(72)	(1,214)	(3,404)	(2,893)
Charge-offs and sales		(27)	(7)	(26)
Recoveries	(1)	(44)	(214)	(54)
Ending Balance	3,132	6,890	3,132	6,890
Unfunded Loan Commitment
Allowance for loan losses
Ending Balance	$ 1,000	$ 200	$ 1,000	$ 200

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Non-accrual loans
Total recorded carrying value of non-accrual loans	$ 249,760		$ 249,760		$ 99,502
Non-accrual loans
Non-accrual loans
Non-accrual loans with an allowance	201,950		201,950		71,644
Non-accrual loans without an allowance	47,810		47,810		27,858
Total recorded carrying value of non-accrual loans	249,760		249,760		99,502
Allowance for loan losses related to non-accrual loans	(30,543)		(30,543)		(17,264)
Unpaid principal balance of non-accrual loans	286,406		286,406		$ 119,554
Interest income on non-accrual loans	$ 506	$ 586	$ 4,218	$ 2,144

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses - TDR Accrual Status (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	$ 32,006	$ 31,155
Allowance for loan losses on loans classified as TDRs	1,159	2,672
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	12,283	8,526
Carrying value of modified loans classified as TDRs on non-accrual status	19,723	22,629
Total carrying value of modified loans classified as TDRs	32,006	31,155
SBC
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	10,954	11,504
Allowance for loan losses on loans classified as TDRs	38	46
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	106	284
Carrying value of modified loans classified as TDRs on non-accrual status	10,848	11,220
Total carrying value of modified loans classified as TDRs	10,954	11,504
SBA
Troubled debt restructurings (TDRs)
Recorded carrying value modified loans classified as TDR	21,052	19,651
Allowance for loan losses on loans classified as TDRs	1,121	2,626
Carrying value of modified loans classified as TDRs
Carrying value of modified loans classified as TDRs on accrual status	12,177	8,242
Carrying value of modified loans classified as TDRs on non-accrual status	8,875	11,409
Total carrying value of modified loans classified as TDRs	$ 21,052	$ 19,651

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses - TDR Activity (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($) loan	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($) loan	Dec. 31, 2021 USD ($)
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	8	3	15	21
Pre-modification recorded balance	$ 1,788	$ 322	$ 3,838	$ 9,906
Post-modification recorded balance	$ 1,788	321	$ 3,344	$ 9,440
Number of loans that remain in default | loan	1		2	3
Balance of loans that remain in default	$ 1,036		$ 1,041	$ 686
TDR Modifications including financial effects	1,742	$ 277	2,698	$ 8,278
Carrying amount of loan foreclosure in process	$ 31,900		31,900		$ 2,300
Allowance for credit losses at the acquisition date			$ (15,972)
SBC
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	1		2	1
Pre-modification recorded balance	$ 1,036		$ 1,532	$ 1,276
Post-modification recorded balance	$ 1,036		$ 1,532	1,276
Number of loans that remain in default | loan	1		1
Balance of loans that remain in default	$ 1,036		$ 1,036
TDR Modifications including financial effects	$ 1,036		$ 1,036	$ 1,276
SBA
Troubled debt restructurings (TDRs)
Number of loans permanently modified | loan	7	3	13	20
Pre-modification recorded balance	$ 752	$ 322	$ 2,306	$ 8,630
Post-modification recorded balance	752	321	$ 1,812	$ 8,164
Number of loans that remain in default | loan			1	3
Balance of loans that remain in default			$ 5	$ 686
TDR Modifications including financial effects	706	277	1,662	7,002
Term Extension
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	706	277	1,662	6,912
Term Extension | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	706	$ 277	1,662	6,912
Foreclosure
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	1,036		1,036	1,366
Foreclosure | SBC
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects	$ 1,036		$ 1,036	1,276
Foreclosure | SBA
Troubled debt restructurings (TDRs)
TDR Modifications including financial effects				$ 90

Loans and Allowance for Cred_13

Loans and Allowance for Credit Losses - PCD Activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Acquisitions
Measurement period adjustment increase in PCD allowance		$ 10,972
PCD loans acquired during the period		$ 0	$ 0
Mosaic
Acquisitions
Measurement period adjustment increase in PCD allowance	$ 11,000
Unpaid principal balance	21,960
Allowance for credit losses	(15,972)
Non-credit discount	(732)
Purchase price of loans classified as PCD	$ 5,256

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Assets:
Loans, held for sale, at fair value	$ 403,609	$ 403,609	$ 552,935
Loans, net, held at fair value	9,582	9,582	10,766
Paycheck Protection Program loans	599	599	3,243
Derivative instruments, at fair value	26,212	26,212	7,022
Residential mortgage servicing rights, at fair value	192,153	192,153	120,142
Investment in unconsolidated joint venture	8,268	8,268	8,894
Liabilities:
Derivative instruments, at fair value	4,345	4,345	410
Contingent consideration	33,200	$ 33,200	16,400
Mosaic
Fair value
Fair value of CERs issued	25,000
Mosaic | Adjustments
Fair value
Fair value of CERs issued	(59,348)
Minimum
Fair value
Return of capital assumption used in PWERM		65%
Maximum
Fair value
Return of capital assumption used in PWERM		100%
Recurring
Assets:
Loans, held for sale, at fair value	403,609	$ 403,609	552,935
Loans, net, held at fair value	9,582	9,582	10,766
Paycheck Protection Program loans	599	599	3,243
Mortgage backed securities, at fair value	37,895	37,895	99,496
Derivative instruments, at fair value	26,212	26,212	7,022
Residential mortgage servicing rights, at fair value	192,153	192,153	120,142
Investment in unconsolidated joint venture	8,268	8,268	8,894
Total assets	678,318	678,318	802,498
Liabilities:
Derivative instruments, at fair value	4,345	4,345	410
Contingent consideration	33,200	33,200	16,400
Total liabilities	37,545	37,545	16,810
Recurring | Level 2 inputs
Assets:
Loans, held for sale, at fair value	215,894	215,894	321,070
Paycheck Protection Program loans	599	599
Mortgage backed securities, at fair value	37,895	37,895	97,915
Derivative instruments, at fair value	26,212	26,212	4,683
Total assets	280,600	280,600	423,668
Liabilities:
Derivative instruments, at fair value			410
Total liabilities			410
Recurring | Level 3 inputs
Assets:
Loans, held for sale, at fair value	187,715	187,715	231,865
Loans, net, held at fair value	9,582	9,582	10,766
Paycheck Protection Program loans			3,243
Mortgage backed securities, at fair value			1,581
Derivative instruments, at fair value			2,339
Residential mortgage servicing rights, at fair value	192,153	192,153	120,142
Investment in unconsolidated joint venture	8,268	8,268	8,894
Total assets	397,718	397,718	378,830
Liabilities:
Derivative instruments, at fair value	4,345	4,345
Contingent consideration	33,200	33,200	16,400
Total liabilities	$ 37,545	$ 37,545	$ 16,400

Fair Value Measurements - Valua

Fair Value Measurements - Valuation and Inputs, at FV (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	$ 360,173	$ 309,029	$ 362,430	$ 121,136	$ 138,776	$ 207,060
Recurring
Fair value inputs, quantitative information
Asset, fair value	678,318		802,498
Liabilities, fair value	(37,545)		(16,810)
Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	397,718		378,830
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	197,400		247,500
Liabilities, fair value	(37,545)		(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	9,582	9,956	10,766	12,162	13,681	13,795
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	187,715	200,863	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		1,666	1,581	1,552	1,714	25,131
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	192,153	168,653	120,142	$ 107,589	$ 100,820	$ 76,840
Mortgage servicing rights | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 192,153		$ 120,142
Mortgage servicing rights | Recurring | Level 3 inputs | Measurement Input, Servicing Fee Multiple
Fair value inputs, quantitative information
Servicing Asset, Valuation Technique [Extensible List]	Income Approach		Income Approach
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	$ 8,268	8,439	$ 8,894
Investment in unconsolidated joint ventures | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 8,268		$ 8,894
Investment in unconsolidated joint ventures | Recurring | Level 3 inputs | Income Approach | Measurement Input, Discount Rate
Fair value inputs, quantitative information
Equity Securities, FV-NI, Measurement Input	0.090		0.090
Investment in unconsolidated joint ventures | Recurring | Level 3 inputs | Income Approach | Measurement Input, Discount Rate | Weighted Average
Fair value inputs, quantitative information
Equity Securities, FV-NI, Measurement Input	0.090		0.090
Investments held to maturity | Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed		$ 9,601
Derivative instruments | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value			$ 2,339
Liabilities, fair value	$ (4,345)
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			0.630
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			1
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			0.867
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			0.004
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			0.052
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			0.041
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			0.001
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			0.031
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input			0.013
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Minimum
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	0.550
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Maximum
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	1
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Weighted Average
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	0.851
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Minimum
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	0.002
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Maximum
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	0.067
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Weighted Average
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	0.053
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Minimum
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	0.001
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Maximum
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	0.033
Derivative Instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Percentage of Unpaid Principal Balance | Weighted Average
Fair value inputs, quantitative information
Derivative Liability, Measurement Input	0.018
Contingent Consideration | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value			$ (16,400)
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, EBT Volatility
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input			0.250
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, EBT Volatility | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input			0.250
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Risk Free Interest Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input			0.004
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Risk Free Interest Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input			0.004
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input			0.176
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Discount Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input			0.176
Contingent Consideration | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Liability Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input			0.038
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
Contingent Consideration | Red Stone | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value	$ (8,200)
Contingent Consideration | Red Stone | 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 | Red Stone | 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 | Red Stone | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.152
Contingent Consideration | Red Stone | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Discount Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.152
Contingent Consideration | Red Stone | 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 | Red Stone | 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
CER dividends | Mosaic | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value	$ (5,000)
CER dividends | Mosaic | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Equity Volatility
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.450
CER dividends | Mosaic | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Equity Volatility | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.450
CER dividends | Mosaic | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Risk Free Interest Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.042
CER dividends | Mosaic | 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	0.042
CER dividends | Mosaic | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.118
CER dividends | Mosaic | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Discount Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.118
CER units | Mosaic | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value	$ (20,000)
CER units | Mosaic | Recurring | Level 3 inputs | Income Approach and PWERM | Measurement Input, Revaluation Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.120
CER units | Mosaic | Recurring | Level 3 inputs | Income Approach and PWERM | Measurement Input, Revaluation Discount Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.120
CER units | Mosaic | Recurring | Level 3 inputs | Income Approach and PWERM | Measurement Input, Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.118
CER units | Mosaic | Recurring | Level 3 inputs | Income Approach and PWERM | Measurement Input, Discount Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input	0.118

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value (Details) - Level 3 inputs - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Changes in fair value of assets
Beginning Balance	$ 309,029	$ 138,776	$ 362,430	$ 207,060
Purchases or Originations		(12,400)	23,470	(8,534)
Accreted discount, net			1	60
Additions due to loans sold, servicing retained	9,463	11,622	32,417	35,595
Sales / Principal payments	(8,669)	(12,938)	(49,452)	(86,258)
Realized gains (losses), net	(1)	(3,733)	(2,393)	(5)
Measurement Period Adjustment	55,624		55,624
Merger			(67,295)
Unrealized gains (losses), net	(3,624)		13,885	(2,012)
Transfer to (from) Level 3	(1,649)	(191)	(4,652)	(24,770)
Transfer from loans, held-for-investment, net			(3,862)
Ending Balance	360,173	121,136	360,173	121,136
Contingent Consideration
Changes in fair value of assets
Unrealized gains (losses), net			(800)
Changes in fair value of liabilities
Beginning Balance	(92,548)		(16,400)
Purchases or Originations		(12,400)		(12,400)
Sales / Principal payments			9,000
Measurement Period Adjustment	59,348		59,348
Merger			(84,348)
Ending Balance	(33,200)	(12,400)	(33,200)	(12,400)
Mortgage backed securities
Changes in fair value of assets
Beginning Balance	1,666	1,714	1,581	25,131
Accreted discount, net			1	60
Sales / Principal payments			(1,352)	(92)
Realized gains (losses), net		29	(1,449)
Unrealized gains (losses), net	(17)		2,688	1,223
Transfer to (from) Level 3	(1,649)	(191)	(1,469)	(24,770)
Ending Balance		1,552		1,552
Derivatives
Changes in fair value of assets
Beginning Balance	2,399	6,130	2,339	16,363
Realized gains (losses), net		(3,770)
Unrealized gains (losses), net	(6,744)		(6,684)	(14,003)
Ending Balance	(4,345)	2,360	(4,345)	2,360
Loans, net
Changes in fair value of assets
Beginning Balance	9,956	13,681	10,766	13,795
Sales / Principal payments		(1,380)		(1,592)
Realized gains (losses), net		(139)		(5)
Unrealized gains (losses), net	(374)		(1,184)	(36)
Ending Balance	9,582	12,162	9,582	12,162
Loans, held for sale, at fair value
Changes in fair value of assets
Beginning Balance	200,863		231,865
Purchases or Originations			23,470
Sales / Principal payments	(182)		(32,891)
Realized gains (losses), net	(1)		(788)
Unrealized gains (losses), net	(12,965)		(28,739)
Transfer to (from) Level 3			(1,340)
Transfer from loans, held-for-investment, net			(3,862)
Ending Balance	187,715		187,715
Investments held to maturity
Changes in fair value of assets
Beginning Balance	9,601
Sales / Principal payments	(5,877)		(13,173)
Realized gains (losses), net			(156)
Measurement Period Adjustment	(3,724)		(3,724)
Merger			17,053
Paycheck Protection Program loans, at fair value
Changes in fair value of assets
Beginning Balance		16,431	3,243	74,931
Purchases or Originations				3,866
Sales / Principal payments		(6,558)	(1,400)	(68,924)
Transfer to (from) Level 3			(1,843)
Ending Balance		9,873		9,873
Mortgage servicing rights
Changes in fair value of assets
Beginning Balance	168,653	100,820	120,142	76,840
Additions due to loans sold, servicing retained	9,463	11,622	32,417	35,595
Sales / Principal payments	(2,610)	(5,000)	(9,636)	(15,650)
Realized gains (losses), net		147
Unrealized gains (losses), net	16,647		49,230	10,804
Ending Balance	192,153	$ 107,589	192,153	$ 107,589
Investment in unconsolidated joint ventures
Changes in fair value of assets
Beginning Balance	8,439		8,894
Unrealized gains (losses), net	(171)		(626)
Ending Balance	$ 8,268		$ 8,268

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities, Not at FV (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Paycheck Protection Program loans	$ 599	$ 3,243
Purchased future receivables, net	8,593	7,872
Investment in unconsolidated joint venture	8,268	8,894
Liabilities:
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	305,797	941,505
Senior secured notes, net	342,912	342,035
Carrying Amount
Assets:
Loans, held-for-investment	9,832,532	6,986,528
Paycheck Protection Program loans	275,162	867,109
Investments held to maturity	148,512
Purchased future receivables, net	8,593	7,872
Servicing rights	85,539	84,457
Total assets	10,350,338	7,945,966
Liabilities:
Secured borrowings	3,348,249	2,517,600
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	305,797	941,505
Securitized debt obligations of consolidated VIEs	4,429,846	3,214,303
Senior secured notes, net	341,720	342,035
Guaranteed loan financing	283,822	345,217
Convertible note, net	114,108	113,247
Corporate debt, net	663,439	441,817
Total liabilities	9,486,981	7,915,724
Carrying Amount | Level 3 inputs
Assets:
Due from servicers and accrued interest	59,300	45,600
Receivable from third parties	41,700	29,300
Liabilities:
Payable to related parties and accrued interest payable	44,100	27,500
Fair Value
Assets:
Loans, held-for-investment	9,564,785	7,112,282
Paycheck Protection Program loans	289,041	927,766
Investments held to maturity	148,512
Purchased future receivables, net	8,593	7,872
Servicing rights	89,338	89,470
Total assets	10,100,269	8,137,390
Liabilities:
Secured borrowings	3,348,249	2,517,600
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	305,797	941,505
Securitized debt obligations of consolidated VIEs	4,377,054	3,238,155
Senior secured notes, net	298,390	338,990
Guaranteed loan financing	297,402	366,887
Convertible note, net	115,617	118,922
Corporate debt, net	641,978	457,741
Total liabilities	$ 9,384,487	$ 7,979,800

Investments Held to Maturity (D

Investments Held to Maturity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Mosaic
Investments held to maturity
Investments held to maturity	$ 158,996
Mosaic | Adjustments
Investments held to maturity
Investments held to maturity	$ (6,306)
Investments held to maturity
Investments held to maturity
Weighted Average Interest Rate	12.80%
Amortized Cost	$ 148,512	$ 0
Fair Value	$ 148,512
Construction preferred equities
Investments held to maturity
Weighted Average Interest Rate	14.90%
Amortized Cost	$ 40,089
Fair Value	$ 40,089
Weighted Average Interest Rate
Within one year	12%
After one year through five years	14.90%
Amortized Cost
Within one year	$ 446
After one year through five years	39,643
Fair Value
Within one year	446
After one year through five years	$ 39,643
Construction preferred equities | Consolidated VIEs
Investments held to maturity
Weighted Average Interest Rate	12%
Amortized Cost	$ 108,423
Fair Value	$ 108,423
Weighted Average Interest Rate
After one year through five years	12%
Amortized Cost
After one year through five years	$ 108,423
Fair Value
After one year through five years	$ 108,423

Servicing rights (Details)

Servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Servicing rights
Unpaid Principal Amount	$ 5,636,003		$ 5,636,003		$ 5,089,157
Carrying Value	85,539		85,539		84,457
Total servicing rights	277,692	$ 171,106	277,692	$ 171,106	204,599
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost			84,457
Ending net carrying value at amortized cost	85,539		85,539
Residential MSRs
Servicing rights
Unpaid Principal Amount	11,971,972		11,971,972		10,995,685
Servicing rights activity at fair value
Beginning net carrying value at fair value	168,653	100,820	120,142	76,840
Additions due to loans sold, servicing retained	9,463	11,622	32,417	35,595
Loan pay-offs	(2,610)	(5,000)	(9,636)	(15,650)
Unrealized gains (losses)	16,647	147	49,230	10,804
Ending net carrying value at fair value	192,153	107,589	192,153	107,589
Multi-family
Servicing rights
Unpaid Principal Amount	4,659,868		4,659,868		4,232,969
Carrying Value	63,642	42,312	63,642	42,312	62,300
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	63,188	24,724	62,300	19,059
Additions due to loans sold, servicing retained	2,883	3,292	8,510	10,760
Acquisitions		15,800		15,800
Amortization	(2,429)	(1,504)	(7,168)	(3,307)
Ending net carrying value at amortized cost	63,642	42,312	63,642	42,312
SBA
Servicing rights
Unpaid Principal Amount	976,135		976,135		856,188
Carrying Value	21,897	21,205	21,897	21,205	$ 22,157
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	21,670	19,721	22,157	18,764
Additions due to loans sold, servicing retained	1,921	2,778	5,700	6,478
Amortization	(929)	(986)	(2,878)	(3,075)
Impairment (recovery)	(765)	(308)	(3,082)	(962)
Ending net carrying value at amortized cost	21,897	21,205	21,897	21,205
SBA | Multi-family
Servicing rights
Carrying Value	85,539	63,517	85,539	63,517
Servicing rights activity at amortized cost
Ending net carrying value at amortized cost	$ 85,539	$ 63,517	$ 85,539	$ 63,517

Servicing rights - Estimated va

Servicing rights - Estimated valuation (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Multi-family | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	0%	0%
Forward default rate	0%	0%
Discount rate	6%	6%
Servicing expense (as a percent)	0%	0%
Multi-family | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	7.30%	7.30%
Forward default rate	1.30%	1.30%
Discount rate	6%	6%
Servicing expense (as a percent)	0.80%	0.80%
Multi-family | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	3.50%	3.50%
Forward default rate	0.90%	1%
Discount rate	6%	6%
Servicing expense (as a percent)	0.10%	0.10%
SBA | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	9.60%	7.90%
Forward default rate	0%	0%
Discount rate	13.40%	10%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	21.70%	21%
Forward default rate	10%	10.40%
Discount rate	21.40%	21.30%
Servicing expense (as a percent)	0.40%	0.40%
SBA | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	10.10%	8.90%
Forward default rate	9.20%	9.10%
Discount rate	13.90%	10.70%
Servicing expense (as a percent)	0.40%	0.40%

Servicing rights - Assumptions

Servicing rights - Assumptions (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Multi-family
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	$ (280)	$ (291)
Prepayment rate (20% adverse change)	(553)	(575)
Default rate (10% adverse change)	(25)	(25)
Default rate (20% adverse change)	(49)	(50)
Discount rate (10% adverse change)	(1,894)	(1,910)
Discount rate (20% adverse change)	(3,698)	(3,726)
Cost of servicing (10% adverse change)	(2,658)	(2,659)
Cost of servicing (20% adverse change)	(5,316)	(5,318)
SBA
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	(679)	(670)
Prepayment rate (20% adverse change)	(1,320)	(1,305)
Default rate (10% adverse change)	(146)	(155)
Default rate (20% adverse change)	(290)	(309)
Discount rate (10% adverse change)	(828)	(746)
Discount rate (20% adverse change)	(1,591)	(1,443)
Cost of servicing (10% adverse change)	(1,339)	(1,344)
Cost of servicing (20% adverse change)	$ (2,679)	$ (2,687)

Servicing rights - Amortization

Servicing rights - Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Future amortization expense for the servicing rights
2022	$ 5,480
2023	12,266
2024	10,840
2025	9,583
2026	8,589
Thereafter	38,781
Total	$ 85,539	$ 84,457

Servicing rights - Residential

Servicing rights - Residential mortgage servicing rights (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Servicing rights
Unpaid Principal Amount	$ 5,636,003	$ 5,089,157
Residential MSRs
Servicing rights
Unpaid Principal Amount	11,971,972	10,995,685
Fair Value	192,153	120,142	$ 168,653	$ 107,589	$ 100,820	$ 76,840
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(5,564)	(5,262)
Prepayment rate (20% adverse change)	(10,845)	(9,262)
Discount rate (10% adverse change)	(8,957)	(4,533)
Discount rate (20% adverse change)	(17,158)	(8,745)
Cost of servicing (10% adverse change)	(2,682)	(2,125)
Cost of servicing (20% adverse change)	(5,365)	(4,251)
Fannie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	4,435,689	4,056,595
Fair Value	64,610	41,698
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount	4,502,736	4,131,904
Fair Value	68,710	45,017
Ginnie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,033,547	2,807,186
Fair Value	$ 58,833	$ 33,427
Minimum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	6%	8.40%
Discount rate	9.50%	9%
Cost of servicing	$ 70	$ 70
Maximum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	8.60%	20.90%
Discount rate	12%	11%
Cost of servicing	$ 85	$ 85
Weighted Average | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	6.20%	9.50%
Discount rate	10.10%	9.40%
Cost of servicing	$ 74	$ 74

Residential mortgage banking _3

Residential mortgage banking activities and variable expenses on residential mortgage banking activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Residential mortgage banking activities
Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value	$ (1,854)	$ 26,346	$ (14,827)	$ 86,926
Creation of new mortgage servicing rights, net of payoffs	6,853	6,623	22,781	19,947
Loan origination fee income on residential mortgage loans	3,701	4,720	12,560	16,143
Unrealized gains (loss) on IRLCs and other derivatives	3,353	(419)	2,910	(7,647)
Residential mortgage banking activities	12,053	37,270	23,424	115,369
Variable income (expenses) on residential mortgage banking activities	$ (9,061)	$ (24,380)	$ (5,508)	$ (61,286)

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands, € in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 EUR (€)
Secured borrowings
Secured borrowings and promissory note
Current facility size	$ 5,764,459
Total Loans, in consolidated VIEs, before allowance for loan losses	4,860,514	$ 3,282,170
Carrying Value, Secured borrowings	3,348,249	2,517,600
Secured borrowings | Asset pledged as collateral without right
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	4,860,514
Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	1,409,780
Carrying Value, Secured borrowings	$ 477,442	$ 471,883
Weighted average interest rate of borrowings (as a percent)	6.70%	2.80%	6.70%
Borrowings under credit facilities | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 850,705	$ 576,777
Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	850,705
Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	4,354,679
Carrying Value, Secured borrowings	$ 2,870,807	$ 2,045,717
Weighted average interest rate of borrowings (as a percent)	5.30%	2.10%	5.30%
Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 4,009,809	$ 2,705,393
Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	4,009,809
Purchased future receivables | Borrowings under credit facilities | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	8,593	7,872
Mortgage backed securities | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	32,817	53,194
JPMorgan | Acquired SBA Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	125,000
Carrying Value, Secured borrowings	74,828	54,164
JPMorgan | Acquired SBA Loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 108,643
JPMorgan | SBA loans | Borrowings under credit facilities | Secured Overnight Financing Rate
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	$ 1,250,000
Carrying Value, Secured borrowings	$ 979,027	825,265
JPMorgan | Transitional loans | Borrowings under repurchase agreements | One Month LIBOR | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.75%
JPMorgan | Transitional loans | Borrowings under repurchase agreements | One Month LIBOR | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.60%
JPMorgan | Transitional loans | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 1,344,994
Performance Trust | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	263,000
Carrying Value, Secured borrowings	$ 189,502	124,057
Performance Trust | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | One Month Treasury Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2%
Performance Trust | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 218,002
KeyBank | Freddie Mac Loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	100,000
Carrying Value, Secured borrowings	$ 7,429	41,864
KeyBank | Freddie Mac Loans | Borrowings under credit facilities | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.35%
KeyBank | Freddie Mac Loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 7,575
East West Bank | SBA loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	75,000
Carrying Value, Secured borrowings	$ 72,835	58,622
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%
East West Bank | SBA loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 96,120
East West Bank | Residential MSRs | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	50,000
Carrying Value, Secured borrowings	$ 49,900	49,400
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%
East West Bank | Residential MSRs | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 133,320
Credit Suisse | Acquired loans (non USD) | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	198,080		€ 200
Carrying Value, Secured borrowings	$ 34,726	40,373
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%
Credit Suisse | Acquired loans (non USD) | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 43,737
Credit Suisse | Residential loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
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%
Credit Suisse | Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	50,000
Carrying Value, Secured borrowings	$ 2,000	$ 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 | Purchased future receivables | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 8,593
Credit Suisse | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	750,000
Carrying Value, Secured borrowings	$ 436,001	403,644
Credit Suisse | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2%
Credit Suisse | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3%
Credit Suisse | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 591,824
Goldman Sachs | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	350,000
Carrying Value, Secured borrowings	$ 181,713
Goldman Sachs | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.50%
Goldman Sachs | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3%
Goldman Sachs | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 228,580
Churchill | Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	500,000
Carrying Value, Secured borrowings	$ 331,477
Churchill | Transitional, Acquired loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.85%
Churchill | Transitional, Acquired loans | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 407,710
Comerica Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	100,000
Carrying Value, Secured borrowings	$ 53,769	63,991
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%
Comerica Bank | Residential loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 53,197
TBK Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	150,000
Carrying Value, Secured borrowings	57,641	125,145
TBK Bank | Residential loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	56,104
Origin Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	80,000
Carrying Value, Secured borrowings	11,560	16,052
Origin Bank | Residential loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	12,148
Associated Bank | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	60,000
Carrying Value, Secured borrowings	22,160	14,449
Associated Bank | Residential loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	22,272
Western Alliance | Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	50,000
Carrying Value, Secured borrowings	10,680	6,823
Western Alliance | Residential loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	12,396
Madison | Construction loans | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	260,000
Carrying Value, Secured borrowings	$ 65,165
Madison | Construction loans | Borrowings under credit facilities | One Month LIBOR
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	7%
Madison | Construction loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 272,365
HSBC | Construction Loans (Non-USD) | Borrowings under credit facilities
Secured borrowings and promissory note
Current facility size	111,700		€ 100
Carrying Value, Secured borrowings	$ 14,749
HSBC | Construction Loans (Non-USD) | Borrowings under credit facilities | SONIA | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.25%
HSBC | Construction Loans (Non-USD) | Borrowings under credit facilities | SONIA | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	4.25%
HSBC | Construction Loans (Non-USD) | Borrowings under credit facilities | Asset pledged as collateral without right
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 24,235
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	500,000
Carrying Value, Secured borrowings	$ 124,976	128,851
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.10%
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate | Maximum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.10%
Citibank | Fixed rate, Transitional, Acquired loans | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 161,107
Deutsche Bank | Fixed rate, Transitional loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	350,000
Carrying Value, Secured borrowings	$ 236,432	236,073
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 | Fixed rate, Transitional loans | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 328,373
Various | Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Current facility size	391,679
Carrying Value, Secured borrowings	$ 391,679	$ 300,769
Various | Mortgage backed securities | Borrowings under repurchase agreements | Minimum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	3.07%		3.07%
Various | Mortgage backed securities | Borrowings under repurchase agreements | Maximum
Secured borrowings and promissory note
Pricing, stated rate (as a percent)	5.77%		5.77%
Various | Mortgage backed securities | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 729,219

Secured Borrowings - Collateral

Secured Borrowings - Collateral Pledged (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Secured borrowings
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 4,860,514	$ 3,282,170
Secured borrowings | Asset pledged as collateral without right
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	4,860,514
Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	850,705	576,777
Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	850,705
Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	4,009,809	2,705,393
Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	4,009,809
Real estate acquired in settlement of loans | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	1,425	1,425
Loans, held for sale, at fair value | Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	161,980	276,022
Loans, held for sale, at fair value | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	187,334	208,558
Loans, net | Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	546,812	206,169
Loans, net | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	3,091,831	2,062,867
Mortgage servicing rights | Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	133,320	86,714
Purchased future receivables | Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	8,593	7,872
Mortgage backed securities | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	32,817	53,194
Retained interest in assets of consolidated VIEs | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 696,402	$ 379,349

Senior secured notes, convert_3

Senior secured notes, convertible notes, and corporate debt, net (Details)								1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 16, 2022 USD ($)	Oct. 20, 2021 USD ($)	Feb. 10, 2021 USD ($)	Jul. 22, 2019 USD ($)	Apr. 27, 2018 USD ($)	Aug. 09, 2017 USD ($)	Apr. 18, 2017 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Jul. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($)	May 20, 2021 USD ($)	Dec. 02, 2019 USD ($)	Jan. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 16, 2005 USD ($)	Mar. 15, 2005 USD ($)
Senior secured notes, Convertible notes, and Corporate debt
Total Senior secured notes, net								$ 342,912,000		$ 342,912,000	$ 342,912,000	$ 342,035,000
Total Corporate debt, net								662,247,000		662,247,000	662,247,000	441,817,000
Total Convertible notes, net								114,108,000		114,108,000	114,108,000	$ 113,247,000
Total carrying amount of debt components								1,119,267,000		1,119,267,000	1,119,267,000
Total carrying amount of conversion option of equity components recorded in equity								308,000		308,000	308,000
Debt notes available for sale under At Market Issuance Sales Agreement													$ 100,000,000
Contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt
2023								115,000,000		115,000,000	115,000,000
2025								120,000,000		120,000,000	120,000,000
2026								660,883,000		660,883,000	660,883,000
Thereafter								246,249,000		246,249,000	246,249,000
Total contractual amounts								1,142,132,000		1,142,132,000	1,142,132,000
Unamortized deferred financing costs, discounts, and premiums, net								(22,865,000)		(22,865,000)	(22,865,000)
Total carrying amount of debt components								1,119,267,000		1,119,267,000	1,119,267,000
7.50% Senior Secured Notes Due 2022
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value								$ 100,000,000		$ 100,000,000	$ 100,000,000
Interest rate (as a percent)		7.50%						7.375%		7.375%	7.375%					7.50%
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
Interest rate (as a percent)						7%		7%		7%	7%
Conversion ratio								1.6452
Principal amount of notes for conversion								$ 25		$ 25	$ 25
Initial conversion price | $ / shares								$ 15.20		$ 15.20	$ 15.20
Principal amount of the notes to be redeemed (as a percent)						100%
Threshold period of specified consecutive trading days within which common stock price to conversion price of convertible debt instruments must exceed threshold percentage for a specified number of trading days to trigger conversion feature | item											30
Threshold period of specified consecutive trading days within which the common stock price, used in a calculation with with the conversion rate, the result of which must exceed the threshold percentage											5 days
Specified period of time used to calculate average closing market price of common stock to be used as a factor in determining potential trigger of conversion feature											10 days
Gross carrying value of convertible notes						$ 112,700,000
Gross carrying value of the equity component						$ 2,300,000
Unamortized discount								$ (308,000)		$ (308,000)	$ (308,000)
Unamortized deferred financing costs								(584,000)		(584,000)	(584,000)
Total Convertible notes, net								114,108,000		114,108,000	$ 114,108,000
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%
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%
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%
Corporate Debt
Senior secured notes, Convertible notes, and Corporate debt
Unamortized discount								(10,389,000)		(10,389,000)	$ (10,389,000)
Unamortized deferred financing costs								(4,497,000)		(4,497,000)	(4,497,000)
Total Corporate debt, net								$ 662,247,000		$ 662,247,000	$ 662,247,000
7.375% Senior Notes due in 2027
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value	$ 20,000,000								$ 80,000,000
Interest rate (as a percent)	7.375%							7.375%	7.375%	7.375%	7.375%
Proceeds from issuance of unsecured debt	$ 19,300,000								$ 77,500,000
Repurchase price percentage in the event of change of control											1.01%
7.375% Senior Notes due in 2027 | Prior to July 31, 2025
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage											100%
7.375% Senior Notes due in 2027 | On or after July 31, 2025 and prior to July 31, 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage											103.688%
7.375% Senior Notes due in 2027 | On or after July 31, 2026 and prior to the maturity date
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage											100%
7.375% Senior Notes due in 2027 | Notes Treasury Rate
Senior secured notes, Convertible notes, and Corporate debt
Pricing, spread on variable (as a percent)											0.50%
6.20% and 5.75% Senior Notes due 2026
Senior secured notes, Convertible notes, and Corporate debt
Proceeds from issuance of unsecured debt											$ 5,300,000
Debt issuance related expenses											$ 100,000
Number of shares sold in At The Market debt offering | shares										0	215,300
6.20% Senior Notes due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value				$ 57,500,000				$ 104,613,000		$ 104,613,000	$ 104,613,000			$ 45,000,000
Interest rate (as a percent)				6.20%				6.20%		6.20%	6.20%		6.20%	6.20%
Proceeds from issuance of unsecured debt				$ 55,300,000
Debt notes price per share | $ / shares											$ 25.40
6.20% Senior Notes due 2026 | 2025
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)				101%
6.20% Senior Notes due 2026 | 2026
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)				100%
Repurchase price percentage in the event of change of control				101%
6.20% Senior Notes due 2026 | Over-allotment option
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value				$ 7,500,000
5.75% Senior Notes Due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value			$ 201,300,000					$ 206,270,000		$ 206,270,000	$ 206,270,000
Interest rate (as a percent)			5.75%					5.75%		5.75%	5.75%		5.75%
Proceeds from issuance of unsecured debt			$ 195,200,000
Debt redemption price percentage			100%
Repurchase price percentage in the event of change of control			101%
Debt notes price per share | $ / shares											$ 25.05
5.75% Senior Notes Due 2026 | Over-allotment option
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value			$ 26,300,000
6.50% Senior Notes due 2021
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value					$ 50,000,000
Interest rate (as a percent)					6.50%
6.50% Senior Notes due 2021 | 2024
Senior secured notes, Convertible notes, and Corporate debt
Principal amount of the notes to be redeemed (as a percent)					100%
6.125% Senior Notes due 2025
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value							$ 120,000,000	$ 120,000,000		$ 120,000,000	$ 120,000,000
Interest rate (as a percent)							6.125%	6.125%		6.125%	6.125%
Proceeds from issuance of unsecured debt							$ 116,800,000
Debt redemption price percentage							100%
Repurchase price percentage in the event of change of control							101%
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%
Proceeds from issuance of secured debt		$ 341,800,000
Unamortized deferred financing costs								$ (7,088,000)		$ (7,088,000)	$ (7,088,000)
Total Senior secured notes, net								342,912,000		342,912,000	$ 342,912,000
Proceeds from note offerings		$ 341,800,000
4.50% Senior Secured Notes Due 2026 | Prior to October 20, 2023
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage											100%
4.50% Senior Secured Notes Due 2026 | On or after October 20, 2023 and prior to October 20, 2024
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage											102.25%
4.50% Senior Secured Notes Due 2026 | On or after October 20, 2024 and prior to October 20, 2025
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage											101.125%
4.50% Senior Secured Notes Due 2026 | On or after October 20, 2025 and prior to maturity date
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage											100%
Junior Subordinated Notes | Three Month LIBOR
Senior secured notes, Convertible notes, and Corporate debt
Pricing, spread on variable (as a percent)											3.10%
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
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
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
Interest rate (as a percent)			5.50%					5.50%		5.50%	5.50%
Proceeds from issuance of unsecured debt			$ 107,400,000
Repurchase price percentage in the event of change of control			101%
5.50% Senior Notes due 2028 | 2024
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage			102.75%
5.50% Senior Notes due 2028 | 2025
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage			101.375%
5.50% Senior Notes due 2028 | 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage			100.6875%
5.50% Senior Notes due 2028 | 2027 and thereafter
Senior secured notes, Convertible notes, and Corporate debt
Debt redemption price percentage			100%
ReadyCap Holdings LLC | 7.50% Senior Secured Notes Due 2022
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value															$ 40,000,000	$ 140,000,000
Interest rate (as a percent)															7.50%	7.50%
Yield-to-maturity (as a percent)															6.50%
ANH | Junior Subordinated Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value																		$ 37,380,000
Anworth Capital Trust I
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value																		36,250,000
Anworth Capital Trust I | Junior Subordinated Notes | Three Month LIBOR
Senior secured notes, Convertible notes, and Corporate debt
Pricing, spread on variable (as a percent)											3.10%
Anworth Capital Trust I | Junior Subordinated I-A Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value																		$ 15,000,000
Anworth Capital Trust I | Junior Subordinated I-B Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value																	$ 21,250,000

Guaranteed Loan Financing (Deta

Guaranteed Loan Financing (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Ending balance	$ 283,822	$ 345,217
Guaranteed loan financing
Ending balance	$ 283,822	$ 345,217
Guaranteed loan financing | Weighted Average
Interest Rates	5.21%	3.78%
Guaranteed loan financing | Minimum
Interest Rates	1.45%	0.99%
Guaranteed loan financing | Maximum
Interest Rates	7%	6.50%

Guaranteed Loan Financing - Mat

Guaranteed Loan Financing - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Contractual maturities of total guaranteed loan financing outstanding
2022	$ 338
2023	322
2024	1,343
2025	1,524
2026	5,034
Thereafter	275,261
Total	283,822
Guaranteed loan financing
Contractual maturities of total guaranteed loan financing outstanding
Loans held-for-investment pledged as security against guaranteed loan financing	$ 284,600	$ 346,100

Variable interest entities an_3

Variable interest entities and securitization activities - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Variable interest entities
Current Principal Balance	$ 5,636,003	$ 5,089,157
Current principal balance of non-company sponsored securitized loans	8,700	30,600
Consolidated VIEs
Variable interest entities
Current Principal Balance	4,484,837	3,232,859
Carrying value	$ 4,421,103	$ 3,183,711
Weighted Average Rate	3.20%	2.20%
ReadyCap Lending Small Business Trust 2019-2
Variable interest entities
Current Principal Balance	$ 55,221	$ 79,294
Carrying value	$ 54,580	$ 78,268
Weighted Average Rate	3.40%	2.60%
Sutherland Commercial Mortgage Trust 2017-SBC6
Variable interest entities
Current Principal Balance	$ 9,722	$ 16,729
Carrying value	$ 9,581	$ 16,471
Weighted Average Rate	4.30%	3.80%
Sutherland Commercial Mortgage Trust 2019-SBC8
Variable interest entities
Current Principal Balance	$ 127,529	$ 145,351
Carrying value	$ 125,589	$ 143,153
Weighted Average Rate	2.90%	2.90%
Sutherland Commercial Mortgage Trust 2020-SBC9
Variable interest entities
Current Principal Balance		$ 86,680
Carrying value		$ 85,459
Weighted Average Rate	4.20%	4.10%
Sutherland Commercial Mortgage Trust 2021-SBC10
Variable interest entities
Current Principal Balance	$ 115,881	$ 159,745
Carrying value	$ 114,086	$ 157,483
Weighted Average Rate	1.60%	1.60%
ReadyCap Commercial Mortgage Trust 2014-1
Variable interest entities
Current Principal Balance		$ 6,770
Carrying value		$ 6,756
Weighted Average Rate	5.70%	5.70%
ReadyCap Commercial Mortgage Trust 2015-2
Variable interest entities
Current Principal Balance	$ 2,873	$ 17,598
Carrying value	$ 2,462	$ 15,960
Weighted Average Rate	5.10%	5.10%
ReadyCap Commercial Mortgage Trust 2016-3
Variable interest entities
Current Principal Balance	$ 12,602	$ 19,106
Carrying value	$ 11,965	$ 18,285
Weighted Average Rate	5.10%	4.90%
ReadyCap Commercial Mortgage Trust 2018-4
Variable interest entities
Current Principal Balance	$ 62,811	$ 81,379
Carrying value	$ 60,572	$ 78,751
Weighted Average Rate	4.30%	4.10%
ReadyCap Commercial Mortgage Trust 2019-5
Variable interest entities
Current Principal Balance	$ 117,304	$ 150,547
Carrying value	$ 110,939	$ 143,204
Weighted Average Rate	4.50%	4.30%
ReadyCap Commercial Mortgage Trust 2019-6
Variable interest entities
Current Principal Balance	$ 216,964	$ 269,315
Carrying value	$ 212,054	$ 263,752
Weighted Average Rate	3.30%	3.20%
ReadyCap Commercial Mortgage Trust 2022-7
Variable interest entities
Current Principal Balance	$ 203,257
Carrying value	$ 194,932
Weighted Average Rate	4.20%
Ready Capital Mortgage Financing 2019-FL3
Variable interest entities
Current Principal Balance	$ 59,556	$ 92,930
Carrying value	$ 59,556	$ 92,921
Weighted Average Rate	3%	1.60%
Ready Capital Mortgage Financing 2020-FL4
Variable interest entities
Current Principal Balance	$ 236,085	$ 304,157
Carrying value	$ 234,384	$ 300,832
Weighted Average Rate	4.10%	3.10%
Ready Capital Mortgage Financing 2021-FL5
Variable interest entities
Current Principal Balance	$ 444,208	$ 506,721
Carrying value	$ 441,474	$ 501,697
Weighted Average Rate	2.40%	1.50%
Ready Capital Mortgage Financing 2021-FL6
Variable interest entities
Current Principal Balance	$ 542,990	$ 543,223
Carrying value	$ 538,070	$ 536,270
Weighted Average Rate	2.20%	1.30%
Ready Capital Mortgage Financing 2021-FL7
Variable interest entities
Current Principal Balance	$ 752,104	$ 753,314
Carrying value	$ 745,738	$ 744,449
Weighted Average Rate	2.50%	1.60%
Ready Capital Mortgage Financing 2022-FL8
Variable interest entities
Current Principal Balance	$ 913,675
Carrying value	$ 906,004
Weighted Average Rate	3%
Ready Capital Mortgage Financing 2022-FL9
Variable interest entities
Current Principal Balance	$ 612,055
Carrying value	$ 599,117
Weighted Average Rate	5.10%

Variable interest entities an_4

Variable interest entities and securitization activities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Assets
Cash and cash equivalents	$ 208,037		$ 209,769
Restricted cash	57,675		$ 52,692
Loans, held for sale, at fair value	403,609	$ 552,935
Other assets	213,030	172,098
Total Assets	11,858,211	9,534,031
Liabilities
Due to third parties	14,881	668
Accounts payable and other accrued liabilities	171,152	183,411
Total Liabilities	9,880,987	8,245,072
Consolidated VIEs
Assets
Loans, net	5,683,307	4,081,848
Liabilities
Secured borrowings	4,429,846	3,214,303
Reportable Legal Entities | Consolidated VIEs
Assets
Cash and cash equivalents	1,247	9,041
Restricted cash	52,339	33,187
Loans, net	5,683,307	4,081,848
Investments held to maturity	108,423
Other assets	38,058	21,488
Total Assets	5,883,374	4,145,564
Liabilities
Secured borrowings	4,429,846	3,214,303
Due to third parties	4,120
Accounts payable and other accrued liabilities	9
Total Liabilities	$ 4,433,975	$ 3,214,303

Variable interest entities an_5

Variable interest entities and securitization activities - Assets of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying amount
Mortgage backed securities, at fair value	$ 37,895	$ 99,496
Investment in unconsolidated joint ventures (including $8,268 and $8,894 held at fair value)	119,272	141,148
Total Assets	11,858,211	9,534,031
Unconsolidated VIEs
Carrying amount
Mortgage backed securities, at fair value	24,344	80,756
Investment in unconsolidated joint ventures (including $8,268 and $8,894 held at fair value)	112,776	74,334
Total Assets	137,120	155,090
Maximum Exposure to Loss
Mortgage backed securities, at fair value	24,344	80,756
Investment in unconsolidated joint venture	112,776	74,334
Total assets in unconsolidated VIEs maximum exposure to loss	$ 137,120	$ 155,090

Interest income and interest _3

Interest income and interest expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income
Total loans	$ 175,917	$ 97,072	$ 436,937	$ 258,716
Total loans, held for sale, at fair value	4,625	4,246	13,761	10,864
Total Paycheck Protection Program loans	4,764		8,983
Mortgage backed securities, at fair value	720	3,818	4,421	11,974
Total interest income	186,026	105,136	464,102	281,554
Interest expense
Secured borrowings	(42,124)	(14,048)	(89,894)	(49,687)
Paycheck Protection Program Liquidity Facility borrowings	(323)	(2,258)	(1,470)	(4,137)
Securitized debt obligations of consolidated VIEs	(52,186)	(19,490)	(110,241)	(60,004)
Guaranteed loan financing	(3,798)	(3,472)	(10,069)	(10,595)
Senior secured note	(4,380)	(3,465)	(13,117)	(10,380)
Convertible note	(2,188)	(2,188)	(6,564)	(6,564)
Corporate debt	(10,496)	(5,215)	(25,984)	(14,945)
Total interest expense	(115,495)	(50,136)	(257,339)	(156,312)
Net interest income before provision for loan losses	70,531	55,000	206,763	125,242
Bridge
Interest income
Total loans	118,755	40,602	266,234	97,891
Fixed rate
Interest income
Total loans	13,473	16,431	42,412	45,119
Total loans, held for sale, at fair value	2,292	786	6,585	1,356
Freddie Mac
Interest income
Total loans, held for sale, at fair value	230	235	729	997
Construction
Interest income
Total loans	9,942		18,942
SBA 7(a)
Interest income
Total loans	10,604	10,059	29,725	28,377
Paycheck Protection Program loans, held for investment
Interest income
Total loans	14,000	18,680	50,140	51,927
Residential
Interest income
Total loans	53	44	103	166
Total loans, held for sale, at fair value	2,103	3,225	6,401	8,511
Other
Interest income
Total loans	$ 9,090	$ 11,256	29,381	$ 35,236
Total loans, held for sale, at fair value			$ 46

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Notional Amount	$ 1,120,467		$ 1,120,467		$ 1,258,380
Asset Derivatives Fair Value	26,212		26,212		7,022
Liabilities Derivatives Fair Value	(4,345)		(4,345)		(410)
Derivative gain (loss)
Net Realized Gain (Loss)	9,877	$ (1,071)	9,610	$ (7,208)
Unrealized Gain (Loss)	19,465	4,026	59,910	6,531
Total change in OCI for period	323	221	887	2,323
Designated as Hedging
Derivative gain (loss)
Derivatives - effective portion reclassified from AOCI to income	(402)	(264)	(1,094)	(874)
Total income statement impact	(402)	(264)	(1,094)	(874)
Derivatives- effective portion recorded in OCI	(79)	(43)	(207)	1,449
Total change in OCI for period	323	221	887	2,323
Interest rate lock commitments (IRLCs)
Liabilities Derivatives Fair Value	(4,345)		(4,345)
Derivative gain (loss)
Unrealized Gain (Loss)	(6,744)	(3,769)	(6,685)	(14,003)
Interest rate lock commitments (IRLCs) | Interest Rate Risk
Notional Amount	303,705		303,705		348,348
Asset Derivatives Fair Value					2,340
Liabilities Derivatives Fair Value	(4,345)		(4,345)
Interest Rate Swap Agreement
Liabilities Derivatives Fair Value					(3,830)
Derivative gain (loss)
Net Realized Gain (Loss)	9,278	(1,419)	6,785	(7,198)
Unrealized Gain (Loss)	13,965	4,126	54,540	12,596
Interest Rate Swap Agreement | Not Designated as Hedging | Interest Rate Risk
Notional Amount	539,545		539,545		536,548
Asset Derivatives Fair Value	13,963		13,963		4,076
TBA agency securities
Liabilities Derivatives Fair Value	(42)		(42)		(538)
Derivative gain (loss)
Unrealized Gain (Loss)	10,097	3,351	9,596	6,356
TBA agency securities | Interest Rate Risk
Notional Amount	254,500		254,500		346,000
Asset Derivatives Fair Value	9,184		9,184
Liabilities Derivatives Fair Value					(410)
Credit default swaps
Derivative gain (loss)
Net Realized Gain (Loss)		(286)		(286)
Unrealized Gain (Loss)		301		322
FX forwards
Derivative gain (loss)
Net Realized Gain (Loss)	599	634	2,825	276
Unrealized Gain (Loss)	2,147	$ 17	2,459	$ 1,260
FX forwards | Foreign Exchange Rate Risk
Notional Amount	22,717		22,717		27,484
Asset Derivatives Fair Value	$ 3,065		$ 3,065		$ 606

Real estate owned, held for s_3

Real estate owned, held for sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate acquired
Acquired portfolio	$ 49,699	$ 7,338
Other REO held for sale	33,278	34,950
Total Real estate, held for sale	82,977	42,288
Consolidated VIEs
Real estate acquired
Other REO held for sale	1,000	0
Retail
Real estate acquired
Other REO held for sale	1,853	3,129
Mixed Use
Real estate acquired
Acquired portfolio	34,947	1,020
Land
Real estate acquired
Acquired portfolio		6,318
Office
Real estate acquired
Other REO held for sale	7,125	7,384
SBA
Real estate acquired
Other REO held for sale		137
Single family
Real estate acquired
Other REO held for sale	24,300	$ 24,300
Multi-family
Real estate acquired
Acquired portfolio	14,752
Mosaic
Real estate acquired
Acquired portfolio	44,748
Mosaic | Adjustments
Real estate acquired
Acquired portfolio	$ (33,945)

Agreements and transactions w_3

Agreements and transactions with related parties (Details)			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 15, 2022 USD ($)	Mar. 19, 2021 USD ($) item	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Related-party transactions
Temporary reduction in the quarterly base management fee following the effective date of the merger		$ 1,000,000
Number of quarters the temporary reduction in quarterly base management fee is effective | item		4
Amount unpaid			$ 6,469,000		$ 6,469,000		$ 5,232,000
Purchase of loans, held-for-investment					675,198,000	$ 111,810,000
Investment in unconsolidated joint ventures (including $8,268 and $8,894 held at fair value)			119,272,000		$ 119,272,000		141,148,000
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%
Incentive distribution
Related-party transactions
Incentive multiplier					15%
Core earnings period					12 months
Percentage of Incentive fee multiplied by the weighted average of issue price					8%
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					66.70%
Manager | Management fee
Related-party transactions
Fees			5,400,000	$ 2,700,000	$ 14,100,000	8,100,000
Amount unpaid			5,400,000	2,700,000	5,400,000	2,700,000
Manager | Incentive distribution
Related-party transactions
Incentive distribution paid			900,000	2,800,000	900,000	3,100,000
Amount unpaid			900,000	2,800,000	900,000	2,800,000
Manager | Expense reimbursement
Related-party transactions
Reimbursable expenses			2,400,000	1,500,000	8,200,000	7,000,000
Amount unpaid			$ 5,600,000	$ 1,000,000	5,600,000	$ 1,000,000
Manager | Waterfall Atlas Fund, LP
Related-party transactions
Commitment to invest into a parallel vehicle	$ 125,000,000
Distributions due as a percentage of carried interest distributions received by the General Partner	15%
Incremental percentage by which the entity's internal rate of return is to exceed the investment internal rate of return	1.50%
Cash contributions					36,600,000
Amount of investment contributions committed but not yet funded					$ 88,400,000
Affiliate of Manager | Investment in unconsolidated joint ventures
Related-party transactions
Purchase of investment							$ 6,300,000

Other assets and other liabil_3

Other assets and other liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other assets:
Deferred tax asset	$ 3,601	$ 3,601
Deferred loan exit fees	34,746	25,923
Accrued interest	37,147	21,873
Due from servicers	22,114	23,729
Right-of-use assets	$ 1,863	$ 2,402
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Goodwill	$ 37,559	$ 31,470
Intangible assets	13,622	14,842
Deferred financing costs	2,955	3,840
PPP fee receivable	338	407
Receivable from third parties	41,742	29,298
Receivable from related parties	318
Other assets	17,025	14,713
Total other assets	213,030	172,098
Accounts payable and other accrued liabilities:
Deferred tax liability	11,986	11,986
Accrued salaries, wages and commissions	35,248	42,715
Accrued interest payable	37,670	22,278
Servicing principal and interest payable	10,108	19,100
Repair and denial reserve	12,461	19,725
Payable to related parties	6,469	5,232
Accrued professional fees	884	4,324
Lease payable	2,003	3,002
Deferred LSP revenue	151	286
Accrued PPP related costs	4,294	12,460
Other liabilities	49,878	42,303
Total accounts payable and other accrued liabilities	171,152	183,411
Loan indemnification reserve
Loan indemnification reserve	$ 3,200	$ 4,000

Other Asset and Other Liabiliti

Other Asset and Other Liabilities - Intangible assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jul. 31, 2021
Goodwill	$ 37,559	$ 37,559		$ 37,559		$ 31,470
Finite-lived intangible assets	10,122	10,122		10,122
Total Intangible Assets	13,622	13,622		13,622		14,842
Amortization expense		400	$ 400	1,200	$ 1,000
Total Accumulated Amortization	5,261	5,261		5,261
Future amortization of lease intangibles
2022	406	406		406
2023	1,599	1,599		1,599
2024	1,390	1,390		1,390
2025	1,144	1,144		1,144
2026	477	477		477
Thereafter	5,106	5,106		5,106
Net amount	10,122	10,122		10,122
Red Stone
Goodwill							$ 14,009
Net assets acquired							$ 61,391
Mosaic
Goodwill	4,621	4,621		4,621
Net assets acquired	560,692	560,692		560,692
Fair value of CERs issued	25,000
Mosaic | Adjustments
Goodwill	3,387	3,387		3,387
Net assets acquired	(62,735)	(62,735)		(62,735)
Fair value of CERs issued	(59,348)
Trade name | Red Stone
Indefinite-lived intangible assets	2,500	2,500		2,500		2,500
SBA license
Indefinite-lived intangible assets	1,000	1,000		1,000		1,000
SBC Lending and Acquisitions
Goodwill	26,353	26,353		26,353		20,264
Small Business Lending
Goodwill	11,206	11,206		11,206		11,206
Customer relationships | Red Stone
Finite-lived intangible assets	6,383	6,383		$ 6,383		6,651
Estimated Useful Life				19 years
Total Accumulated Amortization	418	418		$ 418
Future amortization of lease intangibles
Net amount	6,383	6,383		6,383		6,651
Internally developed software | Knight Capital
Finite-lived intangible assets	1,953	1,953		$ 1,953		2,428
Estimated Useful Life				6 years
Total Accumulated Amortization	1,847	1,847		$ 1,847
Future amortization of lease intangibles
Net amount	1,953	1,953		1,953		2,428
Broker network | Knight Capital
Finite-lived intangible assets	422	422		$ 422		622
Estimated Useful Life				4 years 6 months
Total Accumulated Amortization	778	778		$ 778
Future amortization of lease intangibles
Net amount	422	422		422		622
Trade name | Knight Capital
Finite-lived intangible assets	452	452		$ 452		562
Estimated Useful Life				6 years
Total Accumulated Amortization	428	428		$ 428
Future amortization of lease intangibles
Net amount	452	452		452		562
Trade name | GMFS
Finite-lived intangible assets	362	362		$ 362		439
Estimated Useful Life				15 years
Total Accumulated Amortization	860	860		$ 860
Future amortization of lease intangibles
Net amount	362	362		362		439
Favorable lease
Finite-lived intangible assets	550	550		$ 550		640
Estimated Useful Life				12 years
Total Accumulated Amortization	930	930		$ 930
Future amortization of lease intangibles
Net amount	$ 550	$ 550		$ 550		$ 640

Other income and operating ex_3

Other income and operating expenses - Paycheck Protection Program (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Paycheck Protection Program (PPP)
Unrecognized net service fees		$ 151			$ 151		$ 286
Origination costs		3,288	$ 4,041		10,390	$ 20,069
Paycheck Protection Program loans
Paycheck Protection Program (PPP)
Unrecognized net service fees		151			151		$ 286
PPP Loans - CARES Act
Paycheck Protection Program (PPP)
PPP loans originated	$ 109,500
PPP processing fees	$ 5,200
Unrecognized net service fees		200			200
PPP Loans - Economic Aid Act
Paycheck Protection Program (PPP)
PPP loans originated		2,200,000			2,200,000
Total fees deferred and expected to be recognized over the life of the loans		$ 123,700			123,700
Net fees creating an excess of PPLF borrowings in excess of PPP loans					$ 13,900
Lender Service Provider Agreement | PPP Loans - CARES Act
Paycheck Protection Program (PPP)
Amount of PPP loans underwritten and sold to third party				$ 2,500,000
Origination fee and fee income				$ 43,300

Other income and operating ex_4

Other income and operating expenses - Balance Sheet Impact of PPP Activities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Assets
Restricted cash	$ 57,675		$ 52,692
Paycheck Protection Program loans	275,761	$ 870,352
PPP fee receivable	338	407
Accrued interest	37,147	21,873
Total Assets	11,858,211	9,534,031
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	305,797	941,505
Interest payable	37,670	22,278
Deferred LSP revenue	151	286
Accrued PPP Related Costs	4,294	12,460
Repair and denial reserve	12,461	19,725
Total Liabilities	9,880,987	8,245,072
Paycheck Protection Program loans
Assets
PPP fee receivable	338	407
Accrued interest	2,328	7,025
Total Assets	278,427	877,784
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	305,797	941,505
Interest payable	1,532	2,358
Deferred LSP revenue	151	286
Accrued PPP Related Costs	4,294	12,460
Payable to third parties	360	2,091
Repair and denial reserve	5,855	12,844
Total Liabilities	317,989	971,544
Paycheck Protection Program loans, held for investment
Assets
Paycheck Protection Program loans	275,162	867,109
Paycheck Protection Program loans, held for investment | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	275,162	867,109
Paycheck Protection Program loans, at fair value
Assets
Paycheck Protection Program loans	599	3,243
Paycheck Protection Program loans, at fair value | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	$ 599	$ 3,243

Other income and operating ex_5

Other income and operating expenses - Income and Expenses Related to Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other income
LSP origination fees	$ 3,660	$ 2,794	$ 8,039	$ 6,297
Interest income	186,026	105,136	464,102	281,554
Interest and Fee Income	175,917	97,072	436,937	258,716
Other operating expenses
Direct operating expenses	3,288	4,041	10,390	20,069
R&D reserve	1,864	45	5,362	(6,108)
Interest expense	115,495	50,136	257,339	156,312
Total other operating expenses	15,396	12,926	42,421	45,600
Net income	66,253	46,535	189,481	106,386
Paycheck Protection Program loans
Other income
Interest and Fee Income	16,179	18,901	62,029	56,617
Other operating expenses
Total other operating expenses	416	1,171	1,904	22,011
Net income	15,763	17,730	60,125	34,606
Paycheck Protection Program loans | Other Income
Other income
Repair and denial reserve	2,153	(196)	6,553	(5,585)
Paycheck Protection Program loans | Servicing income
Other income
LSP fee income	26	417	5,336	10,275
Paycheck Protection Program loans | Interest income
Other income
Interest income	14,000	18,680	50,140	51,927
Paycheck Protection Program loans | Other operating expenses
Other operating expenses
Direct operating expenses	93	(25)	434	8,193
Paycheck Protection Program loans | Interest expense
Other operating expenses
Interest expense	$ 323	$ 1,196	$ 1,470	$ 13,818

Other income and operating ex_6

Other income and operating expenses - Components of Other Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other income
Origination income	$ 3,660	$ 2,794	$ 8,039	$ 6,297
Change in repair and denial reserve	1,864	45	5,362	(6,108)
Employee retention credit consulting income	6,958		7,261
Other	3,668	2,835	10,323	5,368
Total other income	16,150	5,674	30,985	5,557
Other operating expenses
Origination costs	3,288	4,041	10,390	20,069
Technology expense	2,619	2,058	7,035	5,968
Impairment on real estate		184	2,667	1,462
Rent and property tax expense	1,764	1,538	4,423	4,967
Recruiting, training and travel expenses	395	297	1,221	1,126
Marketing expense	575	1,121	1,499	2,306
Loan acquisition costs	(36)	115	182	449
Financing costs on purchased future receivables	40	31	102	87
Other	6,751	3,541	14,902	9,166
Total other operating expenses	$ 15,396	$ 12,926	$ 42,421	$ 45,600

Redeemable Preferred Stock an_3

Redeemable Preferred Stock and Stockholders Equity - Common Stock Dividends (Details) - $ / shares											3 Months Ended		9 Months Ended
	Oct. 31, 2022	Sep. 15, 2022	Jul. 29, 2022	Jun. 15, 2022	Apr. 29, 2022	Mar. 15, 2022	Jan. 31, 2022	Dec. 14, 2021	Oct. 29, 2021	Sep. 15, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Dividends
Dividend per Share, declared		$ 0.42		$ 0.42		$ 0.42		$ 0.42		$ 0.42	$ 0.42	$ 0.42	$ 1.26	$ 1.24
Dividend per Share, paid	$ 0.42		$ 0.42		$ 0.42		$ 0.42		$ 0.42

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				9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Weighted-average grant date fair value (per share)
Non-cash stock-based compensation expense	$ 2,000			$ 1,800	$ 6,150	$ 5,215
Percentage of shares of common stock issued and outstanding on a fully diluted basis					5%
RSUs and RSAs
Weighted-average grant date fair value (per share)
Non-cash compensation expense not yet charged to net income					$ 14,500		$ 13,500
RSUs and RSAs | Certain employees
Number of shares
Outstanding, Beginning balance	982,628	984,278	888,777		888,777
Granted (in shares)	4,154	18,192	349,824
Vested (in shares)	(11,596)	(17,516)	(252,259)
Forfeited (in shares)	(3,266)	(2,326)	(2,064)
Outstanding, Ending balance	971,920	982,628	984,278		971,920		888,777
Grant date fair value
Beginning balance	$ 14,638	$ 14,664	$ 13,517		$ 13,517
Granted	55	264	4,964
Vested	(167)	(257)	(3,791)
Forfeited	(46)	(33)	(26)
Ending balance	$ 14,480	$ 14,638	$ 14,664		$ 14,480		$ 13,517
Weighted-average grant date fair value (per share)
Beginning balance	$ 14.90	$ 14.90	$ 15.21		$ 15.21
Granted (in per share)	13.24	14.52	14.19
Vested (in per share)	14.36	14.66	15.03
Forfeited (in per share)	14.14	14.19	12.82
Ending balance	$ 14.90	$ 14.90	$ 14.90		$ 14.90		$ 15.21

Redeemable Preferred Stock an_5

Redeemable Preferred Stock and Stockholders Equity - Performance-based Equity Awards (Details) - Performance Shares - shares	1 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Performance-based equity awards
Granted (in shares)	84,566	43,327
Vesting period	3 years	3 years
Minimum
Performance-based equity awards
Percentage of target awards that may be achieved.	0%	0%
Maximum
Performance-based equity awards
Percentage of target awards that may be achieved.	300%	300%
Based on absolute TSR
Performance-based equity awards
Vesting percentage allocation	50%	50%
Vesting period	3 years	3 years
Based on TSR relative to performance of designated peer group
Performance-based equity awards
Vesting percentage allocation	50%	50%
Vesting period	3 years	3 years

Redeemable Preferred Stock an_6

Redeemable Preferred Stock and Stockholders Equity - Preferred Stock (Details) $ / shares in Units, shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares
Preferred stock
Liquidation Preference	$ 25	$ 25	$ 25
Carrying Value | $	$ 111,378,000	$ 111,378,000	$ 111,378,000
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 | $	$ 8,361,000	$ 8,361,000
Preferred stock conversion ratio	1.2018	1.2018
Conversion price	$ 20.80	$ 20.80
Preferred stock principal amount used as basis for application of conversion ratio | $	$ 25	$ 25
Dividends declared | $	$ 100,000
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 | $	$ 111,378,000	$ 111,378,000
Dividends declared | $	$ 1,900,000
Percentage of the liquidation preference at which the Company can choose to redeem		100%

Redeemable Preferred Stock an_7

Redeemable Preferred Stock and Stockholders Equity - Equity ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended		9 Months Ended
	Jan. 14, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jul. 09, 2021
Equity
Common stock par value	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Share price	$ 15.30
Equity issuances			$ 25,358	$ 124,515	$ 136,736
Stock offering costs		$ 116	$ 435	$ 1,025	506
Shares issued	7
Common stock, par value	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Proceeds from issuance of equity, net of issuance costs	$ 106,600			$ 123,490	$ 136,230
Equity ATM Program
Equity
Common stock par value							$ 0.0001
Value of remaining shares available for sale under the Equity ATM Program		$ 78,400		$ 78,400
Common stock, issued		0		1.1
Stock offering costs				$ 300
Common stock, par value							$ 0.0001
Proceeds from issuance of equity, net of issuance costs				$ 17,200
Equity ATM Program | Maximum
Equity
Common stock authorized to be sold under an Equity ATM Program							$ 150,000
Equity ATM Program | Weighted Average
Equity
Share price		$ 15.82		$ 15.82

Earnings per Share of Common _3

Earnings per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Continuing Operations
Net income (loss)	$ 66,253	$ 46,535	$ 189,481	$ 106,386
Less: Income (loss) attributable to non-controlling interest	3,023	756	6,672	1,859
Less: Income attributable to participating shares	2,407	2,444	7,231	6,717
Basic earnings	60,823	43,335	175,578	97,810
Discontinued Operations
Net income attributable to Ready Capital Corporation	61,231	43,780	176,812	99,023
Diluted Earnings
Net income (loss)	66,253	46,535	189,481	106,386
Less: Income (loss) attributable to non-controlling interest	3,023	756	6,672	1,859
Less: Income attributable to participating shares	2,407	2,444	7,231	6,717
Add: Expenses attributable to dilutive instruments	2,319		6,957
Diluted earnings	$ 63,142	$ 43,335	$ 182,535	$ 97,810
Basic - Average shares outstanding	114,371,160	71,618,168	105,576,826	66,606,749
Effect of dilutive securities - Unvested participating shares	11,295,449	169,060	11,288,944	162,169
Diluted - Average shares outstanding	125,666,609	71,787,228	116,865,770	66,768,918
Earnings Per Share Attributable to RC Common Stockholders:
Basic	$ 0.53	$ 0.61	$ 1.66	$ 1.47
Diluted	$ 0.50	$ 0.60	$ 1.56	$ 1.46

Earnings per Common Share - Ope

Earnings per Common Share - Operating Partnership Units (Details) - Operating Partnership - Noncontrolling Interests - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Noncontrolling interest
Number of common shares issued for OP unit redeemed by a noncontrolling interest unit holder	1
Units held by noncontrolling interest unit holders	1,632,924	293,003

Offsetting assets and liabili_3

Offsetting assets and liabilities - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	$ 69,078	$ 9,150
Gross amounts offset in the Consolidated Balance Sheets	42,866	2,128
Amounts presented in the Consolidated Balance Sheets	26,212	7,022
Net Amount	26,212	7,022
Interest rate lock commitments (IRLCs)
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets		2,340
Amounts presented in the Consolidated Balance Sheets		2,340
Net Amount		2,340
FX forwards
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	3,065	606
Amounts presented in the Consolidated Balance Sheets	3,065	606
Net Amount	3,065	606
TBA agency securities
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	9,226	128
Gross amounts offset in the Consolidated Balance Sheets	42	128
Amounts presented in the Consolidated Balance Sheets	9,184
Net Amount	9,184
Interest Rate Swap Agreement
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	56,787	6,076
Gross amounts offset in the Consolidated Balance Sheets	42,824	2,000
Amounts presented in the Consolidated Balance Sheets	13,963	4,076
Net Amount	$ 13,963	$ 4,076

Offsetting assets and liabili_4

Offsetting assets and liabilities - Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	$ 4,345	$ 410
Effect of offsetting recognized liabilities, Total
Gross Amounts of Recognized Liabilities, Total	3,658,433	3,463,473
Gross Amounts Offset in the Consolidated Balance Sheets, Total	42	3,958
Liabilities Presented in the Consolidated Balance Sheets, Total	3,658,391	3,459,515
Financial Instruments, Total	3,624,010	3,387,949
Net Amount, Total	34,381	71,566
Interest Rate Swap Agreement
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities		3,830
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative		3,830
Interest rate lock commitments (IRLCs)
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	4,345
Liabilities Presented in the Consolidated Balance Sheets, Derivative	4,345
Net Amount, Derivative	4,345
TBA agency securities
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	42	538
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	42	128
Liabilities Presented in the Consolidated Balance Sheets, Derivative		410
Cash Collateral Paid, Derivative		410
Secured borrowings
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	3,348,249	2,517,600
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	3,348,249	2,517,600
Financial Instruments, Borrowings	3,348,249	2,517,600
Paycheck Protection Program Liquidity Facility
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	305,797	941,505
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	305,797	941,505
Financial Instruments, Borrowings	275,761	870,349
Net Amount, Borrowings	$ 30,036	$ 71,156

Commitments, Contingencies an_3

Commitments, Contingencies and Indemnifications (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Originated Residential Agency loans
Commitments, contingencies and indemnifications
Commitments to originate residential agency loans	$ 188,001	$ 346,660
Unfunded loan commitments
Commitments, contingencies and indemnifications
Loans, net	714,203	455,119
Loans, held for sale at fair value	23,870	$ 24,150
Investments held to maturity	$ 1,479

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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%
Number of taxable years an entity would not be able to qualify as a REIT if qualification lapses			4 years
Provision for income taxes	$ 4,776	$ 6,540	$ 32,943	$ 22,216
Minimum
REIT requirements and income tax information
Percentage of taxable income distributed in the form of qualifying distributions			90%
Maximum
REIT requirements and income tax information
Percentage of taxable income distributed in the form of qualifying distributions			100%

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($) segment
Segment reporting
Number of reportable segments | segment			3	4
Interest income	$ 186,026	$ 105,136	$ 464,102	$ 281,554
Interest expense	(115,495)	(50,136)	(257,339)	(156,312)
Net interest income before recovery of (provision for) loan losses	70,531	55,000	206,763	125,242
Recovery of (provision for) loan losses	(3,431)	(1,579)	(583)	(7,088)
Net interest income after recovery of (provision for) loan losses	67,100	53,421	206,180	118,154
Non-interest income
Residential mortgage banking activities	12,053	37,270	23,424	115,369
Net realized gains on financial instruments and real estate owned	21,117	23,210	50,238	49,239
Net unrealized gain (loss) on financial instruments	16,460	5,688	58,522	31,296
Servicing income, net	12,189	10,243	37,282	37,806
Income on purchased future receivables, net	1,162	2,838	5,490	7,934
Income (loss) from unconsolidated joint ventures	(603)	3,548	11,160	6,100
Other income (loss)	16,150	5,674	30,985	5,557
Total non-interest income	78,528	88,471	217,101	253,301
Non-interest expense
Employee compensation and benefits	(25,941)	(24,537)	(79,998)	(71,584)
Allocated employee compensation and benefits from related party	(1,745)	(3,804)	(6,549)	(9,226)
Variable income (expenses) on residential mortgage banking activities	(9,061)	(24,380)	(5,508)	(61,286)
Professional fees	(3,865)	(6,900)	(12,842)	(12,754)
Management fees - related party	(5,410)	(2,742)	(14,071)	(8,061)
Incentive fees - related party	(949)	(2,775)	(949)	(3,061)
Loan servicing expense	(10,697)	(8,124)	(29,913)	(21,079)
Transaction related expenses	(1,535)	(2,629)	(8,606)	(10,202)
Other operating expenses	(15,396)	(12,926)	(42,421)	(45,600)
Total non-interest expense	(74,599)	(88,817)	(200,857)	(242,853)
Income (loss) before provision for income taxes	71,029	53,075	222,424	128,602
Total assets	11,858,211	9,264,398	11,858,211	9,264,398
Operating Segments | SBC Lending and Acquisitions
Segment reporting
Interest income	159,307	74,184	378,077	194,959
Interest expense	(105,560)	(41,251)	(231,338)	(117,608)
Net interest income before recovery of (provision for) loan losses	53,747	32,933	146,739	77,351
Recovery of (provision for) loan losses	(3,231)	(1,557)	1,108	(6,627)
Net interest income after recovery of (provision for) loan losses	50,516	31,376	147,847	70,724
Non-interest income
Net realized gains on financial instruments and real estate owned	13,060	8,891	25,976	15,457
Net unrealized gain (loss) on financial instruments	322	5,467	10,234	17,437
Servicing income, net	1,191	998	3,542	2,520
Income (loss) from unconsolidated joint ventures	(603)	3,548	11,160	6,100
Other income (loss)	5,476	3,945	14,828	8,842
Total non-interest income	19,446	22,849	65,740	50,356
Non-interest expense
Employee compensation and benefits	(6,603)	(7,034)	(24,666)	(13,580)
Allocated employee compensation and benefits from related party	(175)	(383)	(655)	(926)
Professional fees	(1,630)	(1,193)	(5,128)	(3,031)
Loan servicing expense	(8,226)	(4,334)	(22,013)	(12,797)
Other operating expenses	(6,208)	(5,077)	(18,041)	(16,676)
Total non-interest expense	(22,842)	(18,021)	(70,503)	(47,010)
Income (loss) before provision for income taxes	47,120	36,204	143,084	74,070
Total assets	10,268,015	5,796,326	10,268,015	5,796,326
Operating Segments | Small Business Lending
Segment reporting
Interest income	24,605	28,739	79,866	80,304
Interest expense	(7,097)	(6,511)	(18,703)	(29,698)
Net interest income before recovery of (provision for) loan losses	17,508	22,228	61,163	50,606
Recovery of (provision for) loan losses	(200)	(22)	(1,691)	(461)
Net interest income after recovery of (provision for) loan losses	17,308	22,206	59,472	50,145
Non-interest income
Net realized gains on financial instruments and real estate owned	8,057	14,319	24,262	33,782
Net unrealized gain (loss) on financial instruments	(509)	74	(942)	3,055
Servicing income, net	1,991	1,497	8,042	12,966
Income on purchased future receivables, net	1,162	2,838	5,490	7,934
Other income (loss)	10,641	1,696	15,462	(3,454)
Total non-interest income	21,342	20,424	52,314	54,283
Non-interest expense
Employee compensation and benefits	(12,329)	(10,716)	(32,064)	(26,097)
Professional fees	(1,426)	(582)	(4,513)	(1,930)
Loan servicing expense	(103)	(426)	(531)
Loan servicing expense				(468)
Other operating expenses	(5,482)	(4,139)	(13,583)	(19,209)
Total non-interest expense	(19,340)	(15,863)	(50,691)	(47,704)
Income (loss) before provision for income taxes	19,310	26,767	61,095	56,724
Total assets	930,577	2,462,862	930,577	2,462,862
Operating Segments | Residential Mortgage Banking
Segment reporting
Interest income	2,114	2,213	6,159	6,291
Interest expense	(2,479)	(2,374)	(6,663)	(6,997)
Net interest income before recovery of (provision for) loan losses	(365)	(161)	(504)	(706)
Net interest income after recovery of (provision for) loan losses	(365)	(161)	(504)	(706)
Non-interest income
Residential mortgage banking activities	12,053	37,270	23,424	115,369
Net unrealized gain (loss) on financial instruments	16,647	147	49,230	10,804
Servicing income, net	9,007	7,748	25,698	22,320
Other income (loss)	15	31	60	84
Total non-interest income	37,722	45,196	98,412	148,577
Non-interest expense
Employee compensation and benefits	(5,274)	(5,399)	(19,714)	(29,114)
Variable income (expenses) on residential mortgage banking activities	(9,061)	(24,380)	(5,508)	(61,286)
Professional fees	(138)	(1,534)	(619)	(1,929)
Loan servicing expense	(2,368)	(3,364)	(7,369)	(7,814)
Other operating expenses	(2,034)	(1,908)	(6,233)	(6,325)
Total non-interest expense	(18,875)	(36,585)	(39,443)	(106,468)
Income (loss) before provision for income taxes	18,482	8,450	58,465	41,403
Total assets	459,058	570,236	459,058	570,236
Corporate
Segment reporting
Interest expense	(359)		(635)	(2,009)
Net interest income before recovery of (provision for) loan losses	(359)		(635)	(2,009)
Net interest income after recovery of (provision for) loan losses	(359)		(635)	(2,009)
Non-interest income
Other income (loss)	18	2	635	85
Total non-interest income	18	2	635	85
Non-interest expense
Employee compensation and benefits	(1,735)	(1,388)	(3,554)	(2,793)
Allocated employee compensation and benefits from related party	(1,570)	(3,421)	(5,894)	(8,300)
Professional fees	(671)	(3,591)	(2,582)	(5,864)
Management fees - related party	(5,410)	(2,742)	(14,071)	(8,061)
Incentive fees - related party	(949)	(2,775)	(949)	(3,061)
Transaction related expenses	(1,535)	(2,629)	(8,606)	(10,202)
Other operating expenses	(1,672)	(1,802)	(4,564)	(3,390)
Total non-interest expense	(13,542)	(18,348)	(40,220)	(41,671)
Income (loss) before provision for income taxes	(13,883)	(18,346)	(40,220)	(43,595)
Total assets	$ 200,561	$ 434,974	$ 200,561	$ 434,974

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended
	Oct. 19, 2022	Oct. 31, 2022	Sep. 30, 2022	Jan. 14, 2022	Dec. 31, 2021
Subsequent Event
Common stock, par value			$ 0.0001	$ 0.0001	$ 0.0001
Subsequent event
Subsequent Event
Common shares repurchased		3.6
Common stock, par value		$ 0.0001
Average price per share of shares repurchased		$ 10.34
Securitization of floating rate loans	$ 860.1
Senior bonds sold	$ 656.9
Subsequent event | SOFR
Subsequent Event
Pricing, spread on variable (as a percent)	3%