Ready Capital (RC) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
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		172,124,669
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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
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, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 181,913
Restricted cash	36,576
Loans, net (including $9,221 and $9,786 held at fair value)	4,151,923	$ 3,576,310
Loans, held-for-sale, at fair value	184,989	258,377
Paycheck Protection Program loans (including $168 and $576 held at fair value)	58,145	186,985
Mortgage backed securities, at fair value	33,339	32,041
Loans eligible for repurchase from Ginnie Mae	72,401	66,193
Investment in unconsolidated joint ventures (including $7,547 and $8,094 held at fair value)	136,113	118,641
Derivative instruments	8,620	12,963
Servicing rights (including $207,495 and $192,203 held at fair value)	307,779	279,320
Real estate owned, held for sale	281,941	117,098
Other assets	265,428	201,321
Total Assets	12,799,433	11,620,977
Liabilities
Secured borrowings	2,385,070	2,846,293
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	76,333	201,011
Convertible notes, net		114,397
Senior secured notes, net	344,684	343,355
Corporate debt, net	763,828	662,665
Guaranteed loan financing	886,916	264,889
Contingent consideration	13,408	28,500
Liabilities for loans eligible for repurchase from Ginnie Mae	72,401	66,193
Derivative instruments		1,586
Dividends payable	64,777	47,177
Loan participations sold	57,465	54,641
Due to third parties	2,436	11,805
Accounts payable and other accrued liabilities	168,298	176,520
Total Liabilities	10,099,653	9,722,382
Preferred stock Series C liquidation preference, $25.00 per share (refer to Note 20)	8,361	8,361
Commitments and contingencies (refer to Note 24)
Stockholders' Equity
Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 20)	111,378	111,378
Common stock, $0.0001 par value, 500,000,000 shares authorized, 172,023,871 and 110,523,641 shares issued and outstanding, respectively	17	11
Additional paid-in capital	2,318,109	1,684,074
Retained earnings	168,539	4,994
Accumulated other comprehensive loss	(5,928)	(9,369)
Total Ready Capital Corporation equity	2,592,115	1,791,088
Non-controlling interests	99,304	99,146
Total Stockholders' Equity	2,691,419	1,890,234
Total Liabilities, Redeemable Preferred Stock, and Stockholders' Equity	12,799,433	11,620,977
Consolidated Excluding VIEs
Assets
Cash and cash equivalents	181,913	163,041
Restricted cash	36,576	55,927
Loans, net (including $9,221 and $9,786 held at fair value)	4,151,923	3,576,310
Other assets	265,428	201,321
Liabilities
Secured borrowings	2,385,070	2,846,293
Consolidated VIEs
Assets
Assets of consolidated VIEs	7,080,266	6,552,760
Liabilities
Secured borrowings	$ 5,264,037	$ 4,903,350

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Parenthetical information
Loans, net, held at fair value	$ 9,221	$ 9,786
Paycheck Protection Program loans, held at fair value	168	576
Investment in unconsolidated joint ventures, held at fair value	7,547	8,094
Servicing rights held at fair value	$ 207,495	$ 192,203
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	172,023,871	110,523,641
Common stock, outstanding	172,023,871	110,523,641

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income	$ 250,590	$ 186,026	$ 701,047	$ 464,102
Interest expense	(191,612)	(115,495)	(524,540)	(257,339)
Net interest income before recovery of (provision for) loan losses	58,978	70,531	176,507	206,763
Recovery of (provision for) loan losses	12,151	(3,431)	(542)	(583)
Net interest income after recovery of (provision for) loan losses	71,129	67,100	175,965	206,180
Non-interest income
Residential mortgage banking activities	7,059	12,053	26,112	23,424
Net realized gain (loss) on financial instruments and real estate owned	14,402	21,117	49,855	50,238
Net unrealized gain (loss) on financial instruments	17,684	16,460	13,363	58,522
Servicing income, net of amortization and impairment of $324 and $4,495 for the three and nine months ended September 30, 2023, and $4,123 and $13,128 for the three and nine months ended September 30, 2022, respectively	16,033	12,189	44,468	37,282
Income on purchased future receivables, net of allowance for (recovery of) credit losses of $2,658 and $6,890 for the three and nine months ended September 30, 2023, and $(941) and $(1,381) for the three and nine months ended September 30, 2022, respectively	904	1,162	1,530	5,490
Gain (loss) on bargain purchase	(14,862)		215,032
Income (loss) on unconsolidated joint ventures	56	(603)	745	11,160
Other income	18,315	16,150	56,767	30,985
Total non-interest income	59,591	78,528	407,872	217,101
Non-interest expense
Variable expenses on residential mortgage banking activities	(4,091)	(9,061)	(16,150)	(5,508)
Professional fees	(7,810)	(3,865)	(19,183)	(12,842)
Loan servicing expense	(15,818)	(10,697)	(38,896)	(29,913)
Transaction related expenses	(2,329)	(1,535)	(17,188)	(8,606)
Other operating expenses	(14,368)	(15,396)	(39,927)	(42,421)
Total non-interest expense	(79,514)	(74,599)	(236,748)	(200,857)
Income before provision for income taxes	51,206	71,029	347,089	222,424
Income tax provision	(4,027)	(4,776)	(9,559)	(32,943)
Net income	47,179	66,253	337,530	189,481
Less: Dividends on preferred stock	1,999	1,999	5,998	5,997
Less: Net income attributable to non-controlling interest	1,517	3,023	7,842	6,672
Net income attributable to Ready Capital Corporation	$ 43,663	$ 61,231	$ 323,690	$ 176,812
Earnings per basic common share
Earnings per common share - basic	$ 0.25	$ 0.53	$ 2.33	$ 1.66
Earnings per diluted common share
Earnings per common share - diluted	$ 0.25	$ 0.50	$ 2.30	$ 1.56
Weighted-average shares outstanding
Basic	171,973,933	114,371,160	138,323,878	105,576,826
Diluted	174,440,869	125,666,609	140,628,545	116,865,770
Dividends declared per share of common stock	$ 0.36	$ 0.42	$ 1.16	$ 1.26
Nonrelated party
Non-interest expense
Employee compensation and benefits	$ (24,868)	$ (25,941)	$ (77,716)	$ (79,998)
Related Party
Non-interest expense
Employee compensation and benefits	(3,001)	(1,745)	(7,827)	(6,549)
Management fees - related party	$ (7,229)	(5,410)	(18,070)	(14,071)
Incentive fees - related party		$ (949)	$ (1,791)	$ (949)

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF INCOME
Servicing income, amortization and impairment	$ 324	$ 4,123	$ 4,495	$ 13,128
Income on purchased future receivable, allowance for (recovery of) doubtful accounts	$ 2,658	$ (941)	$ 6,890	$ (1,381)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 47,179	$ 66,253	$ 337,530	$ 189,481
Other comprehensive income (loss) - net change by component
Net change in hedging derivatives (cash flow hedges)	4,626	323	3,314	887
Foreign currency translation	(1,239)	(2,035)	213	298
Other comprehensive income (loss)	3,387	(1,712)	3,527	1,185
Comprehensive income	50,566	64,541	341,057	190,666
Comprehensive income attributable to non-controlling interests	1,544	2,998	7,866	6,680
Comprehensive income attributable to Ready Capital Corporation	$ 49,022	$ 61,543	$ 333,191	$ 183,986

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total Ready Capital Corporation Equity	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, 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
OP units issued pursuant to merger transaction							20,745	20,745
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 (shares)			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)
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	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	(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
Balance at beginning of period at Dec. 31, 2022	1,791,088	$ 111,378	$ 11	1,684,074	4,994	(9,369)	99,146	1,890,234
Balance at beginning of period (in shares) at Dec. 31, 2022		4,600,000	110,523,641
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock	(160,145)				(160,145)			(160,145)
Dividend declared on OP units							(1,770)	(1,770)
Dividend declared on Series C preferred shares	(393)				(393)			(393)
Dividend declared on Series E preferred shares	(5,605)				(5,605)			(5,605)
Shares issued pursuant to merger transactions	637,229		$ 6	637,223				637,229
Shares issued pursuant merger to merger transactions (shares)			62,229,429
Equity issuances	125			125				125
Offering costs	(127)			(127)			(2)	(129)
Distributions, net	(6)			(6)			(163)	(169)
Distributions, net (in shares)			(503)
Equity component of 2017 convertible note issuance	(191)			(191)			(3)	(194)
Stock-based compensation	12,251			12,251				12,251
Stock-based compensation (shares)			1,038,820
Conversion of OP units into common stock	1,821			1,821			(1,821)	0
Conversion of OP units into common stock (shares)			163,401
Share repurchases	(21,072)			(21,072)				(21,072)
Share repurchases (shares)			(1,930,917)
Reallocation of noncontrolling interest	3,949			4,011		(62)	(3,949)
Net income	329,688				329,688		7,842	337,530
Other comprehensive income	3,503					3,503	24	3,527
Balance at end of period at Sep. 30, 2023	2,592,115	$ 111,378	$ 17	2,318,109	168,539	(5,928)	99,304	2,691,419
Balance at end of period (in shares) at Sep. 30, 2023		4,600,000	172,023,871
Balance at beginning of period at Jun. 30, 2023	2,603,102	$ 111,378	$ 17	2,313,849	187,139	(9,281)	99,960	2,703,062
Balance at beginning of period (in shares) at Jun. 30, 2023		4,600,000	171,651,924
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock	(62,263)				(62,263)			(62,263)
Dividend declared on OP units							(515)	(515)
Dividend declared on Series C preferred shares	(131)				(131)			(131)
Dividend declared on Series E preferred shares	(1,868)				(1,868)			(1,868)
Distributions, net	(6)			(6)			(63)	(69)
Distributions, net (in shares)			(503)
Stock-based compensation	3,615			3,615				3,615
Stock-based compensation (shares)			349,033
Conversion of OP units into common stock	1,254			1,254			(1,254)
Conversion of OP units into common stock (shares)			110,659
Share repurchases	(978)			(978)				(978)
Share repurchases (shares)			(87,242)
Reallocation of noncontrolling interest	368			375		(7)	(368)
Net income	45,662				45,662		1,517	47,179
Other comprehensive income	3,360					3,360	27	3,387
Balance at end of period at Sep. 30, 2023	$ 2,592,115	$ 111,378	$ 17	$ 2,318,109	$ 168,539	$ (5,928)	$ 99,304	$ 2,691,419
Balance at end of period (in shares) at Sep. 30, 2023		4,600,000	172,023,871

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Dividends declared per share of common stock	$ 0.36	$ 0.42	$ 1.16	$ 1.26
Series C Preferred Stock
Dividends declared per share of preferred stock	0.390625	0.390625	1.171875	1.171875
Series E Preferred Stock
Dividends declared per share of preferred stock	$ 0.406250	$ 0.406250	$ 1.218750	$ 1.218750

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Cash Flows From Operating Activities:
Net income	$ 337,530	$ 189,481
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums, discounts, and debt issuance costs, net	43,471	(17,733)
Stock-based compensation	6,189	6,150
Provision for loan losses	542	583
Impairment loss on real estate, held for sale	5,287	2,667
Repair and denial reserve	(3,042)	(7,264)
Provision for loan losses on purchased future receivables	6,890	1,381
Net income of unconsolidated joint ventures, net of distributions	862	(11,477)
Realized (gains) losses, net	(67,604)	(61,102)
Unrealized (gains) losses, net	(10,301)	(60,408)
Loans, held for sale, at fair value	48,745	132,671
Gain on bargain purchase	(215,032)
Changes in operating assets and liabilities:
Purchased future receivables, net	(14,592)	(2,102)
Derivative instruments	22,809	54,264
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	(18,426)	(15,534)
Receivable from third parties	(12,208)	(12,660)
Other assets	(27,918)	(2,461)
Accounts payable and other accrued liabilities	(22,421)	(54,300)
Net cash provided by operating activities	80,781	142,156
Cash Flows From Investing Activities:
Origination of loans	(868,849)	(2,909,148)
Purchase of loans	(1,725)	(675,198)
Proceeds from disposition and principal payment of loans	1,271,875	1,152,337
Proceeds from disposition and principal payment of Paycheck Protection Program loans	136,573	641,370
Funding of investments held to maturity	(140)	(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
Funding of real estate, held for sale	(7,808)	(4,951)
Proceeds from sale of real estate, held for sale	47,881	7,008
Investment in unconsolidated joint ventures	(25,138)	(122,221)
Proceeds from sale of investment in joint ventures		125,715
Distributions in excess of cumulative earnings from unconsolidated joint ventures	6,804	29,859
Payment of liability under participation agreements, net of proceeds received	(7,922)	(19,552)
Net cash provided by business acquisitions	38,710	123,566
Sale of subsidiary		33
Net cash provided by (used for) investing activities	590,261	(1,583,478)
Cash Flows From Financing Activities:
Proceeds from secured borrowings	4,980,177	8,434,576
Repayment of secured borrowings	(5,444,544)	(7,664,522)
Repayment of Paycheck Protection Program Liquidity Facility borrowings	(124,678)	(635,708)
Proceeds from issuance of securitized debt obligations of consolidated VIEs	1,120,815	1,735,343
Repayment of securitized debt obligations of consolidated VIEs	(770,555)	(501,066)
Proceeds from corporate debt		220,146
Repayment of convertible note	(115,000)
Repayment of guaranteed loan financing	(92,333)	(86,046)
Payment of deferred financing costs	(29,404)	(27,966)
Payment of contingent consideration	(9,000)	(9,000)
Proceeds from issuance of equity, net of issuance costs	108	123,490
Common stock repurchased	(18,108)	(3,820)
Settlement of share-based awards in satisfaction of withholding tax requirements	(3,076)	(1,294)
Dividend payments	(150,313)	(136,696)
Distributions to non-controlling interests, net	(169)	(10,145)
Net cash provided by (used for) financing activities	(656,080)	1,437,292
Net increase (decrease) in cash, cash equivalents, and restricted cash	14,962	(4,030)
Cash, cash equivalents, and restricted cash beginning balance	297,027	323,328
Cash, cash equivalents, and restricted cash ending balance	311,989	319,298
Supplemental disclosures:
Cash paid for interest	472,044	218,627
Cash paid for income taxes	535	27,137
Supplemental disclosure: Non-cash investing activities
Loans transferred from loans, held for sale, at fair value to loans, net	64,524	4,003
Loans transferred from loans, net to loans, held for sale, at fair value	4,138	3,255
Consolidation of assets in securitization trusts	689,079
Loans transferred to real estate owned, held for sale	56,711	1,532
Contingent consideration in connection with acquisitions		25,000
Supplemental disclosure: Non-cash financing activities
Shares and OP units issued in connection with merger transactions	637,229	458,056
Retirement of OP units		1,500
Consolidation of borrowings in securitization trusts	689,079
Conversion of OP units into common stock	$ 1,821	$ 1,500

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Cash, cash equivalents, and restricted cash reconciliation
Cash and cash equivalents	$ 181,913	$ 208,037
Restricted cash	36,576	57,675
Cash, cash equivalents, and restricted cash in assets of consolidated VIEs	93,500	53,586
Cash, cash equivalents, and restricted cash ending balance	$ 311,989	$ 319,298

Organization

Organization	9 Months Ended
	Sep. 30, 2023
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, 2023 and December 31, 2022, the Company owned approximately 99.2% and 98.6% 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 Broadmark. At the effective time of the Broadmark Merger (the “Effective Time”), each share of common stock, par value $0.001 per share, of Broadmark (the “Broadmark Common Stock”) issued and outstanding immediately prior to the Effective Time (excluding any shares held by the Company, RCC Merger Sub or any of their respective subsidiaries) was automatically cancelled and converted into the right to receive from the Company 0.47233 (the “Exchange Ratio”) shares of its common stock, par value $0.0001 (“Common Stock”). No fractional shares of Common Stock were issued in the Broadmark Merger, and the value of any fractional interests to which a former holder of Broadmark common stock was otherwise entitled was paid in cash. In addition, RCC Merger Sub assumed Broadmark’s outstanding senior unsecured notes. Each award of performance restricted stock units (each a “Broadmark Performance RSU Award”) granted by Broadmark under its 2019 Stock Incentive Plan (the “Broadmark Equity Plan”), as of the Effective Time, was automatically cancelled in exchange for the right to receive a number of shares of Common Stock equal to the product of (i) the number of shares of Broadmark Common Stock subject to such Broadmark Performance RSU Award based on the achievement of the applicable performance metric measured as of immediately prior to the Effective Time and (ii) the Exchange Ratio (rounded to the nearest whole share). Each award of restricted stock units that was not a Broadmark Performance RSU Award granted pursuant to the Broadmark Equity Plan (each a “Broadmark RSU Award”) was assumed by the Company and converted into an award of restricted stock units with respect to a number of shares of Common Stock, equal to the product of (i) the total number of shares of Broadmark Common Stock subject to such Broadmark RSU Award as of immediately prior to the Effective Time and (ii) the Exchange Ratio (rounded to the nearest whole share), on the same terms and conditions as were applicable to such Broadmark RSU Award as of immediately prior to the Effective Time. ​ Each holder of a warrant (whether designated as public warrants, private warrants or otherwise) representing the right to purchase shares of Broadmark Common Stock (each a “Broadmark Warrant”) had the right to exercise such Broadmark Warrant at any time prior to the Effective Time in exchange for Broadmark Common Stock, in accordance with, and subject to, the terms and conditions of the agreement governing such Broadmark Warrant. Following the Effective Time, each Broadmark Warrant that was outstanding as of the Effective Time was assumed by the Company and entitles each holder thereof to receive, upon exercise of such assumed Broadmark Warrant, a number of shares of Common Stock equal to the product of (i) the total number of shares of Broadmark Common Stock that such holder would have been entitled to receive had such holder exercised such Broadmark Warrant immediately prior to the Effective Time and (ii) the Exchange Ratio. The per share price under each Broadmark Warrant was adjusted by dividing the per share purchase price under such Broadmark Warrant as of immediately prior to the Effective Time by the Exchange Ratio and rounding down to the nearest cent. As a result of the Broadmark Merger, the number of directors on the Company's board of directors (the “Board”) increased by three members, from nine to twelve, with the three additional directors each having served on the board of directors of Broadmark immediately prior to the Effective Time. The Broadmark Merger further diversified our business by expanding our residential and commercial construction lending platforms. Refer to Note 5 for assets acquired and liabilities assumed in the Broadmark Merger. ​ 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, pursuant to a Board resolution, 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 Mosaic Mergers. ​ 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, 2023
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, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022, 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 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 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, 2022, as filed with the SEC.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 the Company is 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. 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. ​ The Company utilizes loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its loan portfolio. The Current Expected Credit Loss (“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. ​ Loan modifications made to borrowers experiencing financial difficulty. ​ 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 19. The Company has elected the fair value option for the loans originated by the Company for the first round of the program. Interest is recognized in the consolidated statements of income as interest income when earned and deemed collectible. Although PPP includes a 100% guarantee from the federal government and principal forgiveness for borrowers if the funds were used for defined purposes, changes in fair value are recurring and are reported as net unrealized gains (losses) on financial instruments in the consolidated statements of income. ​ The Company’s loan originations in the second round of the program are accounted for as loans, held-for-investment under ASC 310. Loan origination fees and related direct loan origination costs are capitalized into the initial recorded investment in the loan and are deferred over the loan term. The Company recognizes the difference between the initial recorded investment and the principal amount of the loan as interest income using the effective yield method. The effective yield is determined based on the payment terms required by the loan contract as well as with actual and expected prepayments from loan forgiveness by the federal government. ​ Mortgage-backed securities, at fair value The Company accounts for MBS as trading securities and carries them at fair value under ASC 320, Investments-Debt and Equity Securities . ​ MBS are recorded at fair value as determined by market prices provided by independent broker dealers or other independent valuation service providers. The fair values assigned to these investments are based upon available information and may not reflect amounts that may be realized. 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 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. ​ 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. Cash flow hedges are used to hedge the exposure to the variability in cash flows from forecasted transactions, including the anticipated issuance of securitized debt obligations. ASC 815 requires that a forecasted transaction be identified as either: 1) a single transaction, or 2) a group of individual transactions that share the same risk exposures for which they are designated as being hedged. Hedges of forecasted transactions are considered cash flow hedges since the price is not fixed, hence involve variability of cash flows. ​ ​ For qualifying cash flow hedges, the change in the fair value of the derivative (the hedging instrument) is recorded in other comprehensive income (loss) (“OCI”) and is reclassified out of OCI and into the consolidated statements of income when the hedged cash flows affect earnings. These amounts are recognized consistent with the classification of the hedged item, primarily interest expense (for hedges of interest rate risk). If the hedge relationship is terminated, then the value of the derivative recorded in accumulated other comprehensive income (loss) (“AOCI”) is recognized in earnings when the cash flows that were hedged affect earnings, so long as the forecasted transaction remains probable of occurring. ​ Hedge accounting is generally terminated at the debt issuance date because the Company is 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. Such securities are accounted for at amortized cost and reviewed on a quarterly basis to determine if an allowance for credit losses should be recorded in the consolidated statements of income. ​ Purchased future receivables 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 CECL method the Company utilizes is an aging schedule where estimating expected life-time credit losses is determined on the basis of how long a receivable has been outstanding. Where there is doubt regarding the ultimate collectability, the allowance for credit losses increases through provisions recorded in the consolidated statements of income and reduced by charge-offs, net of recoveries. Purchased future receivables that have been delinquent for 90 days or more are considered uncollectible and subsequently charged off. While the Company has a formal methodology to determine the adequate and appropriate level of the allowance for credit losses, estimates involve judgment and assumptions as to various factors, including current economic conditions and inherent risk in the portfolio. 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. ​ Intangible assets The Company accounts for intangible assets under ASC 350, Intangibles- Goodwill and Other Software- costs of software to be sold, leased, or marketed. ​ 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, which permits a qualitative assessment of whether it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value, including goodwill, or the Company chooses not to perform the qualitative assessment, then the Company compares the fair value of that reporting unit with its carrying value, including goodwill, in a quantitative assessment. If the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss measured as the excess of the reporting unit’s carrying value, including goodwill, over its fair value. The estimated fair value of the reporting unit is derived based on valuation techniques the Company believes market participants would use for each of the reporting units. ​ The qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual and projected financial performance of the reporting unit, macroeconomic conditions, industry and market conditions and relevant entity specific events in determining whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. In the third quarter of 2023, as a result of the qualitative assessment, the Company determined that it was more likely than not that the estimated fair value of each of the reporting units exceeded its respective estimated carrying value. Therefore, goodwill for each reporting unit was not impaired and a quantitative test was not required. ​ Deferred financing costs Costs incurred in connection with 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. ​ 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 received advances from the Federal Reserve through the PPPLF. The Company accounts for borrowings under the PPPLF under ASC 470. Interest paid and accrued in connection with PPPLF is recorded as interest expense in the consolidated statements of income. ​ 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. Securitization involves transferring assets to a special purpose entity or securitization trust, which typically qualifies as a VIE. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The consolidation of the VIE includes the VIE’s issuance of senior securities to third parties, which are shown as securitized debt obligations of consolidated VIEs in the consolidated balance sheets. ​ Debt issuance costs related to securitizations are presented as a direct deduction from the carrying value of the related debt liability. Debt issuance costs are amortized using the effective interest method and are included in interest expense in the consolidated statements of income. ​ Convertible note, net ASC 470 requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. ASC 470-20 requires that the initial proceeds from the sale of these notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. The Company measured the estimated fair value of the debt component of its convertible notes as of the issuance date based on its nonconvertible debt borrowing rate. The equity components of the convertible senior notes have been reflected within additional paid-in capital in the Company’s consolidated balance sheet, and the resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. ​ Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in 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. On August 15, 2023, the Company’s outstanding 7.00% convertible senior notes due 2023 (“Convertible Notes”) were repaid in full. ​ Senior secured notes, net The Company accounts for secured debt offerings under ASC 470 . ​ Corporate debt, net The Company accounts for corporate debt offerings under ASC 470. The Company’s corporate debt is presented net of debt issuance costs. Interest paid and accrued in connection with corporate debt is recorded as interest expense in the consolidated statements of income. ​ Guaranteed loan financing Certain partial loan sales do not qualify for sale accounting under ASC 860 because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment in the consolidated balance sheets and the proceeds from the portion sold is recorded as guaranteed loan financing in the liabilities section of the consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan balance is recorded as interest income and the interest earned by the buyer in the partial loan sale is recorded within interest expense in the accompanying consolidated statements of income. ​ Contingent consideration 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 third parties, including operating partnership units issued to satisfy a portion of the purchase price in connection with the Mosaic Mergers. In addition, the Company has non-controlling interests from investments in consolidated joint ventures whereby, net income or loss is generally bas

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2023
Recent Accounting Pronouncements
Recent Accounting Pronouncements	​ ​ Note 4. Recent accounting pronouncements ​ ASU 2023-05, Business Combinations- Joint Venture Formations (Topic 805): Recognition and Initial Measurement Issued August 2023 ​ This ASU applies to the formation of a “joint venture” or a “corporate joint venture” and requires a joint venture to initially measure all contributions received upon its formation at fair value and is applicable to joint venture entities with a formation date on or after January 1, 2025 on a prospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. ​ ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement-Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation-Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120 (“SAB No. 120”), SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280-General Revision of Regulation S-X: Income or Loss Applicable to Common Stock Issued July 2023 ​ This ASU amends various paragraphs in the FASB ASC to reflect the issuance of SAB No. 120, which provides guidance regarding the estimation of the fair value of share-based payment transactions when a company is in possession of material non-public information. ASU 2023-03 was effective upon addition to the FASB ASC. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ​ 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 ASU became effective for the Company in January 2023. The Company adopted the ASU under a prospective approach. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. ​ ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued March 2020 ​ This ASU 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. 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 using a prospective application on all eligible contract modifications. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this update defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which relief will no longer be permitted. The Company has utilized the optional expedients as part of ASU 2020-04 for its hedge accounting practices and accounts for applicable modified contracts that incorporate alternative benchmarks as they are not substantially different. ​

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2023
Business Combinations
Business Combinations	​ ​ Note 5. Business Combinations ​ On May 31, 2023, the Company completed a merger with Broadmark, a specialty real estate finance company that specialized in originating and servicing residential and commercial construction loans. See Note 1 for more information about the Broadmark 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 Broadmark Merger. ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Preliminary Purchase Price Allocation ​ Measurement Period Adjustments ​ Updated Purchase Price Allocation Assets ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 38,710 $ — $ 38,710 Loans, net ​ 772,954 (8,587) 764,367 Real estate owned, held for sale ​ 158,911 (5,091) 153,820 Other assets ​ 17,107 (349) 16,758 Total assets acquired ​ $ 987,682 $ (14,027) $ 973,655 Liabilities ​ ​ ​ ​ ​ ​ ​ Corporate debt, net ​ ​ 98,028 ​ — ​ 98,028 Accounts payable and other accrued liabilities ​ ​ 22,531 ​ 835 ​ 23,366 Total liabilities assumed ​ $ 120,559 $ 835 $ 121,394 Net assets acquired ​ $ 867,123 $ (14,862) $ 852,261 ​ 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 merger date. Because the measurement period is still open for the Broadmark Merger, certain fair value estimates may change once all information necessary to make a final fair value assessment has been received. The amounts presented in the table above pertained to the preliminary purchase price allocation reported at the time of the Broadmark Merger 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. Subsequent to the determination of the preliminary purchase price allocation, the Company recorded a measurement period adjustment based on the updated valuations obtained by decreasing net assets acquired and the bargain purchase gain by $14.9 million. ​ The table below illustrates the aggregate consideration transferred, net assets acquired, and the related bargain purchase gain. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Preliminary Purchase Price Allocation ​ Measurement Period Adjustments ​ Updated Purchase Price Allocation Fair value of net assets acquired $ 867,123 $ (14,862) $ 852,261 Consideration transferred based on the value of common stock issued ​ 637,229 ​ — ​ 637,229 Bargain purchase gain $ 229,894 $ (14,862) $ 215,032 ​ In the table above, the bargain purchase gain represents the fair value of the assets acquired and liabilities assumed in the Broadmark Merger which exceeds the fair value of the 62.2 million shares of common stock issued at $10.24 per share at the Effective Time. Gain on bargain purchase is recognized in the consolidated statements of income. ​ 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 Mosaic Mergers. ​ ​ ​ ​ ​ (in thousands) March 16, 2022 Assets ​ ​ ​ Cash and cash equivalents ​ $ 100,236 Restricted cash ​ 23,330 Loans, net ​ 412,745 Investments held to maturity ​ 161,567 Real estate owned, held for sale ​ 44,748 Other assets ​ 20,664 Total assets acquired ​ $ 763,290 Liabilities ​ ​ ​ Secured borrowings ​ ​ 66,202 Loan participations sold ​ ​ 73,656 Due to third parties ​ ​ 24,301 Accounts payable and other accrued liabilities ​ ​ 38,781 Total liabilities assumed ​ $ 202,940 Net assets acquired ​ $ 560,350 Non-controlling interests ​ ​ (82,524) Net assets acquired, net of non-controlling interests ​ $ 477,826 ​ The table below illustrates the aggregate consideration transferred, net assets acquired, and the related goodwill. ​ ​ ​ ​ (in thousands) March 16, 2022 Fair value of net assets acquired $ 477,826 ​ ​ ​ Consideration transferred based on the value of Class B shares 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 ​ ​ ​ Goodwill $ (5,230) ​ The table above includes contingent consideration in the form of CERs valued at approximately $25.0 million or $0.83 per CER. As of September 30, 2023, the CERs were valued at approximately $13.4 million or $0.44 per CER. See Note 7 for more information about the valuation of the CERs. As of September 30, 2023, the goodwill recorded in connection with the Mosaic Mergers has 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 Broadmark Merger had occurred on January 1, 2023 and January 1, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, (in thousands) ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Selected Financial Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 250,590 ​ $ 213,154 ​ $ 740,125 ​ $ 549,619 Interest expense ​ ​ (191,612) ​ ​ (117,737) ​ ​ (529,311) ​ ​ (263,816) Recovery of (provision for) loan losses ​ ​ 12,151 ​ ​ (15,719) ​ ​ (5,176) ​ ​ (17,312) Non-interest income ​ ​ 59,591 ​ ​ 78,968 ​ ​ 409,485 ​ ​ 218,678 Non-interest expense ​ ​ (77,251) ​ ​ (82,764) ​ ​ (239,978) ​ ​ (197,811) Income before provision for income taxes ​ $ 53,469 ​ $ 75,902 ​ $ 375,145 ​ $ 289,358 Income tax expense ​ ​ (4,027) ​ ​ (4,776) ​ ​ (9,559) ​ ​ (32,943) Net income ​ $ 49,442 ​ $ 71,126 ​ $ 365,586 ​ $ 256,415 ​ Non-recurring pro-forma transaction costs directly attributable to the Broadmark Merger were $2.3 million and $30.3 million for the three and nine months ended September 30, 2023 and 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 Broadmark Merger.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2023
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, Construction, or Freddie Mac classifications 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, 2023 ​ ​ December 31, 2022 (in thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 1,527,335 ​ $ 1,533,962 ​ ​ $ 2,236,333 ​ $ 2,247,173 Fixed rate ​ ​ 247,507 ​ ​ 241,905 ​ ​ ​ 182,415 ​ ​ 175,285 Construction ​ ​ 1,224,777 ​ ​ 1,228,654 ​ ​ ​ 445,814 ​ ​ 448,923 Freddie Mac ​ ​ 9,934 ​ ​ 9,826 ​ ​ ​ 10,040 ​ ​ 9,932 SBA - 7(a) ​ ​ 1,007,451 ​ ​ 1,015,099 ​ ​ ​ 491,532 ​ ​ 509,672 Residential ​ ​ 1,672 ​ ​ 1,672 ​ ​ ​ 4,511 ​ ​ 4,511 Other ​ ​ 207,394 ​ ​ 209,947 ​ ​ ​ 266,702 ​ ​ 270,748 Total Loans, before allowance for loan losses ​ $ 4,226,070 ​ $ 4,241,065 ​ ​ $ 3,637,347 ​ $ 3,666,244 Allowance for loan losses ​ $ (74,147) ​ $ — ​ ​ $ (61,037) ​ $ — Total Loans, net ​ $ 4,151,923 ​ $ 4,241,065 ​ ​ $ 3,576,310 ​ $ 3,666,244 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 5,536,226 ​ $ 5,558,814 ​ ​ $ 5,098,539 ​ $ 5,134,790 Fixed rate ​ ​ 804,303 ​ ​ 804,880 ​ ​ ​ 856,345 ​ ​ 856,914 SBA - 7(a) ​ ​ 223,046 ​ ​ 237,883 ​ ​ ​ 64,226 ​ ​ 70,904 Other ​ ​ 267,186 ​ ​ 267,939 ​ ​ ​ 322,070 ​ ​ 322,975 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 6,830,761 ​ $ 6,869,516 ​ ​ $ 6,341,180 ​ $ 6,385,583 Allowance for loan losses on loans in consolidated VIEs ​ $ (26,261) ​ $ — ​ ​ $ (29,482) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 6,804,500 ​ $ 6,869,516 ​ ​ $ 6,311,698 ​ $ 6,385,583 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ — ​ $ — ​ ​ $ 60,551 ​ $ 68,280 Freddie Mac ​ ​ 24,488 ​ ​ 24,213 ​ ​ ​ 13,791 ​ ​ 13,611 SBA - 7(a) ​ ​ 45,590 ​ ​ 42,880 ​ ​ ​ 44,037 ​ ​ 41,674 Residential ​ ​ 110,334 ​ ​ 110,760 ​ ​ ​ 134,642 ​ ​ 133,635 Other ​ ​ 4,577 ​ ​ 4,408 ​ ​ ​ 5,356 ​ ​ 4,414 Total Loans, held for sale, at fair value ​ $ 184,989 ​ $ 182,261 ​ ​ $ 258,377 ​ $ 261,614 Total Loans, net and Loans, held for sale, at fair value ​ $ 11,141,412 ​ $ 11,292,842 ​ ​ $ 10,146,385 ​ $ 10,313,441 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 57,977 ​ $ 60,056 ​ ​ $ 186,409 ​ $ 196,222 Paycheck Protection Program loans, held at fair value ​ ​ 168 ​ ​ 168 ​ ​ ​ 576 ​ ​ 576 Total Paycheck Protection Program loans ​ $ 58,145 ​ $ 60,224 ​ ​ $ 186,985 ​ $ 196,798 Total Loan portfolio ​ $ 11,199,557 ​ $ 11,353,066 ​ ​ $ 10,333,370 ​ $ 10,510,239 ​ 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 $47.0 million, including $26.5 million of PCD loan reserves as of September 30, 2023, and a specific allowance for loan losses of $32.8 million, including $16.0 million of PCD loan reserves, as of December 31, 2022. ​ The tables below summarize the classification, UPB, carrying value and gross write-offs of loans by year of origination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (in thousands) UPB ​ 2023 2022 2021 2020 ​ 2019 Pre 2019 Total September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,092,776 ​ $ 308,785 ​ $ 2,960,346 ​ $ 3,178,923 ​ $ 311,276 ​ $ 176,516 ​ $ 116,209 ​ $ 7,052,055 Fixed rate ​ ​ 1,046,785 ​ ​ 4,008 ​ ​ 110,888 ​ ​ 207,674 ​ ​ 91,111 ​ ​ 324,490 ​ ​ 310,532 ​ ​ 1,048,703 Construction ​ ​ 1,228,654 ​ ​ 85,543 ​ ​ 252,096 ​ ​ 235,427 ​ ​ 73,575 ​ ​ 425,505 ​ ​ 125,923 ​ ​ 1,198,069 Freddie Mac ​ ​ 9,826 ​ ​ — ​ ​ — ​ ​ 3,830 ​ ​ 6,104 ​ ​ — ​ ​ — ​ ​ 9,934 SBA - 7(a) ​ ​ 1,252,982 ​ 119,764 ​ 361,996 ​ 333,016 ​ ​ 116,864 ​ ​ 87,368 ​ 205,934 ​ ​ 1,224,942 Residential ​ ​ 1,672 ​ ​ 342 ​ ​ 967 ​ ​ — ​ ​ — ​ ​ — ​ ​ 363 ​ ​ 1,672 Other ​ ​ 477,886 ​ ​ 1,749 ​ ​ 4,957 ​ ​ 19,740 ​ ​ 8,761 ​ ​ 43,839 ​ ​ 395,384 ​ 474,430 Total Loans, before general allowance for loan losses ​ $ 11,110,581 ​ $ 520,191 ​ $ 3,691,250 ​ $ 3,978,610 ​ $ 607,691 ​ $ 1,057,718 ​ $ 1,154,345 ​ $ 11,009,805 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (53,382) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,956,423 Gross write-offs ​ ​ ​ ​ $ — ​ $ 476 ​ $ 684 ​ $ 258 ​ $ 360 ​ $ 25,681 ​ $ 27,459 ​ UPB ​ 2022 2021 2020 2019 ​ 2018 Pre 2018 Total December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,381,963 ​ $ 2,942,695 ​ $ 3,575,213 ​ $ 355,647 ​ $ 288,957 ​ $ 137,463 ​ $ 27,971 ​ $ 7,327,946 Fixed rate ​ ​ 1,032,199 ​ ​ 96,897 ​ ​ 154,077 ​ ​ 92,080 ​ ​ 343,500 ​ ​ 134,666 ​ ​ 213,406 ​ ​ 1,034,626 Construction ​ ​ 448,923 ​ ​ 27,532 ​ ​ — ​ ​ 10,000 ​ ​ 348,622 ​ ​ 42,651 ​ ​ — ​ ​ 428,805 Freddie Mac ​ ​ 9,932 ​ ​ — ​ ​ 3,891 ​ ​ 6,149 ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,040 SBA - 7(a) ​ ​ 580,576 ​ ​ 110,549 ​ ​ 79,946 ​ ​ 36,853 ​ ​ 77,449 ​ ​ 89,085 ​ ​ 158,378 ​ ​ 552,260 Residential ​ ​ 4,511 ​ ​ 1,719 ​ ​ 725 ​ ​ 361 ​ ​ 422 ​ ​ 678 ​ ​ 606 ​ ​ 4,511 Other ​ ​ 593,723 ​ ​ 5,893 ​ ​ 17,015 ​ ​ 10,393 ​ ​ 74,762 ​ ​ 13,832 ​ ​ 465,635 ​ 587,530 Total Loans, before general allowance for loan losses ​ $ 10,051,827 ​ $ 3,185,285 ​ $ 3,830,867 ​ $ 511,483 ​ $ 1,133,712 ​ $ 418,375 ​ $ 865,996 ​ $ 9,945,718 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (57,710) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,888,008 ​ The tables below present delinquency information on loans, net by year of origination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (in thousands) UPB ​ 2023 2022 2021 2020 ​ 2019 Pre 2019 Total September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 10,317,765 ​ $ 519,827 ​ $ 3,579,868 ​ $ 3,753,811 ​ $ 559,830 ​ $ 921,810 ​ $ 917,366 ​ $ 10,252,512 30 - 59 days past due ​ ​ 237,119 ​ ​ — ​ ​ 79,690 ​ ​ 118,693 ​ ​ 21,228 ​ ​ 1,310 ​ ​ 15,483 ​ ​ 236,404 60+ days past due ​ ​ 555,697 ​ ​ 364 ​ ​ 31,692 ​ ​ 106,106 ​ ​ 26,633 ​ ​ 134,598 ​ ​ 221,496 ​ ​ 520,889 Total Loans, before general allowance for loan losses ​ $ 11,110,581 ​ $ 520,191 ​ $ 3,691,250 ​ $ 3,978,610 ​ $ 607,691 ​ $ 1,057,718 ​ $ 1,154,345 ​ $ 11,009,805 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (53,382) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,956,423 ​ UPB ​ 2022 2021 2020 2019 ​ 2018 Pre 2018 Total December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 9,666,328 ​ $ 3,099,822 ​ $ 3,826,140 ​ $ 501,168 ​ $ 1,061,145 ​ $ 298,208 ​ $ 810,322 ​ $ 9,596,805 30 - 59 days past due ​ ​ 111,992 ​ ​ 85,403 ​ ​ 3,483 ​ ​ 1,634 ​ ​ 6,654 ​ ​ 11,190 ​ ​ 1,948 ​ ​ 110,312 60+ days past due ​ ​ 273,507 ​ ​ 60 ​ ​ 1,244 ​ ​ 8,681 ​ ​ 65,913 ​ ​ 108,977 ​ ​ 53,726 ​ ​ 238,601 Total Loans, before general allowance for loan losses ​ $ 10,051,827 ​ $ 3,185,285 ​ $ 3,830,867 ​ $ 511,483 ​ $ 1,133,712 ​ $ 418,375 ​ $ 865,996 ​ $ 9,945,718 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (57,710) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,888,008 ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 6,745,982 ​ $ 108,060 ​ $ 198,013 ​ $ 7,052,055 ​ $ 193,185 ​ $ — Fixed rate ​ ​ 1,022,947 ​ ​ — ​ ​ 25,756 ​ ​ 1,048,703 ​ ​ 16,535 ​ ​ — Construction ​ ​ 796,804 ​ ​ 125,179 ​ ​ 276,086 ​ ​ 1,198,069 ​ ​ 259,465 ​ ​ — Freddie Mac ​ ​ 6,841 ​ ​ — ​ ​ 3,093 ​ ​ 9,934 ​ ​ 3,093 ​ ​ — SBA - 7(a) ​ ​ 1,216,797 ​ ​ 254 ​ ​ 7,891 ​ ​ 1,224,942 ​ ​ 25,631 ​ ​ — Residential ​ ​ 178 ​ ​ — ​ ​ 1,494 ​ ​ 1,672 ​ ​ 1,493 ​ ​ — Other ​ ​ 462,963 ​ ​ 2,911 ​ ​ 8,556 ​ ​ 474,430 ​ ​ 19,239 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 10,252,512 ​ $ 236,404 ​ $ 520,889 ​ $ 11,009,805 ​ $ 518,641 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (53,382) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,956,423 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 93.2% ​ ​ 2.1% ​ ​ 4.7% ​ ​ 100% ​ ​ 4.7% ​ ​ 0.0% December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,120,162 ​ $ 94,823 ​ $ 112,961 ​ $ 7,327,946 ​ $ 113,360 ​ $ — Fixed rate ​ ​ 993,832 ​ ​ 8,101 ​ ​ 32,693 ​ ​ 1,034,626 ​ ​ 28,719 ​ ​ — Construction ​ ​ 372,812 ​ ​ — ​ ​ 55,993 ​ ​ 428,805 ​ ​ 55,993 ​ ​ — Freddie Mac ​ ​ 6,947 ​ ​ — ​ ​ 3,093 ​ ​ 10,040 ​ ​ 3,093 ​ ​ — SBA - 7(a) ​ ​ 541,378 ​ ​ 6,690 ​ ​ 4,192 ​ ​ 552,260 ​ ​ 12,790 ​ ​ — Residential ​ ​ 2,871 ​ ​ — ​ ​ 1,640 ​ ​ 4,511 ​ ​ 1,306 ​ ​ — Other ​ ​ 558,803 ​ ​ 698 ​ ​ 28,029 ​ ​ 587,530 ​ ​ 27,544 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 9,596,805 ​ $ 110,312 ​ $ 238,601 ​ $ 9,945,718 ​ $ 242,805 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (57,710) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,888,008 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 96.5% ​ ​ 1.1% ​ ​ 2.4% ​ ​ 100% ​ ​ 2.4% ​ ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ — $ 29,635 $ 795,271 $ 6,038,181 $ 108,514 $ 80,454 $ 7,052,055 Fixed rate ​ 6,422 ​ 36,637 ​ 449,272 ​ 532,563 ​ 20,064 ​ 3,745 ​ 1,048,703 Construction ​ 51,995 ​ 92,375 ​ 306,200 ​ 626,020 ​ 69,030 ​ 52,449 ​ 1,198,069 Freddie Mac ​ — ​ — ​ 3,011 ​ 6,923 ​ — ​ — ​ 9,934 SBA - 7(a) ​ 8,549 58,368 174,804 ​ 424,611 ​ 228,569 330,041 ​ 1,224,942 Residential ​ — ​ — ​ 363 ​ — ​ 730 ​ 579 ​ 1,672 Other 136,183 ​ 163,782 ​ 95,593 ​ 61,911 ​ 13,318 ​ 3,643 474,430 Total Loans, before general allowance for loan losses $ 203,149 $ 380,797 $ 1,824,514 $ 7,690,209 $ 440,225 $ 470,911 $ 11,009,805 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (53,382) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,956,423 Percentage of loans outstanding ​ 1.8% ​ 3.5% ​ 16.6% ​ 69.8% ​ 4.0% ​ 4.3% ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ 717 $ 104,606 $ 700,835 $ 6,331,353 $ 167,521 $ 22,914 $ 7,327,946 Fixed rate 9,102 ​ 35,459 ​ 386,040 ​ 578,456 ​ 17,056 ​ 8,513 1,034,626 Construction ​ 10,817 ​ 12,910 ​ 26,387 ​ 349,085 ​ 24,142 ​ 5,464 ​ 428,805 Freddie Mac — ​ — ​ 3,056 ​ 6,984 ​ — ​ — 10,040 SBA - 7(a) ​ 7,275 ​ 45,366 ​ 92,592 ​ 189,733 ​ 78,577 ​ 138,717 ​ 552,260 Residential ​ — ​ 934 ​ 300 ​ 901 ​ 1,716 ​ 660 ​ 4,511 Other 173,720 ​ 214,370 ​ 115,934 ​ 70,124 ​ 8,153 ​ 5,229 587,530 Total Loans, before general allowance for loan losses $ 201,631 $ 413,645 $ 1,325,144 $ 7,526,636 $ 297,165 $ 181,497 $ 9,945,718 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (57,710) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,888,008 Percentage of loans outstanding ​ 2.0% ​ 4.2% ​ 13.3% ​ 75.7% ​ 3.0% ​ 1.8% ​ ​ (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 UPB) September 30, 2023 ​ December 31, 2022 Texas 19.1 % ​ 20.1 % California 11.3 ​ ​ 11.1 ​ Georgia 6.9 ​ ​ 7.6 ​ Florida 6.5 ​ ​ 6.3 ​ Arizona 6.0 ​ ​ 6.8 ​ Oregon 5.4 ​ ​ 4.4 ​ New York 4.8 ​ ​ 5.5 ​ North Carolina 4.1 ​ ​ 4.2 ​ Illinois 3.7 ​ ​ 3.9 ​ Washington ​ 3.6 ​ ​ 1.6 ​ Other 28.6 ​ ​ 28.5 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of UPB) September 30, 2023 ​ December 31, 2022 Multi-family 60.8 % ​ 67.0 % SBA 11.3 ​ ​ 5.8 ​ Mixed Use 7.9 ​ ​ 8.1 ​ Industrial 4.6 ​ ​ 5.0 ​ Retail 4.5 ​ ​ 5.5 ​ Office 4.4 ​ ​ 4.9 ​ Lodging 1.7 ​ ​ 1.2 ​ Other 4.8 ​ ​ 2.5 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of SBA loans within loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of UPB) September 30, 2023 ​ December 31, 2022 Lodging ​ 23.5 % ​ 14.6 % Gasoline Service Stations 12.7 ​ ​ 2.5 ​ Eating Places 6.3 ​ ​ 3.7 ​ Child Day Care Services 5.6 ​ ​ 5.7 ​ Offices of Physicians ​ 4.2 ​ ​ 7.5 ​ General Freight Trucking, Local ​ 2.4 ​ ​ 2.5 ​ Coin-Operated Laundries and Drycleaners ​ 1.7 ​ ​ 0.8 ​ Grocery Stores ​ 1.6 ​ ​ 1.6 ​ Funeral Service & Crematories 1.4 ​ ​ 1.2 ​ Veterinarians 0.7 ​ ​ 1.6 ​ Other 39.9 ​ ​ 58.3 ​ 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 ​ Fixed Rate ​ Construction ​ SBA - 7(a) ​ Residential ​ Other ​ Total Allowance for loan losses September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 24,039 ​ $ 7,655 ​ $ 6,622 ​ $ 12,987 ​ $ — ​ $ 2,079 ​ $ 53,382 Specific ​ 11,506 ​ ​ 3,107 ​ ​ 235 ​ ​ 5,555 ​ ​ — ​ ​ 150 ​ ​ 20,553 PCD ​ — ​ ​ — ​ ​ 26,473 ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,473 Ending balance $ 35,545 ​ $ 10,762 ​ $ 33,330 ​ $ 18,542 ​ $ — ​ $ 2,229 ​ $ 100,408 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 42,979 ​ $ 2,397 ​ $ 325 ​ $ 10,801 ​ $ — ​ $ 1,208 ​ $ 57,710 Specific ​ 6,926 ​ ​ 4,134 ​ ​ 1,037 ​ ​ 3,498 ​ ​ — ​ ​ 1,242 ​ ​ 16,837 PCD ​ — ​ ​ — ​ ​ 15,972 ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,972 Ending balance $ 49,905 ​ $ 6,531 ​ $ 17,334 ​ $ 14,299 ​ $ — ​ $ 2,450 ​ $ 90,519 ​ ​ The table below presents a summary of the changes in the allowance for loan losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Bridge Fixed Rate Construction SBA - 7(a) Residential Other Total Allowance for loan losses Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 43,857 $ 12,204 $ 35,925 $ 16,809 $ — $ 3,359 $ 112,154 Provision for (recoveries of) loan losses ​ (8,304) ​ (1,442) ​ (1,451) ​ 2,133 ​ — ​ (524) ​ (9,588) Measurement period adjustment – PCD ​ — ​ — ​ 5,245 ​ — ​ — ​ — ​ 5,245 Charge-offs and sales ​ (8) ​ — ​ (6,389) ​ (428) ​ — ​ (606) ​ (7,431) Recoveries ​ — ​ — ​ — ​ 28 ​ — ​ — ​ 28 Ending balance $ 35,545 $ 10,762 $ 33,330 $ 18,542 $ — $ 2,229 $ 100,408 Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 18,393 $ 6,222 $ 5,122 $ 13,126 $ 57 $ 3,205 $ 46,125 Provision for (recoveries of) loan losses ​ 2,061 ​ 242 ​ 849 ​ 200 ​ (1) ​ (72) ​ 3,279 Measurement period adjustment – PCD ​ — ​ — ​ 10,972 ​ — ​ — ​ — ​ 10,972 Charge-offs and sales ​ — ​ (90) ​ — ​ (692) ​ — ​ — ​ (782) Recoveries ​ — ​ — ​ — ​ 711 ​ (51) ​ (1) ​ 659 Ending balance $ 20,454 $ 6,374 $ 16,943 $ 13,345 $ 5 $ 3,132 $ 60,253 Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 49,905 $ 6,531 $ 17,334 $ 14,299 $ — $ 2,450 $ 90,519 Provision for (recoveries of) loan losses ​ (13,741) ​ 5,735 ​ 6,421 ​ 5,540 ​ — ​ 385 ​ 4,340 PCD (1) ​ — ​ — ​ 32,862 ​ — ​ — ​ — ​ 32,862 Charge-offs and sales ​ (619) ​ (1,504) ​ (23,287) ​ (1,443) ​ — ​ (606) ​ (27,459) Recoveries ​ — ​ — ​ — ​ 146 ​ — ​ — ​ 146 Ending balance $ 35,545 $ 10,762 $ 33,330 $ 18,542 $ — $ 2,229 $ 100,408 Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 19,519 $ 6,861 $ — $ 12,180 $ 60 $ 6,757 $ 45,377 Provision for (recoveries of) loan losses ​ 935 ​ (397) ​ 971 ​ 1,691 ​ (4) ​ (3,404) ​ (208) PCD (2) ​ — ​ — ​ 15,972 ​ — ​ — ​ — ​ 15,972 Charge-offs and sales ​ — ​ (90) ​ — ​ (1,191) ​ — ​ (7) ​ (1,288) Recoveries ​ — ​ — ​ — ​ 665 ​ (51) ​ (214) ​ 400 Ending balance $ 20,454 $ 6,374 $ 16,943 $ 13,345 $ 5 $ 3,132 $ 60,253 (1) Includes impact of measurement period adjustment related to the Broadmark Merger. See Note 5 for further details on assets acquired and liabilities assumed in connection with the Broadmark Merger. (2) 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 of allowance for loan losses on unfunded lending commitments as of both September 30, 2023 and September 30, 2022. 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, 2023 ​ December 31, 2022 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 469,216 ​ $ 197,101 Without an allowance ​ 49,425 ​ ​ 45,704 Total recorded carrying value of non-accrual loans $ 518,641 ​ $ 242,805 Allowance for loan losses related to non-accrual loans $ (41,505) ​ $ (32,809) UPB of non-accrual loans $ 560,394 ​ $ 278,401 ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ September 30, 2022 Interest income on non-accrual loans for the three months ended $ 617 ​ $ 506 Interest income on non-accrual loans for the nine months ended $ 3,198 ​ $ 4,218 ​ Loan modifications made to borrowers experiencing financial difficulty In certain situations, the Company may provide loan modifications to borrowers experiencing financial difficulty. These modifications may include interest rate reductions, principal forgiveness, term extensions, and other-than-insignificant payment delay intended to minimize the Company's economic loss and to avoid foreclosure or repossession of collateral. Substantially all of the loan modifications provided by the Company consisted of a 12-month 18-month ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company's allowance for loan losses reflects estimates of expected life-time loan losses, which considers historical loan losses including losses from modified loans to borrowers experiencing financial difficulty. The Company continues to estimate the allowance for loan losses after modification using loan-specific inputs. Substantially all of the modified loans were performing in accordance with the modified contractual terms as of September 30, 2023. ​ The remaining elements of the Company’s modification programs are generally considered insignificant and do not have a material impact on financial results. On loans for which 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, 2023 and December 31, 2022, the Company’s total carrying amount of loans in the foreclosure process was $96.7 million and $34.9 million, respectively. ​ As of September 30, 2023, lending commitments to borrowers experiencing financial difficulty for which the Company has modified the loan terms was not material. ​ PCD loans During September 2023, based on updated valuations obtained, the Company recorded a measurement period adjustment of $5.2 million to increase the PCD allowance in connection with the Broadmark Merger. 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 Broadmark Merger. The table below presents a reconciliation of the Company’s purchase price with the par value of the purchased loans. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Unpaid principal balance $ 244,932 $ 38,750 $ 283,682 Allowance for credit losses ​ (27,617) ​ (5,245) ​ (32,862) Non-credit discount ​ (6,035) ​ (3,342) ​ (9,377) Purchase price of loans classified as PCD $ 211,280 $ 30,163 $ 241,443 ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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 contingent consideration in connection with mergers and acquisitions 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, 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. 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (a) $ 107,891 ​ $ — ​ $ — ​ $ 107,891 Loans, held for sale, at fair value ​ — ​ ​ 184,989 ​ ​ — ​ ​ 184,989 Loans, net, at fair value — ​ — ​ 9,221 ​ 9,221 Paycheck Protection Program loans — ​ 168 ​ — ​ 168 MBS, at fair value — ​ 33,339 ​ — ​ 33,339 Derivative instruments, at fair value ​ — ​ ​ 8,489 ​ ​ 131 ​ ​ 8,620 Residential MSRs, at fair value — ​ — ​ 207,495 ​ 207,495 Investment in unconsolidated joint ventures — ​ — ​ 7,547 ​ 7,547 Preferred equity investment (b) ​ — ​ ​ — ​ ​ 108,423 ​ ​ 108,423 Total assets $ 107,891 ​ $ 226,985 ​ $ 332,817 ​ $ 667,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration $ — ​ $ — ​ $ 13,408 ​ $ 13,408 Total liabilities $ — ​ $ — ​ $ 13,408 ​ $ 13,408 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (a) $ 44,611 ​ $ — ​ $ — ​ $ 44,611 Loans, held for sale, at fair value — ​ 197,453 ​ 60,924 ​ 258,377 Loans, net, at fair value — ​ — ​ 9,786 ​ 9,786 Paycheck Protection Program loans — ​ 576 ​ — ​ 576 MBS, at fair value — ​ 32,041 ​ — ​ 32,041 Derivative instruments, at fair value — ​ ​ 12,846 ​ ​ 117 ​ 12,963 Residential MSRs, at fair value — ​ — ​ 192,203 ​ 192,203 Investment in unconsolidated joint ventures — ​ — ​ 8,094 ​ ​ 8,094 Preferred equity investment (b) ​ — ​ ​ — ​ ​ 108,423 ​ ​ 108,423 Total assets $ 44,611 ​ $ 242,916 ​ $ 379,547 ​ $ 667,074 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 1,586 ​ $ — ​ $ 1,586 Contingent consideration ​ — ​ ​ — ​ ​ 28,500 ​ ​ 28,500 Total liabilities $ — ​ $ 1,586 ​ $ 28,500 ​ $ 30,086 (a) Money market funds are included in cash and cash equivalents on the consolidated balance sheets (b) Preferred equity investment held through consolidated joint ventures are included in assets of consolidated VIEs on the consolidated balance sheets ​ ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential MSRs, at fair value $ 207,495 Income Approach Forward prepayment rate | Discount rate | Servicing expense ​ (b) ​ (b) Investment in unconsolidated joint ventures $ 7,547 ​ Income Approach ​ Discount rate ​ 9.0% ​ 9.0% Derivative instruments, at fair value ​ 131 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of UPB ​ 40.2% - 100% | 1.8% - 16.4% | 0.4% - 3.1% ​ 81.7% | 8.1% | 1.7% Preferred equity investment ​ 108,423 ​ Income Approach ​ Discount rate ​ 10.5% ​ 10.5% Contingent consideration- Mosaic CER dividends ​ (3,222) ​ Monte Carlo Simulation Model ​ Equity volatility | Discount rate ​ 30.0% | 11.5% ​ 30.0% | 11.5% Contingent consideration- Mosaic CER units ​ (10,186) ​ Income approach and PWERM Model ​ Revaluation discount rate | Discount rate ​ 12.0% | 11.5% ​ 12.0% | 11.5% December 31, 2022 ​ ​ ​ ​ ​ Residential MSRs, at fair value ​ 192,203 ​ Income Approach ​ Forward prepayment rate | Discount rate | Servicing expense ​ (b) ​ (b) Investment in unconsolidated joint ventures $ 8,094 Income Approach Discount rate ​ 9.0% ​ 9.0% Derivative instruments, at fair value $ 117 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of UPB ​ 53.9% - 100% | 2.0 - 7.2% | 0.5 - 3.2% ​ 83% | 4.7% | 1.6% Preferred equity investment ​ 108,423 ​ Income Approach ​ Discount rate ​ 10.5% ​ 10.5% Contingent consideration- Mosaic CER dividends ​ (4,587) ​ Monte Carlo Simulation Model ​ Equity volatility | Discount rate ​ 35.0% | 11.9% ​ 35.0% | 11.9% Contingent consideration- Mosaic CER units ​ (14,913) ​ Income approach and PWERM Model ​ Revaluation discount rate | Discount rate ​ 12.0% | 11.9% ​ 12.0% | 11.9% (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 8 - Servicing Rights for more information on residential MSRs unobservable inputs. ​ Included within Level 3 assets of $332.8 million as of September 30, 2023 and $379.5 million as of December 31, 2022, is $9.2 million and $70.7 million, respectively, of quoted or transaction prices in which quantitative unobservable inputs are not developed by the Company when measuring fair value. Included within Level 3 liabilities of $28.5 million as of December 31, 2022, is $9.0 million of quoted or transaction prices in which quantitative unobservable inputs are not developed by the Company when measuring fair value. ​ The table below presents a summary of changes in fair value for Level 3 assets and liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 MBS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ — ​ $ 1,666 ​ $ — ​ $ 1,581 ​ Sales / Principal payments ​ — ​ ​ — ​ ​ — ​ ​ (1,352) ​ Accreted discount, net ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ Realized gains (losses), net ​ — ​ ​ — ​ ​ — ​ ​ (1,449) ​ Unrealized gains (losses), net ​ — ​ ​ (17) ​ ​ — ​ ​ 2,688 ​ Transfer to (from) Level 3 ​ — ​ ​ (1,649) ​ ​ — ​ ​ (1,469) ​ Ending balance $ — ​ $ — ​ $ — ​ $ — ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 716 ​ $ 2,399 ​ $ 117 ​ $ 2,339 ​ Unrealized gains (losses), net ​ (585) ​ ​ (6,744) ​ ​ 14 ​ ​ (6,684) ​ Ending balance $ 131 ​ $ (4,345) ​ $ 131 ​ $ (4,345) ​ Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 9,773 ​ $ 9,956 ​ $ 9,786 ​ $ 10,766 ​ Unrealized gains (losses), net ​ (552) ​ ​ (374) ​ ​ (565) ​ ​ (1,184) ​ Ending balance $ 9,221 ​ $ 9,582 ​ $ 9,221 ​ $ 9,582 ​ Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 57,032 ​ $ 200,863 ​ $ 60,924 ​ $ 231,865 ​ Purchases or Originations ​ — ​ ​ — ​ ​ — ​ ​ 23,470 ​ Sales / Principal payments ​ — ​ ​ (182) ​ ​ (22) ​ ​ (32,891) ​ Realized gains (losses), net ​ — ​ ​ (1) ​ ​ — ​ ​ (788) ​ Unrealized gains (losses), net ​ — ​ ​ (12,965) ​ ​ (3,887) ​ ​ (28,739) ​ Transfer to loans, held for investment ​ (57,032) ​ ​ — ​ ​ (57,015) ​ ​ (3,862) ​ Transfer to (from) Level 3 ​ — ​ ​ — ​ ​ — ​ ​ (1,340) ​ Ending balance $ — ​ $ 187,715 ​ $ — ​ $ 187,715 ​ Investments held to maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ — ​ $ 9,601 ​ $ — ​ $ — ​ Sales / Principal payments ​ — ​ ​ (5,877) ​ ​ — ​ ​ (13,173) ​ Measurement period adjustment (1) ​ — ​ ​ (3,724) ​ ​ — ​ ​ (3,724) ​ Realized gains (losses), net ​ — ​ ​ — ​ ​ — ​ ​ (156) ​ Merger (2) ​ — ​ ​ — ​ ​ — ​ ​ 17,053 ​ Ending balance $ — ​ $ — ​ $ — ​ $ — ​ PPP loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ — ​ $ — ​ $ — ​ $ 3,243 ​ Sales / Principal payments ​ — ​ ​ — ​ ​ — ​ ​ (1,400) ​ Transfer to (from) Level 3 ​ — ​ ​ — ​ ​ — ​ ​ (1,843) ​ Ending balance $ — ​ $ — ​ $ — ​ $ — ​ Residential MSRs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 201,471 ​ $ 168,653 ​ $ 192,203 ​ $ 120,142 ​ Additions due to loans sold, servicing retained ​ 5,896 ​ ​ 9,463 ​ ​ 16,489 ​ ​ 32,417 ​ Sales / Principal payments ​ (2,365) ​ ​ (2,610) ​ ​ (6,415) ​ ​ (9,636) ​ Unrealized gains (losses), net ​ 2,493 ​ ​ 16,647 ​ ​ 5,218 ​ ​ 49,230 ​ Ending balance $ 207,495 ​ $ 192,153 ​ $ 207,495 ​ $ 192,153 ​ Investment in unconsolidated joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 7,731 ​ $ 8,439 ​ $ 8,094 ​ $ 8,894 ​ Unrealized gains (losses), net ​ (184) ​ ​ (171) ​ ​ (547) ​ ​ (626) ​ Ending balance $ 7,547 ​ $ 8,268 ​ $ 7,547 ​ $ 8,268 ​ Contingent consideration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ (15,566) ​ $ (92,548) ​ $ (28,500) ​ $ (16,400) ​ Sales / Principal payments ​ — ​ ​ — ​ ​ 9,000 ​ ​ 9,000 ​ Measurement period adjustment (1) ​ — ​ ​ 59,348 ​ ​ — ​ ​ 59,348 ​ Unrealized losses (gains), net ​ 2,158 ​ ​ — ​ ​ 6,092 ​ ​ (800) ​ Merger (2) ​ — ​ ​ — ​ ​ — ​ ​ (84,348) ​ Ending balance $ (13,408) ​ $ (33,200) ​ $ (13,408) ​ $ (33,200) ​ Preferred equity investment (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 108,423 ​ $ — ​ $ 108,423 ​ $ — ​ Ending balance $ 108,423 ​ $ — ​ $ 108,423 ​ $ — ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 369,580 ​ $ 309,029 ​ $ 351,047 ​ $ 362,430 ​ Purchases or Originations ​ — ​ ​ — ​ ​ — ​ ​ 23,470 ​ Additions due to loans sold, servicing retained ​ 5,896 ​ ​ 9,463 ​ ​ 16,489 ​ ​ 32,417 ​ Sales / Principal payments ​ (2,365) ​ ​ (8,669) ​ ​ 2,563 ​ ​ (49,452) ​ Accreted discount, net ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ Measurement period adjustment (1) ​ — ​ ​ 55,624 ​ ​ — ​ ​ 55,624 ​ Realized gains (losses), net ​ — ​ ​ (1) ​ ​ — ​ ​ (2,393) ​ Unrealized gains (losses), net ​ 3,330 ​ ​ (3,624) ​ ​ 6,325 ​ ​ 13,885 ​ Merger (2) ​ — ​ ​ — ​ ​ — ​ ​ (67,295) ​ Transfer to loans, held for investment ​ (57,032) ​ ​ — ​ ​ (57,015) ​ ​ (3,862) ​ Transfer to (from) Level 3 ​ — ​ ​ (1,649) ​ ​ — ​ ​ (4,652) ​ Ending balance $ 319,409 ​ $ 360,173 ​ $ 319,409 ​ $ 360,173 ​ (1) Represents adjustments made subsequent to the determination of the preliminary purchase price allocation at the time of the merger. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. (2) Includes assets acquired and liabilities assumed as a result of the Mosaic Mergers. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. (3) Preferred equity investment held through consolidated joint ventures are included in assets of consolidated VIEs on the consolidated balance sheets. ​ 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, 2023 ​ December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 10,947,202 ​ $ 10,749,554 ​ $ 9,878,222 ​ $ 9,610,412 Paycheck Protection Program loans ​ ​ 57,977 ​ ​ 57,977 ​ ​ 186,409 ​ ​ 196,222 Servicing rights ​ ​ 100,284 ​ 110,947 ​ 87,117 ​ 91,698 Total assets ​ $ 11,105,463 ​ $ 10,918,478 ​ $ 10,151,748 ​ $ 9,898,332 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 2,385,070 ​ $ 2,385,070 ​ $ 2,846,293 ​ $ 2,846,293 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 76,333 ​ ​ 76,333 ​ ​ 201,011 ​ ​ 201,011 Securitized debt obligations of consolidated VIEs, net ​ 5,264,037 ​ 5,199,445 ​ 4,903,350 ​ 4,748,291 Senior secured note, net ​ ​ 344,684 ​ ​ 308,242 ​ ​ 343,355 ​ ​ 312,975 Guaranteed loan financing ​ 886,916 ​ 938,108 ​ 264,889 ​ 275,316 Convertible notes, net ​ ​ — ​ ​ — ​ ​ 114,397 ​ ​ 113,823 Corporate debt, net ​ ​ 763,828 ​ ​ 718,598 ​ ​ 662,665 ​ ​ 614,744 Total liabilities ​ $ 9,720,868 ​ $ 9,625,796 ​ $ 9,335,960 ​ $ 9,112,453 ​ ​ ​ ​ ​ ​ ​ ​ As of both September 30, 2023 and December 31, 2022, other assets and accounts payable and accrued liabilities are not carried at fair value but generally approximate fair value. Further details are presented in Note 18 – Other Assets and Other Liabilities.

Servicing Rights

Servicing Rights	9 Months Ended
	Sep. 30, 2023
Servicing Rights
Servicing Rights	Note 8. 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) 2023 2022 2023 2022 SBA servicing rights, at amortized cost ​ Beginning net carrying amount ​ $ 24,328 ​ $ 21,670 ​ $ 19,756 ​ $ 22,157 ​ Additions due to loans sold, servicing retained ​ 1,599 ​ 1,921 ​ 5,154 ​ 5,700 ​ Amortization ​ (987) ​ (929) ​ (2,743) ​ (2,878) ​ Recovery (impairment) ​ 3,383 ​ (765) ​ 6,156 ​ (3,082) ​ Ending net carrying amount ​ $ 28,323 ​ $ 21,897 ​ $ 28,323 ​ $ 21,897 ​ Multi-family servicing rights, at amortized cost ​ Beginning net carrying amount ​ $ 70,565 ​ $ 63,188 ​ $ 67,361 ​ $ 62,300 ​ Additions due to loans sold, servicing retained ​ 4,116 ​ 2,883 ​ 12,508 ​ 8,510 ​ Amortization ​ (2,720) ​ (2,429) ​ (7,908) ​ (7,168) ​ Ending net carrying amount ​ $ 71,961 ​ $ 63,642 ​ $ 71,961 ​ $ 63,642 ​ Total servicing rights, at amortized cost ​ $ 100,284 ​ $ 85,539 ​ $ 100,284 ​ $ 85,539 ​ Residential MSRs, at fair value ​ Beginning net carrying amount ​ $ 201,471 ​ $ 168,653 ​ $ 192,203 ​ $ 120,142 ​ Additions due to loans sold, servicing retained ​ 5,896 ​ 9,463 ​ 16,489 ​ 32,417 ​ Loan pay-offs ​ ​ (2,365) ​ ​ (2,610) ​ ​ (6,415) ​ ​ (9,636) ​ Unrealized gains ​ 2,493 ​ 16,647 ​ 5,218 ​ 49,230 ​ Ending fair value amount ​ $ 207,495 ​ $ 192,153 ​ $ 207,495 ​ $ 192,153 ​ Total servicing rights ​ $ 307,779 ​ $ 277,692 ​ $ 307,779 ​ $ 277,692 ​ ​ Servicing rights – SBA and multi-family portfolio. ​ The Company’s models calculate the present value of expected future cash flows utilizing assumptions that it believes are used by market participants. Forward prepayment rates, forward default rates and discount rates are derived from historical experiences 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, 2023 ​ As of December 31, 2022 (in thousands) ​ UPB ​ Carrying Value ​ UPB ​ Carrying Value SBA ​ $ 1,169,445 ​ $ 28,323 ​ $ 1,019,770 ​ $ 19,756 Multi-family ​ ​ 5,515,046 ​ ​ 71,961 ​ ​ 4,839,028 ​ ​ 67,361 Total ​ $ 6,684,491 ​ $ 100,284 ​ $ 5,858,798 ​ $ 87,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents significant assumptions used in the estimated valuation of SBA and multi-family servicing rights carried at amortized cost. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights ​ Forward prepayment rate ​ 0.0 - 3.5 % ​ 2.5 % ​ 10.2 - 21.6 % ​ 10.6 % ​ Forward default rate ​ 0.0 - 11.5 % ​ 10.9 % ​ 0.0 - 10.0 % ​ 9.2 % ​ Discount rate ​ 16.7 - 24.2 % ​ 17.0 % ​ 18.0 - 31.4 % ​ 18.7 % ​ Servicing expense ​ 0.4 - 0.4 % ​ 0.4 % ​ 0.4 - 0.4 % ​ 0.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family servicing rights ​ Forward prepayment rate ​ 0.0 - 7.5 % ​ 3.6 % ​ 0.0 - 7.2 % ​ 3.5 % ​ Forward default rate ​ 0.0 - 1.1 % ​ 0.8 % ​ 0.0 - 1.1 % ​ 0.8 % ​ 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, 2023 December 31, 2022 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,134) ​ $ (578) Impact of 20% adverse change ​ $ (2,196) ​ $ (1,125) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (234) ​ $ (125) Impact of 20% adverse change ​ $ (465) ​ $ (249) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,630) ​ $ (861) Impact of 20% adverse change ​ $ (3,093) ​ $ (1,642) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,933) ​ $ (1,228) Impact of 20% adverse change ​ $ (3,865) ​ $ (2,455) Multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (266) ​ $ (271) Impact of 20% adverse change ​ $ (526) ​ $ (537) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (20) ​ $ (22) Impact of 20% adverse change ​ $ (40) ​ $ (44) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,296) ​ $ (2,057) Impact of 20% adverse change ​ $ (4,477) ​ $ (4,012) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,679) ​ $ (2,685) Impact of 20% adverse change ​ $ (5,357) ​ $ (5,370) ​ The table below presents estimated future amortization expense for SBA and multi-family servicing rights. ​ ​ ​ ​ ​ (in thousands) September 30, 2023 2023 ​ $ 3,975 2024 ​ 13,015 2025 ​ 12,094 2026 ​ 10,938 2027 ​ 9,873 Thereafter ​ 50,389 Total ​ $ 100,284 ​ Residential MSRs. ​ The table below presents additional information about residential MSRs carried at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 (in thousands) ​ UPB ​ Fair Value ​ UPB ​ Fair Value Fannie Mae ​ $ 4,544,255 ​ $ 68,796 ​ $ 4,492,990 ​ $ 64,914 Freddie Mac ​ ​ 4,610,804 ​ ​ 73,700 ​ ​ 4,499,992 ​ ​ 68,208 Ginnie Mae ​ ​ 3,220,896 ​ ​ 64,999 ​ ​ 3,085,038 ​ ​ 59,081 Total ​ $ 12,375,955 ​ $ 207,495 ​ $ 12,078,020 ​ $ 192,203 ​ The table below presents significant assumptions used in the valuation of residential MSRs carried at fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average Residential MSRs ​ Forward prepayment rate ​ 5.6 - 15.0 % ​ 6.3 % ​ 6.0 - 21.5 % ​ 6.3 % ​ Discount rate ​ 10.0 - 13.8 % ​ 10.5 % ​ 9.5 - 12.0 % ​ 10.1 % ​ Servicing expense ​ $70 - $95 ​ ​ $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, 2023 ​ December 31, 2022 Residential MSRs ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,781) ​ $ (5,620) Impact of 20% adverse change ​ $ (11,257) ​ $ (10,948) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (9,848) ​ $ (8,906) Impact of 20% adverse change ​ $ (18,849) ​ $ (17,066) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,711) ​ $ (2,689) Impact of 20% adverse change ​ $ (5,421) ​ $ (5,378) ​

Residential mortgage banking ac

Residential mortgage banking activities and variable expenses on residential mortgage banking activities	9 Months Ended
	Sep. 30, 2023
Residential mortgage banking activities and variable expenses on residential mortgage banking activities
Residential mortgage banking activities and variable expenses on residential mortgage banking activities	Note 9. 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) 2023 2022 2023 2022 ​ Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ $ 597 ​ $ (1,854) ​ $ 5,572 ​ $ (14,827) ​ Creation of new MSRs, net of payoffs ​ ​ 3,531 ​ ​ 6,853 ​ ​ 10,074 ​ ​ 22,781 ​ Loan origination fee income on residential mortgage loans ​ ​ 3,337 ​ ​ 3,701 ​ ​ 9,774 ​ ​ 12,560 ​ Unrealized gain (loss) on IRLCs and other derivatives ​ (406) ​ ​ 3,353 ​ 692 ​ ​ 2,910 ​ Residential mortgage banking activities ​ $ 7,059 ​ $ 12,053 ​ $ 26,112 ​ $ 23,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ $ (4,091) ​ $ (9,061) ​ $ (16,150) ​ $ (5,508) ​ ​

Secured Borrowings

Secured Borrowings	9 Months Ended
	Sep. 30, 2023
Secured Borrowings
Secured borrowings	Note 10. Secured borrowings ​ The table below presents certain characteristics of secured borrowings. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value at Lenders (1) Asset Class Current Maturity (2) Pricing (3) Facility Size Carrying Value September 30, 2023 ​ December 31, 2022 3 SBA loans October 2024 - March 2025 SOFR + 2.82% $ 250,000 $ 114,788 $ 84,465 ​ $ 160,903 2 SBC loans - USD February 2024 – December 2024 SOFR + 6.52% ​ 360,000 ​ 392,384 ​ 153,924 ​ ​ 111,966 1 SBC loans - Non-USD (4) June 2026 SONIA + 3.75% ​ 122,026 ​ 28,742 ​ 11,577 ​ ​ 61,596 5 Residential loans November 2023 – November 2024 Variable Pricing ​ 390,000 ​ 110,373 ​ 107,845 ​ ​ 132,658 1 Residential MSRs February 2026 SOFR + 3.00% ​ 120,000 ​ 142,496 ​ 101,881 ​ ​ 49,900 1 Purchased future receivables October 2025 SOFR + 4.50% ​ 50,000 ​ 15,948 ​ 9,500 ​ ​ — Total borrowings under credit facilities and other financing agreements ​ $ 1,292,026 $ 804,731 $ 469,192 ​ $ 517,023 9 SBC loans November 2023 – July 2026 1 MT + 2.00% $ 4,545,500 $ 2,171,164 $ 1,506,136 ​ $ 1,905,358 1 SBC loans - Non-USD (4) January 2024 EURIBOR + 2.75% ​ 211,450 ​ 57,941 ​ 42,557 ​ ​ — 6 MBS October 2023 - January 2024 7.77% ​ 367,185 ​ 753,336 ​ 367,185 ​ ​ 423,912 Total borrowings under repurchase agreements $ 5,124,135 $ 2,982,441 $ 1,915,878 ​ $ 2,329,270 Total secured borrowings $ 6,416,161 $ 3,787,172 $ 2,385,070 ​ $ 2,846,293 (1) Represents the total number of facility lenders. (2) Current maturity does not reflect extension options available beyond original commitment terms. (3) Asset class pricing is determined using an index rate plus a weighted average spread. (4) Non-USD denominated credit facilities and repurchase agreements have been converted into USD for purposes of this disclosure. ​ In the table above, the agreements governing secured borrowings require maintenance of certain financial and debt covenants. As of both September 30, 2023 and December 31, 2022, certain financing counterparties covenants calculations were amended to exclude the PPPLF from certain covenant calculations. As of both September 30, 2023 and December 31, 2022 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, 2023 December 31, 2022 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 146,001 $ 146,721 Loans, net ​ ​ 500,286 ​ 630,910 MSRs ​ ​ 142,496 ​ 133,122 Purchased future receivables ​ ​ 15,948 ​ — Total ​ $ 804,731 $ 910,753 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 2,184,455 $ 2,496,880 MBS ​ 26,936 27,015 Retained interest in assets of consolidated VIEs ​ ​ 726,400 ​ 753,099 Loans, held for sale, at fair value ​ ​ — ​ 60,551 Loans, held at fair value ​ 9,221 3,974 Real estate acquired in settlement of loans ​ ​ 35,429 ​ 1,491 Total ​ $ 2,982,441 $ 3,343,010 Total collateral pledged on secured borrowings ​ $ 3,787,172 $ 4,253,763 ​ ​ ​ ​ ​ ​ ​

Senior secured notes, convertib

Senior secured notes, convertible notes, and corporate debt, net	9 Months Ended
	Sep. 30, 2023
Senior secured notes, convertible notes, and corporate debt, net
Senior secured notes, convertible notes, and corporate debt, net	​ Note 11. 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. ​ 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 (collectively, the “SSN Collateral”) owned by certain subsidiaries of the Company. ​ The Senior Secured Notes are redeemable by ReadyCap Holdings’ following a non-call period, through the payment of the outstanding principal balance of the Senior Secured Notes plus a “make-whole” or other premium that decreases the closer the Senior Secured Notes are to maturity. ReadyCap Holdings is required to offer to repurchase the Senior Secured Notes at 101% of the principal balance of the Senior Secured Notes in the event of a change in control and a downgrade of the rating on the Senior Secured Notes in connection therewith, as set forth more fully in the note purchase agreement. ​ The Senior Secured Notes were issued pursuant to a note purchase agreement, which contains certain customary negative covenants and requirements relating to the collateral and our company, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio and limitations on transactions with affiliates. ​ As of September 30, 2023, the Company was in compliance with all covenants with respect to the Senior Secured Notes. ​ Convertible notes, net On August 9, 2017, the Company closed an underwritten public sale of $115.0 million aggregate principal amount of its Convertible Notes. Pursuant to the terms of the base indenture, dated August 9, 2017, as supplemented by the first supplemental indenture, dated August 9, 2017, between the Company and U.S. Bank National Association, as trustee, the Company could 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 was 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 the Company provided 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 could have required 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 were convertible only upon satisfaction of one or more of the following conditions: (1) the closing market price of the Company’s common stock was 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 was 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. ​ On August 15, 2023, the Company’s outstanding Convertible Notes were repaid in full. ​ Corporate debt, net The Company issues senior unsecured notes in public and private transactions. The notes are governed by a base indenture and supplemental indentures. Often, the notes are redeemable by us following a non-call period, through the payment of the outstanding principal balance plus a “make-whole” or other premium that typically decreases the closer the notes are to maturity. The Company often is required to offer to repurchase the notes, in some cases at 101% of the principal balance of the notes, in the event of a change in control or fundamental change pertaining to our company, as defined in the applicable supplemental indentures. The notes rank equal in right of payment to any of its 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 us) preferred stock, if any, of our subsidiaries. The supplemental indentures governing the notes often contain customary negative covenants and financial covenants relating to maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio and limitations on transactions with affiliates. ​ In addition, in connection with the Broadmark Merger, RCC Merger Sub, a wholly owned subsidiary of the Company, assumed Broadmark’s obligations on certain senior unsecured notes. The note purchase agreement governing these notes contain financial covenants that require compliance with leverage and coverage ratios and maintenance of minimum tangible net worth, as well as other customary affirmative and negative covenants. ​ As of September 30, 2023, the Company was in compliance with all covenants with respect to Corporate debt. 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 it 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 (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. such sales through the Debt ATM Program were made during the three or nine months ended September 30, 2023. ​ The table below presents information about senior secured notes and corporate debt. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Coupon Rate ​ Maturity Date September 30, 2023 Senior secured notes principal amount (1) ​ 4.50 % ​ 10/20/2026 ​ $ 350,000 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (5,316) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 344,684 Corporate debt principal amount (2) ​ 5.50 % ​ 12/30/2028 ​ ​ 110,000 Corporate debt principal amount (3) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,613 Corporate debt principal amount (3) ​ 5.75 % ​ 2/15/2026 ​ ​ 206,270 Corporate debt principal amount (4) ​ 6.125 % ​ 4/30/2025 ​ ​ 120,000 Corporate debt principal amount (5) ​ 7.375 % ​ 7/31/2027 ​ ​ 100,000 Corporate debt principal amount (6) ​ 5.00 % ​ 11/15/2026 ​ ​ 100,000 Unamortized discount - corporate debt ​ ​ ​ ​ ​ ​ ​ (7,800) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (5,505) Junior subordinated notes principal amount (7) ​ SOFR + 3.10 % ​ 3/30/2035 ​ ​ 15,000 Junior subordinated notes principal amount (8) ​ SOFR + 3.10 % ​ 4/30/2035 ​ ​ 21,250 Total corporate debt, net ​ ​ ​ ​ ​ ​ $ 763,828 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 1,108,512 (1) Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year. (2) Interest on the corporate debt is payable semiannually on June 30 and December 30 of each year. (3) Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year. (4) Interest on the corporate debt is payable semiannually on April 30 and October 30 of each year. (5) Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year. (6) Interest on the corporate debt is payable semiannually on May 15 and November 15 of each year; assumed as part of the Broadmark Merger. (7) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year. (8) 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 and corporate debt. ​ ​ ​ ​ ​ (in thousands) September 30, 2023 2023 $ — 2024 ​ — 2025 ​ 120,000 2026 ​ 760,883 2027 ​ ​ 100,000 Thereafter ​ 146,250 Total contractual amounts ​ $ 1,127,133 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (18,621) Total carrying amount of debt ​ $ 1,108,512 ​

Guaranteed loan financing

Guaranteed loan financing	9 Months Ended
	Sep. 30, 2023
Guaranteed loan financing.
Guaranteed loan financing	Note 12. 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 $887.4 million and $265.6 million as of September 30, 2023 and December 31, 2022, 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, 2023 ​ 8.93 % 1.45-10.25 % 2023-2048 ​ $ 886,916 December 31, 2022 ​ 6.68 % 1.45-8.50 % 2023-2046 ​ $ 264,889 ​ The table below presents the contractual maturities of guaranteed loan financing. ​ ​ ​ ​ ​ (in thousands) September 30, 2023 2023 $ 2 2024 ​ 331 2025 ​ 847 2026 ​ 1,703 2027 ​ ​ 7,263 Thereafter ​ 876,770 Total ​ $ 886,916 ​

Variable interest entities and

Variable interest entities and securitization activities	9 Months Ended
	Sep. 30, 2023
Variable interest entities and securitization activities
Variable interest entities and securitization activities	​ Note 13. 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. ​ Consolidated VIEs The Company consolidates variable interests held in an acquired joint venture investment for which it is the primary beneficiary. The equity held by the remaining owners and their portions of net income (loss) are reflected in stockholders’ equity on the consolidated balance sheets as Non-controlling interests and in the consolidated statements of income as Net income attributable to noncontrolling interests, respectively. As of September 30, 2023, income and expenses on joint venture investments identified as consolidated VIEs were not material. ​ The table below presents assets and liabilities of consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 23,112 $ 997 Restricted cash ​ 70,388 ​ ​ 77,062 Loans, net ​ ​ 6,804,500 ​ ​ 6,311,698 Preferred equity investment (1) ​ ​ 108,423 ​ ​ 108,423 Other assets ​ ​ 73,843 ​ ​ 54,580 Total assets ​ $ 7,080,266 ​ $ 6,552,760 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 5,264,037 ​ ​ 4,903,350 Due to third parties ​ ​ 2,949 ​ ​ 3,727 Accounts payable and other accrued liabilities ​ ​ 21 ​ ​ — Total liabilities ​ $ 5,267,007 ​ $ 4,907,077 (1) Preferred equity investment held through consolidated VIEs are included in Assets of consolidated VIEs on the consolidated balance sheets. ​ 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, 2023 ​ ​ December 31, 2022 ​ ​ 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 ​ $ 35,900 ​ $ 35,772 ​ 7.4 % ​ $ 49,031 ​ $ 48,518 ​ 4.0 % ReadyCap Lending Small Business Trust 2023-3 ​ ​ 128,340 ​ ​ 125,963 ​ 8.4 ​ ​ ​ — ​ ​ — ​ — ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 2,470 ​ ​ 2,430 ​ 5.0 ​ ​ ​ 7,386 ​ ​ 7,273 ​ 4.3 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 109,036 ​ ​ 107,414 ​ 2.9 ​ ​ ​ 120,916 ​ ​ 119,072 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 87,490 ​ ​ 86,141 ​ 1.6 ​ ​ ​ 109,622 ​ ​ 107,969 ​ 1.6 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 2,037 ​ ​ 1,842 ​ 5.1 ​ ​ 2,726 ​ ​ 2,442 ​ 5.1 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 9,038 ​ ​ 8,677 ​ 5.2 ​ ​ 11,950 ​ ​ 11,787 ​ 5.1 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 53,529 ​ ​ 51,677 ​ 4.6 ​ ​ ​ 58,838 ​ ​ 57,857 ​ 4.3 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 94,631 ​ ​ 89,366 ​ 4.7 ​ ​ ​ 111,184 ​ ​ 108,859 ​ 4.5 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 202,473 ​ ​ 198,436 ​ 3.4 ​ ​ ​ 209,930 ​ ​ 207,464 ​ 3.3 ​ ReadyCap Commercial Mortgage Trust 2022-7 ​ ​ 196,559 ​ ​ 189,379 ​ 4.2 ​ ​ ​ 197,498 ​ ​ 194,456 ​ 4.2 ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ — ​ ​ — ​ — ​ ​ ​ 59,508 ​ ​ 59,508 ​ 3.5 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ — ​ ​ — ​ — ​ ​ ​ 192,419 ​ ​ 192,213 ​ 4.8 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 297,792 ​ ​ 297,266 ​ 6.5 ​ ​ ​ 415,166 ​ ​ 413,101 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 432,305 ​ ​ 430,170 ​ 6.2 ​ ​ ​ 502,220 ​ ​ 497,891 ​ 2.9 ​ Ready Capital Mortgage Financing 2021-FL7 ​ ​ 675,915 ​ ​ 672,791 ​ 6.5 ​ ​ ​ 743,848 ​ ​ 738,246 ​ 3.2 ​ Ready Capital Mortgage Financing 2022-FL8 ​ ​ 828,675 ​ ​ 824,176 ​ 6.8 ​ ​ ​ 913,675 ​ ​ 906,307 ​ 3.7 ​ Ready Capital Mortgage Financing 2022-FL9 ​ ​ 532,194 ​ ​ 524,866 ​ 8.0 ​ ​ ​ 587,722 ​ ​ 579,823 ​ 5.9 ​ Ready Capital Mortgage Financing 2022-FL10 ​ ​ 656,220 ​ ​ 646,827 ​ 7.7 ​ ​ ​ 651,460 ​ ​ 642,578 ​ 7.9 ​ Ready Capital Mortgage Financing 2023-FL11 ​ ​ 474,851 ​ ​ 468,469 ​ 8.1 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2023-FL12 ​ ​ 509,098 ​ ​ 500,486 ​ 7.9 ​ ​ ​ — ​ ​ — ​ — ​ Total ​ $ 5,328,553 $ 5,262,148 ​ 6.8 % $ 4,945,099 $ 4,895,364 ​ 4.3 % ​ The table above excludes non-company sponsored securitized debt obligations of $1.9 million and $8.0 million that are included in the consolidated balance sheets as of September 30, 2023 and December 31, 2022, 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. ​ Unconsolidated VIEs The Company does not consolidate variable interests held in an acquired joint venture investment accounted for as an equity method investment as it does not have the power to direct the activities that most significantly impact their economic performance and therefore, the Company only accounts for its specific interest in them. ​ 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, 2023 ​ December 31, 2022 ​ September 30, 2023 ​ December 31, 2022 MBS, at fair value (2) $ 24,732 ​ $ 24,408 $ 24,732 ​ $ 24,408 Investment in unconsolidated joint ventures ​ ​ 136,113 ​ ​ 118,641 ​ ​ 136,113 ​ ​ 118,641 Total assets in unconsolidated VIEs ​ $ 160,845 ​ $ 143,049 ​ $ 160,845 ​ $ 143,049 (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, 2023
Interest income and interest expense
Interest income and interest expense	Note 14. 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) 2023 2022 2023 2022 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 166,599 ​ $ 118,755 ​ $ 492,818 ​ $ 266,234 Fixed rate ​ ​ 12,621 ​ ​ 13,473 ​ ​ 37,813 ​ ​ 42,412 Construction ​ ​ 27,787 ​ ​ 9,942 ​ ​ 62,290 ​ ​ 18,942 SBA - 7(a) ​ ​ 26,371 ​ ​ 10,604 ​ ​ 56,627 ​ ​ 29,725 PPP ​ ​ 2,925 ​ ​ 14,000 ​ ​ 9,367 ​ ​ 50,140 Residential ​ ​ 39 ​ ​ 53 ​ ​ 151 ​ ​ 103 Other ​ ​ 8,456 ​ ​ 9,090 ​ ​ 24,688 ​ ​ 29,381 Total loans (1) ​ $ 244,798 ​ $ 175,917 ​ $ 683,754 ​ $ 436,937 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ 843 ​ $ 2,292 ​ $ 2,279 ​ $ 6,585 Residential ​ ​ 1,840 ​ ​ 2,103 ​ ​ 5,213 ​ ​ 6,401 Other ​ ​ 175 ​ ​ 230 ​ ​ 206 ​ ​ 775 Total loans, held for sale, at fair value (1) ​ $ 2,858 ​ $ 4,625 ​ $ 7,698 ​ $ 13,761 Investments held to maturity (2) ​ $ 14 ​ $ 4,764 ​ $ 34 ​ $ 8,983 Preferred equity investment (1) ​ $ 1,831 ​ $ — ​ $ 6,192 ​ $ — MBS, at fair value ​ $ 1,089 ​ $ 720 ​ $ 3,369 ​ $ 4,421 Total interest income ​ $ 250,590 ​ $ 186,026 ​ $ 701,047 ​ $ 464,102 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ (49,693) ​ $ (42,124) ​ $ (146,034) ​ $ (89,894) PPPLF borrowings ​ (82) ​ (323) ​ (370) ​ (1,470) Securitized debt obligations of consolidated VIEs ​ (108,464) ​ (52,186) ​ (298,623) ​ (110,241) Guaranteed loan financing ​ ​ (14,966) ​ ​ (3,798) ​ ​ (24,531) ​ ​ (10,069) Senior secured note ​ (4,381) ​ (4,380) ​ (13,159) ​ (13,117) Convertible note ​ ​ (1,042) ​ ​ (2,188) ​ ​ (5,418) ​ ​ (6,564) Corporate debt ​ ​ (12,984) ​ ​ (10,496) ​ ​ (36,405) ​ ​ (25,984) Total interest expense ​ $ (191,612) ​ $ (115,495) ​ $ (524,540) ​ $ (257,339) Net interest income before provision for loan losses ​ $ 58,978 ​ $ 70,531 ​ $ 176,507 ​ $ 206,763 (1) Includes interest income on assets in consolidated VIEs. (2) Investments held to maturity are included in Other assets on the consolidated balance sheets ​

Derivative instruments

Derivative instruments	9 Months Ended
	Sep. 30, 2023
Derivative instruments
Derivative instruments	​ Note 15. 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. 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, 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 not 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, 2023 ​ December 31, 2022 ​ ​ ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative (in thousands) ​ Primary Underlying Risk ​ Amount ​ Asset ​ Liability ​ Amount ​ Asset ​ Liability IRLCs ​ Interest rate risk ​ $ 124,610 ​ $ 131 ​ $ — ​ $ 205,204 ​ $ 117 ​ $ — Interest Rate Swaps - not designated as hedges (1) Interest rate risk ​ ​ 198,331 ​ ​ 18,630 ​ ​ — ​ ​ 216,381 ​ ​ 19,366 ​ ​ — Interest Rate Swaps - designated as hedges (1) ​ Interest rate risk ​ ​ 416,139 ​ ​ 37,073 ​ ​ — ​ ​ 266,139 ​ ​ 33,863 ​ ​ — TBA Agency Securities (1) ​ Market risk ​ ​ 137,500 ​ ​ 763 ​ ​ (38) ​ ​ 134,150 ​ ​ 796 ​ ​ (749) FX forwards ​ Foreign exchange rate risk ​ ​ 39,447 ​ ​ 1,337 ​ ​ — ​ ​ 47,834 ​ ​ 1,123 ​ ​ (1,319) Total ​ ​ ​ $ 916,027 ​ $ 57,934 ​ $ (38) ​ $ 869,708 ​ $ 55,265 ​ $ (2,068) (1) Refer to Note 22 - Offsetting Assets and Liabilities for further details. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents gains and losses on derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Realized ​ ​ Net Unrealized (in thousands) ​ Gain (Loss) ​ ​ Gain (Loss) Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ Interest rate swaps $ 2,313 ​ $ 6,015 TBA Agency Securities ​ — ​ ​ 178 IRLCs ​ — ​ ​ (585) FX forwards ​ (10) ​ ​ 3,359 Total $ 2,303 ​ $ 8,967 Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ Interest rate swaps $ 9,278 ​ $ 13,965 TBA Agency Securities ​ — ​ ​ 10,097 IRLCs ​ — ​ ​ (6,744) FX forwards ​ 599 ​ ​ 2,147 Total $ 9,877 ​ $ 19,465 Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ Interest rate swaps $ 15,684 ​ $ 1,409 TBA Agency Securities ​ — ​ ​ 678 IRLCs ​ — ​ ​ 14 FX forwards ​ 735 ​ ​ 1,533 Total $ 16,419 ​ $ 3,634 Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ Interest rate swaps $ 6,785 ​ $ 54,540 TBA Agency Securities ​ — ​ ​ 9,596 IRLCs ​ — ​ ​ (6,685) FX forwards ​ 2,825 ​ ​ 2,459 Total $ 9,610 ​ $ 59,910 ​ In the table above: ● Gains (losses) on 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 $ (289) ​ $ — ​ $ (289) ​ $ 4,337 ​ $ 4,626 Three Months Ended September 30, 2022 $ (402) ​ $ — ​ $ (402) ​ $ (79) ​ $ 323 Nine Months Ended September 30, 2023 $ (881) ​ $ — $ (881) ​ $ 2,433 ​ $ 3,314 Nine Months Ended September 30, 2022 $ (1,094) ​ $ — $ (1,094) ​ $ (207) ​ $ 887 ​ ​ In the table above: ● Forecasted transactions on interest rates consists of benchmark interest rate hedges of SOFR and 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, 2023
Real estate owned, held for sale
Real estate owned, held for sale	Note 16. Real estate owned, held for sale ​ The table below presents details on the real estate owned, held for sale portfolio. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 Acquired Portfolio: ​ ​ ​ ​ ​ ​ Mixed Use $ 8,535 $ 35,361 Multi-family ​ ​ 74,388 ​ ​ 48,768 Lodging ​ ​ 14,000 ​ ​ — Residential ​ ​ 24,696 ​ ​ — Office ​ ​ 12,458 ​ ​ — Land ​ ​ 80,276 ​ ​ — Total Acquired REO ​ $ 214,353 (1) $ 84,129 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 24,368 ​ $ 24,300 Retail ​ ​ 1,853 ​ ​ 1,853 Office ​ ​ 6,816 ​ ​ 6,816 SBA ​ ​ 40 ​ ​ — Services ​ ​ 1,126 ​ ​ — Mixed Use ​ ​ 4,247 ​ ​ — Multi-family ​ ​ 29,138 ​ ​ — Total Other REO ​ $ 67,588 ​ $ 32,969 Total real estate owned, held for sale ​ $ 281,941 ​ $ 117,098 (1) Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Broadmark Merger. ​ In the table above, Other REO excludes $1.9 million and $1.0 million as of September 30, 2023 and December 31, 2022, respectively, of real estate owned, held for sale within consolidated VIEs. ​ As of September 30, 2023, based on updated valuations obtained, the Company recorded a measurement period adjustment of $5.1 million to decrease the value of real estate owned, held for sale in connection with the Broadmark Merger. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Broadmark Merger.

Agreements and transactions wit

Agreements and transactions with related parties	9 Months Ended
	Sep. 30, 2023
Agreements and transactions with related parties
Agreements and transactions with related parties	Note 17. 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 Board. ​ Management fee. ​ The table below presents the management fee payable to the Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Management fee - total ​ $ 7.2 million ​ $ 5.4 million ​ $ 18.1 million ​ $ 14.1 million Management fee - amount unpaid ​ $ 7.2 million ​ $ 5.4 million ​ $ 7.2 million ​ $ 5.4 million ​ Incentive distribution. four twelve (to the extent the Company forecloses on any property), and (e) one-time events pursuant to changes in U.S. GAAP and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the independent directors and (ii) add back any realized gains or losses on the sales of MBS and on discontinued operations which were excluded from the definition of distributable earnings described under “Non-GAAP Financial Measures”. ​ The table below presents the incentive fee payable to the Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Incentive fee distribution - total ​ $ — ​ $ 0.9 million ​ $ 1.8 million ​ $ 0.9 million Incentive fee distribution - amount unpaid ​ $ — ​ $ 0.9 million ​ $ — ​ $ 0.9 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, 2024, 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, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Reimbursable expenses payable to Manager - total ​ $ 3.4 million ​ $ 2.4 million ​ $ 9.1 million ​ $ 8.2 million Reimbursable expenses payable to Manager - amount unpaid ​ $ 4.1 million ​ $ 5.6 million ​ $ 4.1 million ​ $ 5.6 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 Anchor Feeder, LLC (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 focuses on commercial real estate equity through the acquisition of distressed and value-add real estate across property types with local operating partners.

Other assets and other liabilit

Other assets and other liabilities	9 Months Ended
	Sep. 30, 2023
Other assets and other liabilities
Other assets and other liabilities	Note 18. Other assets and other liabilities ​ The table below presents the composition of other assets and other liabilities. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 Other assets: ​ ​ ​ ​ ​ ​ Goodwill ​ $ 37,818 ​ $ 37,818 Deferred loan exit fees ​ ​ 33,565 ​ ​ 36,669 Accrued interest ​ ​ 54,404 ​ ​ 34,951 Due from servicers ​ ​ 41,404 ​ ​ 24,078 Intangible assets ​ 17,940 ​ 16,308 Receivable from third party ​ ​ 27,322 ​ ​ 15,114 Deferred financing costs ​ ​ 9,417 ​ ​ 5,176 Deferred tax asset ​ 977 ​ 977 Right-of-use lease asset ​ ​ 4,889 ​ ​ 1,687 Investments held to maturity ​ ​ 3,446 ​ ​ 3,306 Purchased future receivables, net ​ ​ 15,948 ​ ​ 8,246 Other ​ ​ 18,298 ​ ​ 16,991 Other assets $ 265,428 ​ $ 201,321 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ Accrued salaries, wages and commissions ​ $ 37,263 ​ $ 38,245 Accrued interest payable ​ 45,019 ​ 34,785 Servicing principal and interest payable ​ ​ 8,842 ​ ​ 13,163 Deferred tax liability ​ ​ 30,885 ​ ​ 30,885 Repair and denial reserve ​ 7,804 ​ 10,846 Payable to related parties ​ 7,916 ​ 7,815 Accrued PPP related costs ​ ​ 145 ​ ​ 4,016 Accrued professional fees ​ ​ 2,483 ​ ​ 2,804 Lease payable ​ ​ 8,839 ​ ​ 1,778 Other ​ 19,102 ​ 32,183 Total accounts payable and other accrued liabilities ​ $ 168,298 ​ $ 176,520 ​ In the table above, investments held to maturity was $3.4 million and $3.3 million as of September 30, 2023 and December 31, 2022. As of both September 30, 2023 and December 31, 2022 substantially all of the investments held to maturity consisted of multi-family preferred equities with maturities of one through five years and a weighted average interest rate of 10.0%. The provision for credit losses on held to maturity securities was not material for the three and nine months ended September 30, 2023 or September 30, 2022. ​ Goodwill The table below presents the carrying value of goodwill by reportable segment. ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 SBC Lending and Acquisitions $ 26,612 $ 26,612 Small Business Lending ​ 11,206 ​ 11,206 Total $ 37,818 $ 37,818 ​ Intangible assets The table below presents information on intangible assets. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 ​ December 31, 2022 Estimated Useful Life Customer Relationships - Red Stone $ 6,025 ​ $ 6,293 19 years Internally developed software to be sold, leased, or marketed ​ 5,923 ​ ​ 3,092 5 years Trade name - Red Stone ​ 2,500 ​ ​ 2,500 Indefinite life Internally developed software - Knight Capital ​ 1,319 ​ ​ 1,794 6 years SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Favorable lease ​ 437 ​ ​ 520 12 years Trade name - Knight Capital ​ 306 ​ ​ 416 6 years Trade name - GMFS ​ 274 ​ ​ 337 15 years Broker network - Knight Capital ​ 156 ​ ​ 356 4.5 years Total intangible assets $ 17,940 ​ $ 16,308 ​ ​ The amortization expense related to intangible assets was $0.4 million and $1.2 million for both the three and nine months ended September 30, 2023 and the three and nine months ended September 30, 2022. 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, 2023 Internally developed software - Knight Capital $ 2,480 Broker network - Knight Capital ​ 1,044 Favorable lease ​ 1,042 Trade name - GMFS ​ 949 Internally developed software to be sold, leased, or marketed ​ 885 Customer Relationship - Red Stone ​ 775 Trade name - Knight Capital ​ 574 Total accumulated amortization $ 7,749 ​ The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years. ​ ​ ​ ​ (in thousands) September 30, 2023 2023 $ 755 2024 ​ 2,752 2025 ​ 2,506 2026 ​ 1,839 2027 ​ 1,704 Thereafter ​ 4,884 Total $ 14,440 ​ 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, 2023 and December 31, 2022, the loan indemnification reserve was $1.3 million and $2.9 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, 2023 and December 31, 2022, 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, 2023
Other income and operating expenses
Other income and operating expenses	Note 19. 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 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, 2023 were less than $0.1 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, 2023 December 31, 2022 Assets ​ ​ ​ ​ ​ ​ PPP loans ​ $ 57,977 ​ $ 186,409 PPP loans, at fair value ​ 168 ​ 576 PPP fee receivable ​ 283 ​ 328 Accrued interest receivable ​ 925 ​ 3,196 Total PPP related assets ​ $ 59,353 ​ $ 190,509 Liabilities ​ ​ ​ ​ ​ ​ PPPLF borrowings ​ $ 76,333 ​ $ 201,011 Interest payable ​ ​ 649 ​ ​ 1,176 Deferred LSP revenue ​ ​ 38 ​ ​ 122 Accrued PPP related costs ​ ​ 145 ​ ​ 4,016 Payable to third parties ​ 621 ​ 277 Repair and denial reserve ​ ​ 1,403 ​ ​ 4,878 Total PPP related liabilities ​ $ 79,189 ​ $ 211,480 ​ 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. ● Total net fees of $123.7 million are deferred over the expected life of the loans and is being recognized as interest income. Unrecognized fees as of September 30, 2023 were $2.1 million. ● As of September 30, 2023 and December 31, 2022, PPPLF borrowings exceed PPP loans on the balance sheet due to net fees of $2.1 million and $9.8 million, respectively. 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) 2023 2022 ​ 2023 2022 ​ Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LSP fee income $ — $ 26 $ 57 $ 5,336 ​ Servicing income Interest income ​ 2,925 ​ 14,000 ​ 9,367 ​ 50,140 ​ Interest income Repair and denial reserve ​ 1,302 ​ 2,153 ​ 2,820 ​ 6,553 ​ Other income - change in repair and denial reserve Total PPP related income $ 4,227 $ 16,179 $ 12,244 $ 62,029 ​ ​ Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating expenses $ — $ 93 $ 233 $ 434 ​ Other operating expenses - origination costs Interest expense ​ 82 ​ 323 ​ 370 ​ 1,470 ​ Interest expense Total PPP related expenses $ 82 $ 416 $ 603 $ 1,904 ​ ​ Net PPP related income $ 4,145 $ 15,763 $ 11,641 $ 60,125 ​ ​ ​ 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) 2023 2022 2023 2022 ​ Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income $ 5,198 ​ $ 3,660 $ 16,126 ​ $ 8,039 ​ Change in repair and denial reserve ​ 2,097 ​ ​ 1,864 ​ 2,425 ​ ​ 5,362 ​ Employee retention credit consulting income ​ ​ 5,832 ​ ​ 6,958 ​ ​ 23,988 ​ ​ 7,261 ​ Other ​ 5,188 ​ ​ 3,668 ​ 14,228 ​ ​ 10,323 ​ Total other income ​ $ 18,315 ​ $ 16,150 ​ $ 56,767 ​ $ 30,985 ​ Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs ​ $ 1,991 ​ $ 3,288 ​ $ 5,390 ​ $ 10,390 ​ Technology expense ​ 2,603 ​ ​ 2,619 ​ 6,873 ​ ​ 7,035 ​ Impairment on real estate ​ 1,869 ​ ​ — ​ 5,287 ​ ​ 2,667 ​ Rent and property tax expense ​ 1,478 ​ ​ 1,764 ​ 4,259 ​ ​ 4,423 ​ Recruiting, training and travel expense ​ 722 ​ ​ 395 ​ 2,345 ​ ​ 1,221 ​ Marketing expense ​ ​ 610 ​ ​ 575 ​ ​ 1,626 ​ ​ 1,499 ​ Other ​ 5,095 ​ ​ 6,755 ​ 14,147 ​ ​ 15,186 ​ Total other operating expenses ​ $ 14,368 ​ $ 15,396 ​ $ 39,927 ​ $ 42,421 ​ ​

Redeemable Preferred Stock and

Redeemable Preferred Stock and Stockholders Equity	9 Months Ended
	Sep. 30, 2023
Redeemable Preferred Stock and Stockholders' Equity
Redeemable Preferred Stock and Stockholders' Equity	Note 20. Redeemable Preferred Stock and Stockholders’ Equity ​ Common stock dividends The table below presents dividends declared by the Board on common stock during the last twelve months. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ Record Date ​ Payment Date ​ Dividend per Share September 15, 2022 ​ September 30, 2022 ​ October 31, 2022 ​ $ 0.42 ​ December 15, 2022 ​ December 30, 2022 ​ January 31, 2023 ​ $ 0.40 ​ March 15, 2023 ​ March 31, 2023 ​ April 28, 2023 ​ $ 0.40 ​ May 15, 2023 ​ May 30, 2023 ​ June 15, 2023 ​ $ 0.26 ​ May 15, 2023 ​ June 30, 2023 ​ July 31, 2023 ​ $ 0.14 ​ September 15, 2023 ​ September 29, 2023 ​ October 31, 2023 ​ $ 0.36 ​ ​ Stock incentive plans The Company currently maintains the 2013 Equity Incentive Plan and the 2023 Equity Incentive Plan which authorize the Compensation Committee of the Board to approve grants of equity-based awards to the Company’s officers and directors, and employees of the Manager and its affiliates. The 2013 Equity Incentive Plan provided 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. On August 22, 2023, the Company’s stockholders approved the 2023 Equity Incentive Plan which replaces the 2013 Equity Incentive Plan and provides for grants of equity-based awards up to 5.5 million shares of the Company’s common stock. As of August 22, 2023, no further awards will be granted under the 2013 Equity Incentive Plan, and the 2013 Equity Incentive Plan remains in effect only for so long as awards granted thereunder remain outstanding. The Company currently settles stock-based incentive awards with newly issued 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 - ​ In 2023, 2022, and 2021, the Company granted 413,852, 327,692, and 287,787, respectively, of time-based RSAs to certain key employees. These awards generally vest ratably in equal annual installments over a three-year period based solely on continued employment or service. Additionally, the 2021 RSAs as noted above include the 128,533 shares of common stock issued to Red Stone executives as part of the Company’s acquisition of Red Stone, a privately owned real estate finance and investment company that provided innovative financial products and services to multifamily affordable housing. The Company further granted in these years 72,795, 45,162, and 36,968, respectively, of time-based RSAs and RSUs to directors of the Company, which vest ratably in equal installments quarterly over a one-year period. Directors have the option to defer receipt of shares and receive as RSUs at a later settlement date of their choosing. Dividends are paid on all above-mentioned time-based awards, vested and non-vested. Additionally, as part of the Broadmark Merger, the Company assumed the Broadmark RSU awards and converted them into 736,666 Company RSUs after applying the Exchange Ratio. The Broadmark RSUs have the same terms and conditions as were applicable to them prior to the Broadmark Merger and, accordingly, are not dividend eligible. ​ The table below summarizes RSU and RSA activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Units/Awards (in thousands, except share data) Number of Shares Grant date fair value Weighted-average grant date fair value (per share) Outstanding, December 31, 2022 827,163 $ 12,258 $ 14.82 Granted 441,296 ​ ​ 5,728 ​ 12.98 Vested (333,470) ​ ​ (4,946) ​ 14.83 Forfeited (4,536) ​ ​ (61) ​ 13.62 Outstanding, March 31, 2023 930,453 $ 12,979 $ 13.95 Granted 782,017 ​ ​ 8,005 ​ 10.24 Vested (356,317) ​ ​ (3,689) ​ 10.35 Forfeited (8,074) ​ ​ (108) ​ 13.44 Outstanding, June 30, 2023 1,348,079 $ 17,187 $ 12.75 Vested (349,033) ​ ​ (3,615) ​ 10.36 Outstanding, September 30, 2023 999,046 ​ $ 13,572 $ 13.58 ​ The Company recognized $2.3 million and $6.2 million for the three and nine months ended September 30, 2023, respectively, and $2.0 million and $6.2 million for the three and nine months ended September 30, 2022, respectively, of non-cash compensation expense related to its stock-based incentive plan in the consolidated statements of income. As of September 30, 2023 and December 31, 2022, approximately $13.6 million and $12.3 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 under the 2013 Equity Incentive Plan 2023 performance-based equity awards. 2/3rds 1/3rd ​ In February 2023, the Company granted to certain key employees 92,451 shares of performance-based equity awards which are allocated 50% to awards that vest based on distributable return on equity (“ROE”) for the three-year forward-looking period ending December 31, 2025 and 50% to awards that vest based on relative total shareholder return (“TSR”) for such three-year forward-looking performance period relative to the performance of a designated peer group. Subject to the distributable ROE metric and relative TSR achieved during the vesting period, the actual number of shares that the key employees receive at the end of the period may range from 0% to 200% of the target shares granted. The fair value of the performance-based equity awards granted is recorded as compensation expense over the vesting period and will cliff vest at the end of a three-year vesting period, with an offsetting increase in stockholders’ equity. ​ 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. ​ The Company classifies 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, 2023, the conversion rate was 1.3568 shares of common stock per $25 principal amount of the Series C Preferred Stock, which is equivalent to a conversion price of approximately $18.43 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 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, 2023 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 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, 2023. The dividends were paid on October 13, 2023 for Series C Preferred Stock and on October 31, 2023 for Series E Preferred Stock to the holders of record as of the close of business on September 29, 2023. ​ ● 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. ​ Public and Private Warrants As part of the Broadmark Merger, the Company assumed public and private placement warrants that represented the right to purchase shares of Broadmark Common Stock. As of September 30, 2023, there were 41.7 million public warrants outstanding, each representing the right to purchase 0.1180825 shares of our common stock, and 5.2 million private placement warrants outstanding, each representing the right to purchase 0.47233 shares of common stock. In the aggregate, the Company has outstanding warrants to purchase approximately 7.4 million shares of common stock at a price of $24.34 per whole share. Settlement of outstanding warrants will be in shares of common stock, unless the Company elects (solely in the Company’s discretion) to settle warrants the Company has called for redemption in cash, and subject to customary adjustment in the event of business combinations and certain tender offers. Unless earlier redeemed, the public warrants will expire on November 19, 2024. ​ The liability for the private placement warrants was less than $0.1 million as of September 30, 2023 and is included in accounts payable and other accrued liabilities in the consolidated balance sheets. ​ 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”). The Company made no such sales through the Equity ATM Program during the three and nine months ended September 30, 2023. As of September 30, 2023, 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, 2023
Earnings per Share of Common Stock
Earnings per Share of Common Stock	Note 21. 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) 2023 2022 2023 2022 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 47,179 ​ $ 66,253 ​ $ 337,530 ​ $ 189,481 Less: Income attributable to non-controlling interest ​ ​ 1,517 ​ ​ 3,023 ​ ​ 7,842 ​ ​ 6,672 Less: Income attributable to participating shares ​ ​ 2,334 ​ ​ 2,407 ​ ​ 7,078 ​ ​ 7,231 Basic earnings ​ $ 43,328 ​ $ 60,823 ​ $ 322,610 ​ $ 175,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 47,179 ​ $ 66,253 ​ $ 337,530 ​ $ 189,481 Less: Income attributable to non-controlling interest ​ ​ 1,517 ​ ​ 3,023 ​ ​ 7,842 ​ ​ 6,672 Less: Income attributable to participating shares ​ ​ 2,334 ​ ​ 2,407 ​ ​ 7,078 ​ ​ 7,231 Add: Expenses attributable to dilutive instruments ​ ​ 131 ​ ​ 2,319 ​ ​ 393 ​ ​ 6,957 Diluted earnings ​ $ 43,459 ​ $ 63,142 ​ $ 323,003 ​ $ 182,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 171,973,933 ​ ​ 114,371,160 ​ ​ 138,323,878 ​ ​ 105,576,826 Effect of dilutive securities — Unvested participating shares ​ ​ 2,466,936 ​ ​ 11,295,449 ​ ​ 2,304,667 ​ ​ 11,288,944 Diluted — Average shares outstanding ​ ​ 174,440,869 ​ ​ 125,666,609 ​ ​ 140,628,545 ​ ​ 116,865,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EPS Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.25 ​ $ 0.53 ​ $ 2.33 ​ $ 1.66 Diluted ​ $ 0.25 ​ $ 0.50 ​ $ 2.30 ​ $ 1.56 ​ 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, 2023 and December 31, 2022, the non-controlling interest OP unit holders owned 1,430,582 and 1,593,983 OP units, respectively.

Offsetting assets and liabiliti

Offsetting assets and liabilities	9 Months Ended
	Sep. 30, 2023
Offsetting assets and liabilities
Offsetting assets and liabilities	​ Note 22. 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, 2023 and December 31, 2022, 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, Paycheck Protection Program Liquidity Facility borrowings 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLCs $ 131 ​ $ — ​ $ 131 ​ $ — ​ $ — ​ $ 131 FX forwards ​ 1,337 ​ ​ — ​ ​ 1,337 ​ ​ — ​ ​ — ​ ​ 1,337 TBA Agency Securities ​ 763 ​ ​ 38 ​ ​ 725 ​ ​ — ​ ​ — ​ ​ 725 Interest rate swaps ​ 55,703 ​ ​ 49,276 ​ ​ 6,427 ​ ​ — ​ ​ — ​ ​ 6,427 Total $ 57,934 ​ $ 49,314 ​ $ 8,620 ​ $ — ​ $ — ​ $ 8,620 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TBA Agency Securities $ 38 ​ $ 38 ​ $ — ​ $ — ​ $ — ​ $ — Secured borrowings ​ 2,385,070 ​ ​ — ​ ​ 2,385,070 ​ ​ 2,385,070 ​ ​ — ​ ​ — PPPLF ​ 76,333 ​ ​ — ​ ​ 76,333 ​ ​ 58,145 ​ ​ — ​ ​ 18,188 Total $ 2,461,441 ​ $ 38 ​ $ 2,461,403 ​ $ 2,443,215 ​ $ — ​ $ 18,188 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLCs $ 117 ​ $ — ​ $ 117 ​ $ — ​ $ — ​ $ 117 FX forwards ​ 1,123 ​ ​ — ​ ​ 1,123 ​ ​ — ​ ​ — ​ ​ 1,123 TBA Agency Securities ​ 796 ​ ​ 482 ​ ​ 314 ​ ​ — ​ ​ — ​ ​ 314 Interest rate swaps ​ 53,229 ​ ​ 41,820 ​ ​ 11,409 ​ ​ — ​ ​ — ​ ​ 11,409 Total $ 55,265 ​ $ 42,302 ​ $ 12,963 ​ $ — ​ $ — ​ $ 12,963 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TBA Agency Securities $ 749 ​ $ 482 ​ $ 267 ​ $ — ​ $ — ​ $ 267 FX forwards ​ 1,319 ​ ​ — ​ ​ 1,319 ​ ​ — ​ ​ — ​ ​ 1,319 Secured borrowings ​ 2,846,293 ​ ​ — ​ ​ 2,846,293 ​ ​ 2,846,293 ​ ​ — ​ ​ — PPPLF ​ 201,011 ​ ​ — ​ ​ 201,011 ​ ​ 186,985 ​ ​ — ​ ​ 14,026 Total $ 3,049,372 ​ $ 482 ​ $ 3,048,890 ​ $ 3,033,278 ​ $ — ​ $ 15,612 (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 the Company has 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 the Company that exceeds the Company’s corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in the Company’s 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, 2023
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 23. 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, 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. ​ 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 ​ 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, 2023
Commitments, Contingencies and Indemnifications
Commitments, Contingencies and Indemnifications	Note 24. 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. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2023 ​ December 31, 2022 Loans, net ​ $ 842,764 ​ $ 881,519 Loans, held for sale at fair value ​ $ 14,185 ​ $ 20,546 Preferred equity investment ​ $ 436 ​ $ 1,147 ​ 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, 2023 ​ December 31, 2022 Commitments to originate residential agency loans ​ $ 123,182 ​ $ 112,319 ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Taxes
Income Taxes	Note 25. 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 distributes 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.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
Segment Reporting
Segment Reporting	Note 26. 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, bridge, stabilized and agency channels. As part of this segment, the Company originates and services 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 Knight Capital. ​ 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. ​ Results of business segments and all other. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 219,414 ​ $ 29,297 ​ $ 1,879 ​ $ — ​ $ 250,590 Interest expense ​ ​ (169,008) ​ ​ (20,769) ​ ​ (1,835) ​ ​ — ​ ​ (191,612) Net interest income before recovery of (provision for) loan losses ​ $ 50,406 ​ $ 8,528 ​ $ 44 ​ $ — ​ $ 58,978 Recovery of (provision for) loan losses ​ ​ 14,465 ​ ​ (2,314) ​ ​ — ​ ​ — ​ 12,151 Net interest income after recovery of (provision for) loan losses ​ $ 64,871 ​ $ 6,214 ​ $ 44 ​ $ — ​ $ 71,129 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 7,059 ​ $ — ​ $ 7,059 Net realized gain (loss) on financial instruments and real estate owned ​ ​ 7,053 ​ ​ 7,349 ​ ​ — ​ ​ — ​ ​ 14,402 Net unrealized gain (loss) on financial instruments ​ ​ 14,515 ​ ​ 606 ​ ​ 2,563 ​ ​ — ​ ​ 17,684 Servicing income, net ​ ​ 1,198 ​ ​ 5,669 ​ ​ 9,166 ​ ​ — ​ ​ 16,033 Income on purchased future receivables, net ​ ​ — ​ ​ 904 ​ ​ — ​ ​ — ​ ​ 904 Loss on bargain purchase ​ ​ — ​ ​ — ​ ​ — ​ ​ (14,862) ​ ​ (14,862) Income on unconsolidated joint ventures ​ ​ 56 ​ ​ — ​ ​ — ​ ​ — ​ ​ 56 Other income ​ ​ 8,570 ​ ​ 8,863 ​ ​ 43 ​ ​ 839 ​ ​ 18,315 Total non-interest income (loss) ​ $ 31,392 ​ $ 23,391 ​ $ 18,831 ​ $ (14,023) ​ $ 59,591 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (10,224) ​ $ (8,507) ​ $ (4,890) ​ $ (1,247) ​ $ (24,868) Allocated employee compensation and benefits from related party ​ ​ (99) ​ ​ — ​ ​ — ​ ​ (2,902) ​ (3,001) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (4,091) ​ ​ — ​ ​ (4,091) Professional fees ​ ​ (1,264) ​ ​ (3,456) ​ ​ (144) ​ ​ (2,946) ​ (7,810) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,229) ​ (7,229) Loan servicing expense ​ ​ (12,204) ​ ​ (337) ​ ​ (3,277) ​ ​ — ​ (15,818) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,329) ​ ​ (2,329) Other operating expenses ​ ​ (5,890) ​ ​ (5,222) ​ ​ (1,608) ​ ​ (1,648) ​ (14,368) Total non-interest expense ​ $ (29,681) ​ $ (17,522) ​ $ (14,010) ​ $ (18,301) ​ $ (79,514) Income (loss) before provision for income taxes ​ $ 66,582 ​ $ 12,083 ​ $ 4,865 ​ $ (32,324) ​ $ 51,206 Total assets ​ $ 10,595,201 ​ $ 1,409,761 ​ $ 396,073 ​ $ 398,398 ​ $ 12,799,433 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 629,686 ​ $ 65,997 ​ $ 5,364 ​ $ — ​ $ 701,047 Interest expense ​ ​ (479,006) ​ ​ (39,861) ​ ​ (5,673) ​ ​ — ​ ​ (524,540) Net interest income before recovery of (provision for) loan losses ​ $ 150,680 ​ $ 26,136 ​ $ (309) ​ $ — ​ $ 176,507 Recovery of (provision for) loan losses ​ ​ 5,179 ​ ​ (5,721) ​ ​ — ​ ​ — ​ (542) Net interest income after recovery of (provision for) loan losses ​ $ 155,859 ​ $ 20,415 ​ $ (309) ​ $ — ​ $ 175,965 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 26,112 ​ $ — ​ $ 26,112 Net realized gain (loss) on financial instruments and real estate owned ​ ​ 27,234 ​ ​ 22,621 ​ ​ — ​ ​ — ​ ​ 49,855 Net unrealized gain (loss) on financial instruments ​ ​ 7,727 ​ ​ 348 ​ ​ 5,288 ​ ​ — ​ ​ 13,363 Servicing income, net ​ ​ 4,181 ​ ​ 12,367 ​ ​ 27,920 ​ ​ — ​ ​ 44,468 Income on purchased future receivables, net ​ ​ — ​ ​ 1,530 ​ ​ — ​ ​ — ​ 1,530 Gain on bargain purchase ​ ​ — ​ ​ — ​ ​ — ​ ​ 215,032 ​ ​ 215,032 Income on unconsolidated joint ventures ​ ​ 745 ​ ​ — ​ ​ — ​ ​ — ​ ​ 745 Other income ​ ​ 25,829 ​ ​ 29,390 ​ ​ 98 ​ ​ 1,450 ​ ​ 56,767 Total non-interest income ​ $ 65,716 ​ $ 66,256 ​ $ 59,418 ​ $ 216,482 ​ $ 407,872 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (25,153) ​ $ (31,396) ​ $ (15,598) ​ $ (5,569) ​ $ (77,716) Allocated employee compensation and benefits from related party ​ ​ (581) ​ ​ — ​ ​ — ​ ​ (7,246) ​ (7,827) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (16,150) ​ ​ — ​ (16,150) Professional fees ​ ​ (3,380) ​ ​ (7,863) ​ ​ (441) ​ ​ (7,499) ​ (19,183) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (18,070) ​ (18,070) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,791) ​ ​ (1,791) Loan servicing expense ​ ​ (31,008) ​ ​ (582) ​ ​ (7,306) ​ ​ — ​ (38,896) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (17,188) ​ ​ (17,188) Other operating expenses ​ ​ (16,221) ​ ​ (14,003) ​ ​ (5,001) ​ ​ (4,702) ​ (39,927) Total non-interest expense ​ $ (76,343) ​ $ (53,844) ​ $ (44,496) ​ $ (62,065) ​ $ (236,748) Income before provision for income taxes ​ $ 145,232 ​ $ 32,827 ​ $ 14,613 ​ $ 154,417 ​ $ 347,089 Total assets ​ $ 10,595,201 ​ $ 1,409,761 ​ $ 396,073 ​ $ 398,398 ​ $ 12,799,433 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (loss) 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 (loss) 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 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events
Subsequent Events	Note 27. Subsequent events ​ The Company has evaluated subsequent events through the issuance date of the consolidated financial statements and determined that no additional disclosure is necessary. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 the Company is 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, net	Loans, net Loans, net consists of loans, held-for-investment, net of allowance for credit losses, and loans, held at fair value.
Loans, held-for-investment	Loans, held-for-investment. Receivables . ​ The Company uses the interest method to recognize, as a constant effective yield adjustment, the difference between the initial recorded investment in the loan and the principal amount of the loan. The calculation of the constant effective yield necessary to apply the interest method uses the payment terms required by the loan contract, and prepayments of principal are not anticipated to shorten the loan term.
Loans, held at fair value	Loans, held at fair value.
Allowance for credit losses	Allowance for credit losses. ​ The Company utilizes loan loss forecasting models for estimating expected life-time credit losses, at the individual loan level, for its loan portfolio. The Current Expected Credit Loss (“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.
Loan modifications made to borrowers experiencing financial difficulty	Loan modifications made to borrowers experiencing financial difficulty.
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 19. The Company has elected the fair value option for the loans originated by the Company for the first round of the program. Interest is recognized in the consolidated statements of income as interest income when earned and deemed collectible. Although PPP includes a 100% guarantee from the federal government and principal forgiveness for borrowers if the funds were used for defined purposes, changes in fair value are recurring and are reported as net unrealized gains (losses) on financial instruments in the consolidated statements of income. ​ The Company’s loan originations in the second round of the program are accounted for as loans, held-for-investment under ASC 310. Loan origination fees and related direct loan origination costs are capitalized into the initial recorded investment in the loan and are deferred over the loan term. The Company recognizes the difference between the initial recorded investment and the principal amount of the loan as interest income using the effective yield method. The effective yield is determined based on the payment terms required by the loan contract as well as with actual and expected prepayments from loan forgiveness by the federal government.
Mortgage backed securities, at fair value	Mortgage-backed securities, at fair value The Company accounts for MBS as trading securities and carries them at fair value under ASC 320, Investments-Debt and Equity Securities . ​ MBS are recorded at fair value as determined by market prices provided by independent broker dealers or other independent valuation service providers. The fair values assigned to these investments are based upon available information and may not reflect amounts that may be realized. 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 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. ​ 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. Cash flow hedges are used to hedge the exposure to the variability in cash flows from forecasted transactions, including the anticipated issuance of securitized debt obligations. ASC 815 requires that a forecasted transaction be identified as either: 1) a single transaction, or 2) a group of individual transactions that share the same risk exposures for which they are designated as being hedged. Hedges of forecasted transactions are considered cash flow hedges since the price is not fixed, hence involve variability of cash flows. ​ ​ For qualifying cash flow hedges, the change in the fair value of the derivative (the hedging instrument) is recorded in other comprehensive income (loss) (“OCI”) and is reclassified out of OCI and into the consolidated statements of income when the hedged cash flows affect earnings. These amounts are recognized consistent with the classification of the hedged item, primarily interest expense (for hedges of interest rate risk). If the hedge relationship is terminated, then the value of the derivative recorded in accumulated other comprehensive income (loss) (“AOCI”) is recognized in earnings when the cash flows that were hedged affect earnings, so long as the forecasted transaction remains probable of occurring. ​ Hedge accounting is generally terminated at the debt issuance date because the Company is 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. Such securities are accounted for at amortized cost and reviewed on a quarterly basis to determine if an allowance for credit losses should be recorded in the consolidated statements of income.
Purchased future receivables	Purchased future receivables 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 CECL method the Company utilizes is an aging schedule where estimating expected life-time credit losses is determined on the basis of how long a receivable has been outstanding. Where there is doubt regarding the ultimate collectability, the allowance for credit losses increases through provisions recorded in the consolidated statements of income and reduced by charge-offs, net of recoveries. Purchased future receivables that have been delinquent for 90 days or more are considered uncollectible and subsequently charged off. While the Company has a formal methodology to determine the adequate and appropriate level of the allowance for credit losses, estimates involve judgment and assumptions as to various factors, including current economic conditions and inherent risk in the portfolio. 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.
Intangible assets	Intangible assets The Company accounts for intangible assets under ASC 350, Intangibles- Goodwill and Other Software- costs of software to be sold, leased, or marketed.
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, which permits a qualitative assessment of whether it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value, including goodwill, or the Company chooses not to perform the qualitative assessment, then the Company compares the fair value of that reporting unit with its carrying value, including goodwill, in a quantitative assessment. If the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss measured as the excess of the reporting unit’s carrying value, including goodwill, over its fair value. The estimated fair value of the reporting unit is derived based on valuation techniques the Company believes market participants would use for each of the reporting units. ​ The qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual and projected financial performance of the reporting unit, macroeconomic conditions, industry and market conditions and relevant entity specific events in determining whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. In the third quarter of 2023, as a result of the qualitative assessment, the Company determined that it was more likely than not that the estimated fair value of each of the reporting units exceeded its respective estimated carrying value. Therefore, goodwill for each reporting unit was not impaired and a quantitative test was not required. ​
Deferred financing costs	Deferred financing costs Costs incurred in connection with 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. ​
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 received advances from the Federal Reserve through the PPPLF. The Company accounts for borrowings under the PPPLF under ASC 470. Interest paid and accrued in connection with PPPLF is recorded as interest expense in the consolidated statements of income.
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. Securitization involves transferring assets to a special purpose entity or securitization trust, which typically qualifies as a VIE. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The consolidation of the VIE includes the VIE’s issuance of senior securities to third parties, which are shown as securitized debt obligations of consolidated VIEs in the consolidated balance sheets. ​ Debt issuance costs related to securitizations are presented as a direct deduction from the carrying value of the related debt liability. Debt issuance costs are amortized using the effective interest method and are included in interest expense in the consolidated statements of income. ​
Convertible note, net	Convertible note, net ASC 470 requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. ASC 470-20 requires that the initial proceeds from the sale of these notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. The Company measured the estimated fair value of the debt component of its convertible notes as of the issuance date based on its nonconvertible debt borrowing rate. The equity components of the convertible senior notes have been reflected within additional paid-in capital in the Company’s consolidated balance sheet, and the resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. ​ Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in 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. On August 15, 2023, the Company’s outstanding 7.00% convertible senior notes due 2023 (“Convertible Notes”) were repaid in full.
Senior secured notes, net	Senior secured notes, net The Company accounts for secured debt offerings under ASC 470 . ​
Corporate debt, net	Corporate debt, net The Company accounts for corporate debt offerings under ASC 470. The Company’s corporate debt is presented net of debt issuance costs. Interest paid and accrued in connection with corporate debt is recorded as interest expense in the consolidated statements of income.
Guaranteed loan financing	Guaranteed loan financing Certain partial loan sales do not qualify for sale accounting under ASC 860 because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment in the consolidated balance sheets and the proceeds from the portion sold is recorded as guaranteed loan financing in the liabilities section of the consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan balance is recorded as interest income and the interest earned by the buyer in the partial loan sale is recorded within interest expense in the accompanying consolidated statements of income.
Contingent consideration	Contingent consideration 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 third parties, including operating partnership units issued to satisfy a portion of the purchase price in connection with the Mosaic Mergers. 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 provides a fair value option election that allows entities to make an election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in the consolidated balance sheets from those instruments using another accounting method. ​ 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 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 preferred stock and CERs under the if-converted method and warrants under the treasury stock 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 and preferred stock contain rights to receive non-forfeitable dividends and, thus, are participating securities. Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between shares of common stock and participating securities. ​
Income taxes	Income taxes U.S. GAAP establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s consolidated financial statements or tax returns. 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.
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, 2023
Broadmark
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 ​ $ 38,710 $ — $ 38,710 Loans, net ​ 772,954 (8,587) 764,367 Real estate owned, held for sale ​ 158,911 (5,091) 153,820 Other assets ​ 17,107 (349) 16,758 Total assets acquired ​ $ 987,682 $ (14,027) $ 973,655 Liabilities ​ ​ ​ ​ ​ ​ ​ Corporate debt, net ​ ​ 98,028 ​ — ​ 98,028 Accounts payable and other accrued liabilities ​ ​ 22,531 ​ 835 ​ 23,366 Total liabilities assumed ​ $ 120,559 $ 835 $ 121,394 Net assets acquired ​ $ 867,123 $ (14,862) $ 852,261
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 $ 867,123 $ (14,862) $ 852,261 Consideration transferred based on the value of common stock issued ​ 637,229 ​ — ​ 637,229 Bargain purchase gain $ 229,894 $ (14,862) $ 215,032
Schedule of pro-forma revenue and earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, (in thousands) ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Selected Financial Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 250,590 ​ $ 213,154 ​ $ 740,125 ​ $ 549,619 Interest expense ​ ​ (191,612) ​ ​ (117,737) ​ ​ (529,311) ​ ​ (263,816) Recovery of (provision for) loan losses ​ ​ 12,151 ​ ​ (15,719) ​ ​ (5,176) ​ ​ (17,312) Non-interest income ​ ​ 59,591 ​ ​ 78,968 ​ ​ 409,485 ​ ​ 218,678 Non-interest expense ​ ​ (77,251) ​ ​ (82,764) ​ ​ (239,978) ​ ​ (197,811) Income before provision for income taxes ​ $ 53,469 ​ $ 75,902 ​ $ 375,145 ​ $ 289,358 Income tax expense ​ ​ (4,027) ​ ​ (4,776) ​ ​ (9,559) ​ ​ (32,943) Net income ​ $ 49,442 ​ $ 71,126 ​ $ 365,586 ​ $ 256,415
Mosaic
Acquisitions
Schedule of fair value of assets acquired and liabilities acquired	​ ​ ​ ​ ​ (in thousands) March 16, 2022 Assets ​ ​ ​ Cash and cash equivalents ​ $ 100,236 Restricted cash ​ 23,330 Loans, net ​ 412,745 Investments held to maturity ​ 161,567 Real estate owned, held for sale ​ 44,748 Other assets ​ 20,664 Total assets acquired ​ $ 763,290 Liabilities ​ ​ ​ Secured borrowings ​ ​ 66,202 Loan participations sold ​ ​ 73,656 Due to third parties ​ ​ 24,301 Accounts payable and other accrued liabilities ​ ​ 38,781 Total liabilities assumed ​ $ 202,940 Net assets acquired ​ $ 560,350 Non-controlling interests ​ ​ (82,524) Net assets acquired, net of non-controlling interests ​ $ 477,826
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill	​ ​ ​ ​ (in thousands) March 16, 2022 Fair value of net assets acquired $ 477,826 ​ ​ ​ Consideration transferred based on the value of Class B shares 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 ​ ​ ​ Goodwill $ (5,230)

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 ​ ​ December 31, 2022 (in thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 1,527,335 ​ $ 1,533,962 ​ ​ $ 2,236,333 ​ $ 2,247,173 Fixed rate ​ ​ 247,507 ​ ​ 241,905 ​ ​ ​ 182,415 ​ ​ 175,285 Construction ​ ​ 1,224,777 ​ ​ 1,228,654 ​ ​ ​ 445,814 ​ ​ 448,923 Freddie Mac ​ ​ 9,934 ​ ​ 9,826 ​ ​ ​ 10,040 ​ ​ 9,932 SBA - 7(a) ​ ​ 1,007,451 ​ ​ 1,015,099 ​ ​ ​ 491,532 ​ ​ 509,672 Residential ​ ​ 1,672 ​ ​ 1,672 ​ ​ ​ 4,511 ​ ​ 4,511 Other ​ ​ 207,394 ​ ​ 209,947 ​ ​ ​ 266,702 ​ ​ 270,748 Total Loans, before allowance for loan losses ​ $ 4,226,070 ​ $ 4,241,065 ​ ​ $ 3,637,347 ​ $ 3,666,244 Allowance for loan losses ​ $ (74,147) ​ $ — ​ ​ $ (61,037) ​ $ — Total Loans, net ​ $ 4,151,923 ​ $ 4,241,065 ​ ​ $ 3,576,310 ​ $ 3,666,244 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 5,536,226 ​ $ 5,558,814 ​ ​ $ 5,098,539 ​ $ 5,134,790 Fixed rate ​ ​ 804,303 ​ ​ 804,880 ​ ​ ​ 856,345 ​ ​ 856,914 SBA - 7(a) ​ ​ 223,046 ​ ​ 237,883 ​ ​ ​ 64,226 ​ ​ 70,904 Other ​ ​ 267,186 ​ ​ 267,939 ​ ​ ​ 322,070 ​ ​ 322,975 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 6,830,761 ​ $ 6,869,516 ​ ​ $ 6,341,180 ​ $ 6,385,583 Allowance for loan losses on loans in consolidated VIEs ​ $ (26,261) ​ $ — ​ ​ $ (29,482) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 6,804,500 ​ $ 6,869,516 ​ ​ $ 6,311,698 ​ $ 6,385,583 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ — ​ $ — ​ ​ $ 60,551 ​ $ 68,280 Freddie Mac ​ ​ 24,488 ​ ​ 24,213 ​ ​ ​ 13,791 ​ ​ 13,611 SBA - 7(a) ​ ​ 45,590 ​ ​ 42,880 ​ ​ ​ 44,037 ​ ​ 41,674 Residential ​ ​ 110,334 ​ ​ 110,760 ​ ​ ​ 134,642 ​ ​ 133,635 Other ​ ​ 4,577 ​ ​ 4,408 ​ ​ ​ 5,356 ​ ​ 4,414 Total Loans, held for sale, at fair value ​ $ 184,989 ​ $ 182,261 ​ ​ $ 258,377 ​ $ 261,614 Total Loans, net and Loans, held for sale, at fair value ​ $ 11,141,412 ​ $ 11,292,842 ​ ​ $ 10,146,385 ​ $ 10,313,441 Paycheck Protection Program loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans, held-for-investment ​ $ 57,977 ​ $ 60,056 ​ ​ $ 186,409 ​ $ 196,222 Paycheck Protection Program loans, held at fair value ​ ​ 168 ​ ​ 168 ​ ​ ​ 576 ​ ​ 576 Total Paycheck Protection Program loans ​ $ 58,145 ​ $ 60,224 ​ ​ $ 186,985 ​ $ 196,798 Total Loan portfolio ​ $ 11,199,557 ​ $ 11,353,066 ​ ​ $ 10,333,370 ​ $ 10,510,239
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 ​ 2023 2022 2021 2020 ​ 2019 Pre 2019 Total September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,092,776 ​ $ 308,785 ​ $ 2,960,346 ​ $ 3,178,923 ​ $ 311,276 ​ $ 176,516 ​ $ 116,209 ​ $ 7,052,055 Fixed rate ​ ​ 1,046,785 ​ ​ 4,008 ​ ​ 110,888 ​ ​ 207,674 ​ ​ 91,111 ​ ​ 324,490 ​ ​ 310,532 ​ ​ 1,048,703 Construction ​ ​ 1,228,654 ​ ​ 85,543 ​ ​ 252,096 ​ ​ 235,427 ​ ​ 73,575 ​ ​ 425,505 ​ ​ 125,923 ​ ​ 1,198,069 Freddie Mac ​ ​ 9,826 ​ ​ — ​ ​ — ​ ​ 3,830 ​ ​ 6,104 ​ ​ — ​ ​ — ​ ​ 9,934 SBA - 7(a) ​ ​ 1,252,982 ​ 119,764 ​ 361,996 ​ 333,016 ​ ​ 116,864 ​ ​ 87,368 ​ 205,934 ​ ​ 1,224,942 Residential ​ ​ 1,672 ​ ​ 342 ​ ​ 967 ​ ​ — ​ ​ — ​ ​ — ​ ​ 363 ​ ​ 1,672 Other ​ ​ 477,886 ​ ​ 1,749 ​ ​ 4,957 ​ ​ 19,740 ​ ​ 8,761 ​ ​ 43,839 ​ ​ 395,384 ​ 474,430 Total Loans, before general allowance for loan losses ​ $ 11,110,581 ​ $ 520,191 ​ $ 3,691,250 ​ $ 3,978,610 ​ $ 607,691 ​ $ 1,057,718 ​ $ 1,154,345 ​ $ 11,009,805 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (53,382) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,956,423 Gross write-offs ​ ​ ​ ​ $ — ​ $ 476 ​ $ 684 ​ $ 258 ​ $ 360 ​ $ 25,681 ​ $ 27,459 ​ UPB ​ 2022 2021 2020 2019 ​ 2018 Pre 2018 Total December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,381,963 ​ $ 2,942,695 ​ $ 3,575,213 ​ $ 355,647 ​ $ 288,957 ​ $ 137,463 ​ $ 27,971 ​ $ 7,327,946 Fixed rate ​ ​ 1,032,199 ​ ​ 96,897 ​ ​ 154,077 ​ ​ 92,080 ​ ​ 343,500 ​ ​ 134,666 ​ ​ 213,406 ​ ​ 1,034,626 Construction ​ ​ 448,923 ​ ​ 27,532 ​ ​ — ​ ​ 10,000 ​ ​ 348,622 ​ ​ 42,651 ​ ​ — ​ ​ 428,805 Freddie Mac ​ ​ 9,932 ​ ​ — ​ ​ 3,891 ​ ​ 6,149 ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,040 SBA - 7(a) ​ ​ 580,576 ​ ​ 110,549 ​ ​ 79,946 ​ ​ 36,853 ​ ​ 77,449 ​ ​ 89,085 ​ ​ 158,378 ​ ​ 552,260 Residential ​ ​ 4,511 ​ ​ 1,719 ​ ​ 725 ​ ​ 361 ​ ​ 422 ​ ​ 678 ​ ​ 606 ​ ​ 4,511 Other ​ ​ 593,723 ​ ​ 5,893 ​ ​ 17,015 ​ ​ 10,393 ​ ​ 74,762 ​ ​ 13,832 ​ ​ 465,635 ​ 587,530 Total Loans, before general allowance for loan losses ​ $ 10,051,827 ​ $ 3,185,285 ​ $ 3,830,867 ​ $ 511,483 ​ $ 1,133,712 ​ $ 418,375 ​ $ 865,996 ​ $ 9,945,718 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (57,710) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,888,008
Schedule of delinquency information on loans by year of origination	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (in thousands) UPB ​ 2023 2022 2021 2020 ​ 2019 Pre 2019 Total September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 10,317,765 ​ $ 519,827 ​ $ 3,579,868 ​ $ 3,753,811 ​ $ 559,830 ​ $ 921,810 ​ $ 917,366 ​ $ 10,252,512 30 - 59 days past due ​ ​ 237,119 ​ ​ — ​ ​ 79,690 ​ ​ 118,693 ​ ​ 21,228 ​ ​ 1,310 ​ ​ 15,483 ​ ​ 236,404 60+ days past due ​ ​ 555,697 ​ ​ 364 ​ ​ 31,692 ​ ​ 106,106 ​ ​ 26,633 ​ ​ 134,598 ​ ​ 221,496 ​ ​ 520,889 Total Loans, before general allowance for loan losses ​ $ 11,110,581 ​ $ 520,191 ​ $ 3,691,250 ​ $ 3,978,610 ​ $ 607,691 ​ $ 1,057,718 ​ $ 1,154,345 ​ $ 11,009,805 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (53,382) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,956,423 ​ UPB ​ 2022 2021 2020 2019 ​ 2018 Pre 2018 Total December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 9,666,328 ​ $ 3,099,822 ​ $ 3,826,140 ​ $ 501,168 ​ $ 1,061,145 ​ $ 298,208 ​ $ 810,322 ​ $ 9,596,805 30 - 59 days past due ​ ​ 111,992 ​ ​ 85,403 ​ ​ 3,483 ​ ​ 1,634 ​ ​ 6,654 ​ ​ 11,190 ​ ​ 1,948 ​ ​ 110,312 60+ days past due ​ ​ 273,507 ​ ​ 60 ​ ​ 1,244 ​ ​ 8,681 ​ ​ 65,913 ​ ​ 108,977 ​ ​ 53,726 ​ ​ 238,601 Total Loans, before general allowance for loan losses ​ $ 10,051,827 ​ $ 3,185,285 ​ $ 3,830,867 ​ $ 511,483 ​ $ 1,133,712 ​ $ 418,375 ​ $ 865,996 ​ $ 9,945,718 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (57,710) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,888,008
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 6,745,982 ​ $ 108,060 ​ $ 198,013 ​ $ 7,052,055 ​ $ 193,185 ​ $ — Fixed rate ​ ​ 1,022,947 ​ ​ — ​ ​ 25,756 ​ ​ 1,048,703 ​ ​ 16,535 ​ ​ — Construction ​ ​ 796,804 ​ ​ 125,179 ​ ​ 276,086 ​ ​ 1,198,069 ​ ​ 259,465 ​ ​ — Freddie Mac ​ ​ 6,841 ​ ​ — ​ ​ 3,093 ​ ​ 9,934 ​ ​ 3,093 ​ ​ — SBA - 7(a) ​ ​ 1,216,797 ​ ​ 254 ​ ​ 7,891 ​ ​ 1,224,942 ​ ​ 25,631 ​ ​ — Residential ​ ​ 178 ​ ​ — ​ ​ 1,494 ​ ​ 1,672 ​ ​ 1,493 ​ ​ — Other ​ ​ 462,963 ​ ​ 2,911 ​ ​ 8,556 ​ ​ 474,430 ​ ​ 19,239 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 10,252,512 ​ $ 236,404 ​ $ 520,889 ​ $ 11,009,805 ​ $ 518,641 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (53,382) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,956,423 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 93.2% ​ ​ 2.1% ​ ​ 4.7% ​ ​ 100% ​ ​ 4.7% ​ ​ 0.0% December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 7,120,162 ​ $ 94,823 ​ $ 112,961 ​ $ 7,327,946 ​ $ 113,360 ​ $ — Fixed rate ​ ​ 993,832 ​ ​ 8,101 ​ ​ 32,693 ​ ​ 1,034,626 ​ ​ 28,719 ​ ​ — Construction ​ ​ 372,812 ​ ​ — ​ ​ 55,993 ​ ​ 428,805 ​ ​ 55,993 ​ ​ — Freddie Mac ​ ​ 6,947 ​ ​ — ​ ​ 3,093 ​ ​ 10,040 ​ ​ 3,093 ​ ​ — SBA - 7(a) ​ ​ 541,378 ​ ​ 6,690 ​ ​ 4,192 ​ ​ 552,260 ​ ​ 12,790 ​ ​ — Residential ​ ​ 2,871 ​ ​ — ​ ​ 1,640 ​ ​ 4,511 ​ ​ 1,306 ​ ​ — Other ​ ​ 558,803 ​ ​ 698 ​ ​ 28,029 ​ ​ 587,530 ​ ​ 27,544 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 9,596,805 ​ $ 110,312 ​ $ 238,601 ​ $ 9,945,718 ​ $ 242,805 ​ $ — General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (57,710) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,888,008 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 96.5% ​ ​ 1.1% ​ ​ 2.4% ​ ​ 100% ​ ​ 2.4% ​ ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ — $ 29,635 $ 795,271 $ 6,038,181 $ 108,514 $ 80,454 $ 7,052,055 Fixed rate ​ 6,422 ​ 36,637 ​ 449,272 ​ 532,563 ​ 20,064 ​ 3,745 ​ 1,048,703 Construction ​ 51,995 ​ 92,375 ​ 306,200 ​ 626,020 ​ 69,030 ​ 52,449 ​ 1,198,069 Freddie Mac ​ — ​ — ​ 3,011 ​ 6,923 ​ — ​ — ​ 9,934 SBA - 7(a) ​ 8,549 58,368 174,804 ​ 424,611 ​ 228,569 330,041 ​ 1,224,942 Residential ​ — ​ — ​ 363 ​ — ​ 730 ​ 579 ​ 1,672 Other 136,183 ​ 163,782 ​ 95,593 ​ 61,911 ​ 13,318 ​ 3,643 474,430 Total Loans, before general allowance for loan losses $ 203,149 $ 380,797 $ 1,824,514 $ 7,690,209 $ 440,225 $ 470,911 $ 11,009,805 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (53,382) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,956,423 Percentage of loans outstanding ​ 1.8% ​ 3.5% ​ 16.6% ​ 69.8% ​ 4.0% ​ 4.3% ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ 717 $ 104,606 $ 700,835 $ 6,331,353 $ 167,521 $ 22,914 $ 7,327,946 Fixed rate 9,102 ​ 35,459 ​ 386,040 ​ 578,456 ​ 17,056 ​ 8,513 1,034,626 Construction ​ 10,817 ​ 12,910 ​ 26,387 ​ 349,085 ​ 24,142 ​ 5,464 ​ 428,805 Freddie Mac — ​ — ​ 3,056 ​ 6,984 ​ — ​ — 10,040 SBA - 7(a) ​ 7,275 ​ 45,366 ​ 92,592 ​ 189,733 ​ 78,577 ​ 138,717 ​ 552,260 Residential ​ — ​ 934 ​ 300 ​ 901 ​ 1,716 ​ 660 ​ 4,511 Other 173,720 ​ 214,370 ​ 115,934 ​ 70,124 ​ 8,153 ​ 5,229 587,530 Total Loans, before general allowance for loan losses $ 201,631 $ 413,645 $ 1,325,144 $ 7,526,636 $ 297,165 $ 181,497 $ 9,945,718 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (57,710) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,888,008 Percentage of loans outstanding ​ 2.0% ​ 4.2% ​ 13.3% ​ 75.7% ​ 3.0% ​ 1.8% ​ ​ (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 ​ Fixed Rate ​ Construction ​ SBA - 7(a) ​ Residential ​ Other ​ Total Allowance for loan losses September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 24,039 ​ $ 7,655 ​ $ 6,622 ​ $ 12,987 ​ $ — ​ $ 2,079 ​ $ 53,382 Specific ​ 11,506 ​ ​ 3,107 ​ ​ 235 ​ ​ 5,555 ​ ​ — ​ ​ 150 ​ ​ 20,553 PCD ​ — ​ ​ — ​ ​ 26,473 ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,473 Ending balance $ 35,545 ​ $ 10,762 ​ $ 33,330 ​ $ 18,542 ​ $ — ​ $ 2,229 ​ $ 100,408 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 42,979 ​ $ 2,397 ​ $ 325 ​ $ 10,801 ​ $ — ​ $ 1,208 ​ $ 57,710 Specific ​ 6,926 ​ ​ 4,134 ​ ​ 1,037 ​ ​ 3,498 ​ ​ — ​ ​ 1,242 ​ ​ 16,837 PCD ​ — ​ ​ — ​ ​ 15,972 ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,972 Ending balance $ 49,905 ​ $ 6,531 ​ $ 17,334 ​ $ 14,299 ​ $ — ​ $ 2,450 ​ $ 90,519 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Bridge Fixed Rate Construction SBA - 7(a) Residential Other Total Allowance for loan losses Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 43,857 $ 12,204 $ 35,925 $ 16,809 $ — $ 3,359 $ 112,154 Provision for (recoveries of) loan losses ​ (8,304) ​ (1,442) ​ (1,451) ​ 2,133 ​ — ​ (524) ​ (9,588) Measurement period adjustment – PCD ​ — ​ — ​ 5,245 ​ — ​ — ​ — ​ 5,245 Charge-offs and sales ​ (8) ​ — ​ (6,389) ​ (428) ​ — ​ (606) ​ (7,431) Recoveries ​ — ​ — ​ — ​ 28 ​ — ​ — ​ 28 Ending balance $ 35,545 $ 10,762 $ 33,330 $ 18,542 $ — $ 2,229 $ 100,408 Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 18,393 $ 6,222 $ 5,122 $ 13,126 $ 57 $ 3,205 $ 46,125 Provision for (recoveries of) loan losses ​ 2,061 ​ 242 ​ 849 ​ 200 ​ (1) ​ (72) ​ 3,279 Measurement period adjustment – PCD ​ — ​ — ​ 10,972 ​ — ​ — ​ — ​ 10,972 Charge-offs and sales ​ — ​ (90) ​ — ​ (692) ​ — ​ — ​ (782) Recoveries ​ — ​ — ​ — ​ 711 ​ (51) ​ (1) ​ 659 Ending balance $ 20,454 $ 6,374 $ 16,943 $ 13,345 $ 5 $ 3,132 $ 60,253 Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 49,905 $ 6,531 $ 17,334 $ 14,299 $ — $ 2,450 $ 90,519 Provision for (recoveries of) loan losses ​ (13,741) ​ 5,735 ​ 6,421 ​ 5,540 ​ — ​ 385 ​ 4,340 PCD (1) ​ — ​ — ​ 32,862 ​ — ​ — ​ — ​ 32,862 Charge-offs and sales ​ (619) ​ (1,504) ​ (23,287) ​ (1,443) ​ — ​ (606) ​ (27,459) Recoveries ​ — ​ — ​ — ​ 146 ​ — ​ — ​ 146 Ending balance $ 35,545 $ 10,762 $ 33,330 $ 18,542 $ — $ 2,229 $ 100,408 Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 19,519 $ 6,861 $ — $ 12,180 $ 60 $ 6,757 $ 45,377 Provision for (recoveries of) loan losses ​ 935 ​ (397) ​ 971 ​ 1,691 ​ (4) ​ (3,404) ​ (208) PCD (2) ​ — ​ — ​ 15,972 ​ — ​ — ​ — ​ 15,972 Charge-offs and sales ​ — ​ (90) ​ — ​ (1,191) ​ — ​ (7) ​ (1,288) Recoveries ​ — ​ — ​ — ​ 665 ​ (51) ​ (214) ​ 400 Ending balance $ 20,454 $ 6,374 $ 16,943 $ 13,345 $ 5 $ 3,132 $ 60,253 (1) Includes impact of measurement period adjustment related to the Broadmark Merger. See Note 5 for further details on assets acquired and liabilities assumed in connection with the Broadmark Merger. (2) 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 reconciliation between unpaid principal balance of credit deteriorated loans acquired and purchase price	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Unpaid principal balance $ 244,932 $ 38,750 $ 283,682 Allowance for credit losses ​ (27,617) ​ (5,245) ​ (32,862) Non-credit discount ​ (6,035) ​ (3,342) ​ (9,377) Purchase price of loans classified as PCD $ 211,280 $ 30,163 $ 241,443 ​
Non-accrual loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of non-accrual loans	​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 ​ December 31, 2022 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 469,216 ​ $ 197,101 Without an allowance ​ 49,425 ​ ​ 45,704 Total recorded carrying value of non-accrual loans $ 518,641 ​ $ 242,805 Allowance for loan losses related to non-accrual loans $ (41,505) ​ $ (32,809) UPB of non-accrual loans $ 560,394 ​ $ 278,401 ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ September 30, 2022 Interest income on non-accrual loans for the three months ended $ 617 ​ $ 506 Interest income on non-accrual loans for the nine months ended $ 3,198 ​ $ 4,218
Geographical concentration
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of concentration risk of loans secured by real estate	​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of UPB) September 30, 2023 ​ December 31, 2022 Texas 19.1 % ​ 20.1 % California 11.3 ​ ​ 11.1 ​ Georgia 6.9 ​ ​ 7.6 ​ Florida 6.5 ​ ​ 6.3 ​ Arizona 6.0 ​ ​ 6.8 ​ Oregon 5.4 ​ ​ 4.4 ​ New York 4.8 ​ ​ 5.5 ​ North Carolina 4.1 ​ ​ 4.2 ​ Illinois 3.7 ​ ​ 3.9 ​ Washington ​ 3.6 ​ ​ 1.6 ​ Other 28.6 ​ ​ 28.5 ​ 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 UPB) September 30, 2023 ​ December 31, 2022 Multi-family 60.8 % ​ 67.0 % SBA 11.3 ​ ​ 5.8 ​ Mixed Use 7.9 ​ ​ 8.1 ​ Industrial 4.6 ​ ​ 5.0 ​ Retail 4.5 ​ ​ 5.5 ​ Office 4.4 ​ ​ 4.9 ​ Lodging 1.7 ​ ​ 1.2 ​ Other 4.8 ​ ​ 2.5 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of SBA loans within loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of UPB) September 30, 2023 ​ December 31, 2022 Lodging ​ 23.5 % ​ 14.6 % Gasoline Service Stations 12.7 ​ ​ 2.5 ​ Eating Places 6.3 ​ ​ 3.7 ​ Child Day Care Services 5.6 ​ ​ 5.7 ​ Offices of Physicians ​ 4.2 ​ ​ 7.5 ​ General Freight Trucking, Local ​ 2.4 ​ ​ 2.5 ​ Coin-Operated Laundries and Drycleaners ​ 1.7 ​ ​ 0.8 ​ Grocery Stores ​ 1.6 ​ ​ 1.6 ​ Funeral Service & Crematories 1.4 ​ ​ 1.2 ​ Veterinarians 0.7 ​ ​ 1.6 ​ Other 39.9 ​ ​ 58.3 ​ Total 100.0 % ​ 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (a) $ 107,891 ​ $ — ​ $ — ​ $ 107,891 Loans, held for sale, at fair value ​ — ​ ​ 184,989 ​ ​ — ​ ​ 184,989 Loans, net, at fair value — ​ — ​ 9,221 ​ 9,221 Paycheck Protection Program loans — ​ 168 ​ — ​ 168 MBS, at fair value — ​ 33,339 ​ — ​ 33,339 Derivative instruments, at fair value ​ — ​ ​ 8,489 ​ ​ 131 ​ ​ 8,620 Residential MSRs, at fair value — ​ — ​ 207,495 ​ 207,495 Investment in unconsolidated joint ventures — ​ — ​ 7,547 ​ 7,547 Preferred equity investment (b) ​ — ​ ​ — ​ ​ 108,423 ​ ​ 108,423 Total assets $ 107,891 ​ $ 226,985 ​ $ 332,817 ​ $ 667,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration $ — ​ $ — ​ $ 13,408 ​ $ 13,408 Total liabilities $ — ​ $ — ​ $ 13,408 ​ $ 13,408 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (a) $ 44,611 ​ $ — ​ $ — ​ $ 44,611 Loans, held for sale, at fair value — ​ 197,453 ​ 60,924 ​ 258,377 Loans, net, at fair value — ​ — ​ 9,786 ​ 9,786 Paycheck Protection Program loans — ​ 576 ​ — ​ 576 MBS, at fair value — ​ 32,041 ​ — ​ 32,041 Derivative instruments, at fair value — ​ ​ 12,846 ​ ​ 117 ​ 12,963 Residential MSRs, at fair value — ​ — ​ 192,203 ​ 192,203 Investment in unconsolidated joint ventures — ​ — ​ 8,094 ​ ​ 8,094 Preferred equity investment (b) ​ — ​ ​ — ​ ​ 108,423 ​ ​ 108,423 Total assets $ 44,611 ​ $ 242,916 ​ $ 379,547 ​ $ 667,074 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments, at fair value $ — ​ $ 1,586 ​ $ — ​ $ 1,586 Contingent consideration ​ — ​ ​ — ​ ​ 28,500 ​ ​ 28,500 Total liabilities $ — ​ $ 1,586 ​ $ 28,500 ​ $ 30,086 (a) Money market funds are included in cash and cash equivalents on the consolidated balance sheets (b) Preferred equity investment held through consolidated joint ventures are included in assets of consolidated VIEs on the consolidated balance sheets
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential MSRs, at fair value $ 207,495 Income Approach Forward prepayment rate | Discount rate | Servicing expense ​ (b) ​ (b) Investment in unconsolidated joint ventures $ 7,547 ​ Income Approach ​ Discount rate ​ 9.0% ​ 9.0% Derivative instruments, at fair value ​ 131 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of UPB ​ 40.2% - 100% | 1.8% - 16.4% | 0.4% - 3.1% ​ 81.7% | 8.1% | 1.7% Preferred equity investment ​ 108,423 ​ Income Approach ​ Discount rate ​ 10.5% ​ 10.5% Contingent consideration- Mosaic CER dividends ​ (3,222) ​ Monte Carlo Simulation Model ​ Equity volatility | Discount rate ​ 30.0% | 11.5% ​ 30.0% | 11.5% Contingent consideration- Mosaic CER units ​ (10,186) ​ Income approach and PWERM Model ​ Revaluation discount rate | Discount rate ​ 12.0% | 11.5% ​ 12.0% | 11.5% December 31, 2022 ​ ​ ​ ​ ​ Residential MSRs, at fair value ​ 192,203 ​ Income Approach ​ Forward prepayment rate | Discount rate | Servicing expense ​ (b) ​ (b) Investment in unconsolidated joint ventures $ 8,094 Income Approach Discount rate ​ 9.0% ​ 9.0% Derivative instruments, at fair value $ 117 ​ Market Approach ​ Origination pull-through rate | Servicing Fee Multiple | Percentage of UPB ​ 53.9% - 100% | 2.0 - 7.2% | 0.5 - 3.2% ​ 83% | 4.7% | 1.6% Preferred equity investment ​ 108,423 ​ Income Approach ​ Discount rate ​ 10.5% ​ 10.5% Contingent consideration- Mosaic CER dividends ​ (4,587) ​ Monte Carlo Simulation Model ​ Equity volatility | Discount rate ​ 35.0% | 11.9% ​ 35.0% | 11.9% Contingent consideration- Mosaic CER units ​ (14,913) ​ Income approach and PWERM Model ​ Revaluation discount rate | Discount rate ​ 12.0% | 11.9% ​ 12.0% | 11.9% (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 8 - Servicing Rights for more information on residential MSRs unobservable inputs. ​
Summary of changes in fair value for Level 3 assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 MBS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ — ​ $ 1,666 ​ $ — ​ $ 1,581 ​ Sales / Principal payments ​ — ​ ​ — ​ ​ — ​ ​ (1,352) ​ Accreted discount, net ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ Realized gains (losses), net ​ — ​ ​ — ​ ​ — ​ ​ (1,449) ​ Unrealized gains (losses), net ​ — ​ ​ (17) ​ ​ — ​ ​ 2,688 ​ Transfer to (from) Level 3 ​ — ​ ​ (1,649) ​ ​ — ​ ​ (1,469) ​ Ending balance $ — ​ $ — ​ $ — ​ $ — ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 716 ​ $ 2,399 ​ $ 117 ​ $ 2,339 ​ Unrealized gains (losses), net ​ (585) ​ ​ (6,744) ​ ​ 14 ​ ​ (6,684) ​ Ending balance $ 131 ​ $ (4,345) ​ $ 131 ​ $ (4,345) ​ Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 9,773 ​ $ 9,956 ​ $ 9,786 ​ $ 10,766 ​ Unrealized gains (losses), net ​ (552) ​ ​ (374) ​ ​ (565) ​ ​ (1,184) ​ Ending balance $ 9,221 ​ $ 9,582 ​ $ 9,221 ​ $ 9,582 ​ Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 57,032 ​ $ 200,863 ​ $ 60,924 ​ $ 231,865 ​ Purchases or Originations ​ — ​ ​ — ​ ​ — ​ ​ 23,470 ​ Sales / Principal payments ​ — ​ ​ (182) ​ ​ (22) ​ ​ (32,891) ​ Realized gains (losses), net ​ — ​ ​ (1) ​ ​ — ​ ​ (788) ​ Unrealized gains (losses), net ​ — ​ ​ (12,965) ​ ​ (3,887) ​ ​ (28,739) ​ Transfer to loans, held for investment ​ (57,032) ​ ​ — ​ ​ (57,015) ​ ​ (3,862) ​ Transfer to (from) Level 3 ​ — ​ ​ — ​ ​ — ​ ​ (1,340) ​ Ending balance $ — ​ $ 187,715 ​ $ — ​ $ 187,715 ​ Investments held to maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ — ​ $ 9,601 ​ $ — ​ $ — ​ Sales / Principal payments ​ — ​ ​ (5,877) ​ ​ — ​ ​ (13,173) ​ Measurement period adjustment (1) ​ — ​ ​ (3,724) ​ ​ — ​ ​ (3,724) ​ Realized gains (losses), net ​ — ​ ​ — ​ ​ — ​ ​ (156) ​ Merger (2) ​ — ​ ​ — ​ ​ — ​ ​ 17,053 ​ Ending balance $ — ​ $ — ​ $ — ​ $ — ​ PPP loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ — ​ $ — ​ $ — ​ $ 3,243 ​ Sales / Principal payments ​ — ​ ​ — ​ ​ — ​ ​ (1,400) ​ Transfer to (from) Level 3 ​ — ​ ​ — ​ ​ — ​ ​ (1,843) ​ Ending balance $ — ​ $ — ​ $ — ​ $ — ​ Residential MSRs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 201,471 ​ $ 168,653 ​ $ 192,203 ​ $ 120,142 ​ Additions due to loans sold, servicing retained ​ 5,896 ​ ​ 9,463 ​ ​ 16,489 ​ ​ 32,417 ​ Sales / Principal payments ​ (2,365) ​ ​ (2,610) ​ ​ (6,415) ​ ​ (9,636) ​ Unrealized gains (losses), net ​ 2,493 ​ ​ 16,647 ​ ​ 5,218 ​ ​ 49,230 ​ Ending balance $ 207,495 ​ $ 192,153 ​ $ 207,495 ​ $ 192,153 ​ Investment in unconsolidated joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 7,731 ​ $ 8,439 ​ $ 8,094 ​ $ 8,894 ​ Unrealized gains (losses), net ​ (184) ​ ​ (171) ​ ​ (547) ​ ​ (626) ​ Ending balance $ 7,547 ​ $ 8,268 ​ $ 7,547 ​ $ 8,268 ​ Contingent consideration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ (15,566) ​ $ (92,548) ​ $ (28,500) ​ $ (16,400) ​ Sales / Principal payments ​ — ​ ​ — ​ ​ 9,000 ​ ​ 9,000 ​ Measurement period adjustment (1) ​ — ​ ​ 59,348 ​ ​ — ​ ​ 59,348 ​ Unrealized losses (gains), net ​ 2,158 ​ ​ — ​ ​ 6,092 ​ ​ (800) ​ Merger (2) ​ — ​ ​ — ​ ​ — ​ ​ (84,348) ​ Ending balance $ (13,408) ​ $ (33,200) ​ $ (13,408) ​ $ (33,200) ​ Preferred equity investment (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 108,423 ​ $ — ​ $ 108,423 ​ $ — ​ Ending balance $ 108,423 ​ $ — ​ $ 108,423 ​ $ — ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 369,580 ​ $ 309,029 ​ $ 351,047 ​ $ 362,430 ​ Purchases or Originations ​ — ​ ​ — ​ ​ — ​ ​ 23,470 ​ Additions due to loans sold, servicing retained ​ 5,896 ​ ​ 9,463 ​ ​ 16,489 ​ ​ 32,417 ​ Sales / Principal payments ​ (2,365) ​ ​ (8,669) ​ ​ 2,563 ​ ​ (49,452) ​ Accreted discount, net ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ Measurement period adjustment (1) ​ — ​ ​ 55,624 ​ ​ — ​ ​ 55,624 ​ Realized gains (losses), net ​ — ​ ​ (1) ​ ​ — ​ ​ (2,393) ​ Unrealized gains (losses), net ​ 3,330 ​ ​ (3,624) ​ ​ 6,325 ​ ​ 13,885 ​ Merger (2) ​ — ​ ​ — ​ ​ — ​ ​ (67,295) ​ Transfer to loans, held for investment ​ (57,032) ​ ​ — ​ ​ (57,015) ​ ​ (3,862) ​ Transfer to (from) Level 3 ​ — ​ ​ (1,649) ​ ​ — ​ ​ (4,652) ​ Ending balance $ 319,409 ​ $ 360,173 ​ $ 319,409 ​ $ 360,173 ​ (1) Represents adjustments made subsequent to the determination of the preliminary purchase price allocation at the time of the merger. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. (2) Includes assets acquired and liabilities assumed as a result of the Mosaic Mergers. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Mosaic Mergers. (3) Preferred equity investment held through consolidated joint ventures are included in assets of consolidated VIEs on the consolidated balance sheets.
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, 2023 ​ December 31, 2022 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 10,947,202 ​ $ 10,749,554 ​ $ 9,878,222 ​ $ 9,610,412 Paycheck Protection Program loans ​ ​ 57,977 ​ ​ 57,977 ​ ​ 186,409 ​ ​ 196,222 Servicing rights ​ ​ 100,284 ​ 110,947 ​ 87,117 ​ 91,698 Total assets ​ $ 11,105,463 ​ $ 10,918,478 ​ $ 10,151,748 ​ $ 9,898,332 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ 2,385,070 ​ $ 2,385,070 ​ $ 2,846,293 ​ $ 2,846,293 Paycheck Protection Program Liquidity Facility borrowings ​ ​ 76,333 ​ ​ 76,333 ​ ​ 201,011 ​ ​ 201,011 Securitized debt obligations of consolidated VIEs, net ​ 5,264,037 ​ 5,199,445 ​ 4,903,350 ​ 4,748,291 Senior secured note, net ​ ​ 344,684 ​ ​ 308,242 ​ ​ 343,355 ​ ​ 312,975 Guaranteed loan financing ​ 886,916 ​ 938,108 ​ 264,889 ​ 275,316 Convertible notes, net ​ ​ — ​ ​ — ​ ​ 114,397 ​ ​ 113,823 Corporate debt, net ​ ​ 763,828 ​ ​ 718,598 ​ ​ 662,665 ​ ​ 614,744 Total liabilities ​ $ 9,720,868 ​ $ 9,625,796 ​ $ 9,335,960 ​ $ 9,112,453

Servicing rights (Tables)

Servicing rights (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule of information regarding portfolio of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in thousands) 2023 2022 2023 2022 SBA servicing rights, at amortized cost ​ Beginning net carrying amount ​ $ 24,328 ​ $ 21,670 ​ $ 19,756 ​ $ 22,157 ​ Additions due to loans sold, servicing retained ​ 1,599 ​ 1,921 ​ 5,154 ​ 5,700 ​ Amortization ​ (987) ​ (929) ​ (2,743) ​ (2,878) ​ Recovery (impairment) ​ 3,383 ​ (765) ​ 6,156 ​ (3,082) ​ Ending net carrying amount ​ $ 28,323 ​ $ 21,897 ​ $ 28,323 ​ $ 21,897 ​ Multi-family servicing rights, at amortized cost ​ Beginning net carrying amount ​ $ 70,565 ​ $ 63,188 ​ $ 67,361 ​ $ 62,300 ​ Additions due to loans sold, servicing retained ​ 4,116 ​ 2,883 ​ 12,508 ​ 8,510 ​ Amortization ​ (2,720) ​ (2,429) ​ (7,908) ​ (7,168) ​ Ending net carrying amount ​ $ 71,961 ​ $ 63,642 ​ $ 71,961 ​ $ 63,642 ​ Total servicing rights, at amortized cost ​ $ 100,284 ​ $ 85,539 ​ $ 100,284 ​ $ 85,539 ​ Residential MSRs, at fair value ​ Beginning net carrying amount ​ $ 201,471 ​ $ 168,653 ​ $ 192,203 ​ $ 120,142 ​ Additions due to loans sold, servicing retained ​ 5,896 ​ 9,463 ​ 16,489 ​ 32,417 ​ Loan pay-offs ​ ​ (2,365) ​ ​ (2,610) ​ ​ (6,415) ​ ​ (9,636) ​ Unrealized gains ​ 2,493 ​ 16,647 ​ 5,218 ​ 49,230 ​ Ending fair value amount ​ $ 207,495 ​ $ 192,153 ​ $ 207,495 ​ $ 192,153 ​ Total servicing rights ​ $ 307,779 ​ $ 277,692 ​ $ 307,779 ​ $ 277,692 ​
SBA and multi-family servicing rights
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ As of December 31, 2022 (in thousands) ​ UPB ​ Carrying Value ​ UPB ​ Carrying Value SBA ​ $ 1,169,445 ​ $ 28,323 ​ $ 1,019,770 ​ $ 19,756 Multi-family ​ ​ 5,515,046 ​ ​ 71,961 ​ ​ 4,839,028 ​ ​ 67,361 Total ​ $ 6,684,491 ​ $ 100,284 ​ $ 5,858,798 ​ $ 87,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of assumptions used in the estimated valuation of servicing rights carried at amortized cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights ​ Forward prepayment rate ​ 0.0 - 3.5 % ​ 2.5 % ​ 10.2 - 21.6 % ​ 10.6 % ​ Forward default rate ​ 0.0 - 11.5 % ​ 10.9 % ​ 0.0 - 10.0 % ​ 9.2 % ​ Discount rate ​ 16.7 - 24.2 % ​ 17.0 % ​ 18.0 - 31.4 % ​ 18.7 % ​ Servicing expense ​ 0.4 - 0.4 % ​ 0.4 % ​ 0.4 - 0.4 % ​ 0.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family servicing rights ​ Forward prepayment rate ​ 0.0 - 7.5 % ​ 3.6 % ​ 0.0 - 7.2 % ​ 3.5 % ​ Forward default rate ​ 0.0 - 1.1 % ​ 0.8 % ​ 0.0 - 1.1 % ​ 0.8 % ​ 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, 2023 December 31, 2022 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,134) ​ $ (578) Impact of 20% adverse change ​ $ (2,196) ​ $ (1,125) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (234) ​ $ (125) Impact of 20% adverse change ​ $ (465) ​ $ (249) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,630) ​ $ (861) Impact of 20% adverse change ​ $ (3,093) ​ $ (1,642) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,933) ​ $ (1,228) Impact of 20% adverse change ​ $ (3,865) ​ $ (2,455) Multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (266) ​ $ (271) Impact of 20% adverse change ​ $ (526) ​ $ (537) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (20) ​ $ (22) Impact of 20% adverse change ​ $ (40) ​ $ (44) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,296) ​ $ (2,057) Impact of 20% adverse change ​ $ (4,477) ​ $ (4,012) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,679) ​ $ (2,685) Impact of 20% adverse change ​ $ (5,357) ​ $ (5,370)
Schedule of future amortization expense for the servicing rights	​ ​ ​ ​ ​ (in thousands) September 30, 2023 2023 ​ $ 3,975 2024 ​ 13,015 2025 ​ 12,094 2026 ​ 10,938 2027 ​ 9,873 Thereafter ​ 50,389 Total ​ $ 100,284
Residential MSRs
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 (in thousands) ​ UPB ​ Fair Value ​ UPB ​ Fair Value Fannie Mae ​ $ 4,544,255 ​ $ 68,796 ​ $ 4,492,990 ​ $ 64,914 Freddie Mac ​ ​ 4,610,804 ​ ​ 73,700 ​ ​ 4,499,992 ​ ​ 68,208 Ginnie Mae ​ ​ 3,220,896 ​ ​ 64,999 ​ ​ 3,085,038 ​ ​ 59,081 Total ​ $ 12,375,955 ​ $ 207,495 ​ $ 12,078,020 ​ $ 192,203
Schedule of mortgage servicing rights portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average Residential MSRs ​ Forward prepayment rate ​ 5.6 - 15.0 % ​ 6.3 % ​ 6.0 - 21.5 % ​ 6.3 % ​ Discount rate ​ 10.0 - 13.8 % ​ 10.5 % ​ 9.5 - 12.0 % ​ 10.1 % ​ Servicing expense ​ $70 - $95 ​ ​ $74 ​ ​ $70 - $85 ​ ​ $74 ​
Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 ​ December 31, 2022 Residential MSRs ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (5,781) ​ $ (5,620) Impact of 20% adverse change ​ $ (11,257) ​ $ (10,948) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (9,848) ​ $ (8,906) Impact of 20% adverse change ​ $ (18,849) ​ $ (17,066) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,711) ​ $ (2,689) Impact of 20% adverse change ​ $ (5,421) ​ $ (5,378) ​

Residential mortgage banking _2

Residential mortgage banking activities and variable expenses on residential mortgage banking activities (Tables)	9 Months Ended
	Sep. 30, 2023
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) 2023 2022 2023 2022 ​ Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value ​ $ 597 ​ $ (1,854) ​ $ 5,572 ​ $ (14,827) ​ Creation of new MSRs, net of payoffs ​ ​ 3,531 ​ ​ 6,853 ​ ​ 10,074 ​ ​ 22,781 ​ Loan origination fee income on residential mortgage loans ​ ​ 3,337 ​ ​ 3,701 ​ ​ 9,774 ​ ​ 12,560 ​ Unrealized gain (loss) on IRLCs and other derivatives ​ (406) ​ ​ 3,353 ​ 692 ​ ​ 2,910 ​ Residential mortgage banking activities ​ $ 7,059 ​ $ 12,053 ​ $ 26,112 ​ $ 23,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable expenses on residential mortgage banking activities ​ $ (4,091) ​ $ (9,061) ​ $ (16,150) ​ $ (5,508) ​ ​

Secured Borrowings (Tables)

Secured Borrowings (Tables)	9 Months Ended
	Sep. 30, 2023
Secured Borrowings
Schedule of characteristics of secured borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pledged Assets Carrying Value at Lenders (1) Asset Class Current Maturity (2) Pricing (3) Facility Size Carrying Value September 30, 2023 ​ December 31, 2022 3 SBA loans October 2024 - March 2025 SOFR + 2.82% $ 250,000 $ 114,788 $ 84,465 ​ $ 160,903 2 SBC loans - USD February 2024 – December 2024 SOFR + 6.52% ​ 360,000 ​ 392,384 ​ 153,924 ​ ​ 111,966 1 SBC loans - Non-USD (4) June 2026 SONIA + 3.75% ​ 122,026 ​ 28,742 ​ 11,577 ​ ​ 61,596 5 Residential loans November 2023 – November 2024 Variable Pricing ​ 390,000 ​ 110,373 ​ 107,845 ​ ​ 132,658 1 Residential MSRs February 2026 SOFR + 3.00% ​ 120,000 ​ 142,496 ​ 101,881 ​ ​ 49,900 1 Purchased future receivables October 2025 SOFR + 4.50% ​ 50,000 ​ 15,948 ​ 9,500 ​ ​ — Total borrowings under credit facilities and other financing agreements ​ $ 1,292,026 $ 804,731 $ 469,192 ​ $ 517,023 9 SBC loans November 2023 – July 2026 1 MT + 2.00% $ 4,545,500 $ 2,171,164 $ 1,506,136 ​ $ 1,905,358 1 SBC loans - Non-USD (4) January 2024 EURIBOR + 2.75% ​ 211,450 ​ 57,941 ​ 42,557 ​ ​ — 6 MBS October 2023 - January 2024 7.77% ​ 367,185 ​ 753,336 ​ 367,185 ​ ​ 423,912 Total borrowings under repurchase agreements $ 5,124,135 $ 2,982,441 $ 1,915,878 ​ $ 2,329,270 Total secured borrowings $ 6,416,161 $ 3,787,172 $ 2,385,070 ​ $ 2,846,293 (1) Represents the total number of facility lenders. (2) Current maturity does not reflect extension options available beyond original commitment terms. (3) Asset class pricing is determined using an index rate plus a weighted average spread. (4) Non-USD denominated credit facilities and repurchase agreements have been converted into USD for purposes of this disclosure.
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, 2023 December 31, 2022 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale, at fair value ​ $ 146,001 $ 146,721 Loans, net ​ ​ 500,286 ​ 630,910 MSRs ​ ​ 142,496 ​ 133,122 Purchased future receivables ​ ​ 15,948 ​ — Total ​ $ 804,731 $ 910,753 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ $ 2,184,455 $ 2,496,880 MBS ​ 26,936 27,015 Retained interest in assets of consolidated VIEs ​ ​ 726,400 ​ 753,099 Loans, held for sale, at fair value ​ ​ — ​ 60,551 Loans, held at fair value ​ 9,221 3,974 Real estate acquired in settlement of loans ​ ​ 35,429 ​ 1,491 Total ​ $ 2,982,441 $ 3,343,010 Total collateral pledged on secured borrowings ​ $ 3,787,172 $ 4,253,763 ​ ​ ​ ​ ​ ​ ​

Senior secured notes, convert_2

Senior secured notes, convertible notes, and corporate debt, net (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 Senior secured notes principal amount (1) ​ 4.50 % ​ 10/20/2026 ​ $ 350,000 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (5,316) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 344,684 Corporate debt principal amount (2) ​ 5.50 % ​ 12/30/2028 ​ ​ 110,000 Corporate debt principal amount (3) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,613 Corporate debt principal amount (3) ​ 5.75 % ​ 2/15/2026 ​ ​ 206,270 Corporate debt principal amount (4) ​ 6.125 % ​ 4/30/2025 ​ ​ 120,000 Corporate debt principal amount (5) ​ 7.375 % ​ 7/31/2027 ​ ​ 100,000 Corporate debt principal amount (6) ​ 5.00 % ​ 11/15/2026 ​ ​ 100,000 Unamortized discount - corporate debt ​ ​ ​ ​ ​ ​ ​ (7,800) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (5,505) Junior subordinated notes principal amount (7) ​ SOFR + 3.10 % ​ 3/30/2035 ​ ​ 15,000 Junior subordinated notes principal amount (8) ​ SOFR + 3.10 % ​ 4/30/2035 ​ ​ 21,250 Total corporate debt, net ​ ​ ​ ​ ​ ​ $ 763,828 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 1,108,512 (1) Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year. (2) Interest on the corporate debt is payable semiannually on June 30 and December 30 of each year. (3) Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year. (4) Interest on the corporate debt is payable semiannually on April 30 and October 30 of each year. (5) Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year. (6) Interest on the corporate debt is payable semiannually on May 15 and November 15 of each year; assumed as part of the Broadmark Merger. (7) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year. (8) 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, 2023 2023 $ — 2024 ​ — 2025 ​ 120,000 2026 ​ 760,883 2027 ​ ​ 100,000 Thereafter ​ 146,250 Total contractual amounts ​ $ 1,127,133 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (18,621) Total carrying amount of debt ​ $ 1,108,512 ​

Guaranteed loan financing (Tabl

Guaranteed loan financing (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 ​ 8.93 % 1.45-10.25 % 2023-2048 ​ $ 886,916 December 31, 2022 ​ 6.68 % 1.45-8.50 % 2023-2046 ​ $ 264,889
Summary of contractual maturities of total guaranteed loan financing outstanding	​ ​ ​ ​ ​ (in thousands) September 30, 2023 2023 $ 2 2024 ​ 331 2025 ​ 847 2026 ​ 1,703 2027 ​ ​ 7,263 Thereafter ​ 876,770 Total ​ $ 886,916 ​

Variable interest entities an_2

Variable interest entities and securitization activities (Tables)	9 Months Ended
	Sep. 30, 2023
Consolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 23,112 $ 997 Restricted cash ​ 70,388 ​ ​ 77,062 Loans, net ​ ​ 6,804,500 ​ ​ 6,311,698 Preferred equity investment (1) ​ ​ 108,423 ​ ​ 108,423 Other assets ​ ​ 73,843 ​ ​ 54,580 Total assets ​ $ 7,080,266 ​ $ 6,552,760 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 5,264,037 ​ ​ 4,903,350 Due to third parties ​ ​ 2,949 ​ ​ 3,727 Accounts payable and other accrued liabilities ​ ​ 21 ​ ​ — Total liabilities ​ $ 5,267,007 ​ $ 4,907,077 (1) Preferred equity investment held through consolidated VIEs are included in Assets of consolidated VIEs on the consolidated balance sheets.
Summary of information on securitized debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ ​ December 31, 2022 ​ ​ 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 ​ $ 35,900 ​ $ 35,772 ​ 7.4 % ​ $ 49,031 ​ $ 48,518 ​ 4.0 % ReadyCap Lending Small Business Trust 2023-3 ​ ​ 128,340 ​ ​ 125,963 ​ 8.4 ​ ​ ​ — ​ ​ — ​ — ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 2,470 ​ ​ 2,430 ​ 5.0 ​ ​ ​ 7,386 ​ ​ 7,273 ​ 4.3 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 109,036 ​ ​ 107,414 ​ 2.9 ​ ​ ​ 120,916 ​ ​ 119,072 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 87,490 ​ ​ 86,141 ​ 1.6 ​ ​ ​ 109,622 ​ ​ 107,969 ​ 1.6 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 2,037 ​ ​ 1,842 ​ 5.1 ​ ​ 2,726 ​ ​ 2,442 ​ 5.1 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 9,038 ​ ​ 8,677 ​ 5.2 ​ ​ 11,950 ​ ​ 11,787 ​ 5.1 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 53,529 ​ ​ 51,677 ​ 4.6 ​ ​ ​ 58,838 ​ ​ 57,857 ​ 4.3 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 94,631 ​ ​ 89,366 ​ 4.7 ​ ​ ​ 111,184 ​ ​ 108,859 ​ 4.5 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 202,473 ​ ​ 198,436 ​ 3.4 ​ ​ ​ 209,930 ​ ​ 207,464 ​ 3.3 ​ ReadyCap Commercial Mortgage Trust 2022-7 ​ ​ 196,559 ​ ​ 189,379 ​ 4.2 ​ ​ ​ 197,498 ​ ​ 194,456 ​ 4.2 ​ Ready Capital Mortgage Financing 2019-FL3 ​ ​ — ​ ​ — ​ — ​ ​ ​ 59,508 ​ ​ 59,508 ​ 3.5 ​ Ready Capital Mortgage Financing 2020-FL4 ​ ​ — ​ ​ — ​ — ​ ​ ​ 192,419 ​ ​ 192,213 ​ 4.8 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 297,792 ​ ​ 297,266 ​ 6.5 ​ ​ ​ 415,166 ​ ​ 413,101 ​ 3.1 ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 432,305 ​ ​ 430,170 ​ 6.2 ​ ​ ​ 502,220 ​ ​ 497,891 ​ 2.9 ​ Ready Capital Mortgage Financing 2021-FL7 ​ ​ 675,915 ​ ​ 672,791 ​ 6.5 ​ ​ ​ 743,848 ​ ​ 738,246 ​ 3.2 ​ Ready Capital Mortgage Financing 2022-FL8 ​ ​ 828,675 ​ ​ 824,176 ​ 6.8 ​ ​ ​ 913,675 ​ ​ 906,307 ​ 3.7 ​ Ready Capital Mortgage Financing 2022-FL9 ​ ​ 532,194 ​ ​ 524,866 ​ 8.0 ​ ​ ​ 587,722 ​ ​ 579,823 ​ 5.9 ​ Ready Capital Mortgage Financing 2022-FL10 ​ ​ 656,220 ​ ​ 646,827 ​ 7.7 ​ ​ ​ 651,460 ​ ​ 642,578 ​ 7.9 ​ Ready Capital Mortgage Financing 2023-FL11 ​ ​ 474,851 ​ ​ 468,469 ​ 8.1 ​ ​ ​ — ​ ​ — ​ — ​ Ready Capital Mortgage Financing 2023-FL12 ​ ​ 509,098 ​ ​ 500,486 ​ 7.9 ​ ​ ​ — ​ ​ — ​ — ​ Total ​ $ 5,328,553 $ 5,262,148 ​ 6.8 % $ 4,945,099 $ 4,895,364 ​ 4.3 %
Unconsolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (in thousands) ​ September 30, 2023 ​ December 31, 2022 ​ September 30, 2023 ​ December 31, 2022 MBS, at fair value (2) $ 24,732 ​ $ 24,408 $ 24,732 ​ $ 24,408 Investment in unconsolidated joint ventures ​ ​ 136,113 ​ ​ 118,641 ​ ​ 136,113 ​ ​ 118,641 Total assets in unconsolidated VIEs ​ $ 160,845 ​ $ 143,049 ​ $ 160,845 ​ $ 143,049 (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, 2023
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) 2023 2022 2023 2022 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 166,599 ​ $ 118,755 ​ $ 492,818 ​ $ 266,234 Fixed rate ​ ​ 12,621 ​ ​ 13,473 ​ ​ 37,813 ​ ​ 42,412 Construction ​ ​ 27,787 ​ ​ 9,942 ​ ​ 62,290 ​ ​ 18,942 SBA - 7(a) ​ ​ 26,371 ​ ​ 10,604 ​ ​ 56,627 ​ ​ 29,725 PPP ​ ​ 2,925 ​ ​ 14,000 ​ ​ 9,367 ​ ​ 50,140 Residential ​ ​ 39 ​ ​ 53 ​ ​ 151 ​ ​ 103 Other ​ ​ 8,456 ​ ​ 9,090 ​ ​ 24,688 ​ ​ 29,381 Total loans (1) ​ $ 244,798 ​ $ 175,917 ​ $ 683,754 ​ $ 436,937 Held for sale, at fair value, loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed rate ​ $ 843 ​ $ 2,292 ​ $ 2,279 ​ $ 6,585 Residential ​ ​ 1,840 ​ ​ 2,103 ​ ​ 5,213 ​ ​ 6,401 Other ​ ​ 175 ​ ​ 230 ​ ​ 206 ​ ​ 775 Total loans, held for sale, at fair value (1) ​ $ 2,858 ​ $ 4,625 ​ $ 7,698 ​ $ 13,761 Investments held to maturity (2) ​ $ 14 ​ $ 4,764 ​ $ 34 ​ $ 8,983 Preferred equity investment (1) ​ $ 1,831 ​ $ — ​ $ 6,192 ​ $ — MBS, at fair value ​ $ 1,089 ​ $ 720 ​ $ 3,369 ​ $ 4,421 Total interest income ​ $ 250,590 ​ $ 186,026 ​ $ 701,047 ​ $ 464,102 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ $ (49,693) ​ $ (42,124) ​ $ (146,034) ​ $ (89,894) PPPLF borrowings ​ (82) ​ (323) ​ (370) ​ (1,470) Securitized debt obligations of consolidated VIEs ​ (108,464) ​ (52,186) ​ (298,623) ​ (110,241) Guaranteed loan financing ​ ​ (14,966) ​ ​ (3,798) ​ ​ (24,531) ​ ​ (10,069) Senior secured note ​ (4,381) ​ (4,380) ​ (13,159) ​ (13,117) Convertible note ​ ​ (1,042) ​ ​ (2,188) ​ ​ (5,418) ​ ​ (6,564) Corporate debt ​ ​ (12,984) ​ ​ (10,496) ​ ​ (36,405) ​ ​ (25,984) Total interest expense ​ $ (191,612) ​ $ (115,495) ​ $ (524,540) ​ $ (257,339) Net interest income before provision for loan losses ​ $ 58,978 ​ $ 70,531 ​ $ 176,507 ​ $ 206,763 (1) Includes interest income on assets in consolidated VIEs. (2) Investments held to maturity are included in Other assets on the consolidated balance sheets ​

Derivative instruments (Tables)

Derivative instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative instruments
Schedule of the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative (in thousands) ​ Primary Underlying Risk ​ Amount ​ Asset ​ Liability ​ Amount ​ Asset ​ Liability IRLCs ​ Interest rate risk ​ $ 124,610 ​ $ 131 ​ $ — ​ $ 205,204 ​ $ 117 ​ $ — Interest Rate Swaps - not designated as hedges (1) Interest rate risk ​ ​ 198,331 ​ ​ 18,630 ​ ​ — ​ ​ 216,381 ​ ​ 19,366 ​ ​ — Interest Rate Swaps - designated as hedges (1) ​ Interest rate risk ​ ​ 416,139 ​ ​ 37,073 ​ ​ — ​ ​ 266,139 ​ ​ 33,863 ​ ​ — TBA Agency Securities (1) ​ Market risk ​ ​ 137,500 ​ ​ 763 ​ ​ (38) ​ ​ 134,150 ​ ​ 796 ​ ​ (749) FX forwards ​ Foreign exchange rate risk ​ ​ 39,447 ​ ​ 1,337 ​ ​ — ​ ​ 47,834 ​ ​ 1,123 ​ ​ (1,319) Total ​ ​ ​ $ 916,027 ​ $ 57,934 ​ $ (38) ​ $ 869,708 ​ $ 55,265 ​ $ (2,068) (1) Refer to Note 22 - Offsetting Assets and Liabilities for further details. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of gains and losses on derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ Net Realized ​ ​ Net Unrealized (in thousands) ​ Gain (Loss) ​ ​ Gain (Loss) Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ Interest rate swaps $ 2,313 ​ $ 6,015 TBA Agency Securities ​ — ​ ​ 178 IRLCs ​ — ​ ​ (585) FX forwards ​ (10) ​ ​ 3,359 Total $ 2,303 ​ $ 8,967 Three Months Ended September 30, 2022 ​ ​ ​ ​ ​ Interest rate swaps $ 9,278 ​ $ 13,965 TBA Agency Securities ​ — ​ ​ 10,097 IRLCs ​ — ​ ​ (6,744) FX forwards ​ 599 ​ ​ 2,147 Total $ 9,877 ​ $ 19,465 Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ Interest rate swaps $ 15,684 ​ $ 1,409 TBA Agency Securities ​ — ​ ​ 678 IRLCs ​ — ​ ​ 14 FX forwards ​ 735 ​ ​ 1,533 Total $ 16,419 ​ $ 3,634 Nine Months Ended September 30, 2022 ​ ​ ​ ​ ​ Interest rate swaps $ 6,785 ​ $ 54,540 TBA Agency Securities ​ — ​ ​ 9,596 IRLCs ​ — ​ ​ (6,685) FX forwards ​ 2,825 ​ ​ 2,459 Total $ 9,610 ​ $ 59,910
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 $ (289) ​ $ — ​ $ (289) ​ $ 4,337 ​ $ 4,626 Three Months Ended September 30, 2022 $ (402) ​ $ — ​ $ (402) ​ $ (79) ​ $ 323 Nine Months Ended September 30, 2023 $ (881) ​ $ — $ (881) ​ $ 2,433 ​ $ 3,314 Nine Months Ended September 30, 2022 $ (1,094) ​ $ — $ (1,094) ​ $ (207) ​ $ 887

Real estate owned, held for s_2

Real estate owned, held for sale (Tables)	9 Months Ended
	Sep. 30, 2023
Real estate owned, held for sale
Summary of the carrying amount of the Company's real estate holdings	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 Acquired Portfolio: ​ ​ ​ ​ ​ ​ Mixed Use $ 8,535 $ 35,361 Multi-family ​ ​ 74,388 ​ ​ 48,768 Lodging ​ ​ 14,000 ​ ​ — Residential ​ ​ 24,696 ​ ​ — Office ​ ​ 12,458 ​ ​ — Land ​ ​ 80,276 ​ ​ — Total Acquired REO ​ $ 214,353 (1) $ 84,129 Other REO held for sale: ​ ​ ​ ​ ​ ​ Single Family ​ $ 24,368 ​ $ 24,300 Retail ​ ​ 1,853 ​ ​ 1,853 Office ​ ​ 6,816 ​ ​ 6,816 SBA ​ ​ 40 ​ ​ — Services ​ ​ 1,126 ​ ​ — Mixed Use ​ ​ 4,247 ​ ​ — Multi-family ​ ​ 29,138 ​ ​ — Total Other REO ​ $ 67,588 ​ $ 32,969 Total real estate owned, held for sale ​ $ 281,941 ​ $ 117,098 (1) Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Broadmark Merger.

Agreements and transactions w_2

Agreements and transactions with related parties (Tables)	9 Months Ended
	Sep. 30, 2023
Management fee
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Management fee - total ​ $ 7.2 million ​ $ 5.4 million ​ $ 18.1 million ​ $ 14.1 million Management fee - amount unpaid ​ $ 7.2 million ​ $ 5.4 million ​ $ 7.2 million ​ $ 5.4 million
Incentive distribution
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Incentive fee distribution - total ​ $ — ​ $ 0.9 million ​ $ 1.8 million ​ $ 0.9 million Incentive fee distribution - amount unpaid ​ $ — ​ $ 0.9 million ​ $ — ​ $ 0.9 million
Expense reimbursement
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Reimbursable expenses payable to Manager - total ​ $ 3.4 million ​ $ 2.4 million ​ $ 9.1 million ​ $ 8.2 million Reimbursable expenses payable to Manager - amount unpaid ​ $ 4.1 million ​ $ 5.6 million ​ $ 4.1 million ​ $ 5.6 million

Other assets and other liabil_2

Other assets and other liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other assets and other liabilities
Schedule of other assets and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 Other assets: ​ ​ ​ ​ ​ ​ Goodwill ​ $ 37,818 ​ $ 37,818 Deferred loan exit fees ​ ​ 33,565 ​ ​ 36,669 Accrued interest ​ ​ 54,404 ​ ​ 34,951 Due from servicers ​ ​ 41,404 ​ ​ 24,078 Intangible assets ​ 17,940 ​ 16,308 Receivable from third party ​ ​ 27,322 ​ ​ 15,114 Deferred financing costs ​ ​ 9,417 ​ ​ 5,176 Deferred tax asset ​ 977 ​ 977 Right-of-use lease asset ​ ​ 4,889 ​ ​ 1,687 Investments held to maturity ​ ​ 3,446 ​ ​ 3,306 Purchased future receivables, net ​ ​ 15,948 ​ ​ 8,246 Other ​ ​ 18,298 ​ ​ 16,991 Other assets $ 265,428 ​ $ 201,321 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ Accrued salaries, wages and commissions ​ $ 37,263 ​ $ 38,245 Accrued interest payable ​ 45,019 ​ 34,785 Servicing principal and interest payable ​ ​ 8,842 ​ ​ 13,163 Deferred tax liability ​ ​ 30,885 ​ ​ 30,885 Repair and denial reserve ​ 7,804 ​ 10,846 Payable to related parties ​ 7,916 ​ 7,815 Accrued PPP related costs ​ ​ 145 ​ ​ 4,016 Accrued professional fees ​ ​ 2,483 ​ ​ 2,804 Lease payable ​ ​ 8,839 ​ ​ 1,778 Other ​ 19,102 ​ 32,183 Total accounts payable and other accrued liabilities ​ $ 168,298 ​ $ 176,520
Schedule of Goodwill	​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 SBC Lending and Acquisitions $ 26,612 $ 26,612 Small Business Lending ​ 11,206 ​ 11,206 Total $ 37,818 $ 37,818
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 ​ December 31, 2022 Estimated Useful Life Customer Relationships - Red Stone $ 6,025 ​ $ 6,293 19 years Internally developed software to be sold, leased, or marketed ​ 5,923 ​ ​ 3,092 5 years Trade name - Red Stone ​ 2,500 ​ ​ 2,500 Indefinite life Internally developed software - Knight Capital ​ 1,319 ​ ​ 1,794 6 years SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Favorable lease ​ 437 ​ ​ 520 12 years Trade name - Knight Capital ​ 306 ​ ​ 416 6 years Trade name - GMFS ​ 274 ​ ​ 337 15 years Broker network - Knight Capital ​ 156 ​ ​ 356 4.5 years Total intangible assets $ 17,940 ​ $ 16,308 ​
Schedule of accumulated amortization for finite-lived intangible assets	​ ​ ​ ​ (in thousands) September 30, 2023 Internally developed software - Knight Capital $ 2,480 Broker network - Knight Capital ​ 1,044 Favorable lease ​ 1,042 Trade name - GMFS ​ 949 Internally developed software to be sold, leased, or marketed ​ 885 Customer Relationship - Red Stone ​ 775 Trade name - Knight Capital ​ 574 Total accumulated amortization $ 7,749
Amortization expense related to the intangible assets	​ ​ ​ ​ (in thousands) September 30, 2023 2023 $ 755 2024 ​ 2,752 2025 ​ 2,506 2026 ​ 1,839 2027 ​ 1,704 Thereafter ​ 4,884 Total $ 14,440

Other income and operating ex_2

Other income and operating expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Other income and operating expenses
Schedule of the financial position related to the Paycheck Protection Program (PPP) activities	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2023 December 31, 2022 Assets ​ ​ ​ ​ ​ ​ PPP loans ​ $ 57,977 ​ $ 186,409 PPP loans, at fair value ​ 168 ​ 576 PPP fee receivable ​ 283 ​ 328 Accrued interest receivable ​ 925 ​ 3,196 Total PPP related assets ​ $ 59,353 ​ $ 190,509 Liabilities ​ ​ ​ ​ ​ ​ PPPLF borrowings ​ $ 76,333 ​ $ 201,011 Interest payable ​ ​ 649 ​ ​ 1,176 Deferred LSP revenue ​ ​ 38 ​ ​ 122 Accrued PPP related costs ​ ​ 145 ​ ​ 4,016 Payable to third parties ​ 621 ​ 277 Repair and denial reserve ​ ​ 1,403 ​ ​ 4,878 Total PPP related liabilities ​ $ 79,189 ​ $ 211,480
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) 2023 2022 ​ 2023 2022 ​ Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LSP fee income $ — $ 26 $ 57 $ 5,336 ​ Servicing income Interest income ​ 2,925 ​ 14,000 ​ 9,367 ​ 50,140 ​ Interest income Repair and denial reserve ​ 1,302 ​ 2,153 ​ 2,820 ​ 6,553 ​ Other income - change in repair and denial reserve Total PPP related income $ 4,227 $ 16,179 $ 12,244 $ 62,029 ​ ​ Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct operating expenses $ — $ 93 $ 233 $ 434 ​ Other operating expenses - origination costs Interest expense ​ 82 ​ 323 ​ 370 ​ 1,470 ​ Interest expense Total PPP related expenses $ 82 $ 416 $ 603 $ 1,904 ​ ​ Net PPP related income $ 4,145 $ 15,763 $ 11,641 $ 60,125 ​ ​
Schedule of other income and operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination income $ 5,198 ​ $ 3,660 $ 16,126 ​ $ 8,039 ​ Change in repair and denial reserve ​ 2,097 ​ ​ 1,864 ​ 2,425 ​ ​ 5,362 ​ Employee retention credit consulting income ​ ​ 5,832 ​ ​ 6,958 ​ ​ 23,988 ​ ​ 7,261 ​ Other ​ 5,188 ​ ​ 3,668 ​ 14,228 ​ ​ 10,323 ​ Total other income ​ $ 18,315 ​ $ 16,150 ​ $ 56,767 ​ $ 30,985 ​ Other operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination costs ​ $ 1,991 ​ $ 3,288 ​ $ 5,390 ​ $ 10,390 ​ Technology expense ​ 2,603 ​ ​ 2,619 ​ 6,873 ​ ​ 7,035 ​ Impairment on real estate ​ 1,869 ​ ​ — ​ 5,287 ​ ​ 2,667 ​ Rent and property tax expense ​ 1,478 ​ ​ 1,764 ​ 4,259 ​ ​ 4,423 ​ Recruiting, training and travel expense ​ 722 ​ ​ 395 ​ 2,345 ​ ​ 1,221 ​ Marketing expense ​ ​ 610 ​ ​ 575 ​ ​ 1,626 ​ ​ 1,499 ​ Other ​ 5,095 ​ ​ 6,755 ​ 14,147 ​ ​ 15,186 ​ Total other operating expenses ​ $ 14,368 ​ $ 15,396 ​ $ 39,927 ​ $ 42,421 ​ ​

Redeemable Preferred Stock an_2

Redeemable Preferred Stock and Stockholders Equity (Tables)	9 Months Ended
	Sep. 30, 2023
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 on common stock during the last twelve months. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ Record Date ​ Payment Date ​ Dividend per Share September 15, 2022 ​ September 30, 2022 ​ October 31, 2022 ​ $ 0.42 ​ December 15, 2022 ​ December 30, 2022 ​ January 31, 2023 ​ $ 0.40 ​ March 15, 2023 ​ March 31, 2023 ​ April 28, 2023 ​ $ 0.40 ​ May 15, 2023 ​ May 30, 2023 ​ June 15, 2023 ​ $ 0.26 ​ May 15, 2023 ​ June 30, 2023 ​ July 31, 2023 ​ $ 0.14 ​ September 15, 2023 ​ September 29, 2023 ​ October 31, 2023 ​ $ 0.36 ​
Schedule of Restricted Stock Unit RSU and RSA activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Units/Awards (in thousands, except share data) Number of Shares Grant date fair value Weighted-average grant date fair value (per share) Outstanding, December 31, 2022 827,163 $ 12,258 $ 14.82 Granted 441,296 ​ ​ 5,728 ​ 12.98 Vested (333,470) ​ ​ (4,946) ​ 14.83 Forfeited (4,536) ​ ​ (61) ​ 13.62 Outstanding, March 31, 2023 930,453 $ 12,979 $ 13.95 Granted 782,017 ​ ​ 8,005 ​ 10.24 Vested (356,317) ​ ​ (3,689) ​ 10.35 Forfeited (8,074) ​ ​ (108) ​ 13.44 Outstanding, June 30, 2023 1,348,079 $ 17,187 $ 12.75 Vested (349,033) ​ ​ (3,615) ​ 10.36 Outstanding, September 30, 2023 999,046 ​ $ 13,572 $ 13.58
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, 2023 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, 2023
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) 2023 2022 2023 2022 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 47,179 ​ $ 66,253 ​ $ 337,530 ​ $ 189,481 Less: Income attributable to non-controlling interest ​ ​ 1,517 ​ ​ 3,023 ​ ​ 7,842 ​ ​ 6,672 Less: Income attributable to participating shares ​ ​ 2,334 ​ ​ 2,407 ​ ​ 7,078 ​ ​ 7,231 Basic earnings ​ $ 43,328 ​ $ 60,823 ​ $ 322,610 ​ $ 175,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 47,179 ​ $ 66,253 ​ $ 337,530 ​ $ 189,481 Less: Income attributable to non-controlling interest ​ ​ 1,517 ​ ​ 3,023 ​ ​ 7,842 ​ ​ 6,672 Less: Income attributable to participating shares ​ ​ 2,334 ​ ​ 2,407 ​ ​ 7,078 ​ ​ 7,231 Add: Expenses attributable to dilutive instruments ​ ​ 131 ​ ​ 2,319 ​ ​ 393 ​ ​ 6,957 Diluted earnings ​ $ 43,459 ​ $ 63,142 ​ $ 323,003 ​ $ 182,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 171,973,933 ​ ​ 114,371,160 ​ ​ 138,323,878 ​ ​ 105,576,826 Effect of dilutive securities — Unvested participating shares ​ ​ 2,466,936 ​ ​ 11,295,449 ​ ​ 2,304,667 ​ ​ 11,288,944 Diluted — Average shares outstanding ​ ​ 174,440,869 ​ ​ 125,666,609 ​ ​ 140,628,545 ​ ​ 116,865,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EPS Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.25 ​ $ 0.53 ​ $ 2.33 ​ $ 1.66 Diluted ​ $ 0.25 ​ $ 0.50 ​ $ 2.30 ​ $ 1.56

Offsetting assets and liabili_2

Offsetting assets and liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLCs $ 131 ​ $ — ​ $ 131 ​ $ — ​ $ — ​ $ 131 FX forwards ​ 1,337 ​ ​ — ​ ​ 1,337 ​ ​ — ​ ​ — ​ ​ 1,337 TBA Agency Securities ​ 763 ​ ​ 38 ​ ​ 725 ​ ​ — ​ ​ — ​ ​ 725 Interest rate swaps ​ 55,703 ​ ​ 49,276 ​ ​ 6,427 ​ ​ — ​ ​ — ​ ​ 6,427 Total $ 57,934 ​ $ 49,314 ​ $ 8,620 ​ $ — ​ $ — ​ $ 8,620 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TBA Agency Securities $ 38 ​ $ 38 ​ $ — ​ $ — ​ $ — ​ $ — Secured borrowings ​ 2,385,070 ​ ​ — ​ ​ 2,385,070 ​ ​ 2,385,070 ​ ​ — ​ ​ — PPPLF ​ 76,333 ​ ​ — ​ ​ 76,333 ​ ​ 58,145 ​ ​ — ​ ​ 18,188 Total $ 2,461,441 ​ $ 38 ​ $ 2,461,403 ​ $ 2,443,215 ​ $ — ​ $ 18,188 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IRLCs $ 117 ​ $ — ​ $ 117 ​ $ — ​ $ — ​ $ 117 FX forwards ​ 1,123 ​ ​ — ​ ​ 1,123 ​ ​ — ​ ​ — ​ ​ 1,123 TBA Agency Securities ​ 796 ​ ​ 482 ​ ​ 314 ​ ​ — ​ ​ — ​ ​ 314 Interest rate swaps ​ 53,229 ​ ​ 41,820 ​ ​ 11,409 ​ ​ — ​ ​ — ​ ​ 11,409 Total $ 55,265 ​ $ 42,302 ​ $ 12,963 ​ $ — ​ $ — ​ $ 12,963 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TBA Agency Securities $ 749 ​ $ 482 ​ $ 267 ​ $ — ​ $ — ​ $ 267 FX forwards ​ 1,319 ​ ​ — ​ ​ 1,319 ​ ​ — ​ ​ — ​ ​ 1,319 Secured borrowings ​ 2,846,293 ​ ​ — ​ ​ 2,846,293 ​ ​ 2,846,293 ​ ​ — ​ ​ — PPPLF ​ 201,011 ​ ​ — ​ ​ 201,011 ​ ​ 186,985 ​ ​ — ​ ​ 14,026 Total $ 3,049,372 ​ $ 482 ​ $ 3,048,890 ​ $ 3,033,278 ​ $ — ​ $ 15,612 (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 the Company has 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 the Company that exceeds the Company’s corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in the Company’s consolidated balance sheets as assets or liabilities, respectively.

Commitments, Contingencies an_2

Commitments, Contingencies and Indemnifications (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments, Contingencies and Indemnifications
Schedule of loan commitments	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2023 ​ December 31, 2022 Loans, net ​ $ 842,764 ​ $ 881,519 Loans, held for sale at fair value ​ $ 14,185 ​ $ 20,546 Preferred equity investment ​ $ 436 ​ $ 1,147 ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2023 ​ December 31, 2022 Commitments to originate residential agency loans ​ $ 123,182 ​ $ 112,319 ​ ​ ​ ​ ​ ​ ​ ​

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 219,414 ​ $ 29,297 ​ $ 1,879 ​ $ — ​ $ 250,590 Interest expense ​ ​ (169,008) ​ ​ (20,769) ​ ​ (1,835) ​ ​ — ​ ​ (191,612) Net interest income before recovery of (provision for) loan losses ​ $ 50,406 ​ $ 8,528 ​ $ 44 ​ $ — ​ $ 58,978 Recovery of (provision for) loan losses ​ ​ 14,465 ​ ​ (2,314) ​ ​ — ​ ​ — ​ 12,151 Net interest income after recovery of (provision for) loan losses ​ $ 64,871 ​ $ 6,214 ​ $ 44 ​ $ — ​ $ 71,129 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 7,059 ​ $ — ​ $ 7,059 Net realized gain (loss) on financial instruments and real estate owned ​ ​ 7,053 ​ ​ 7,349 ​ ​ — ​ ​ — ​ ​ 14,402 Net unrealized gain (loss) on financial instruments ​ ​ 14,515 ​ ​ 606 ​ ​ 2,563 ​ ​ — ​ ​ 17,684 Servicing income, net ​ ​ 1,198 ​ ​ 5,669 ​ ​ 9,166 ​ ​ — ​ ​ 16,033 Income on purchased future receivables, net ​ ​ — ​ ​ 904 ​ ​ — ​ ​ — ​ ​ 904 Loss on bargain purchase ​ ​ — ​ ​ — ​ ​ — ​ ​ (14,862) ​ ​ (14,862) Income on unconsolidated joint ventures ​ ​ 56 ​ ​ — ​ ​ — ​ ​ — ​ ​ 56 Other income ​ ​ 8,570 ​ ​ 8,863 ​ ​ 43 ​ ​ 839 ​ ​ 18,315 Total non-interest income (loss) ​ $ 31,392 ​ $ 23,391 ​ $ 18,831 ​ $ (14,023) ​ $ 59,591 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (10,224) ​ $ (8,507) ​ $ (4,890) ​ $ (1,247) ​ $ (24,868) Allocated employee compensation and benefits from related party ​ ​ (99) ​ ​ — ​ ​ — ​ ​ (2,902) ​ (3,001) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (4,091) ​ ​ — ​ ​ (4,091) Professional fees ​ ​ (1,264) ​ ​ (3,456) ​ ​ (144) ​ ​ (2,946) ​ (7,810) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,229) ​ (7,229) Loan servicing expense ​ ​ (12,204) ​ ​ (337) ​ ​ (3,277) ​ ​ — ​ (15,818) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,329) ​ ​ (2,329) Other operating expenses ​ ​ (5,890) ​ ​ (5,222) ​ ​ (1,608) ​ ​ (1,648) ​ (14,368) Total non-interest expense ​ $ (29,681) ​ $ (17,522) ​ $ (14,010) ​ $ (18,301) ​ $ (79,514) Income (loss) before provision for income taxes ​ $ 66,582 ​ $ 12,083 ​ $ 4,865 ​ $ (32,324) ​ $ 51,206 Total assets ​ $ 10,595,201 ​ $ 1,409,761 ​ $ 396,073 ​ $ 398,398 ​ $ 12,799,433 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ Small ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ SBC Lending ​ Business ​ Mortgage ​ Corporate- ​ ​ (in thousands) ​ and Acquisitions ​ Lending ​ Banking ​ Other ​ Consolidated Interest income ​ $ 629,686 ​ $ 65,997 ​ $ 5,364 ​ $ — ​ $ 701,047 Interest expense ​ ​ (479,006) ​ ​ (39,861) ​ ​ (5,673) ​ ​ — ​ ​ (524,540) Net interest income before recovery of (provision for) loan losses ​ $ 150,680 ​ $ 26,136 ​ $ (309) ​ $ — ​ $ 176,507 Recovery of (provision for) loan losses ​ ​ 5,179 ​ ​ (5,721) ​ ​ — ​ ​ — ​ (542) Net interest income after recovery of (provision for) loan losses ​ $ 155,859 ​ $ 20,415 ​ $ (309) ​ $ — ​ $ 175,965 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ $ — ​ $ — ​ $ 26,112 ​ $ — ​ $ 26,112 Net realized gain (loss) on financial instruments and real estate owned ​ ​ 27,234 ​ ​ 22,621 ​ ​ — ​ ​ — ​ ​ 49,855 Net unrealized gain (loss) on financial instruments ​ ​ 7,727 ​ ​ 348 ​ ​ 5,288 ​ ​ — ​ ​ 13,363 Servicing income, net ​ ​ 4,181 ​ ​ 12,367 ​ ​ 27,920 ​ ​ — ​ ​ 44,468 Income on purchased future receivables, net ​ ​ — ​ ​ 1,530 ​ ​ — ​ ​ — ​ 1,530 Gain on bargain purchase ​ ​ — ​ ​ — ​ ​ — ​ ​ 215,032 ​ ​ 215,032 Income on unconsolidated joint ventures ​ ​ 745 ​ ​ — ​ ​ — ​ ​ — ​ ​ 745 Other income ​ ​ 25,829 ​ ​ 29,390 ​ ​ 98 ​ ​ 1,450 ​ ​ 56,767 Total non-interest income ​ $ 65,716 ​ $ 66,256 ​ $ 59,418 ​ $ 216,482 ​ $ 407,872 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ $ (25,153) ​ $ (31,396) ​ $ (15,598) ​ $ (5,569) ​ $ (77,716) Allocated employee compensation and benefits from related party ​ ​ (581) ​ ​ — ​ ​ — ​ ​ (7,246) ​ (7,827) Variable expenses on residential mortgage banking activities ​ ​ — ​ ​ — ​ ​ (16,150) ​ ​ — ​ (16,150) Professional fees ​ ​ (3,380) ​ ​ (7,863) ​ ​ (441) ​ ​ (7,499) ​ (19,183) Management fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (18,070) ​ (18,070) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,791) ​ ​ (1,791) Loan servicing expense ​ ​ (31,008) ​ ​ (582) ​ ​ (7,306) ​ ​ — ​ (38,896) Transaction related expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ (17,188) ​ ​ (17,188) Other operating expenses ​ ​ (16,221) ​ ​ (14,003) ​ ​ (5,001) ​ ​ (4,702) ​ (39,927) Total non-interest expense ​ $ (76,343) ​ $ (53,844) ​ $ (44,496) ​ $ (62,065) ​ $ (236,748) Income before provision for income taxes ​ $ 145,232 ​ $ 32,827 ​ $ 14,613 ​ $ 154,417 ​ $ 347,089 Total assets ​ $ 10,595,201 ​ $ 1,409,761 ​ $ 396,073 ​ $ 398,398 ​ $ 12,799,433 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (loss) 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 (loss) 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 ​

Organization (Details)

Organization (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Operating Partnership
Ownership percentage in operating partnership	99.20%	98.60%

Organization - Acquisitions (De

Organization - Acquisitions (Details)				9 Months Ended
	May 31, 2023 director $ / shares	May 30, 2023 director	Mar. 16, 2022 $ / shares	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Jan. 14, 2022 $ / shares
Acquisitions
Increase in the number of directors on the Board of Directors | director	3
Number of directors on Board of Directors | director	12	9
Number of directors from Broadmark added to the Board of Directors | director	3
Common stock, par value				$ 0.0001	$ 0.0001	$ 0.0001
Number of common shares outstanding | shares				172,023,871	110,523,641
Broadmark
Acquisitions
Common stock, par value	$ 0.001
Minimum
Acquisitions
Percentage of taxable income distributed in the form of qualifying distributions				90%
Series C Preferred Stock
Acquisitions
Par Value per Share				$ 0.0001
Class B Common Stock
Acquisitions
Number of common shares outstanding | shares				0
Broadmark
Acquisitions
Stock conversion rate	0.47233
Common stock, par value	$ 0.0001
Mosaic
Acquisitions
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, 2023 USD ($) class item	Aug. 15, 2023	Dec. 31, 2022 USD ($)
Cash collateral receivable offset against gross derivative asset positions	$ 49.3		$ 41.8
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
7.00% Senior Convertible Notes due 2023
Interest rate (as a percent)		7%

Business Combinations - Acquisi

Business Combinations - Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions				3 Months Ended	4 Months Ended	9 Months Ended
	Sep. 30, 2023	May 31, 2023	Mar. 16, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Assets:
Real estate, held for sale	$ 214,353			$ 214,353	$ 214,353	$ 214,353		$ 84,129
Business Combination, Consideration Transferred [Abstract]
Consideration transferred based on the value of OP units issued							$ 20,745
Bargain purchase gain				(14,862)		215,032
Goodwill	(37,818)			(37,818)	(37,818)	(37,818)		$ (37,818)
Broadmark
Assets:
Cash and cash equivalents	38,710	$ 38,710		38,710	38,710	38,710
Loans, net	764,367	772,954		764,367	764,367	764,367
Real estate owned, held for sale	153,820	158,911		153,820	153,820	153,820
Other assets	16,758	17,107		16,758	16,758	16,758
Total assets acquired	973,655	987,682		973,655	973,655	973,655
Liabilities:
Corporate debt	98,028	98,028		98,028	98,028	98,028
Accounts payable and other accrued liabilities	23,366	22,531		23,366	23,366	23,366
Total liabilities assumed	121,394	120,559		121,394	121,394	121,394
Net assets acquired	852,261	867,123		$ 852,261	852,261	$ 852,261
Business Combination, Consideration Transferred [Abstract]
Consideration transferred based on value of stock issued		637,229			637,229
Bargain purchase gain		$ 229,894			215,032
Number of common shares issued in acquisition		62.2
Price per share of stock issued		$ 10.24
Measurement Period Adjustments
Loans, net					(8,587)
Real estate owned, held for sale					(5,091)
Other assets					(349)
Total assets acquired					(14,027)
Accounts payable and other accrued liabilities					835
Total liabilities assumed					835
Net assets acquired					(14,862)
Bargain purchase gain					$ (14,862)
Mosaic
Assets:
Cash and cash equivalents			$ 100,236
Restricted cash			23,330
Loans, net			412,745
Investments held to maturity			161,567
Real estate, held for sale			44,748
Other assets			20,664
Total assets acquired			763,290
Liabilities:
Secured borrowings			66,202
Loan participations sold			73,656
Due to third parties			24,301
Accounts payable and other accrued liabilities			38,781
Total liabilities assumed			202,940
Net assets acquired			560,350
Non-controlling interests			(82,524)
Net assets acquired, net of non-controlling interests			477,826
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	$ 13,400		25,000
Total consideration transferred			$ 483,056
Value per CER unit	$ 0.44		$ 0.83
Goodwill			$ (5,230)

Business Combinations - Pro-for

Business Combinations - Pro-forma Information (Details) - Broadmark - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pro-forma information
Interest income	$ 250,590	$ 213,154	$ 740,125	$ 549,619
Interest expense	(191,612)	(117,737)	(529,311)	(263,816)
Recovery of (provision for) loan losses	12,151	(15,719)	(5,176)	(17,312)
Non-interest income	59,591	78,968	409,485	218,678
Non-interest expense	(77,251)	(82,764)	(239,978)	(197,811)
Income before provision for income taxes	53,469	75,902	375,145	289,358
Income tax expense	(4,027)	(4,776)	(9,559)	(32,943)
Net income	49,442	71,126	365,586	256,415
Nonrecurring transaction costs excluded from pro forma non-interest expense	$ 2,300	$ 30,300	$ 2,300	$ 30,300

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, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Carrying Value
Total Loans, before allowance for loan losses	$ 4,226,070		$ 3,637,347
Allowance for loan losses	(74,147)		(61,037)
Total Loans, net	4,151,923		3,576,310
Allowance for loan losses on loans in consolidated VIEs	(100,408)	$ (112,154)	(90,519)	$ (60,253)	$ (46,125)	$ (45,377)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	10,956,423		9,888,008
Loans, held for sale, at fair value	184,989		258,377
Total Loans, net and Loans held for sale, at fair value	11,141,412		10,146,385
Paycheck Protection Program Loans	58,145		186,985
Total loan portfolio	11,199,557		10,333,370
UPB
Total Loans, before allowance for loan losses	4,241,065		3,666,244
Total Loans, net	4,241,065		3,666,244
Total Loans, held for sale, at fair value	182,261		261,614
Total Loans, net and Loans held for sale, at fair value	11,292,842		10,313,441
Total Paycheck Protection Program loans	60,224		196,798
Total Loan portfolio	11,353,066		10,510,239
Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	6,830,761		6,341,180
Allowance for loan losses on loans in consolidated VIEs	(26,261)		(29,482)
Total Loans, net, in consolidated VIEs	6,804,500		6,311,698
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	6,869,516		6,385,583
Total Loans, net, in consolidated VIEs	6,869,516		6,385,583
Bridge
Carrying Value
Total Loans, before allowance for loan losses	1,527,335		2,236,333
Allowance for loan losses on loans in consolidated VIEs	(35,545)	(43,857)	(49,905)	(20,454)	(18,393)	(19,519)
UPB
Total Loans, before allowance for loan losses	1,533,962		2,247,173
Bridge | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	5,536,226		5,098,539
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	5,558,814		5,134,790
Fixed rate
Carrying Value
Total Loans, before allowance for loan losses	247,507		182,415
Allowance for loan losses on loans in consolidated VIEs	(10,762)	(12,204)	(6,531)	(6,374)	(6,222)	(6,861)
Loans, held for sale, at fair value			60,551
UPB
Total Loans, before allowance for loan losses	241,905		175,285
Total Loans, held for sale, at fair value			68,280
Fixed rate | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	804,303		856,345
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	804,880		856,914
Construction
Carrying Value
Total Loans, before allowance for loan losses	1,224,777		445,814
Allowance for loan losses on loans in consolidated VIEs	(33,330)	(35,925)	(17,334)	(16,943)	(5,122)
UPB
Total Loans, before allowance for loan losses	1,228,654		448,923
Freddie Mac
Carrying Value
Total Loans, before allowance for loan losses	9,934		10,040
Loans, held for sale, at fair value	24,488		13,791
UPB
Total Loans, before allowance for loan losses	9,826		9,932
Total Loans, held for sale, at fair value	24,213		13,611
SBA 7(a)
Carrying Value
Total Loans, before allowance for loan losses	1,007,451		491,532
Allowance for loan losses on loans in consolidated VIEs	(18,542)	(16,809)	(14,299)	(13,345)	(13,126)	(12,180)
Loans, held for sale, at fair value	45,590		44,037
UPB
Total Loans, before allowance for loan losses	1,015,099		509,672
Total Loans, held for sale, at fair value	42,880		41,674
SBA 7(a) | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	223,046		64,226
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	237,883		70,904
Residential
Carrying Value
Total Loans, before allowance for loan losses	1,672		4,511
Allowance for loan losses on loans in consolidated VIEs				(5)	(57)	(60)
Total Loans, net and Loans held for sale, at fair value	110,334		134,642
UPB
Total Loans, before allowance for loan losses	1,672		4,511
Total Loans, net and Loans held for sale, at fair value	110,760		133,635
Other
Carrying Value
Total Loans, before allowance for loan losses	207,394		266,702
Allowance for loan losses on loans in consolidated VIEs	(2,229)	$ (3,359)	(2,450)	$ (3,132)	$ (3,205)	$ (6,757)
Loans, held for sale, at fair value	4,577		5,356
UPB
Total Loans, before allowance for loan losses	209,947		270,748
Total Loans, held for sale, at fair value	4,408		4,414
Other | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	267,186		322,070
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	267,939		322,975
Paycheck Protection Program loans, held for investment
Carrying Value
Paycheck Protection Program Loans	57,977		186,409
UPB
Total Paycheck Protection Program loans	60,056		196,222
Paycheck Protection Program loans, at fair value
Carrying Value
Paycheck Protection Program Loans	168		576
UPB
Total Paycheck Protection Program loans	$ 168		$ 576

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Loan classification and delinquency by year of origination
UPB	$ 11,110,581	$ 10,051,827
Current fiscal year	520,191	3,185,285
Year before current fiscal year	3,691,250	3,830,867
Two years before current fiscal year	3,978,610	511,483
Three years before current fiscal year	607,691	1,133,712
Four years before current fiscal year	1,057,718	418,375
Five or more years before current fiscal year	1,154,345	865,996
Total	11,009,805	9,945,718
General allowance for loan losses	(53,382)	(57,710)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	10,956,423	9,888,008
Specific allowance for loan losses including PCD allowance	47,000	32,800
Specific allowance for purchased financial assets with credit deterioration	26,473	15,972
Specific allowance for loan losses	20,553	16,837
Gross write-offs by year of origination
Year before current fiscal year write-offs	476
Two years before current fiscal year write-offs	684
Three years before current fiscal year write-offs	258
Four years before current fiscal year write-offs	360
Five or more years before current fiscal year write-offs	25,681
Total write-offs	27,459
Current and less than 30 days past due
Loan classification and delinquency by year of origination
UPB	10,317,765	9,666,328
Current fiscal year	519,827	3,099,822
Year before current fiscal year	3,579,868	3,826,140
Two years before current fiscal year	3,753,811	501,168
Three years before current fiscal year	559,830	1,061,145
Four years before current fiscal year	921,810	298,208
Five or more years before current fiscal year	917,366	810,322
Total	10,252,512	9,596,805
30-59 Days Past Due
Loan classification and delinquency by year of origination
UPB	237,119	111,992
Current fiscal year		85,403
Year before current fiscal year	79,690	3,483
Two years before current fiscal year	118,693	1,634
Three years before current fiscal year	21,228	6,654
Four years before current fiscal year	1,310	11,190
Five or more years before current fiscal year	15,483	1,948
Total	236,404	110,312
60+ Days Past Due
Loan classification and delinquency by year of origination
UPB	555,697	273,507
Current fiscal year	364	60
Year before current fiscal year	31,692	1,244
Two years before current fiscal year	106,106	8,681
Three years before current fiscal year	26,633	65,913
Four years before current fiscal year	134,598	108,977
Five or more years before current fiscal year	221,496	53,726
Total	520,889	238,601
Bridge
Loan classification and delinquency by year of origination
UPB	7,092,776	7,381,963
Current fiscal year	308,785	2,942,695
Year before current fiscal year	2,960,346	3,575,213
Two years before current fiscal year	3,178,923	355,647
Three years before current fiscal year	311,276	288,957
Four years before current fiscal year	176,516	137,463
Five or more years before current fiscal year	116,209	27,971
Total	7,052,055	7,327,946
General allowance for loan losses	(24,039)	(42,979)
Specific allowance for loan losses	11,506	6,926
Bridge | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	6,745,982	7,120,162
Bridge | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	108,060	94,823
Bridge | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	198,013	112,961
Fixed rate
Loan classification and delinquency by year of origination
UPB	1,046,785	1,032,199
Current fiscal year	4,008	96,897
Year before current fiscal year	110,888	154,077
Two years before current fiscal year	207,674	92,080
Three years before current fiscal year	91,111	343,500
Four years before current fiscal year	324,490	134,666
Five or more years before current fiscal year	310,532	213,406
Total	1,048,703	1,034,626
General allowance for loan losses	(7,655)	(2,397)
Specific allowance for loan losses	3,107	4,134
Fixed rate | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,022,947	993,832
Fixed rate | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total		8,101
Fixed rate | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	25,756	32,693
Construction
Loan classification and delinquency by year of origination
UPB	1,228,654	448,923
Current fiscal year	85,543	27,532
Year before current fiscal year	252,096
Two years before current fiscal year	235,427	10,000
Three years before current fiscal year	73,575	348,622
Four years before current fiscal year	425,505	42,651
Five or more years before current fiscal year	125,923
Total	1,198,069	428,805
General allowance for loan losses	(6,622)	(325)
Specific allowance for purchased financial assets with credit deterioration	26,473	15,972
Specific allowance for loan losses	235	1,037
Construction | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	796,804	372,812
Construction | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	125,179
Construction | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	276,086	55,993
Freddie Mac
Loan classification and delinquency by year of origination
UPB	9,826	9,932
Year before current fiscal year		3,891
Two years before current fiscal year	3,830	6,149
Three years before current fiscal year	6,104
Total	9,934	10,040
Freddie Mac | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	6,841	6,947
Freddie Mac | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	3,093	3,093
SBA 7(a)
Loan classification and delinquency by year of origination
UPB	1,252,982	580,576
Current fiscal year	119,764	110,549
Year before current fiscal year	361,996	79,946
Two years before current fiscal year	333,016	36,853
Three years before current fiscal year	116,864	77,449
Four years before current fiscal year	87,368	89,085
Five or more years before current fiscal year	205,934	158,378
Total	1,224,942	552,260
General allowance for loan losses	(12,987)	(10,801)
Specific allowance for loan losses	5,555	3,498
SBA 7(a) | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,216,797	541,378
SBA 7(a) | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	254	6,690
SBA 7(a) | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	7,891	4,192
Residential
Loan classification and delinquency by year of origination
UPB	1,672	4,511
Current fiscal year	342	1,719
Year before current fiscal year	967	725
Two years before current fiscal year		361
Three years before current fiscal year		422
Four years before current fiscal year		678
Five or more years before current fiscal year	363	606
Total	1,672	4,511
Residential | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	178	2,871
Residential | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	1,494	1,640
Other
Loan classification and delinquency by year of origination
UPB	477,886	593,723
Current fiscal year	1,749	5,893
Year before current fiscal year	4,957	17,015
Two years before current fiscal year	19,740	10,393
Three years before current fiscal year	8,761	74,762
Four years before current fiscal year	43,839	13,832
Five or more years before current fiscal year	395,384	465,635
Total	474,430	587,530
General allowance for loan losses	(2,079)	(1,208)
Specific allowance for loan losses	150	1,242
Other | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	462,963	558,803
Other | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	2,911	698
Other | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	$ 8,556	$ 28,029

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses - Delinquency (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Loan delinquency information
Total Loans Carrying Value	$ 11,009,805		$ 11,009,805		$ 9,945,718
Non-Accrual Loans	518,641		518,641		242,805
General allowance for loan losses	(53,382)		(53,382)		(57,710)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 10,956,423		$ 10,956,423		$ 9,888,008
Percentage of loans outstanding			100%		100%
Percentage of outstanding, Non-Accrual Loans	4.70%		4.70%		2.40%
Specific allowance for loan losses	$ 100,408	$ 60,253	$ 100,408	$ 60,253	$ 90,519	$ 112,154	$ 46,125	$ 45,377
Gross Loan Write-offs
Gross write-offs of loans	7,431	782	27,459	1,288
Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	10,252,512		$ 10,252,512		$ 9,596,805
Percentage of loans outstanding			93.20%		96.50%
30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	236,404		$ 236,404		$ 110,312
Percentage of loans outstanding			2.10%		1.10%
60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 520,889		$ 520,889		$ 238,601
Percentage of loans outstanding			4.70%		2.40%
90+ Days Past Due
Loan delinquency information
Percentage of outstanding, 90+Days Past Due Accruing	0%		0%		0%
Bridge
Loan delinquency information
Total Loans Carrying Value	$ 7,052,055		$ 7,052,055		$ 7,327,946
Non-Accrual Loans	193,185		193,185		113,360
General allowance for loan losses	(24,039)		(24,039)		(42,979)
Specific allowance for loan losses	35,545	20,454	35,545	20,454	49,905	43,857	18,393	19,519
Gross Loan Write-offs
Gross write-offs of loans	8		619
Bridge | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	6,745,982		6,745,982		7,120,162
Bridge | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	108,060		108,060		94,823
Bridge | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	198,013		198,013		112,961
Fixed rate
Loan delinquency information
Total Loans Carrying Value	1,048,703		1,048,703		1,034,626
Non-Accrual Loans	16,535		16,535		28,719
General allowance for loan losses	(7,655)		(7,655)		(2,397)
Specific allowance for loan losses	10,762	6,374	10,762	6,374	6,531	12,204	6,222	6,861
Gross Loan Write-offs
Gross write-offs of loans		90	1,504	90
Fixed rate | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,022,947		1,022,947		993,832
Fixed rate | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value					8,101
Fixed rate | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	25,756		25,756		32,693
Construction
Loan delinquency information
Total Loans Carrying Value	1,198,069		1,198,069		428,805
Non-Accrual Loans	259,465		259,465		55,993
General allowance for loan losses	(6,622)		(6,622)		(325)
Specific allowance for loan losses	33,330	16,943	33,330	16,943	17,334	35,925	5,122
Gross Loan Write-offs
Gross write-offs of loans	6,389		23,287
Construction | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	796,804		796,804		372,812
Construction | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	125,179		125,179
Construction | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	276,086		276,086		55,993
Freddie Mac
Loan delinquency information
Total Loans Carrying Value	9,934		9,934		10,040
Non-Accrual Loans	3,093		3,093		3,093
Freddie Mac | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	6,841		6,841		6,947
Freddie Mac | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	3,093		3,093		3,093
SBA 7(a)
Loan delinquency information
Total Loans Carrying Value	1,224,942		1,224,942		552,260
Non-Accrual Loans	25,631		25,631		12,790
General allowance for loan losses	(12,987)		(12,987)		(10,801)
Specific allowance for loan losses	18,542	13,345	18,542	13,345	14,299	16,809	13,126	12,180
Gross Loan Write-offs
Gross write-offs of loans	428	692	1,443	1,191
SBA 7(a) | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,216,797		1,216,797		541,378
SBA 7(a) | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	254		254		6,690
SBA 7(a) | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	7,891		7,891		4,192
Residential
Loan delinquency information
Total Loans Carrying Value	1,672		1,672		4,511
Non-Accrual Loans	1,493		1,493		1,306
Specific allowance for loan losses		5		5			57	60
Residential | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	178		178		2,871
Residential | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	1,494		1,494		1,640
Other
Loan delinquency information
Total Loans Carrying Value	474,430		474,430		587,530
Non-Accrual Loans	19,239		19,239		27,544
General allowance for loan losses	(2,079)		(2,079)		(1,208)
Specific allowance for loan losses	2,229	$ 3,132	2,229	3,132	2,450	$ 3,359	$ 3,205	$ 6,757
Gross Loan Write-offs
Gross write-offs of loans	606		606	$ 7
Other | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	462,963		462,963		558,803
Other | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	2,911		2,911		698
Other | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 8,556		$ 8,556		$ 28,029

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, 2023	Dec. 31, 2022
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 11,009,805	$ 9,945,718
General allowance for loan losses	(53,382)	(57,710)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 10,956,423	$ 9,888,008
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	$ 203,149	$ 201,631
Percentage of loans outstanding	1.80%	2%
20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 380,797	$ 413,645
Percentage of loans outstanding	3.50%	4.20%
40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,824,514	$ 1,325,144
Percentage of loans outstanding	16.60%	13.30%
60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 7,690,209	$ 7,526,636
Percentage of loans outstanding	69.80%	75.70%
80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 440,225	$ 297,165
Percentage of loans outstanding	4%	3%
Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 470,911	$ 181,497
Percentage of loans outstanding	4.30%	1.80%
Bridge
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 7,052,055	$ 7,327,946
General allowance for loan losses	(24,039)	(42,979)
Bridge | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		717
Bridge | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	29,635	104,606
Bridge | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	795,271	700,835
Bridge | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	6,038,181	6,331,353
Bridge | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	108,514	167,521
Bridge | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	80,454	22,914
Fixed rate
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,048,703	1,034,626
General allowance for loan losses	(7,655)	(2,397)
Fixed rate | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	6,422	9,102
Fixed rate | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	36,637	35,459
Fixed rate | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	449,272	386,040
Fixed rate | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	532,563	578,456
Fixed rate | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	20,064	17,056
Fixed rate | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	3,745	8,513
Construction
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,198,069	428,805
General allowance for loan losses	(6,622)	(325)
Construction | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	51,995	10,817
Construction | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	92,375	12,910
Construction | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	306,200	26,387
Construction | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	626,020	349,085
Construction | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	69,030	24,142
Construction | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	52,449	5,464
Freddie Mac
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	9,934	10,040
Freddie Mac | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	3,011	3,056
Freddie Mac | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	6,923	6,984
SBA 7(a)
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,224,942	552,260
General allowance for loan losses	(12,987)	(10,801)
SBA 7(a) | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	8,549	7,275
SBA 7(a) | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	58,368	45,366
SBA 7(a) | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	174,804	92,592
SBA 7(a) | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	424,611	189,733
SBA 7(a) | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	228,569	78,577
SBA 7(a) | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	330,041	138,717
Residential
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,672	4,511
Residential | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		934
Residential | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	363	300
Residential | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		901
Residential | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	730	1,716
Residential | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	579	660
Other
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	474,430	587,530
General allowance for loan losses	(2,079)	(1,208)
Other | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	136,183	173,720
Other | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	163,782	214,370
Other | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	95,593	115,934
Other | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	61,911	70,124
Other | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	13,318	8,153
Other | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 3,643	$ 5,229

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, 2023	Dec. 31, 2022
Geographical concentration | Loans, net
Concentration risk
Percentage of loan	100%	100%
Geographical concentration | Loans, net | Texas
Concentration risk
Percentage of loan	19.10%	20.10%
Geographical concentration | Loans, net | California
Concentration risk
Percentage of loan	11.30%	11.10%
Geographical concentration | Loans, net | Georgia
Concentration risk
Percentage of loan	6.90%	7.60%
Geographical concentration | Loans, net | Florida
Concentration risk
Percentage of loan	6.50%	6.30%
Geographical concentration | Loans, net | Arizona
Concentration risk
Percentage of loan	6%	6.80%
Geographical concentration | Loans, net | Oregon
Concentration risk
Percentage of loan	5.40%	4.40%
Geographical concentration | Loans, net | New York
Concentration risk
Percentage of loan	4.80%	5.50%
Geographical concentration | Loans, net | North Carolina
Concentration risk
Percentage of loan	4.10%	4.20%
Geographical concentration | Loans, net | Illinois
Concentration risk
Percentage of loan	3.70%	3.90%
Geographical concentration | Loans, net | Washington
Concentration risk
Percentage of loan	3.60%	1.60%
Geographical concentration | Loans, net | Other
Concentration risk
Percentage of loan	28.60%	28.50%
Collateral concentration
Concentration risk
Percentage of SBA loan	100%	100%
Collateral concentration | Lodging
Concentration risk
Percentage of SBA loan	23.50%	14.60%
Collateral concentration | Gasoline Service Stations
Concentration risk
Percentage of SBA loan	12.70%	2.50%
Collateral concentration | Eating Places
Concentration risk
Percentage of SBA loan	6.30%	3.70%
Collateral concentration | Child Day Care Services
Concentration risk
Percentage of SBA loan	5.60%	5.70%
Collateral concentration | Offices of Physicians
Concentration risk
Percentage of SBA loan	4.20%	7.50%
Collateral concentration | General Freight Trucking, Local
Concentration risk
Percentage of SBA loan	2.40%	2.50%
Collateral concentration | Coin-Operated Laundries and Drycleaners
Concentration risk
Percentage of SBA loan	1.70%	0.80%
Collateral concentration | Grocery Stores
Concentration risk
Percentage of SBA loan	1.60%	1.60%
Collateral concentration | Funeral Service and Crematories
Concentration risk
Percentage of SBA loan	1.40%	1.20%
Collateral concentration | Veterinarians
Concentration risk
Percentage of SBA loan	0.70%	1.60%
Collateral concentration | Other
Concentration risk
Percentage of SBA loan	39.90%	58.30%
Collateral concentration | Loans, net
Concentration risk
Percentage of loan	100%	100%
Collateral concentration | Loans, net | Multi-family
Concentration risk
Percentage of loan	60.80%	67%
Collateral concentration | Loans, net | SBA
Concentration risk
Percentage of loan	11.30%	5.80%
Collateral concentration | Loans, net | Mixed Use
Concentration risk
Percentage of loan	7.90%	8.10%
Collateral concentration | Loans, net | Industrial
Concentration risk
Percentage of loan	4.60%	5%
Collateral concentration | Loans, net | Retail
Concentration risk
Percentage of loan	4.50%	5.50%
Collateral concentration | Loans, net | Office
Concentration risk
Percentage of loan	4.40%	4.90%
Collateral concentration | Loans, net | Lodging
Concentration risk
Percentage of loan	1.70%	1.20%
Collateral concentration | Loans, net | Other
Concentration risk
Percentage of loan	4.80%	2.50%

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, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	$ 53,382		$ 57,710
Specific	20,553		16,837
PCD	26,473		15,972
Ending Balance	100,408	$ 112,154	90,519	$ 60,253	$ 46,125	$ 45,377
Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	24,039		42,979
Specific	11,506		6,926
Ending Balance	35,545	43,857	49,905	20,454	18,393	19,519
Fixed rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	7,655		2,397
Specific	3,107		4,134
Ending Balance	10,762	12,204	6,531	6,374	6,222	6,861
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	6,622		325
Specific	235		1,037
PCD	26,473		15,972
Ending Balance	33,330	35,925	17,334	16,943	5,122
SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	12,987		10,801
Specific	5,555		3,498
Ending Balance	18,542	16,809	14,299	13,345	13,126	12,180
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance				5	57	60
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	2,079		1,208
Specific	150		1,242
Ending Balance	$ 2,229	$ 3,359	$ 2,450	$ 3,132	$ 3,205	$ 6,757

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		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Allowance for loan losses
Beginning Balance	$ 112,154	$ 46,125	$ 90,519	$ 45,377	$ 45,377
Provision for (recovery of) loan losses	(9,588)	3,279		(208)	4,340
Measurement period adjustment - PCD		10,972
PCD	5,245		32,862	15,972
Charge-offs and sales	(7,431)	(782)	(27,459)	(1,288)
Recoveries	28
Recoveries		659	(146)	400
Ending Balance	100,408	60,253	100,408	60,253	90,519
Bridge
Allowance for loan losses
Beginning Balance	43,857	18,393	49,905	19,519	19,519
Provision for (recovery of) loan losses	(8,304)	2,061		935	(13,741)
Charge-offs and sales	(8)		(619)
Ending Balance	35,545	20,454	35,545	20,454	49,905
Fixed rate
Allowance for loan losses
Beginning Balance	12,204	6,222	6,531	6,861	6,861
Provision for (recovery of) loan losses	(1,442)	242		(397)	5,735
Charge-offs and sales		(90)	(1,504)	(90)
Ending Balance	10,762	6,374	10,762	6,374	6,531
Construction
Allowance for loan losses
Beginning Balance	35,925	5,122	17,334
Provision for (recovery of) loan losses	(1,451)	849		971	6,421
Measurement period adjustment - PCD		10,972
PCD	5,245		32,862	15,972
Charge-offs and sales	(6,389)		(23,287)
Ending Balance	33,330	16,943	33,330	16,943	17,334
SBA 7(a)
Allowance for loan losses
Beginning Balance	16,809	13,126	14,299	12,180	12,180
Provision for (recovery of) loan losses	2,133	200		1,691	5,540
Charge-offs and sales	(428)	(692)	(1,443)	(1,191)
Recoveries	28		146
Recoveries		711		665
Ending Balance	18,542	13,345	18,542	13,345	14,299
Residential
Allowance for loan losses
Beginning Balance		57		60	60
Provision for (recovery of) loan losses		(1)		(4)
Recoveries		(51)		51
Ending Balance		5		5
Other
Allowance for loan losses
Beginning Balance	3,359	3,205	2,450	6,757	6,757
Provision for (recovery of) loan losses	(524)	(72)		(3,404)	385
Charge-offs and sales	(606)		(606)	(7)
Recoveries		(1)		(214)
Ending Balance	$ 2,229	3,132	$ 2,229	3,132	$ 2,450
Unfunded Loan Commitment
Allowance for loan losses
Ending Balance		$ 1,000		$ 1,000

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	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Non-accrual loans
Total recorded carrying value of non-accrual loans	$ 518,641		$ 518,641	$ 242,805
Non-accrual loans
Non-accrual loans
Non-accrual loans with an allowance	469,216		469,216	197,101
Non-accrual loans without an allowance	49,425		49,425	45,704
Total recorded carrying value of non-accrual loans	518,641		518,641	242,805
Allowance for loan losses related to non-accrual loans	(41,505)		(41,505)	(32,809)
Unpaid principal balance of non-accrual loans	560,394		560,394	278,401
Interest income on non-accrual loans	$ 617	$ 506	$ 3,198	$ 4,218

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses - Loan Modifications (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Loan modifications
Percent of Total Carrying Value of Loans, net	4.10%
Period added to the weighted average life of the loan	18 months
Period of payment deferral	12 months
Carrying amount of loan foreclosure in process	$ 96.7	$ 34.9
SBC
Loan modifications
Carrying Value	446.7
SBA 7(a)
Loan modifications
Carrying Value	$ 1.2

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses - PCD Activity (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Acquisitions
Measurement period adjustment increase in PCD allowance				$ 10,972,000
PCD loans acquired during the period			$ 0	$ 0
Broadmark
Acquisitions
Measurement period adjustment increase in PCD allowance		$ 5,200,000			$ 5,100,000
Unpaid principal balance	$ 283,682,000
Allowance for credit losses	(32,862,000)
Non-credit discount	(9,377,000)
Purchase price of loans classified as PCD	$ 241,443,000

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands			9 Months Ended
	Sep. 30, 2023	Mar. 16, 2022	Sep. 30, 2023	Dec. 31, 2022
Assets:
Loans, held for sale, at fair value	$ 184,989		$ 184,989	$ 258,377
Loans, net, held at fair value	9,221		9,221	9,786
Investments held to maturity	3,446		3,446	3,306
Paycheck Protection Program loans	168		168	576
Derivative instruments, at fair value	8,620		8,620	12,963
Residential mortgage servicing rights, at fair value	207,495		207,495	192,203
Investment in unconsolidated joint venture	7,547		7,547	8,094
Liabilities:
Derivative instruments, at fair value				1,586
Contingent consideration	13,408		$ 13,408	28,500
Mosaic
Fair value
Fair value of CERs issued	13,400	$ 25,000
Minimum
Fair value
Return of capital assumption used in PWERM			65%
Maximum
Fair value
Return of capital assumption used in PWERM			100%
Recurring
Assets:
Cash held in money market funds	107,891		$ 107,891	44,611
Loans, held for sale, at fair value	184,989		184,989	258,377
Loans, net, held at fair value	9,221		9,221	9,786
Paycheck Protection Program loans	168		168	576
Mortgage backed securities, at fair value	33,339		33,339	32,041
Derivative instruments, at fair value	8,620		8,620	12,963
Residential mortgage servicing rights, at fair value	207,495		207,495	192,203
Investment in unconsolidated joint venture	7,547		7,547	8,094
Preferred equity investments	108,423		108,423	108,423
Total assets	667,693		667,693	667,074
Liabilities:
Derivative instruments, at fair value				1,586
Contingent consideration	13,408		13,408	28,500
Total liabilities	13,408		13,408	30,086
Recurring | Level 1
Assets:
Cash held in money market funds	107,891		107,891	44,611
Total assets	107,891		107,891	44,611
Recurring | Level 2 inputs
Assets:
Loans, held for sale, at fair value	184,989		184,989	197,453
Paycheck Protection Program loans	168		168	576
Mortgage backed securities, at fair value	33,339		33,339	32,041
Derivative instruments, at fair value	8,489		8,489	12,846
Total assets	226,985		226,985	242,916
Liabilities:
Derivative instruments, at fair value				1,586
Total liabilities				1,586
Recurring | Level 3 inputs
Assets:
Loans, held for sale, at fair value				60,924
Loans, net, held at fair value	9,221		9,221	9,786
Derivative instruments, at fair value	131		131	117
Residential mortgage servicing rights, at fair value	207,495		207,495	192,203
Investment in unconsolidated joint venture	7,547		7,547	8,094
Preferred equity investments	108,423		108,423	108,423
Total assets	332,817		332,817	379,547
Liabilities:
Contingent consideration	13,408		13,408	28,500
Total liabilities	$ 13,408		$ 13,408	$ 28,500

Fair Value Measurements - Valua

Fair Value Measurements - Valuation and Inputs, at FV (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	$ 319,409	$ 369,580	$ 351,047	$ 360,173	$ 309,029	$ 362,430
Recurring
Fair value inputs, quantitative information
Asset, fair value	667,693		667,074
Liabilities, fair value	(13,408)		(30,086)
Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	332,817		379,547
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	9,200		70,700
Liabilities, fair value	(13,408)		(28,500)
Liabilities valued using quoted or transaction prices in which quantitative unobservable inputs are not developed			9,000
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	9,221	9,773	9,786	9,582	9,956	10,766
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		57,032	60,924	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
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	207,495	201,471	192,203	192,153	168,653	120,142
Mortgage servicing rights | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 207,495		$ 192,203
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	$ 7,547	7,731	$ 8,094	8,268	8,439	8,894
Investment in unconsolidated joint ventures | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 7,547		$ 8,094
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	$ 131		$ 117
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.402		0.539
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	1		1
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Origination Pull-through Rate | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.817		0.83
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Minimum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.018		0.020
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Maximum
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.164		0.072
Derivative instruments | Recurring | Level 3 inputs | Market Approach | Measurement Input, Servicing Fee Multiple | Weighted Average
Fair value inputs, quantitative information
Derivative Asset, Measurement Input	0.081		0.047
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	0.004		0.005
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		0.032
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	0.017		0.016
Preferred Equity investments | Level 3 inputs
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	$ 108,423	108,423	$ 108,423
Preferred Equity investments | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 108,423		$ 108,423
Preferred Equity investments | Recurring | Level 3 inputs | Income Approach | Measurement Input, Discount Rate
Fair value inputs, quantitative information
Equity Securities, FV-NI, Measurement Input	0.105		0.105
Preferred Equity investments | Recurring | Level 3 inputs | Income Approach | Measurement Input, Discount Rate | Weighted Average
Fair value inputs, quantitative information
Equity Securities, FV-NI, Measurement Input	0.105		0.105
Contingent Consideration | Level 3 inputs
Fair value inputs, quantitative information
Liabilities valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	$ 13,408	$ 15,566	$ 28,500	$ 33,200	$ 92,548	$ 16,400
CER dividends | Mosaic | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value	$ (3,222)		$ (4,587)
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	0.300		0.350
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	0.300		0.350
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	0.115		0.119
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	0.115		0.119
CER units | Mosaic | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value	$ (10,186)		$ (14,913)
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		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		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	0.115		0.119
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	0.115		0.119

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in fair value of assets
Beginning Balance	$ 369,580	$ 309,029	$ 351,047	$ 362,430
Purchases or Originations				23,470
Additions due to loans sold, servicing retained	5,896	9,463	16,489	32,417
Sales / Principal payments	(2,365)	(8,669)	2,563	(49,452)
Measurement period adjustment		55,624		55,624
Accreted discount, net				1
Realized gains (losses), net		(1)		(2,393)
Unrealized gains (losses), net	3,330	(3,624)	6,325	13,885
Merger				(67,295)
Transfers to loans, held for investment	57,032		57,015	3,862
Transfer to (from) Level 3		(1,649)		(4,652)
Ending Balance	319,409	360,173	319,409	360,173
Contingent Consideration
Changes in fair value of liabilities
Beginning Balance	(15,566)	(92,548)	(28,500)	(16,400)
Sales / Principal payments			9,000	9,000
Measurement period adjustment		(59,348)		(59,348)
Unrealized gain (loss)	2,158		6,092	(800)
Merger				(84,348)
Ending Balance	(13,408)	(33,200)	(13,408)	(33,200)
Mortgage backed securities
Changes in fair value of assets
Beginning Balance		1,666		1,581
Sales / Principal payments				(1,352)
Accreted discount, net				1
Realized gains (losses), net				(1,449)
Unrealized gains (losses), net		(17)		2,688
Transfer to (from) Level 3		(1,649)		(1,469)
Derivatives
Changes in fair value of assets
Beginning Balance	716	2,399	117	2,339
Unrealized gains (losses), net	(585)	(6,744)	14	(6,684)
Ending Balance	131	(4,345)	131	(4,345)
Loans, net
Changes in fair value of assets
Beginning Balance	9,773	9,956	9,786	10,766
Unrealized gains (losses), net	(552)	(374)	(565)	(1,184)
Ending Balance	9,221	9,582	9,221	9,582
Loans, held for sale, at fair value
Changes in fair value of assets
Beginning Balance	57,032	200,863	60,924	231,865
Purchases or Originations				23,470
Sales / Principal payments		(182)	(22)	(32,891)
Realized gains (losses), net		(1)		(788)
Unrealized gains (losses), net		(12,965)	(3,887)	(28,739)
Transfers to loans, held for investment	(57,032)		(57,015)	(3,862)
Transfer to (from) Level 3				(1,340)
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)
Measurement period adjustment		(3,724)		(3,724)
Realized gains (losses), net				(156)
Merger				17,053
Paycheck Protection Program loans, at fair value
Changes in fair value of assets
Beginning Balance				3,243
Sales / Principal payments				(1,400)
Transfer to (from) Level 3				(1,843)
Mortgage servicing rights
Changes in fair value of assets
Beginning Balance	201,471	168,653	192,203	120,142
Additions due to loans sold, servicing retained	5,896	9,463	16,489	32,417
Sales / Principal payments	(2,365)	(2,610)	(6,415)	(9,636)
Unrealized gains (losses), net	2,493	16,647	5,218	49,230
Ending Balance	207,495	192,153	207,495	192,153
Investment in unconsolidated joint ventures
Changes in fair value of assets
Beginning Balance	7,731	8,439	8,094	8,894
Unrealized gains (losses), net	(184)	(171)	(547)	(626)
Ending Balance	7,547	$ 8,268	7,547	$ 8,268
Preferred Equity investments
Changes in fair value of assets
Beginning Balance	108,423		108,423
Ending Balance	$ 108,423		$ 108,423

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities, Not at FV (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Paycheck Protection Program loans	$ 168	$ 576
Investments held to maturity	3,446	3,306
Purchased future receivables, net	15,948	8,246
Investment in unconsolidated joint venture	7,547	8,094
Liabilities:
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	76,333	201,011
Senior secured notes, net	344,684	343,355
Carrying Amount
Assets:
Loans, held-for-investment	10,947,202	9,878,222
Paycheck Protection Program loans	57,977	186,409
Servicing rights	100,284	87,117
Total assets	11,105,463	10,151,748
Liabilities:
Secured borrowings	2,385,070	2,846,293
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	76,333	201,011
Securitized debt obligations of consolidated VIEs	5,264,037	4,903,350
Senior secured notes, net	344,684	343,355
Guaranteed loan financing	886,916	264,889
Convertible note, net		114,397
Corporate debt, net	763,828	662,665
Total liabilities	9,720,868	9,335,960
Fair Value
Assets:
Loans, held-for-investment	10,749,554	9,610,412
Paycheck Protection Program loans	57,977	196,222
Servicing rights	110,947	91,698
Total assets	10,918,478	9,898,332
Liabilities:
Secured borrowings	2,385,070	2,846,293
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	76,333	201,011
Securitized debt obligations of consolidated VIEs	5,199,445	4,748,291
Senior secured notes, net	308,242	312,975
Guaranteed loan financing	938,108	275,316
Convertible note, net		113,823
Corporate debt, net	718,598	614,744
Total liabilities	$ 9,625,796	$ 9,112,453

Servicing rights (Details)

Servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Servicing rights
Unpaid Principal Amount	$ 6,684,491		$ 6,684,491		$ 5,858,798
Carrying Value	100,284	$ 85,539	100,284	$ 85,539	87,117
Total servicing rights	307,779	277,692	307,779	277,692	279,320
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost			87,117
Ending net carrying value at amortized cost	100,284	85,539	100,284	85,539
SBA servicing rights
Servicing rights
Unpaid Principal Amount	1,169,445		1,169,445		1,019,770
Carrying Value	28,323	21,897	28,323	21,897	19,756
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	24,328	21,670	19,756	22,157
Additions due to loans sold, servicing retained	1,599	1,921	5,154	5,700
Amortization	(987)	(929)	(2,743)	(2,878)
Impairment (recovery)	3,383	(765)	6,156	(3,082)
Ending net carrying value at amortized cost	28,323	21,897	28,323	21,897
Multi-family servicing rights
Servicing rights
Unpaid Principal Amount	5,515,046		5,515,046		4,839,028
Carrying Value	71,961	63,642	71,961	63,642	67,361
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	70,565	63,188	67,361	62,300
Additions due to loans sold, servicing retained	4,116	2,883	12,508	8,510
Amortization	(2,720)	(2,429)	(7,908)	(7,168)
Ending net carrying value at amortized cost	71,961	63,642	71,961	63,642
Residential MSRs
Servicing rights
Unpaid Principal Amount	12,375,955		12,375,955		$ 12,078,020
Servicing rights activity at fair value
Beginning net carrying value at fair value	201,471	168,653	192,203	120,142
Additions due to loans sold, servicing retained	5,896	9,463	16,489	32,417
Loan pay-offs	(2,365)	(2,610)	(6,415)	(9,636)
Unrealized gains (losses)	2,493	16,647	5,218	49,230
Ending net carrying value at fair value	$ 207,495	$ 192,153	$ 207,495	$ 192,153

Servicing rights - Estimated va

Servicing rights - Estimated valuation (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
SBA servicing rights | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	0%	10.20%
Forward default rate	0%	0%
Discount rate	16.70%	18%
Servicing expense (as a percent)	0.40%	0.40%
SBA servicing rights | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	3.50%	21.60%
Forward default rate	11.50%	10%
Discount rate	24.20%	31.40%
Servicing expense (as a percent)	0.40%	0.40%
SBA servicing rights | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	2.50%	10.60%
Forward default rate	10.90%	9.20%
Discount rate	17%	18.70%
Servicing expense (as a percent)	0.40%	0.40%
Multi-family servicing rights | 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 servicing rights | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	7.50%	7.20%
Forward default rate	1.10%	1.10%
Discount rate	6%	6%
Servicing expense (as a percent)	0.80%	0.80%
Multi-family servicing rights | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	3.60%	3.50%
Forward default rate	0.80%	0.80%
Discount rate	6%	6%
Servicing expense (as a percent)	0.10%	0.10%

Servicing rights - Assumptions

Servicing rights - Assumptions (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
SBA servicing rights
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	$ (1,134)	$ (578)
Prepayment rate (20% adverse change)	(2,196)	(1,125)
Default rate (10% adverse change)	(234)	(125)
Default rate (20% adverse change)	(465)	(249)
Discount rate (10% adverse change)	(1,630)	(861)
Discount rate (20% adverse change)	(3,093)	(1,642)
Cost of servicing (10% adverse change)	(1,933)	(1,228)
Cost of servicing (20% adverse change)	(3,865)	(2,455)
Multi-family servicing rights
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	(266)	(271)
Prepayment rate (20% adverse change)	(526)	(537)
Default rate (10% adverse change)	(20)	(22)
Default rate (20% adverse change)	(40)	(44)
Discount rate (10% adverse change)	(2,296)	(2,057)
Discount rate (20% adverse change)	(4,477)	(4,012)
Cost of servicing (10% adverse change)	(2,679)	(2,685)
Cost of servicing (20% adverse change)	$ (5,357)	$ (5,370)

Servicing rights - Amortization

Servicing rights - Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Future amortization expense for the servicing rights
2023	$ 3,975
2024	13,015
2025	12,094
2026	10,938
2027	9,873
Thereafter	50,389
Total	$ 100,284	$ 87,117	$ 85,539

Servicing rights - Residential

Servicing rights - Residential mortgage servicing rights (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Servicing rights
Unpaid Principal Amount	$ 6,684,491	$ 5,858,798
Residential MSRs
Servicing rights
Unpaid Principal Amount	12,375,955	12,078,020
Fair Value	207,495	192,203	$ 201,471	$ 192,153	$ 168,653	$ 120,142
Possible impact of adverse changes to key assumptions
Prepayment rate (10% adverse change)	(5,781)	(5,620)
Prepayment rate (20% adverse change)	(11,257)	(10,948)
Discount rate (10% adverse change)	(9,848)	(8,906)
Discount rate (20% adverse change)	(18,849)	(17,066)
Cost of servicing (10% adverse change)	(2,711)	(2,689)
Cost of servicing (20% adverse change)	(5,421)	(5,378)
Fannie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	4,544,255	4,492,990
Fair Value	68,796	64,914
Ginnie Mae | Residential MSRs
Servicing rights
Unpaid Principal Amount	3,220,896	3,085,038
Fair Value	64,999	59,081
Freddie Mac | Residential MSRs
Servicing rights
Unpaid Principal Amount	4,610,804	4,499,992
Fair Value	$ 73,700	$ 68,208
Minimum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	5.60%	6%
Discount rate	10%	9.50%
Cost of servicing	$ 70	$ 70
Maximum | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	15%	21.50%
Discount rate	13.80%	12%
Cost of servicing	$ 95	$ 85
Weighted Average | Residential MSRs
Servicing rights, valuation assumptions
Forward prepayment assumptions	6.30%	6.30%
Discount rate	10.50%	10.10%
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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Residential mortgage banking activities
Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value	$ 597	$ (1,854)	$ 5,572	$ (14,827)
Creation of new mortgage servicing rights, net of payoffs	3,531	6,853	10,074	22,781
Loan origination fee income on residential mortgage loans	3,337	3,701	9,774	12,560
Unrealized gains (loss) on IRLCs and other derivatives	(406)	3,353	692	2,910
Residential mortgage banking activities	7,059	12,053	26,112	23,424
Variable expenses on residential mortgage banking activities	$ (4,091)	$ (9,061)	$ (16,150)	$ (5,508)

Secured Borrowings (Details)

Secured Borrowings (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) Lender	Dec. 31, 2022 USD ($)
Secured borrowings and promissory note
Facility size	$ 6,416,161
Carrying Value, Secured borrowings	2,385,070	$ 2,846,293
Asset pledged as collateral without right
Secured borrowings and promissory note
Pledged Assets Carrying Value	3,787,172
Secured borrowings
Secured borrowings and promissory note
Pledged Assets Carrying Value	3,787,172	4,253,763
Borrowings under credit facilities
Secured borrowings and promissory note
Facility size	1,292,026
Carrying Value, Secured borrowings	469,192	517,023
Borrowings under credit facilities | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	804,731	910,753
Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	804,731
Borrowings under repurchase agreements
Secured borrowings and promissory note
Facility size	5,124,135
Carrying Value, Secured borrowings	1,915,878	2,329,270
Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Pledged Assets Carrying Value	2,982,441	3,343,010
Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 2,982,441
SBA | Borrowings under credit facilities
Secured borrowings and promissory note
Number of lenders per asset class	3
Facility size	$ 250,000
Carrying Value, Secured borrowings	$ 84,465	160,903
SBA | Borrowings under credit facilities | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.82%
SBA | Borrowings under credit facilities | Prime rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	(0.82%)
SBA | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 114,788
SBC loans - USD | Borrowings under credit facilities
Secured borrowings and promissory note
Number of lenders per asset class	2
Facility size	$ 360,000
Carrying Value, Secured borrowings	$ 153,924	111,966
SBC loans - USD | Borrowings under credit facilities | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	6.52%
SBC loans - USD | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 392,384
SBC loans - USD | Borrowings under repurchase agreements
Secured borrowings and promissory note
Number of lenders per asset class | Lender	9
Facility size	$ 4,545,500
Carrying Value, Secured borrowings	1,506,136	1,905,358
SBC loans - USD | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 2,171,164
SBC loans - Non-USD | Borrowings under credit facilities
Secured borrowings and promissory note
Number of lenders per asset class | Lender	1
Facility size	$ 122,026
Carrying Value, Secured borrowings	$ 11,577	61,596
SBC loans - Non-USD | Borrowings under credit facilities | SONIA | Minimum
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.75%
SBC loans - Non-USD | Borrowings under credit facilities | Asset pledged as collateral without right
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 28,742
SBC loans - Non-USD | Borrowings under repurchase agreements
Secured borrowings and promissory note
Number of lenders per asset class | Lender	1
Facility size	$ 211,450
Carrying Value, Secured borrowings	$ 42,557
SBC loans - Non-USD | Borrowings under repurchase agreements | Euribor Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.75%
SBC loans - Non-USD | Borrowings under repurchase agreements | Asset pledged as collateral without right
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 57,941
Residential loans | Borrowings under credit facilities
Secured borrowings and promissory note
Number of lenders per asset class	5
Facility size	$ 390,000
Carrying Value, Secured borrowings	107,845	132,658
Residential loans | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 110,373
Residential MSRs | Borrowings under credit facilities
Secured borrowings and promissory note
Number of lenders per asset class	1
Facility size	$ 120,000
Carrying Value, Secured borrowings	$ 101,881	49,900
Residential MSRs | Borrowings under credit facilities | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3%
Residential MSRs | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 142,496
Purchased future receivables | Borrowings under credit facilities
Secured borrowings and promissory note
Number of lenders per asset class	1
Facility size	$ 50,000
Carrying Value, Secured borrowings	$ 9,500
Purchased future receivables | Borrowings under credit facilities | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	4.50%
Purchased future receivables | Borrowings under credit facilities | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 15,948
Purchased future receivables | Borrowings under credit facilities | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 15,948
Mortgage backed securities | Borrowings under repurchase agreements
Secured borrowings and promissory note
Number of lenders per asset class | Lender	6
Pricing, stated rate (as a percent)	7.77%
Facility size	$ 367,185
Carrying Value, Secured borrowings	367,185	423,912
Mortgage backed securities | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Pledged Assets Carrying Value	26,936	$ 27,015
Mortgage backed securities | Borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 753,336

Secured Borrowings - Collateral

Secured Borrowings - Collateral Pledged (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Asset pledged as collateral without right
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 3,787,172
Secured borrowings
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	3,787,172	$ 4,253,763
Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	804,731	910,753
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	804,731
Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	2,982,441	3,343,010
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	2,982,441
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	35,429	1,491
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	146,001	146,721
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		60,551
Loans, net | Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	500,286	630,910
Loans, net | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	2,184,455	2,496,880
Loans, held 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	9,221	3,974
Mortgage servicing rights | Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	142,496	133,122
Purchased future receivables | Borrowings under credit facilities | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	15,948
Purchased future receivables | 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	15,948
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	26,936	27,015
Mortgage backed securities | 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	753,336
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	$ 726,400	$ 753,099

Senior secured notes, convert_3

Senior secured notes, convertible notes, and corporate debt, net (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 20, 2021 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 USD ($) item shares	Dec. 31, 2022 USD ($)	May 20, 2021 USD ($)	Dec. 31, 2017 USD ($)
Senior secured notes, Convertible notes, and Corporate debt
Total Senior secured notes, net		$ 344,684	$ 344,684	$ 343,355
Total Corporate debt, net		763,828	763,828	662,665
Total Convertible notes, net				$ 114,397
Total carrying amount of debt components		1,108,512	1,108,512
Contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt
2024		0	0
2025		120,000	120,000
2026		760,883	760,883
2027		100,000	100,000
Thereafter		146,250	146,250
Total contractual amounts		1,127,133	1,127,133
Unamortized deferred financing costs, discounts, and premiums, net		(18,621)	(18,621)
Total carrying amount of debt components		$ 1,108,512	$ 1,108,512
7.50% Senior Secured Notes Due 2022
Senior secured notes, Convertible notes, and Corporate debt
Interest rate (as a percent)		7.375%	7.375%
4.50% Senior Secured Notes Due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 350,000	$ 350,000
Interest rate (as a percent)		4.50%	4.50%
Unamortized deferred financing costs		$ (5,316)	$ (5,316)
Total Senior secured notes, net		344,684	$ 344,684
Convertible Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value						$ 115,000
Principal amount of the notes to be redeemed (as a percent)			100%
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			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
Gross carrying value of the equity component						$ 2,300
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
Repurchase price percentage in the event of change of control			101%
Unamortized discount		(7,800)	$ (7,800)
Unamortized deferred financing costs		(5,505)	(5,505)
Total Corporate debt, net		763,828	763,828
5.50% Senior Notes due 2028
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 110,000	$ 110,000
Interest rate (as a percent)		5.50%	5.50%
6.20% and 5.75% Senior Notes due 2026
Senior secured notes, Convertible notes, and Corporate debt
Number of shares sold in At The Market debt offering | shares		0	0
6.20% and 5.75% Senior Notes due 2026 | Maximum
Senior secured notes, Convertible notes, and Corporate debt
Debt notes available for sale under At Market Issuance Sales Agreement					$ 100,000
6.20% Senior Notes due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 104,613	$ 104,613
Interest rate (as a percent)		6.20%	6.20%		6.20%
5.75% Senior Notes Due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 206,270	$ 206,270
Interest rate (as a percent)		5.75%	5.75%		5.75%
6.125% Senior Notes due 2025
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 120,000	$ 120,000
Interest rate (as a percent)		6.125%	6.125%
7.375% Senior Notes due in 2027
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 100,000	$ 100,000
5.00% Senior Notes due in 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 100,000	$ 100,000
Interest rate (as a percent)		5%	5%
Junior Subordinated I-A Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 15,000	$ 15,000
Junior Subordinated I-A Notes | Secured Overnight Financing Rate
Senior secured notes, Convertible notes, and Corporate debt
Pricing, spread on variable (as a percent)			3.10%
Junior Subordinated I-B Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 21,250	$ 21,250
Junior Subordinated I-B Notes | Secured Overnight Financing Rate
Senior secured notes, Convertible notes, and Corporate debt
Pricing, spread on variable (as a percent)			3.10%
ReadyCap Holdings LLC | 4.50% Senior Secured Notes Due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value	$ 350,000
Interest rate (as a percent)	4.50%
Repurchase price percentage in the event of change of control	101%

Guaranteed Loan Financing (Deta

Guaranteed Loan Financing (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Ending balance	$ 886,916	$ 264,889
Guaranteed loan financing
Ending balance	$ 886,916	$ 264,889
Guaranteed loan financing | Weighted Average
Interest Rates	8.93%	6.68%
Guaranteed loan financing | Minimum
Interest Rates	1.45%	1.45%
Guaranteed loan financing | Maximum
Interest Rates	10.25%	8.50%

Guaranteed Loan Financing - Mat

Guaranteed Loan Financing - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contractual maturities of total guaranteed loan financing outstanding
2023	$ 2
2024	331
2025	847
2026	1,703
2027	7,263
Thereafter	876,770
Total	886,916
Guaranteed loan financing
Contractual maturities of total guaranteed loan financing outstanding
Loans held-for-investment pledged as security against guaranteed loan financing	$ 887,400	$ 265,600

Variable interest entities an_3

Variable interest entities and securitization activities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets
Cash and cash equivalents	$ 181,913		$ 208,037
Restricted cash	36,576		$ 57,675
Loans, held for sale, at fair value	184,989	$ 258,377
Other assets	265,428	201,321
Total Assets	12,799,433	11,620,977
Liabilities
Secured borrowings	2,385,070	2,846,293
Due to third parties	2,436	11,805
Accounts payable and other accrued liabilities	168,298	176,520
Total Liabilities	10,099,653	9,722,382
Consolidated VIEs
Assets
Loans, net	6,804,500	6,311,698
Liabilities
Secured borrowings	5,264,037	4,903,350
Reportable Legal Entities | Consolidated VIEs
Assets
Cash and cash equivalents	23,112	997
Restricted cash	70,388	77,062
Loans, net	6,804,500	6,311,698
Preferred equity investments	108,423	108,423
Other assets	73,843	54,580
Total Assets	7,080,266	6,552,760
Liabilities
Secured borrowings	5,264,037	4,903,350
Due to third parties	2,949	3,727
Accounts payable and other accrued liabilities	21
Total Liabilities	$ 5,267,007	$ 4,907,077

Variable interest entities an_4

Variable interest entities and securitization activities - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable interest entities
Current Principal Balance	$ 6,684,491	$ 5,858,798
Current principal balance of non-company sponsored securitized loans	1,900	8,000
Consolidated VIEs
Variable interest entities
Current Principal Balance	5,328,553	4,945,099
Carrying value	$ 5,262,148	$ 4,895,364
Weighted Average Rate	6.80%	4.30%
ReadyCap Lending Small Business Trust 2019-2
Variable interest entities
Current Principal Balance	$ 35,900	$ 49,031
Carrying value	$ 35,772	$ 48,518
Weighted Average Rate	7.40%	4%
ReadyCap Lending Small Business Trust 2023-3
Variable interest entities
Current Principal Balance	$ 128,340
Carrying value	$ 125,963
Weighted Average Rate	8.40%
Sutherland Commercial Mortgage Trust 2017-SBC6
Variable interest entities
Current Principal Balance	$ 2,470	$ 7,386
Carrying value	$ 2,430	$ 7,273
Weighted Average Rate	5%	4.30%
Sutherland Commercial Mortgage Trust 2019-SBC8
Variable interest entities
Current Principal Balance	$ 109,036	$ 120,916
Carrying value	$ 107,414	$ 119,072
Weighted Average Rate	2.90%	2.90%
Sutherland Commercial Mortgage Trust 2021-SBC10
Variable interest entities
Current Principal Balance	$ 87,490	$ 109,622
Carrying value	$ 86,141	$ 107,969
Weighted Average Rate	1.60%	1.60%
ReadyCap Commercial Mortgage Trust 2015-2
Variable interest entities
Current Principal Balance	$ 2,037	$ 2,726
Carrying value	$ 1,842	$ 2,442
Weighted Average Rate	5.10%	5.10%
ReadyCap Commercial Mortgage Trust 2016-3
Variable interest entities
Current Principal Balance	$ 9,038	$ 11,950
Carrying value	$ 8,677	$ 11,787
Weighted Average Rate	5.20%	5.10%
ReadyCap Commercial Mortgage Trust 2018-4
Variable interest entities
Current Principal Balance	$ 53,529	$ 58,838
Carrying value	$ 51,677	$ 57,857
Weighted Average Rate	4.60%	4.30%
ReadyCap Commercial Mortgage Trust 2019-5
Variable interest entities
Current Principal Balance	$ 94,631	$ 111,184
Carrying value	$ 89,366	$ 108,859
Weighted Average Rate	4.70%	4.50%
ReadyCap Commercial Mortgage Trust 2019-6
Variable interest entities
Current Principal Balance	$ 202,473	$ 209,930
Carrying value	$ 198,436	$ 207,464
Weighted Average Rate	3.40%	3.30%
ReadyCap Commercial Mortgage Trust 2022-7
Variable interest entities
Current Principal Balance	$ 196,559	$ 197,498
Carrying value	$ 189,379	$ 194,456
Weighted Average Rate	4.20%	4.20%
Ready Capital Mortgage Financing 2019-FL3
Variable interest entities
Current Principal Balance		$ 59,508
Carrying value		$ 59,508
Weighted Average Rate		3.50%
Ready Capital Mortgage Financing 2020-FL4
Variable interest entities
Current Principal Balance		$ 192,419
Carrying value		$ 192,213
Weighted Average Rate		4.80%
Ready Capital Mortgage Financing 2021-FL5
Variable interest entities
Current Principal Balance	$ 297,792	$ 415,166
Carrying value	$ 297,266	$ 413,101
Weighted Average Rate	6.50%	3.10%
Ready Capital Mortgage Financing 2021-FL6
Variable interest entities
Current Principal Balance	$ 432,305	$ 502,220
Carrying value	$ 430,170	$ 497,891
Weighted Average Rate	6.20%	2.90%
Ready Capital Mortgage Financing 2021-FL7
Variable interest entities
Current Principal Balance	$ 675,915	$ 743,848
Carrying value	$ 672,791	$ 738,246
Weighted Average Rate	6.50%	3.20%
Ready Capital Mortgage Financing 2022-FL8
Variable interest entities
Current Principal Balance	$ 828,675	$ 913,675
Carrying value	$ 824,176	$ 906,307
Weighted Average Rate	6.80%	3.70%
Ready Capital Mortgage Financing 2022-FL9
Variable interest entities
Current Principal Balance	$ 532,194	$ 587,722
Carrying value	$ 524,866	$ 579,823
Weighted Average Rate	8%	5.90%
Ready Capital Mortgage Financing 2022-FL10
Variable interest entities
Current Principal Balance	$ 656,220	$ 651,460
Carrying value	$ 646,827	$ 642,578
Weighted Average Rate	7.70%	7.90%
Ready Capital Mortgage Financing 2023-FL11
Variable interest entities
Current Principal Balance	$ 474,851
Carrying value	$ 468,469
Weighted Average Rate	8.10%
Ready Capital Mortgage Financing 2023-FL12
Variable interest entities
Current Principal Balance	$ 509,098
Carrying value	$ 500,486
Weighted Average Rate	7.90%

Variable interest entities an_5

Variable interest entities and securitization activities - Assets of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying amount
Mortgage backed securities, at fair value	$ 33,339	$ 32,041
Investment in unconsolidated joint ventures	136,113	118,641
Total Assets	12,799,433	11,620,977
Unconsolidated VIEs
Carrying amount
Mortgage backed securities, at fair value	24,732	24,408
Investment in unconsolidated joint ventures	136,113	118,641
Total Assets	160,845	143,049
Maximum Exposure to Loss
Mortgage backed securities, at fair value	24,732	24,408
Investment in unconsolidated joint venture	136,113	118,641
Total assets in unconsolidated VIEs maximum exposure to loss	$ 160,845	$ 143,049

Interest income and interest _3

Interest income and interest expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income
Total loans	$ 244,798	$ 175,917	$ 683,754	$ 436,937
Total loans, held for sale, at fair value	2,858	4,625	7,698	13,761
Preferred equity investments	1,831		6,192
Total Paycheck Protection Program loans	14	4,764	34	8,983
Mortgage backed securities, at fair value	1,089	720	3,369	4,421
Total interest income	250,590	186,026	701,047	464,102
Interest expense
Secured borrowings	(49,693)	(42,124)	(146,034)	(89,894)
Paycheck Protection Program Liquidity Facility borrowings	(82)	(323)	(370)	(1,470)
Securitized debt obligations of consolidated VIEs	(108,464)	(52,186)	(298,623)	(110,241)
Guaranteed loan financing	(14,966)	(3,798)	(24,531)	(10,069)
Senior secured note	(4,381)	(4,380)	(13,159)	(13,117)
Convertible note	(1,042)	(2,188)	(5,418)	(6,564)
Corporate debt	(12,984)	(10,496)	(36,405)	(25,984)
Total interest expense	(191,612)	(115,495)	(524,540)	(257,339)
Net interest income before provision for loan losses	58,978	70,531	176,507	206,763
Bridge
Interest income
Total loans	166,599	118,755	492,818	266,234
Fixed rate
Interest income
Total loans	12,621	13,473	37,813	42,412
Total loans, held for sale, at fair value	843	2,292	2,279	6,585
Construction
Interest income
Total loans	27,787	9,942	62,290	18,942
SBA 7(a)
Interest income
Total loans	26,371	10,604	56,627	29,725
Paycheck Protection Program loans, held for investment
Interest income
Total loans	2,925	14,000	9,367	50,140
Residential
Interest income
Total loans	39	53	151	103
Total loans, held for sale, at fair value	1,840	2,103	5,213	6,401
Other
Interest income
Total loans	8,456	9,090	24,688	29,381
Total loans, held for sale, at fair value	$ 175	$ 230	$ 206	$ 775

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Notional Amount	$ 916,027		$ 916,027		$ 869,708
Asset Derivatives Fair Value	57,934		57,934		55,265
Liabilities Derivatives Fair Value	(38)		(38)		(2,068)
Derivative gain (loss)
Net Realized Gain (Loss)	2,303	$ 9,877	16,419	$ 9,610
Unrealized Gain (Loss)	8,967	19,465	3,634	59,910
Total change in OCI for period	4,626	323	3,314	887
Designated as Hedging
Derivative gain (loss)
Derivatives - effective portion reclassified from AOCI to income	(289)	(402)	(881)	(1,094)
Total income statement impact	(289)	(402)	(881)	(1,094)
Derivatives- effective portion recorded in OCI	4,337	(79)	2,433	(207)
Total change in OCI for period	4,626	323	3,314	887
Interest rate lock commitments (IRLCs)
Asset Derivatives Fair Value	131		131		117
Derivative gain (loss)
Unrealized Gain (Loss)	(585)	(6,744)	14	(6,685)
Interest rate lock commitments (IRLCs) | Interest Rate Risk
Notional Amount	124,610		124,610		205,204
Asset Derivatives Fair Value	131		131		117
Interest Rate Swap Agreement
Asset Derivatives Fair Value	55,703		55,703		53,229
Derivative gain (loss)
Net Realized Gain (Loss)	2,313	9,278	15,684	6,785
Unrealized Gain (Loss)	6,015	13,965	1,409	54,540
Interest Rate Swap Agreement | Not Designated as Hedging | Interest Rate Risk
Notional Amount	198,331		198,331		216,381
Asset Derivatives Fair Value	18,630		18,630		19,366
Interest Rate Swap Agreement | Designated as Hedging | Interest Rate Risk
Notional Amount	416,139		416,139		266,139
Asset Derivatives Fair Value	37,073		37,073		33,863
TBA agency securities
Asset Derivatives Fair Value	763		763		796
Liabilities Derivatives Fair Value	(38)		(38)		(749)
Derivative gain (loss)
Unrealized Gain (Loss)	178	10,097	678	9,596
TBA agency securities | Market Risk
Notional Amount	137,500		137,500		134,150
Asset Derivatives Fair Value	763		763		796
Liabilities Derivatives Fair Value	(38)		(38)		(749)
FX forwards
Asset Derivatives Fair Value	1,337		1,337		1,123
Liabilities Derivatives Fair Value					(1,319)
Derivative gain (loss)
Net Realized Gain (Loss)	(10)	599	735	2,825
Unrealized Gain (Loss)	3,359	$ 2,147	1,533	$ 2,459
FX forwards | Foreign Exchange Rate Risk
Notional Amount	39,447		39,447		47,834
Asset Derivatives Fair Value	$ 1,337		$ 1,337		1,123
Liabilities Derivatives Fair Value					$ (1,319)

Real estate owned, held for s_3

Real estate owned, held for sale (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022	Mar. 16, 2022
Real estate acquired
Acquired portfolio	$ 214,353		$ 214,353	$ 84,129
Other REO held for sale	67,588		67,588	32,969
Total Real estate, held for sale	281,941		281,941	117,098
Measurement period adjustment - PCD		$ 10,972
Consolidated VIEs
Real estate acquired
Other REO held for sale	1,900		1,900	1,000
Retail
Real estate acquired
Other REO held for sale	1,853		1,853	1,853
Mixed Use
Real estate acquired
Acquired portfolio	8,535		8,535	35,361
Other REO held for sale	4,247		4,247
Multi-family
Real estate acquired
Acquired portfolio	74,388		74,388	48,768
Other REO held for sale	29,138		29,138
Lodging
Real estate acquired
Acquired portfolio	14,000		14,000
Residential
Real estate acquired
Acquired portfolio	24,696		24,696
Services
Real estate acquired
Other REO held for sale	1,126		1,126
Office
Real estate acquired
Acquired portfolio	12,458		12,458
Other REO held for sale	6,816		6,816	6,816
Land
Real estate acquired
Acquired portfolio	80,276		80,276
SBA
Real estate acquired
Other REO held for sale	40		40
Single family
Real estate acquired
Other REO held for sale	24,368		24,368	$ 24,300
Mosaic
Real estate acquired
Acquired portfolio					$ 44,748
Broadmark
Real estate acquired
Measurement period adjustment - PCD	$ 5,200		$ 5,100

Agreements and transactions w_3

Agreements and transactions with related parties (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 15, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related-party transactions
Amount unpaid		$ 7,916		$ 7,916		$ 7,815
Purchase of loans, held-for-investment				1,725	$ 675,198
Investment in unconsolidated joint ventures (including $7,547 and $8,094 held at fair value)		136,113		$ 136,113		$ 118,641
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 agreement | Minimum
Related-party transactions
Independent director votes required for approval				66.70%
Related Party | Manager | Management fee
Related-party transactions
Fee percentage for results up to threshold				1.50%
Fee threshold				$ 500,000
Fee percentage for results in excess of threshold				1%
Fees		7,200	$ 5,400	$ 18,100	14,100
Amount unpaid		7,200	5,400	7,200	5,400
Related Party | Manager | Incentive distribution
Related-party transactions
Incentive distribution paid			900	$ 1,800	900
Amount unpaid			900		900
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
Related Party | Manager | Expense reimbursement
Related-party transactions
Reimbursable expenses		3,400	2,400	9,100	8,200
Amount unpaid		$ 4,100	$ 5,600	4,100	$ 5,600
Related Party | Waterfall Atlas Fund, LP
Related-party transactions
Commitment to invest into a parallel vehicle	$ 125,000
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				61,200
Amount of investment contributions committed but not yet funded				$ 63,800

Other assets and other liabil_3

Other assets and other liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Other assets:
Goodwill	$ 37,818	$ 37,818
Deferred loan exit fees	33,565	36,669
Accrued interest	54,404	34,951
Due from servicers	41,404	24,078
Intangible assets	17,940	16,308
Receivable from third parties	27,322	15,114
Deferred financing costs	9,417	5,176
Deferred tax asset	977	977
Right-of-use assets	$ 4,889	$ 1,687
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Investments held to maturity	$ 3,446	$ 3,306
Purchased future receivables, net	15,948	8,246
Other assets	18,298	16,991
Total other assets	$ 265,428	$ 201,321
Weighted average interest rate of held to maturity investments	10%	10%
Accounts payable and other accrued liabilities:
Accrued salaries, wages and commissions	$ 37,263	$ 38,245
Accrued interest payable	45,019	34,785
Servicing principal and interest payable	8,842	13,163
Deferred tax liability	30,885	30,885
Repair and denial reserve	7,804	10,846
Payable to related parties	7,916	7,815
Accrued PPP related costs	145	4,016
Accrued professional fees	2,483	2,804
Lease payable	8,839	1,778
Other liabilities	19,102	32,183
Total accounts payable and other accrued liabilities	168,298	176,520
Loan indemnification reserve
Loan indemnification reserve	$ 1,300	$ 2,900
Minimum
Other assets:
Maturity term of held to maturity investments	1 year	1 year
Maximum
Other assets:
Maturity term of held to maturity investments	5 years	5 years

Other Asset and Other Liabiliti

Other Asset and Other Liabilities - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Goodwill	$ 37,818	$ 37,818	$ 37,818
Finite-lived intangible assets	14,440	14,440
Total Intangible Assets	17,940	17,940	16,308
Amortization expense	400	1,200
Total Accumulated Amortization	7,749	7,749
Future amortization of lease intangibles
2023	755	755
2024	2,752	2,752
2025	2,506	2,506
2026	1,839	1,839
2027	1,704	1,704
Thereafter	4,884	4,884
Net amount	14,440	14,440
Trade name | Red Stone
Indefinite-lived intangible assets	2,500	2,500	2,500
Trade name | Knight Capital
Total Accumulated Amortization	574	574
SBA license
Indefinite-lived intangible assets	1,000	1,000	1,000
SBC Lending and Acquisitions
Goodwill	26,612	26,612	26,612
Small Business Lending
Goodwill	11,206	11,206	11,206
Customer relationships | Red Stone
Finite-lived intangible assets	$ 6,025	$ 6,025	6,293
Estimated Useful Life	19 years	19 years
Total Accumulated Amortization	$ 775	$ 775
Future amortization of lease intangibles
Net amount	6,025	6,025	6,293
Internally developed software
Finite-lived intangible assets	$ 5,923	$ 5,923	3,092
Estimated Useful Life	5 years	5 years
Total Accumulated Amortization	$ 885	$ 885
Future amortization of lease intangibles
Net amount	5,923	5,923	3,092
Internally developed software | Knight Capital
Finite-lived intangible assets	$ 1,319	$ 1,319	1,794
Estimated Useful Life	6 years	6 years
Total Accumulated Amortization	$ 2,480	$ 2,480
Future amortization of lease intangibles
Net amount	1,319	1,319	1,794
Broker network | Knight Capital
Finite-lived intangible assets	$ 156	$ 156	356
Estimated Useful Life	4 years 6 months	4 years 6 months
Total Accumulated Amortization	$ 1,044	$ 1,044
Future amortization of lease intangibles
Net amount	156	156	356
Trade name | Knight Capital
Finite-lived intangible assets	$ 306	$ 306	416
Estimated Useful Life	6 years	6 years
Future amortization of lease intangibles
Net amount	$ 306	$ 306	416
Trade name | GMFS
Finite-lived intangible assets	$ 274	$ 274	337
Estimated Useful Life	15 years	15 years
Total Accumulated Amortization	$ 949	$ 949
Future amortization of lease intangibles
Net amount	274	274	337
Favorable lease
Finite-lived intangible assets	$ 437	$ 437	520
Estimated Useful Life	12 years	12 years
Total Accumulated Amortization	$ 1,042	$ 1,042
Future amortization of lease intangibles
Net amount	$ 437	$ 437	$ 520

Other income and operating ex_3

Other income and operating expenses - Paycheck Protection Program (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2020
Paycheck Protection Program (PPP)
Origination costs	$ 1,991	$ 3,288	$ 5,390	$ 10,390
Paycheck Protection Program loans
Paycheck Protection Program (PPP)
Unrecognized net service fees	38		38		$ 122
PPP Loans - CARES Act
Paycheck Protection Program (PPP)
PPP loans originated						$ 109,500
PPP processing fees						5,200
PPP Loans - CARES Act | Maximum
Paycheck Protection Program (PPP)
Unrecognized net service fees	100		100
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			$ 2,100		$ 9,800
Lender Service Provider Agreement | PPP Loans - CARES Act
Paycheck Protection Program (PPP)
Amount of PPP loans underwritten and sold to third party						2,500,000
Origination fee and fee income						$ 43,300

Other income and operating ex_4

Other income and operating expenses - Balance Sheet Impact of PPP Activities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets
Restricted cash	$ 36,576		$ 57,675
Paycheck Protection Program loans	58,145	$ 186,985
Paycheck Protection Program loans, held at fair value	168	576
Accrued interest	54,404	34,951
Total Assets	12,799,433	11,620,977
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	76,333	201,011
Interest payable	45,019	34,785
Accrued PPP Related Costs	145	4,016
Repair and denial reserve	7,804	10,846
Total Liabilities	10,099,653	9,722,382
Paycheck Protection Program loans
Assets
PPP fee receivable	283	328
Accrued interest	925	3,196
Total Assets	59,353	190,509
Liabilities
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings	76,333	201,011
Interest payable	649	1,176
Deferred LSP revenue	38	122
Accrued PPP Related Costs	145	4,016
Payable to third parties	621	277
Repair and denial reserve	1,403	4,878
Total Liabilities	79,189	211,480
Paycheck Protection Program loans, held for investment
Assets
Paycheck Protection Program loans	57,977	186,409
Paycheck Protection Program loans, held for investment | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	57,977	186,409
Paycheck Protection Program loans, at fair value
Assets
Paycheck Protection Program loans	168	576
Paycheck Protection Program loans, at fair value | Paycheck Protection Program loans
Assets
Paycheck Protection Program loans	$ 168	$ 576

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other income
Interest income	$ 250,590	$ 186,026	$ 701,047	$ 464,102
Interest and Fee Income	244,798	175,917	683,754	436,937
Other operating expenses
Direct operating expenses	1,991	3,288	5,390	10,390
R&D reserve	2,097	1,864	2,425	5,362
Interest expense	191,612	115,495	524,540	257,339
Total other operating expenses	14,368	15,396	39,927	42,421
Net income	47,179	66,253	337,530	189,481
Paycheck Protection Program loans
Other income
Interest and Fee Income	4,227	16,179	12,244	62,029
Other operating expenses
Total other operating expenses	82	416	603	1,904
Net income	4,145	15,763	11,641	60,125
Paycheck Protection Program loans | Other Income
Other income
Repair and denial reserve	1,302	2,153	2,820	6,553
Paycheck Protection Program loans | Servicing income
Other income
LSP fee income		26	57	5,336
Paycheck Protection Program loans | Interest income
Other income
Interest income	2,925	14,000	9,367	50,140
Paycheck Protection Program loans | Other operating expenses
Other operating expenses
Direct operating expenses		93	233	434
Paycheck Protection Program loans | Interest expense
Other operating expenses
Interest expense	$ 82	$ 323	$ 370	$ 1,470

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other income
Origination income	$ 5,198	$ 3,660	$ 16,126	$ 8,039
Change in repair and denial reserve	2,097	1,864	2,425	5,362
Employee retention credit consulting income	5,832	6,958	23,988	7,261
Other	5,188	3,668	14,228	10,323
Total other income	18,315	16,150	56,767	30,985
Other operating expenses
Origination costs	1,991	3,288	5,390	10,390
Technology expense	2,603	2,619	6,873	7,035
Impairment on real estate	1,869		5,287	2,667
Rent and property tax expense	1,478	1,764	4,259	4,423
Recruiting, training and travel expenses	722	395	2,345	1,221
Marketing expense	610	575	1,626	1,499
Other	5,095	6,755	14,147	15,186
Total other operating expenses	$ 14,368	$ 15,396	$ 39,927	$ 42,421

Redeemable Preferred Stock an_3

Redeemable Preferred Stock and Stockholders Equity - Common Stock Dividends (Details) - $ / shares

3 Months Ended

9 Months Ended

Oct. 31, 2023

Sep. 15, 2023

Jul. 31, 2023

Jun. 15, 2023

May 15, 2023

Apr. 28, 2023

Mar. 15, 2023

Jan. 31, 2023

Dec. 15, 2022

Oct. 31, 2022

Sep. 15, 2022

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dividends

Dividend per Share, declared

$ 0.36

$ 0.40

$ 0.40

$ 0.42

$ 0.36

$ 0.42

$ 1.16

$ 1.26

Dividend per Share, paid

$ 0.36

$ 0.14

$ 0.26

$ 0.40

$ 0.40

$ 0.42

Dividend One

Dividends

Dividend per Share, declared

$ 0.26

Dividend Two

Dividends

Dividend per Share, declared

$ 0.14

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Aug. 22, 2023
Weighted-average grant date fair value (per share)
Non-cash stock-based compensation expense	$ 2,300			$ 2,000	$ 6,189	$ 6,150
RSUs and RSAs
Weighted-average grant date fair value (per share)
Non-cash compensation expense not yet charged to net income					$ 13,600		$ 12,300
RSUs and RSAs | Certain employees
Number of shares
Outstanding, Beginning balance	1,348,079	930,453	827,163		827,163
Granted (in shares)		782,017	441,296
Vested (in shares)	(349,033)	(356,317)	(333,470)
Forfeited (in shares)		(8,074)	(4,536)
Outstanding, Ending balance	999,046	1,348,079	930,453		999,046		827,163
Grant date fair value
Beginning balance	$ 17,187	$ 12,979	$ 12,258		$ 12,258
Granted		8,005	5,728
Vested	(3,615)	(3,689)	(4,946)
Forfeited		(108)	(61)
Ending balance	$ 13,572	$ 17,187	$ 12,979		$ 13,572		$ 12,258
Weighted-average grant date fair value (per share)
Beginning balance	$ 12.75	$ 13.95	$ 14.82		$ 14.82
Granted (in per share)		10.24	12.98
Vested (in per share)	10.36	10.35	14.83
Forfeited (in per share)		13.44	13.62
Ending balance	$ 13.58	$ 12.75	$ 13.95		$ 13.58		$ 14.82
2013 Equity Incentive Plan
Weighted-average grant date fair value (per share)
Number of remaining shares available for grant								0
2013 Equity Incentive Plan | Maximum
Weighted-average grant date fair value (per share)
Percentage of shares of common stock issued and outstanding on a fully diluted basis					5%
2023 Equity Incentive Plan | Maximum
Weighted-average grant date fair value (per share)
Number of shares authorized								5,500,000

Redeemable Preferred Stock an_5

Redeemable Preferred Stock and Stockholders Equity - Time-based Equity Awards (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Broadmark
Share-Based Compensation
Granted (in shares)	736,666
Time-based RSA | Employees
Share-Based Compensation
Granted (in shares)	413,852	327,692	287,787
Vesting period	3 years	3 years	3 years
Time-based RSA | Employees | Red Stone
Share-Based Compensation
Granted (in shares)			128,533
Time-based RSA | Directors
Share-Based Compensation
Granted (in shares)	72,795	45,162	36,968
Vesting period	1 year	1 year	1 year

Redeemable Preferred Stock an_6

Redeemable Preferred Stock and Stockholders Equity - Performance-based Equity Awards (Details) - shares		1 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2023	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
Performance Shares
Performance-based equity awards
Granted (in shares)				92,451	84,566	43,327
Vesting period				3 years	3 years	3 years
Performance Shares | Minimum
Performance-based equity awards
Percentage of target awards that may be achieved.				0%	0%	0%
Performance Shares | Maximum
Performance-based equity awards
Percentage of target awards that may be achieved.				200%	200%	300%
Performance Shares | Based on absolute TSR
Performance-based equity awards
Vesting percentage allocation				50%	50%	50%
Vesting period				3 years	3 years	3 years
Performance Shares | Based on TSR relative to performance of designated peer group
Performance-based equity awards
Vesting percentage allocation				50%	50%	50%
Vesting period				3 years	3 years	3 years
Performance Shares - Broadmark Merger
Performance-based equity awards
Granted (in shares)			222,552
Aggregate vesting percentage inclusive of all performance metrics	33.30%	66.70%
Performance Shares - Broadmark Merger | Minimum
Performance-based equity awards
Percentage of target awards that may be achieved.			0%
Performance Shares - Broadmark Merger | Maximum
Performance-based equity awards
Percentage of target awards that may be achieved.			200%
Performance Shares - Broadmark Merger | Based on cost savings as a percentage of pre-merger Broadmark expense run rate
Performance-based equity awards
Vesting percentage allocation			30%
Performance Shares - Broadmark Merger | Based on volume of Broadmark product originated
Performance-based equity awards
Vesting percentage allocation			15%
Performance Shares - Broadmark Merger | Based on generation of incremental liquidity from asset level financing, portfolio run-off , sales or corporate releveling
Performance-based equity awards
Vesting percentage allocation			30%
Performance Shares - Broadmark Merger | Based on distributable return on equity
Performance-based equity awards
Vesting percentage allocation			25%

Redeemable Preferred Stock an_7

Redeemable Preferred Stock and Stockholders Equity - Preferred Stock (Details) $ / shares in Units, shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 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	1.3568	1.3568
Conversion price	$ 18.43	$ 18.43
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_8

Redeemable Preferred Stock and Stockholders Equity - Public and Private Warrants (Details) $ / shares in Units, $ in Millions	Sep. 30, 2023 USD ($) $ / shares shares
Warrants
Warrants
Shares that can be purchased with outstanding warrants	7,400,000
Price per whole share if all warrants redeemed | $ / shares	$ 24.34
Public Warrants
Warrants
Warrants outstanding	41,700,000
Shares that can be purchased per warrant.	0.1180825
Private Placement Warrants
Warrants
Warrants outstanding	5,200,000
Shares that can be purchased per warrant.	0.47233
Private Placement Warrants | Maximum
Warrants
Liability for warrants | $	$ 0.1

Redeemable Preferred Stock an_9

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jul. 09, 2021
Equity
Share price	$ 15.30
Equity issuances				$ 125	$ 124,515
Stock offering costs			$ 116	$ 129	1,025
Shares issued (shares)	7
Common stock, par value	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Proceeds from issuance of equity, net of issuance costs	$ 106,600			$ 108	$ 123,490
Equity ATM Program
Equity
Value of remaining shares available for sale under the Equity ATM Program		$ 78,400		$ 78,400
Common stock, issued		0
Common stock, par value							$ 0.0001
Equity ATM Program | Maximum
Equity
Common stock authorized to be sold under an Equity ATM Program							$ 150,000

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Continuing Operations
Net income	$ 47,179	$ 66,253	$ 337,530	$ 189,481
Less: Income (loss) attributable to non-controlling interest	1,517	3,023	7,842	6,672
Less: Income attributable to participating shares	2,334	2,407	7,078	7,231
Basic earnings	43,328	60,823	322,610	175,578
Discontinued Operations
Net income attributable to Ready Capital Corporation	43,663	61,231	323,690	176,812
Diluted Earnings
Net income	47,179	66,253	337,530	189,481
Less: Income (loss) attributable to non-controlling interest	1,517	3,023	7,842	6,672
Less: Income attributable to participating shares	2,334	2,407	7,078	7,231
Add: Expenses attributable to dilutive instruments	131	2,319	393	6,957
Diluted earnings	$ 43,459	$ 63,142	$ 323,003	$ 182,535
Basic - Average shares outstanding	171,973,933	114,371,160	138,323,878	105,576,826
Effect of dilutive securities - Unvested participating shares	2,466,936	11,295,449	2,304,667	11,288,944
Diluted - Average shares outstanding	174,440,869	125,666,609	140,628,545	116,865,770
Earnings Per Share Attributable to RC Common Stockholders:
Basic	$ 0.25	$ 0.53	$ 2.33	$ 1.66
Diluted	$ 0.25	$ 0.50	$ 2.30	$ 1.56

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, 2023	Dec. 31, 2022
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	1,430,582	1,593,983

Offsetting assets and liabili_3

Offsetting assets and liabilities - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	$ 57,934	$ 55,265
Gross amounts offset in the Consolidated Balance Sheets	49,314	42,302
Amounts presented in the Consolidated Balance Sheets	8,620	12,963
Net Amount	8,620	12,963
Interest rate lock commitments (IRLCs)
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	131	117
Amounts presented in the Consolidated Balance Sheets	131	117
Net Amount	131	117
FX forwards
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	1,337	1,123
Amounts presented in the Consolidated Balance Sheets	1,337	1,123
Net Amount	1,337	1,123
TBA agency securities
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	763	796
Gross amounts offset in the Consolidated Balance Sheets	38	482
Amounts presented in the Consolidated Balance Sheets	725	314
Net Amount	725	314
Interest Rate Swap Agreement
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	55,703	53,229
Gross amounts offset in the Consolidated Balance Sheets	49,276	41,820
Amounts presented in the Consolidated Balance Sheets	6,427	11,409
Net Amount	$ 6,427	$ 11,409

Offsetting assets and liabili_4

Offsetting assets and liabilities - Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	$ 38	$ 2,068
Effect of offsetting recognized liabilities, Total
Gross Amounts of Recognized Liabilities, Total	2,461,441	3,049,372
Gross Amounts Offset in the Consolidated Balance Sheets, Total	38	482
Liabilities Presented in the Consolidated Balance Sheets, Total	2,461,403	3,048,890
Financial Instruments, Total	2,443,215	3,033,278
Net Amount, Total	18,188	15,612
TBA agency securities
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	38	749
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative	38	482
Liabilities Presented in the Consolidated Balance Sheets, Derivative		267
Net Amount, Derivative		267
FX forwards
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities		1,319
Liabilities Presented in the Consolidated Balance Sheets, Derivative		1,319
Cash Collateral Paid, Derivative		1,319
Secured borrowings
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	2,385,070	2,846,293
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	2,385,070	2,846,293
Financial Instruments, Borrowings	2,385,070	2,846,293
Paycheck Protection Program Liquidity Facility
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	76,333	201,011
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	76,333	201,011
Financial Instruments, Borrowings	58,145	186,985
Net Amount, Borrowings	$ 18,188	$ 14,026

Commitments, Contingencies an_3

Commitments, Contingencies and Indemnifications (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Originated Residential Agency loans
Commitments, contingencies and indemnifications
Commitments to originate residential agency loans	$ 123,182	$ 112,319
Unfunded loan commitments
Commitments, contingencies and indemnifications
Loans, net	842,764	881,519
Loans, held for sale at fair value	14,185	20,546
Preferred equity investments	$ 436	$ 1,147

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2023
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
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, 2023 USD ($) segment	Sep. 30, 2022 USD ($) segment	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($) segment
Segment reporting
Number of reportable segments | segment	3	3	3	3
Interest income	$ 250,590	$ 186,026	$ 701,047	$ 464,102
Interest expense	(191,612)	(115,495)	(524,540)	(257,339)
Net interest income before recovery of (provision for) loan losses	58,978	70,531	176,507	206,763
Recovery of (provision for) loan losses	12,151	(3,431)	(542)	(583)
Net interest income after recovery of (provision for) loan losses	71,129	67,100	175,965	206,180
Non-interest income
Residential mortgage banking activities	7,059	12,053	26,112	23,424
Net realized gain (loss) on financial instruments and real estate owned	14,402	21,117	49,855	50,238
Net unrealized gain (loss) on financial instruments	17,684	16,460	13,363	58,522
Servicing income, net	16,033	12,189	44,468	37,282
Income on purchased future receivables, net	904	1,162	1,530	5,490
Income (loss) from unconsolidated joint ventures	56	(603)	745	11,160
Other income	18,315	16,150	56,767	30,985
Gain (loss) on bargain purchase	(14,862)		215,032
Total non-interest income	59,591	78,528	407,872	217,101
Non-interest expense
Variable expenses on residential mortgage banking activities	(4,091)	(9,061)	(16,150)	(5,508)
Professional fees	(7,810)	(3,865)	(19,183)	(12,842)
Loan servicing expense	(15,818)	(10,697)	(38,896)	(29,913)
Transaction related expenses	(2,329)	(1,535)	(17,188)	(8,606)
Other operating expenses	(14,368)	(15,396)	(39,927)	(42,421)
Total non-interest expense	(79,514)	(74,599)	(236,748)	(200,857)
Income (loss) before provision for income taxes	51,206	71,029	347,089	222,424
Total assets	12,799,433	11,858,211	12,799,433	11,858,211
Nonrelated party
Non-interest expense
Employee compensation and benefits	(24,868)	(25,941)	(77,716)	(79,998)
Related Party
Non-interest expense
Employee compensation and benefits	(3,001)	(1,745)	(7,827)	(6,549)
Management fees - related party	(7,229)	(5,410)	(18,070)	(14,071)
Incentive fees - related party		(949)	(1,791)	(949)
Operating Segments | SBC Lending and Acquisitions
Segment reporting
Interest income	219,414	159,307	629,686	378,077
Interest expense	(169,008)	(105,560)	(479,006)	(231,338)
Net interest income before recovery of (provision for) loan losses	50,406	53,747	150,680	146,739
Recovery of (provision for) loan losses	14,465	(3,231)	5,179	1,108
Net interest income after recovery of (provision for) loan losses	64,871	50,516	155,859	147,847
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	7,053	13,060	27,234	25,976
Net unrealized gain (loss) on financial instruments	14,515	322	7,727	10,234
Servicing income, net	1,198	1,191	4,181	3,542
Income (loss) from unconsolidated joint ventures	56	(603)	745	11,160
Other income	8,570	5,476	25,829	14,828
Total non-interest income	31,392	19,446	65,716	65,740
Non-interest expense
Professional fees	(1,264)	(1,630)	(3,380)	(5,128)
Loan servicing expense	(12,204)	(8,226)	(31,008)	(22,013)
Other operating expenses	(5,890)	(6,208)	(16,221)	(18,041)
Total non-interest expense	(29,681)	(22,842)	(76,343)	(70,503)
Income (loss) before provision for income taxes	66,582	47,120	145,232	143,084
Total assets	10,595,201	10,268,015	10,595,201	10,268,015
Operating Segments | SBC Lending and Acquisitions | Nonrelated party
Non-interest expense
Employee compensation and benefits	(10,224)	(6,603)	(25,153)	(24,666)
Operating Segments | SBC Lending and Acquisitions | Related Party
Non-interest expense
Employee compensation and benefits	(99)	(175)	(581)	(655)
Operating Segments | Small Business Lending
Segment reporting
Interest income	29,297	24,605	65,997	79,866
Interest expense	(20,769)	(7,097)	(39,861)	(18,703)
Net interest income before recovery of (provision for) loan losses	8,528	17,508	26,136	61,163
Recovery of (provision for) loan losses	(2,314)	(200)	(5,721)	(1,691)
Net interest income after recovery of (provision for) loan losses	6,214	17,308	20,415	59,472
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	7,349	8,057	22,621	24,262
Net unrealized gain (loss) on financial instruments	606	(509)	348	(942)
Servicing income, net	5,669	1,991	12,367	8,042
Income on purchased future receivables, net	904	1,162	1,530	5,490
Other income	8,863	10,641	29,390	15,462
Total non-interest income	23,391	21,342	66,256	52,314
Non-interest expense
Professional fees	(3,456)	(1,426)	(7,863)	(4,513)
Loan servicing expense	(337)	(103)	(582)	(531)
Other operating expenses	(5,222)	(5,482)	(14,003)	(13,583)
Total non-interest expense	(17,522)	(19,340)	(53,844)	(50,691)
Income (loss) before provision for income taxes	12,083	19,310	32,827	61,095
Total assets	1,409,761	930,577	1,409,761	930,577
Operating Segments | Small Business Lending | Nonrelated party
Non-interest expense
Employee compensation and benefits	(8,507)	(12,329)	(31,396)	(32,064)
Operating Segments | Residential Mortgage Banking
Segment reporting
Interest income	1,879	2,114	5,364	6,159
Interest expense	(1,835)	(2,479)	(5,673)	(6,663)
Net interest income before recovery of (provision for) loan losses	44	(365)	(309)	(504)
Net interest income after recovery of (provision for) loan losses	44	(365)	(309)	(504)
Non-interest income
Residential mortgage banking activities	7,059	12,053	26,112	23,424
Net unrealized gain (loss) on financial instruments	2,563	16,647	5,288	49,230
Servicing income, net	9,166	9,007	27,920	25,698
Other income	43	15	98	60
Total non-interest income	18,831	37,722	59,418	98,412
Non-interest expense
Variable expenses on residential mortgage banking activities	(4,091)	(9,061)	(16,150)	(5,508)
Professional fees	(144)	(138)	(441)	(619)
Loan servicing expense	(3,277)	(2,368)	(7,306)	(7,369)
Other operating expenses	(1,608)	(2,034)	(5,001)	(6,233)
Total non-interest expense	(14,010)	(18,875)	(44,496)	(39,443)
Income (loss) before provision for income taxes	4,865	18,482	14,613	58,465
Total assets	396,073	459,058	396,073	459,058
Operating Segments | Residential Mortgage Banking | Nonrelated party
Non-interest expense
Employee compensation and benefits	(4,890)	(5,274)	(15,598)	(19,714)
Corporate
Segment reporting
Interest expense		(359)		(635)
Net interest income before recovery of (provision for) loan losses		(359)		(635)
Net interest income after recovery of (provision for) loan losses		(359)		(635)
Non-interest income
Other income	839	18	1,450	635
Gain (loss) on bargain purchase	(14,862)		215,032
Total non-interest income	(14,023)	18	216,482	635
Non-interest expense
Professional fees	(2,946)	(671)	(7,499)	(2,582)
Transaction related expenses	(2,329)	(1,535)	(17,188)	(8,606)
Other operating expenses	(1,648)	(1,672)	(4,702)	(4,564)
Total non-interest expense	(18,301)	(13,542)	(62,065)	(40,220)
Income (loss) before provision for income taxes	(32,324)	(13,883)	154,417	(40,220)
Total assets	398,398	200,561	398,398	200,561
Corporate | Nonrelated party
Non-interest expense
Employee compensation and benefits	(1,247)	(1,735)	(5,569)	(3,554)
Corporate | Related Party
Non-interest expense
Employee compensation and benefits	(2,902)	(1,570)	(7,246)	(5,894)
Management fees - related party	$ (7,229)	(5,410)	(18,070)	(14,071)
Incentive fees - related party		$ (949)	$ (1,791)	$ (949)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false