Ready Capital (RC) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
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		168,873,507
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001527590
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RC
Security Exchange Name	NYSE
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	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 166,004
Restricted cash	24,915
Loans, net (including $0 and $9,348 held at fair value)	3,400,481	$ 4,020,160
Mortgage-backed securities	29,546	27,436
Investment in unconsolidated joint ventures (including $7,169 and $7,360 held at fair value)	132,730	133,321
Derivative instruments	15,448	2,404
Servicing rights	103,555	102,837
Real estate owned, held for sale	239,874	252,949
Other assets	315,772	300,175
Assets held for sale (refer to Note 9)	439,301	454,596
Total Assets	12,043,532	12,441,217
Liabilities
Secured borrowings	2,198,272	2,102,075
Senior secured notes, net	345,570	345,127
Corporate debt, net	766,084	764,908
Guaranteed loan financing	814,784	844,540
Contingent consideration		7,628
Derivative instruments	593	212
Dividends payable	53,908	54,289
Loan participations sold	73,749	62,944
Accounts payable and other accrued liabilities	193,896	207,481
Liabilities held for sale (refer to Note 9)	315,975	333,157
Total Liabilities	9,535,289	9,794,455
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, 170,445,333 and 172,276,105 shares issued and outstanding, respectively	17	17
Additional paid-in capital	2,307,303	2,321,989
Retained earnings (deficit)	(3,546)	124,413
Accumulated other comprehensive loss	(12,335)	(17,860)
Total Ready Capital Corporation equity	2,402,817	2,539,937
Non-controlling interests	97,065	98,464
Total Stockholders' Equity	2,499,882	2,638,401
Total Liabilities, Redeemable Preferred Stock, and Stockholders' Equity	12,043,532	12,441,217
Consolidated Excluding VIEs
Assets
Cash and cash equivalents	166,004	138,532
Restricted cash	24,915	30,063
Loans, net (including $0 and $9,348 held at fair value)	3,400,481	4,020,160
Loans, held for sale (net of valuation allowance of $146,180 and $0)	584,072	81,599
Other assets	315,772	300,175
Liabilities
Secured borrowings	2,198,272	2,102,075
Due to third parties	3,401	3,641
Accounts payable and other accrued liabilities	193,896	207,481
Consolidated VIEs
Assets
Assets of consolidated VIEs	6,591,834	6,897,145
Liabilities
Secured borrowings	$ 4,769,057	$ 5,068,453

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Parenthetical information
Loans, net, fair value	$ 0	$ 9,348
Loans, held for sale, valuation allowance	146,180	0
Investment in unconsolidated joint ventures, held at fair value	$ 7,169	$ 7,360
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	170,445,333	172,276,105
Common stock, outstanding	170,445,333	172,276,105

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income	$ 232,354	$ 215,968
Interest expense	(183,805)	(158,868)
Net interest income before recovery of loan losses	48,549	57,100
Recovery of loan losses	26,544	6,734
Net interest income after recovery of loan losses	75,093	63,834
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	18,868	11,575
Net unrealized gain (loss) on financial instruments	4,632	(5,635)
Valuation allowance, loans held for sale	(146,180)
Servicing income, net of amortization and impairment of $3,697 and $1,759	3,758	4,642
Income on purchased future receivables, net of allowance for credit losses of $1,206 and $1,594	446	540
Income on unconsolidated joint ventures	468	656
Other income	15,380	19,852
Total non-interest income	(102,628)	31,630
Non-interest expense
Professional fees	(7,065)	(5,543)
Loan servicing expense	(12,794)	(8,155)
Transaction related expenses	(650)	(893)
Other operating expenses	(30,187)	(12,609)
Total non-interest expense	(78,258)	(56,054)
Income (loss) from continuing operations before provision for income taxes	(105,793)	39,410
Income tax benefit (provision)	30,211	(901)
Net income (loss) from continuing operations	(75,582)	38,509
Discontinued operations (refer to Note 9)
Income (loss) from discontinued operations before benefit (provision) for income taxes	1,887	(2,041)
Income tax benefit (provision)	(472)	510
Net income (loss) from discontinued operations	1,415	(1,531)
Net income (loss)	(74,167)	36,978
Less: Dividends on preferred stock	1,999	1,999
Less: Net income attributable to non-controlling interest	117	1,835
Net income (loss) attributable to Ready Capital Corporation	$ (76,283)	$ 33,144
Earnings per basic common share
Earnings per common share from continuing operations - basic	$ (0.45)	$ 0.31
Earnings per common share from discontinued operations - basic	0.01	(0.01)
Total earnings per common share - basic	(0.44)	0.30
Earnings per diluted common share
Earnings per common share from continuing operations - diluted	(0.45)	0.30
Earnings per common share from discontinued operations - diluted	0.01	(0.01)
Total earnings per common share - diluted	$ (0.44)	$ 0.29
Weighted-average shares outstanding
Basic	172,032,866	110,672,939
Diluted	173,104,415	121,025,909
Dividends declared per share of common stock	$ 0.30	$ 0.40
Nonrelated party
Non-interest expense
Employee compensation and benefits	$ (18,414)	$ (19,727)
Related Party
Non-interest expense
Employee compensation and benefits	(2,500)	(2,326)
Management fees - related party	$ (6,648)	(5,081)
Incentive fees - related party		$ (1,720)

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF INCOME
Servicing income, amortization and impairment			$ 3,697	$ 1,759
Income on purchased future receivable, allowance for (recovery of) doubtful accounts	$ 1,206	$ 1,594

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$ (74,167)	$ 36,978
Other comprehensive income (loss) - net change by component
Derivative financial instruments (cash flow hedges)	6,245	(3,805)
Foreign currency translation	(607)	778
Other comprehensive income (loss)	5,638	(3,027)
Comprehensive income (loss)	(68,529)	33,951
Less: Comprehensive income attributable to non-controlling interests	158	1,794
Comprehensive income (loss) attributable to Ready Capital Corporation	$ (68,687)	$ 32,157

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, 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	(44,670)				(44,670)			(44,670)
Dividend declared on OP units							(638)	(638)
Dividend declared on Series C preferred shares	(131)				(131)			(131)
Dividend declared on Series E preferred shares	(1,868)				(1,868)			(1,868)
Equity issuances	125			125				125
Offering costs	(19)			(19)				(19)
Distributions, net							(100)	(100)
Equity component of 2017 convertible note issuance	(115)			(115)			(2)	(117)
Stock-based compensation	4,947			4,947				4,947
Stock-based compensation (shares)			333,470
Share repurchases	(1,382)			(1,382)				(1,382)
Share repurchases (shares)			(111,453)
Reallocation of noncontrolling interest	3			1		2	(3)
Net income (loss)	35,143				35,143		1,835	36,978
Other comprehensive income	(2,986)					(2,986)	(41)	(3,027)
Balance at end of period at Mar. 31, 2023	1,780,135	$ 111,378	$ 11	1,687,631	(6,532)	(12,353)	100,197	1,880,332
Balance at end of period (in shares) at Mar. 31, 2023		4,600,000	110,745,658
Balance at beginning of period at Dec. 31, 2023	2,539,937	$ 111,378	$ 17	2,321,989	124,413	(17,860)	98,464	2,638,401
Balance at beginning of period (in shares) at Dec. 31, 2023		4,600,000	172,276,105
Increase (Decrease) in Stockholders' Equity
Dividend declared on common stock	(51,676)				(51,676)			(51,676)
Dividend declared on OP units							(372)	(372)
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	(18)			(18)				(18)
Distributions, net (in shares)			(1,981)
Stock-based compensation	4,110			4,110				4,110
Stock-based compensation (shares)			325,918
Conversion of OP units into common stock	612			612			(612)
Conversion of OP units into common stock (shares)			90,000
Share repurchases	(20,035)			(20,035)				(20,035)
Share repurchases (shares)			(2,244,709)
Reallocation of noncontrolling interest	573			645		(72)	(573)
Net income (loss)	(74,284)				(74,284)		117	(74,167)
Other comprehensive income	5,597					5,597	41	5,638
Balance at end of period at Mar. 31, 2024	$ 2,402,817	$ 111,378	$ 17	$ 2,307,303	$ (3,546)	$ (12,335)	$ 97,065	$ 2,499,882
Balance at end of period (in shares) at Mar. 31, 2024		4,600,000	170,445,333

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividends declared per share of common stock	$ 0.30	$ 0.40
Series C Preferred Stock
Dividends declared per share of preferred stock	0.390625	0.390625
Series E Preferred Stock
Dividends declared per share of preferred stock	$ 0.406250	$ 0.406250

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income (loss)	$ (74,167)	$ 36,978
Net income (loss) from discontinued operations, net of tax	1,415	(1,531)
Net income (loss) from continuing operations	(75,582)	38,509
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Amortization of premiums, discounts, and debt issuance costs, net	30,322	9,718
Stock-based compensation	1,894	1,853
Recovery of loan losses	(26,544)	(6,734)
Impairment loss on real estate owned, held for sale	16,972	3,418
Repair and denial reserve	1,067	199
Provision for loan losses on purchased future receivables	1,206	1,594
Loans, held for sale, net	11,553	12,733
Valuation allowance, loans held for sale	146,180
Net loss of unconsolidated joint ventures, net of distributions	(85)	(60)
Realized (gains) losses, net	(18,107)	(12,111)
Unrealized (gains) losses, net	(4,639)	5,442
Changes in operating assets and liabilities:
Purchased future receivables, net	4,560	(3,916)
Derivative instruments	(1,383)	(4,115)
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	(2,293)	(9,918)
Receivable from third parties	2,332	(4,891)
Other assets	(58,544)	(9,465)
Accounts payable and other accrued liabilities	(12,966)	(23,393)
Net cash provided by (used for) operating activities from continuing operations	15,943	(1,137)
Net cash provided by operating activities from discontinued operations	7,507	230
Net cash provided by (used for) operating activities	23,450	(907)
Cash Flows From Investing Activities:
Origination of loans	(206,063)	(283,368)
Proceeds from disposition and principal payment of loans	499,368	295,722
Funding of real estate, held for sale	(591)	(1,678)
Proceeds from sale of real estate, held for sale	1,310	33,761
Investment in unconsolidated joint ventures	(41)	(65)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	717	4,597
Proceeds from liabilities under participation agreements	10,316
Payment of liabilities under participation agreements, net of proceeds received		(782)
Net cash provided by investing activities from continuing operations	305,016	48,187
Net cash used for investing activities from discontinued operations	(192)	(291)
Net cash provided by investing activities	304,824	47,896
Cash Flows From Financing Activities:
Proceeds from secured borrowings	924,896	1,542,661
Repayment of secured borrowings	(827,609)	(1,940,007)
Repayment of the Paycheck Protection Program Liquidity Facility borrowings	(7,688)	(31,415)
Proceeds from issuance of securitized debt obligations of consolidated VIEs		482,267
Repayment of securitized debt obligations of consolidated VIEs	(309,875)	(86,345)
Repayment of guaranteed loan financing	(48,264)	(31,563)
Payment of deferred financing costs	(4,909)	(9,321)
Payment of contingent consideration		(9,000)
Proceeds from issuance of equity, net of issuance costs		106
Common stock repurchased	(19,050)
Settlement of share-based awards in satisfaction of withholding tax requirements	(985)	(1,382)
Dividend payments	(54,428)	(47,176)
Distributions, net	(18)
Net cash used for financing activities from continuing operations	(347,930)	(131,175)
Net cash provided by (used for) financing activities from discontinued operations	(11,798)	33,863
Net cash used for financing activities	(359,728)	(97,312)
Net decrease in cash, cash equivalents, and restricted cash	(26,971)	(84,125)
Cash, cash equivalents, and restricted cash beginning balance	262,506	273,604
Cash, cash equivalents, and restricted cash ending balance	235,535	189,479
Supplemental disclosures:
Cash paid for interest	177,618	144,970
Cash paid for income taxes	215	134
Supplemental disclosure: Non-cash investing activities
Paid-in-kind accrued interest	29,982
Loans transferred from loans, net to loans, held for sale	655,126
Loans transferred from loans, held for sale to loans, net		344
Loans transferred to real estate owned, held for sale	5,902	$ 22,393
Supplemental disclosure: Non-cash financing activities
Conversion of OP units to common stock	$ 612

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Cash, cash equivalents, and restricted cash reconciliation
Cash and cash equivalents	$ 166,004	$ 59,863
Restricted cash	24,915	43,736
Cash, cash equivalents, and restricted cash in assets of consolidated VIEs	44,616	85,880
Cash, cash equivalents, and restricted cash ending balance	$ 235,535	$ 189,479

Organization

Organization	3 Months Ended
	Mar. 31, 2024
Organization
Organization	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 lower-to-middle-market commercial real estate (“LMM”) loans, Small Business Administration (“SBA”) loans, construction loans, and to a lesser extent, mortgage-backed securities (“MBS”) collateralized primarily by LMM loans, or other real estate-related investments. LMM loans represent a special category of commercial loans, sharing both commercial and residential loan characteristics. LMM loans are generally secured by first mortgages on commercial properties, but because LMM 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 March 31, 2024 and December 31, 2023, the Company owned approximately 99.3% and 99.2% 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. ​ Broadmark Acquisition. 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. ​ 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	3 Months Ended
	Mar. 31, 2024
Basis of Presentation
Basis of Presentation	Note 2. Basis of Presentation ​ The unaudited interim consolidated financial statements herein, referred to as the “consolidated financial statements”, as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023, 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, 2023, as filed with the SEC.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 Loans are classified as held for sale if there is an intent to sell in the near-term. These loans are recorded at the lower of amortized cost or fair value, unless the fair value option has been elected at the time of origination or acquisition. If the loan’s fair value is determined to be less than its amortized cost, a non-recurring fair value adjustment may be recorded through a valuation allowance. For loans originated through the LMM Commercial Real Estate and Small Business Lending segments, for which the fair value option has been elected, 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 at fair value. Interest is recognized as interest income in the consolidated statements of income when earned and deemed collectible. ​ Paycheck Protection Program loans Paycheck Protection Program (“PPP”) loans were originated in response to the COVID-19 pandemic. 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 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. ​ Derivative instruments 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 and FX forwards as part of its risk management strategy. The Company accounts for derivative instruments under ASC 815, Derivatives and Hedging ​ Interest rate swap agreements. ​ 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. ​ 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 ​ SBA and multi-family servicing rights are initially recorded at fair value and subsequently carried at amortized cost. Servicing rights are amortized in proportion to and over the expected service period, or term of the loans, and are evaluated for potential impairment quarterly. ​ 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. ​ 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 first quarter of 2024, 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 LMM Commercial Real Estate segment are performed primarily by third-party servicers. SBA loans originated by and held at RCL are 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 Liquidity 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. ​ 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 a series of mergers (collectively, the “Mosaic Mergers”), pursuant to which the company acquired a group of privately held, real estate structured finance opportunities funds, with a focus on construction lending (collectively, the “Mosaic Funds”), managed by MREC Management, LLC. In addition, the Company has non-controlling interests from investments in consolidated joint ventures whereby, net income or loss is generally based upon relative ownership interests or contractual arrangements. ​ Fair value option ASC 825 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 originated by the Company were made due to the short-term nature of these instruments. The Company additionally elected the fair value option for certain investments in unconsolidated joint ventures due to their short-term tenor. ​ Share repurchase program The Company accounts for repurchases of its common stock as a reduction in additional paid in capital. The amounts recognized represent the amount paid to repurchase these shares and are categorized on the balance sheet and changes in equity as a reduction in additional paid in capital. ​ Earnings per share The Company presents both basic and diluted earnings per share (“EPS”) amounts in its consolidated financial statements. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from the Company’s share-based compensation, consisting of unvested restricted stock units (“RSUs”), unvested restricted stock awards (“RSAs”), performance-based equity awards, as well as the dilutive impact of convertible preferred stock and contingent equity rights (“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 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 t

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 4. Recent accounting pronouncements ​ ASU 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards Issued March 2024 ​ This ASU clarifies how to determine whether profits interest and similar awards should be accounted for as share-based payment arrangements. The ASU is effective in reporting periods beginning after December 15, 2024, including interim periods within the fiscal year, on a prospective or retrospective basis. Early adoption is permitted. The Company is currently assessing the impact upon adoption of this standard on the consolidated financial statements. ​ ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Issued December 2023 ​ This ASU improves income tax disclosure requirements, primarily through standardization of rate reconciliation categories and disaggregation of income taxes paid by jurisdiction. The ASU is effective in reporting periods beginning after December 15, 2024 on a prospective or retrospective basis. Early adoption is permitted. The Company is currently assessing the impact upon adoption of this standard on the consolidated financial statements. ​ ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Issued November 2023 ​ This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”). The ASU is effective in reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently assessing the impact upon adoption of this standard on the consolidated financial statements. ​ 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 Company is currently assessing the impact of the adoption of this standard on the consolidated financial statements. ​

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2024
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. Refer to 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 (5,365) 153,546 Other assets ​ 17,107 (7,151) 9,956 Total assets acquired ​ $ 987,682 $ (21,103) $ 966,579 Liabilities ​ ​ ​ ​ ​ ​ ​ Corporate debt, net ​ ​ 98,028 ​ — ​ 98,028 Accounts payable and other accrued liabilities ​ ​ 22,531 ​ 819 ​ 23,350 Total liabilities assumed ​ $ 120,559 $ 819 $ 121,378 Net assets acquired ​ $ 867,123 $ (21,922) $ 845,201 ​ 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 $21.9 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 $ (21,922) $ 845,201 Consideration transferred based on the value of common stock issued ​ 637,229 ​ — ​ 637,229 Bargain purchase gain $ 229,894 $ (21,922) $ 207,972 ​ 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. ​ The following pro-forma income and earnings (unaudited) of the combined company are presented as if the Broadmark Merger had occurred on January 1, 2024 and January 1, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) ​ 2024 ​ 2023 Selected Financial Data ​ ​ ​ ​ ​ Interest income $ 232,354 ​ $ 239,805 Interest expense ​ (183,805) ​ ​ (160,983) Recovery of loan losses ​ 26,544 ​ ​ 5,033 Non-interest income (loss) ​ (102,628) ​ ​ 32,465 Non-interest expense ​ (77,862) ​ ​ (66,686) Income (loss) before provision for income taxes $ (105,397) ​ $ 49,634 Income tax benefit (expense) ​ 30,211 ​ ​ (391) Net income (loss) $ (75,186) ​ $ 49,243 ​ Non-recurring pro-forma transaction costs directly attributable to the Broadmark Merger were $0.4 million for the three months ended March 31, 2024 and 2023, 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	3 Months Ended
	Mar. 31, 2024
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, (ii) loans held at fair value under the fair value option, (iii) loans held for sale that are accounted for at the lower of cost or fair value net of valuation allowance and (iv) loans held for sale at fair value under the fair value option. The classification for a loan is based on product type and management’s strategy for the loan. ​ Loans with the “Other” classification are generally LMM 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, unpaid principal balance (“UPB”), and carrying value of loans held by the Company including loans of consolidated VIEs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 (in thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 1,180,936 ​ $ 1,184,751 ​ ​ $ 1,444,770 ​ $ 1,448,281 Fixed rate ​ ​ 192,216 ​ ​ 190,017 ​ ​ ​ 247,476 ​ ​ 241,674 Construction ​ ​ 902,301 ​ ​ 904,162 ​ ​ ​ 1,207,783 ​ ​ 1,212,526 Freddie Mac ​ ​ — ​ ​ — ​ ​ ​ 9,500 ​ ​ 9,719 SBA - 7(a) ​ ​ 1,004,680 ​ ​ 1,012,504 ​ ​ ​ 995,974 ​ ​ 1,003,323 Other ​ ​ 174,287 ​ ​ 176,328 ​ ​ ​ 196,087 ​ ​ 198,499 Total Loans, before allowance for loan losses ​ $ 3,454,420 ​ $ 3,467,762 ​ ​ $ 4,101,590 ​ $ 4,114,022 Allowance for loan losses ​ $ (53,939) ​ $ — ​ ​ $ (81,430) ​ $ — Total Loans, net ​ $ 3,400,481 ​ $ 3,467,762 ​ ​ $ 4,020,160 ​ $ 4,114,022 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ ​ 5,118,769 ​ ​ 5,133,800 ​ ​ ​ 5,370,251 ​ ​ 5,389,535 Fixed rate ​ ​ 784,290 ​ ​ 783,420 ​ ​ ​ 790,068 ​ ​ 790,967 SBA - 7(a) ​ ​ 208,405 ​ ​ 221,402 ​ ​ ​ 213,892 ​ ​ 227,636 Other ​ ​ 244,704 ​ ​ 245,493 ​ ​ ​ 257,289 ​ ​ 258,029 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 6,356,168 ​ $ 6,384,115 ​ ​ $ 6,631,500 ​ $ 6,666,167 Allowance for loan losses on loans in consolidated VIEs ​ $ (13,484) ​ $ — ​ ​ $ (20,175) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 6,342,684 ​ $ 6,384,115 ​ ​ $ 6,611,325 ​ $ 6,666,167 Loans, held for sale ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ ​ 160,786 ​ ​ 251,375 ​ ​ ​ — ​ ​ — Fixed rate ​ ​ 43,265 ​ ​ 45,931 ​ ​ ​ — ​ ​ — Construction ​ ​ 270,519 ​ ​ 314,010 ​ ​ ​ — ​ ​ — Freddie Mac ​ ​ 15,160 ​ ​ 15,356 ​ ​ ​ 20,955 ​ ​ 20,729 SBA - 7(a) ​ ​ 74,019 ​ ​ 68,720 ​ ​ ​ 59,421 ​ ​ 55,769 Other ​ ​ 20,323 ​ ​ 20,110 ​ ​ ​ 1,223 ​ ​ 1,297 Total Loans, held for sale ​ $ 584,072 ​ $ 715,502 ​ ​ $ 81,599 ​ $ 77,795 Loans, held for sale in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ ​ 10,973 ​ ​ 19,173 ​ ​ ​ — ​ ​ — Total Loans, held for sale in consolidated VIEs ​ $ 10,973 ​ $ 19,173 ​ ​ $ — ​ $ — Total ​ $ 10,338,210 ​ $ 10,586,552 ​ ​ $ 10,713,084 ​ $ 10,857,984 ​ 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. Total Loans, net includes Loans, net in consolidated VIEs and a specific allowance for loan losses of $21.6 million, including $11.2 million of PCD loan reserves as of March 31, 2024, and a specific allowance for loan losses of $57.1 million, including $21.4 million of PCD loan reserves, as of December 31, 2023. ​ 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 ​ 2024 2023 2022 2021 2020 Pre 2020 Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 6,318,551 ​ $ 86,682 ​ $ 290,638 ​ $ 2,775,887 ​ $ 2,817,308 ​ $ 206,891 ​ $ 119,945 ​ $ 6,297,351 Fixed rate ​ ​ 973,437 ​ ​ — ​ ​ 4,007 ​ ​ 110,737 ​ ​ 181,596 ​ ​ 90,433 ​ ​ 588,440 ​ ​ 975,213 Construction ​ ​ 904,162 ​ ​ — ​ ​ 111,323 ​ ​ 138,755 ​ ​ 138,497 ​ ​ 47,469 ​ ​ 454,388 ​ ​ 890,432 SBA - 7(a) ​ ​ 1,233,906 ​ 44,096 ​ 150,457 ​ 348,424 ​ ​ 302,761 ​ ​ 111,453 ​ 249,911 ​ ​ 1,207,102 Other ​ ​ 421,821 ​ ​ 6,337 ​ ​ 2,806 ​ ​ 4,832 ​ ​ 11,813 ​ ​ 8,654 ​ ​ 384,498 ​ 418,940 Total Loans, before general allowance for loan losses ​ $ 9,851,877 ​ $ 137,115 ​ $ 559,231 ​ $ 3,378,635 ​ $ 3,451,975 ​ $ 464,900 ​ $ 1,797,182 ​ $ 9,789,038 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (45,873) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,743,165 Gross write-offs ​ ​ ​ ​ $ — ​ $ 494 ​ $ 873 ​ $ 35 ​ $ 201 ​ $ 4,150 ​ $ 5,753 ​ UPB ​ 2023 2022 2021 2020 ​ 2019 Pre 2019 Total December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 6,837,816 ​ $ 323,648 ​ $ 2,956,697 ​ $ 2,949,521 ​ $ 288,647 ​ $ 166,266 ​ $ 111,303 ​ $ 6,796,082 Fixed rate ​ ​ 1,032,641 ​ ​ 4,007 ​ ​ 110,800 ​ ​ 207,510 ​ ​ 90,794 ​ ​ 318,077 ​ ​ 300,642 ​ ​ 1,031,830 Construction ​ ​ 1,212,526 ​ ​ 108,218 ​ ​ 253,100 ​ ​ 182,920 ​ ​ 73,370 ​ ​ 434,151 ​ ​ 128,876 ​ ​ 1,180,635 Freddie Mac ​ ​ 9,719 ​ ​ — ​ ​ — ​ ​ 3,810 ​ ​ 5,690 ​ ​ — ​ ​ — ​ ​ 9,500 SBA - 7(a) ​ ​ 1,230,959 ​ 151,878 ​ 353,871 ​ 318,208 ​ ​ 115,019 ​ ​ 76,080 ​ 189,622 ​ ​ 1,204,678 Other ​ ​ 456,528 ​ ​ 2,599 ​ ​ 4,877 ​ ​ 18,549 ​ ​ 8,708 ​ ​ 43,724 ​ ​ 374,776 ​ 453,233 Total Loans, before general allowance for loan losses ​ $ 10,780,189 ​ $ 590,350 ​ $ 3,679,345 ​ $ 3,680,518 ​ $ 582,228 ​ $ 1,038,298 ​ $ 1,105,219 ​ $ 10,675,958 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (44,473) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,631,485 Gross write-offs ​ ​ ​ ​ $ 100 ​ $ 950 ​ $ 3,236 ​ $ 258 ​ $ 360 ​ $ 25,731 ​ $ 30,635 ​ The tables below present delinquency information on loans, net by year of origination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (in thousands) UPB ​ 2024 2023 2022 2021 ​ 2020 Pre 2020 Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 9,014,343 ​ $ 137,108 ​ $ 540,691 ​ $ 3,116,363 ​ $ 3,060,184 ​ $ 413,838 ​ $ 1,708,790 ​ $ 8,976,974 30 - 59 days past due ​ ​ 199,535 ​ ​ 7 ​ ​ 3,490 ​ ​ 141,674 ​ ​ 38,498 ​ ​ 1,650 ​ ​ 11,781 ​ ​ 197,100 60+ days past due ​ ​ 637,999 ​ ​ — ​ ​ 15,050 ​ ​ 120,598 ​ ​ 353,293 ​ ​ 49,412 ​ ​ 76,611 ​ ​ 614,964 Total Loans, before general allowance for loan losses ​ $ 9,851,877 ​ $ 137,115 ​ $ 559,231 ​ $ 3,378,635 ​ $ 3,451,975 ​ $ 464,900 ​ $ 1,797,182 ​ $ 9,789,038 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (45,873) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,743,165 ​ UPB ​ 2023 2022 2021 2020 ​ 2019 Pre 2019 Total December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 9,632,399 ​ $ 574,507 ​ $ 3,351,046 ​ $ 3,409,643 ​ $ 495,433 ​ $ 881,868 ​ $ 875,348 ​ $ 9,587,845 30 - 59 days past due ​ ​ 172,355 ​ ​ 582 ​ ​ 59,988 ​ ​ 80,684 ​ ​ 510 ​ ​ 22,586 ​ ​ 7,148 ​ ​ 171,498 60+ days past due ​ ​ 975,435 ​ ​ 15,261 ​ ​ 268,311 ​ ​ 190,191 ​ ​ 86,285 ​ ​ 133,844 ​ ​ 222,723 ​ ​ 916,615 Total Loans, before general allowance for loan losses ​ $ 10,780,189 ​ $ 590,350 ​ $ 3,679,345 ​ $ 3,680,518 ​ $ 582,228 ​ $ 1,038,298 ​ $ 1,105,219 ​ $ 10,675,958 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (44,473) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,631,485 ​ 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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 5,705,330 ​ $ 139,459 ​ $ 452,562 ​ $ 6,297,351 ​ $ 306,049 ​ $ — Fixed rate ​ ​ 952,931 ​ ​ — ​ ​ 22,282 ​ ​ 975,213 ​ ​ 22,283 ​ ​ — Construction ​ ​ 730,640 ​ ​ 31,891 ​ ​ 127,901 ​ ​ 890,432 ​ ​ 76,861 ​ ​ 48,956 SBA - 7(a) ​ ​ 1,173,270 ​ ​ 25,448 ​ ​ 8,384 ​ ​ 1,207,102 ​ ​ 36,190 ​ ​ — Other ​ ​ 414,803 ​ ​ 302 ​ ​ 3,835 ​ ​ 418,940 ​ ​ 14,335 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 8,976,974 ​ $ 197,100 ​ $ 614,964 ​ $ 9,789,038 ​ $ 455,718 ​ $ 48,956 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (45,873) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,743,165 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 91.7% ​ ​ 2.0% ​ ​ 6.3% ​ ​ 100% ​ ​ 4.7% ​ ​ 0.5% December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 6,186,367 ​ $ 87,163 ​ $ 522,552 ​ $ 6,796,082 ​ $ 339,073 ​ $ — Fixed rate ​ ​ 986,755 ​ ​ 21,798 ​ ​ 23,277 ​ ​ 1,031,830 ​ ​ 13,928 ​ ​ — Construction ​ ​ 782,123 ​ ​ 49,694 ​ ​ 348,818 ​ ​ 1,180,635 ​ ​ 241,751 ​ ​ 82,781 Freddie Mac ​ ​ 9,500 ​ ​ — ​ ​ — ​ ​ 9,500 ​ ​ 2,695 ​ ​ — SBA - 7(a) ​ ​ 1,179,231 ​ ​ 8,619 ​ ​ 16,828 ​ ​ 1,204,678 ​ ​ 30,549 ​ ​ 40 Other ​ ​ 443,869 ​ ​ 4,224 ​ ​ 5,140 ​ ​ 453,233 ​ ​ 6,005 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 9,587,845 ​ $ 171,498 ​ $ 916,615 ​ $ 10,675,958 ​ $ 634,001 ​ $ 82,821 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (44,473) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,631,485 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 89.8% ​ ​ 1.6% ​ ​ 8.6% ​ ​ 100% ​ ​ 5.9% ​ ​ 0.8% ​ 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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ 2,259 $ 102,161 $ 700,851 $ 5,353,476 $ 108,534 $ 30,070 $ 6,297,351 Fixed rate ​ 4,231 ​ 32,393 ​ 441,069 ​ 476,391 ​ 19,833 ​ 1,296 ​ 975,213 Construction ​ 15,292 ​ 25,152 ​ 128,515 ​ 572,255 ​ 95,989 ​ 53,229 ​ 890,432 SBA - 7(a) ​ 12,165 72,245 225,117 ​ 361,900 ​ 229,108 306,567 ​ 1,207,102 Other 117,819 ​ 144,546 ​ 76,557 ​ 63,569 ​ 5,107 ​ 11,342 418,940 Total Loans, before general allowance for loan losses $ 151,766 $ 376,497 $ 1,572,109 $ 6,827,591 $ 458,571 $ 402,504 $ 9,789,038 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (45,873) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,743,165 Percentage of loans outstanding ​ 1.6% ​ 3.8% ​ 16.1% ​ 69.7% ​ 4.7% ​ 4.1% ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ 2,308 $ 97,309 $ 756,353 $ 5,781,651 $ 82,517 $ 75,944 $ 6,796,082 Fixed rate 5,222 ​ 36,021 ​ 449,804 ​ 517,628 ​ 19,965 ​ 3,190 ​ 1,031,830 Construction ​ 25,173 ​ 94,856 ​ 532,730 ​ 355,631 ​ 119,191 ​ 53,054 ​ 1,180,635 Freddie Mac — ​ — ​ 2,995 ​ 6,505 ​ — ​ — ​ 9,500 SBA - 7(a) ​ 10,627 56,061 172,743 ​ 404,102 ​ 226,327 334,818 ​ 1,204,678 Other 127,310 ​ 159,386 ​ 81,291 ​ 68,451 ​ 14,124 ​ 2,671 453,233 Total Loans, before general allowance for loan losses $ 170,640 $ 443,633 $ 1,995,916 $ 7,133,968 $ 462,124 $ 469,677 $ 10,675,958 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (44,473) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,631,485 Percentage of loans outstanding ​ 1.6% ​ 4.2% ​ 18.7% ​ 66.8% ​ 4.3% ​ 4.4% ​ ​ (1) LTV is calculated by dividing the current carrying amount by the most recent collateral value received. The most recent value for performing loans is often the third-party as-is valuation utilized during the original underwriting process. ​ ​ The table below presents the geographic concentration of loans, net, secured by real estate. ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of UPB) March 31, 2024 ​ December 31, 2023 Texas 19.0 % ​ 18.6 % California 11.8 ​ ​ 11.4 ​ Florida 7.0 ​ ​ 6.4 ​ Georgia 6.8 ​ ​ 7.1 ​ Arizona 6.7 ​ ​ 6.1 ​ Oregon 6.3 ​ ​ 5.9 ​ New York 4.7 ​ ​ 4.8 ​ North Carolina 4.4 ​ ​ 4.1 ​ Ohio 3.5 ​ ​ 3.2 ​ Washington ​ 3.1 ​ ​ 3.4 ​ Other 26.7 ​ ​ 29.0 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of UPB) March 31, 2024 ​ December 31, 2023 Multi-family 62.4 % ​ 60.9 % SBA 12.5 ​ ​ 11.4 ​ Mixed Use 8.4 ​ ​ 8.4 ​ Industrial 5.3 ​ ​ 4.3 ​ Retail 4.0 ​ ​ 4.3 ​ Office 3.4 ​ ​ 4.4 ​ Lodging 1.4 ​ ​ 1.6 ​ Other 2.6 ​ ​ 4.7 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of SBA loans within loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of UPB) March 31, 2024 ​ December 31, 2023 Lodging ​ 23.1 % ​ 23.4 % Gasoline Service Stations 13.0 ​ ​ 12.8 ​ Eating Places 6.3 ​ ​ 6.2 ​ Child Day Care Services 5.6 ​ ​ 5.6 ​ Offices of Physicians ​ 4.0 ​ ​ 4.1 ​ General Freight Trucking, Local ​ 3.3 ​ ​ 3.5 ​ Grocery Stores ​ 2.3 ​ ​ 2.3 ​ Coin-Operated Laundries and Drycleaners ​ 1.9 ​ ​ 1.9 ​ Beer, Wine, and Liquor Stores 1.4 ​ ​ 1.3 ​ Funeral Service & Crematories 1.3 ​ ​ 1.4 ​ Other 37.8 ​ ​ 37.5 ​ 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) ​ Other ​ Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 10,827 ​ $ 5,971 ​ $ 11,886 ​ $ 14,596 ​ $ 2,593 ​ $ 45,873 Specific ​ 2,354 ​ ​ 1,293 ​ ​ 690 ​ ​ 5,983 ​ ​ 51 ​ ​ 10,371 PCD ​ — ​ ​ — ​ ​ 11,179 ​ ​ — ​ ​ — ​ ​ 11,179 Ending balance $ 13,181 ​ $ 7,264 ​ $ 23,755 ​ $ 20,579 ​ $ 2,644 ​ $ 67,423 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 17,302 ​ $ 7,884 ​ $ 3,722 ​ $ 12,679 ​ $ 2,886 ​ $ 44,473 Specific ​ 18,939 ​ ​ 5,714 ​ ​ 5,726 ​ ​ 5,188 ​ ​ 143 ​ ​ 35,710 PCD ​ — ​ ​ — ​ ​ 21,422 ​ ​ — ​ ​ — ​ ​ 21,422 Ending balance $ 36,241 ​ $ 13,598 ​ $ 30,870 ​ $ 17,867 ​ $ 3,029 ​ $ 101,605 ​ ​ The table below presents a summary of the changes in the allowance for loan losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Bridge Fixed Rate Construction SBA - 7(a) Other Total Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ Beginning balance $ 36,241 $ 13,598 $ 30,870 $ 17,867 $ 3,029 $ 101,605 Provision for (recoveries of) loan losses ​ (23,060) ​ (3,705) ​ (5,636) ​ 4,163 ​ (319) ​ (28,557) Charge-offs and sales ​ — ​ (2,629) ​ (1,479) ​ (1,579) ​ (66) ​ (5,753) Recoveries ​ — ​ — ​ — ​ 128 ​ — ​ 128 Ending balance $ 13,181 $ 7,264 $ 23,755 $ 20,579 $ 2,644 $ 67,423 Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ Beginning balance $ 49,905 $ 6,531 $ 17,334 $ 14,299 $ 2,450 $ 90,519 Provision for (recoveries of) loan losses ​ (8,975) ​ 2,654 ​ (63) ​ 1,395 ​ 443 ​ (4,546) Charge-offs and sales ​ (611) ​ (100) ​ (16,898) ​ (613) ​ — ​ (18,222) Recoveries ​ — ​ — ​ — ​ 29 ​ — ​ 29 Ending balance $ 40,319 $ 9,085 $ 373 $ 15,110 $ 2,893 $ 67,780 ​ The table above excludes $0.6 million and $1.6 million of allowance for loan losses on unfunded lending commitments as of March 31, 2024 and March 31, 2023, respectively. Refer to Note 3 – Summary of Significant Accounting Policies for more information on accounting policies, methodologies and judgment applied to determine the allowance for loan losses and lending commitments. ​ Non-accrual loans A loan is placed on nonaccrual status when it is probable that principal and interest will not be collected under the original contractual terms. At that time, interest income is no longer accrued. ​ The table below presents information on non-accrual loans. ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 ​ December 31, 2023 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 429,080 ​ $ 607,292 Without an allowance ​ 26,638 ​ ​ 26,709 Total recorded carrying value of non-accrual loans $ 455,718 ​ $ 634,001 Allowance for loan losses related to non-accrual loans $ (22,075) ​ $ (50,796) UPB of non-accrual loans $ 481,839 ​ $ 688,282 ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ March 31, 2023 Interest income on non-accrual loans for the three months ended $ 3,052 ​ $ 817 ​ 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. ​ As of March 31, 2024, substantially all of the loan modifications provided by the Company consisted of a 7-month 7-month 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 both March 31, 2024 and December 31, 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 March 31, 2024 and December 31, 2023, the Company’s total carrying amount of loans in the foreclosure process was $23.6 million and $95.0 million, respectively. ​ As of March 31, 2024, lending commitments to borrowers experiencing financial difficulty for which the Company has modified the loan terms were $12.9 million. As of December 31, 2023, lending commitments to borrowers experiencing financial difficulty for which the Company has modified the loan terms were not material. ​ PCD loans Subsequent to the determination of the preliminary purchase price allocation, 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 UPB $ 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 ​ ​ The Company did not acquire any PCD loans during the three months ended March 31, 2024 and March 31, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 UPB. 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. ​ 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 issued pursuant to the Mosaic Mergers. 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. ​ The final purchase price allocation associated with the closing of the Mosaic Mergers valued the CERs at approximately $25.0 million or $0.83 per CER. As of March 31, 2024, the CERs were valued at zero. ​ 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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (a) $ 63,040 ​ $ — ​ $ — ​ $ 63,040 Loans, held for sale ​ — ​ ​ 86,099 ​ ​ — ​ ​ 86,099 Paycheck Protection Program loans (b) — ​ 491 ​ — ​ 491 MBS, at fair value — ​ 29,546 ​ — ​ 29,546 Derivative instruments ​ — ​ ​ 15,448 ​ ​ — ​ ​ 15,448 Investment in unconsolidated joint ventures — ​ — ​ 7,169 ​ 7,169 Preferred equity investment (c) ​ — ​ ​ — ​ ​ 106,548 ​ ​ 106,548 Total assets $ 63,040 ​ $ 131,584 ​ $ 113,717 ​ $ 308,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ — ​ ​ 593 ​ ​ — ​ ​ 593 Total liabilities $ — ​ $ 593 ​ $ — ​ $ 593 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (a) $ 100,238 ​ $ — ​ $ — ​ $ 100,238 Loans, held for sale — ​ ​ 81,599 ​ ​ — ​ ​ 81,599 Loans, net — ​ — ​ 9,348 ​ 9,348 Paycheck Protection Program loans (b) — ​ 165 ​ — ​ 165 MBS, at fair value — ​ 27,436 ​ — ​ 27,436 Derivative instruments — ​ ​ 2,404 ​ ​ — ​ ​ 2,404 Investment in unconsolidated joint ventures — ​ — ​ 7,360 ​ 7,360 Preferred equity investment (c) ​ — ​ ​ — ​ ​ 108,423 ​ ​ 108,423 Total assets $ 100,238 ​ $ 111,604 ​ $ 125,131 ​ $ 336,973 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ — ​ ​ 212 ​ ​ — ​ ​ 212 Contingent consideration ​ — ​ ​ — ​ ​ 7,628 ​ ​ 7,628 Total liabilities $ — ​ $ 212 ​ $ 7,628 ​ $ 7,840 (a) Money market funds are included in cash and cash equivalents on the consolidated balance sheets (b) Paycheck Protection Program loans are included in other assets on the consolidated balance sheets (c) 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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in unconsolidated joint ventures $ 7,169 ​ Income Approach ​ Discount rate ​ 9.0% ​ 9.0% Preferred equity investment ​ 106,548 ​ Income Approach ​ Discount rate ​ 10.0% ​ 10.0% December 31, 2023 ​ ​ ​ ​ ​ Investment in unconsolidated joint ventures $ 7,360 Income Approach Discount rate ​ 9.0% ​ 9.0% Preferred equity investment ​ 108,423 ​ Income Approach ​ Discount rate ​ 10.0% ​ 10.0% Contingent consideration- Mosaic CER dividends ​ (1,591) ​ Monte Carlo Simulation Model ​ Equity volatility | Risk-free rate of return | Discount rate ​ 30.0% | 4.7% | 11.5% ​ 30% | 4.7% | 11.5% Contingent consideration- Mosaic CER units ​ (6,037) ​ Income approach and PWERM Model ​ Revaluation discount rate | Discount rate ​ 12.0% | 11.5% ​ 12.0% | 11.5% (a) Prices are weighted based on the UPB of the loans and securities included in the range for each class. ​ Included within Level 3 assets of $125.1 million as of December 31, 2023, is $9.3 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 March 31, (in thousands) 2024 2023 Loans, net ​ ​ ​ ​ ​ Beginning balance $ 9,348 ​ $ 9,786 Unrealized gains (losses), net ​ 680 ​ ​ 73 Transfer to (from) Level 3 ​ (10,028) ​ ​ — Ending balance $ — ​ $ 9,859 Loans, held for sale ​ ​ ​ ​ ​ Beginning balance ​ — ​ ​ 60,924 Sales / Principal payments ​ — ​ ​ (11) Unrealized gains (losses), net ​ — ​ ​ (2,583) Ending balance $ — ​ $ 58,330 Investment in unconsolidated joint ventures ​ ​ ​ ​ ​ Beginning balance ​ 7,360 ​ ​ 8,094 Unrealized gains (losses), net ​ (191) ​ ​ (181) Ending balance $ 7,169 ​ $ 7,913 Contingent consideration ​ ​ ​ ​ ​ Beginning balance ​ (7,628) ​ ​ (28,500) Sales / Principal payments ​ — ​ ​ 9,000 Realized gains (losses), net ​ 7,628 ​ ​ — Unrealized losses (gains), net ​ — ​ ​ 2,864 Ending balance $ — ​ $ (16,636) Preferred equity investment (1) ​ ​ ​ ​ ​ Beginning balance ​ 108,423 ​ ​ 108,423 Unrealized gains (losses), net ​ (1,875) ​ ​ — Ending balance $ 106,548 ​ $ 108,423 Total ​ ​ ​ ​ ​ Beginning balance ​ 117,503 ​ ​ 158,727 Sales / Principal payments ​ — ​ ​ 8,989 Realized gains (losses), net ​ 7,628 ​ ​ — Unrealized gains (losses), net ​ (1,386) ​ ​ 173 Transfer to (from) Level 3 ​ (10,028) ​ ​ — Ending balance $ 113,717 ​ $ 167,889 (1) 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 9,743,165 ​ $ 9,585,442 ​ $ 10,622,137 ​ $ 10,380,893 Loans, held for sale ​ ​ 508,946 ​ ​ 508,946 ​ ​ — ​ ​ — Servicing rights ​ ​ 103,555 ​ 116,814 ​ 102,837 ​ 113,715 Total assets ​ $ 10,355,666 ​ $ 10,211,202 ​ $ 10,724,974 ​ $ 10,494,608 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ 2,198,272 ​ ​ 2,198,272 ​ ​ 2,102,075 ​ ​ 2,102,075 Securitized debt obligations of consolidated VIEs, net ​ 4,769,057 ​ 4,739,186 ​ 5,068,453 ​ 5,022,057 Senior secured note, net ​ ​ 345,570 ​ ​ 319,102 ​ ​ 345,127 ​ ​ 317,239 Guaranteed loan financing ​ 814,784 ​ 865,630 ​ 844,540 ​ 889,744 Corporate debt, net ​ ​ 766,084 ​ ​ 739,437 ​ ​ 764,908 ​ ​ 731,104 Total liabilities ​ $ 8,893,767 ​ $ 8,861,627 ​ $ 9,125,103 ​ $ 9,062,219 ​ As of both March 31, 2024 and December 31, 2023, 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	3 Months Ended
	Mar. 31, 2024
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 March 31, (in thousands) 2024 2023 SBA servicing rights, at amortized cost Beginning net carrying amount ​ $ 29,536 ​ $ 19,756 Additions due to loans sold, servicing retained ​ 2,677 ​ 1,512 Amortization ​ (855) ​ (835) Recovery (impairment) ​ (15) ​ 1,607 Ending net carrying amount ​ $ 31,343 ​ $ 22,040 Multi-family servicing rights, at amortized cost Beginning net carrying amount ​ ​ 73,301 ​ ​ 67,361 Additions due to loans sold, servicing retained ​ 1,738 ​ 3,081 Amortization ​ (2,827) ​ (2,531) Ending net carrying amount ​ $ 72,212 ​ $ 67,911 Total servicing rights, at amortized cost ​ $ 103,555 ​ $ 89,951 ​ The Company’s SBA and multi-family servicing rights are carried at amortized cost and evaluated quarterly for impairment. The Company estimates the fair value of these servicing rights by using a combination of internal models and data provided by third-party valuation experts. The assumptions used in the Company’s internal models include forward prepayment rates, forward default rates, discount rates, and servicing expenses. ​ 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 servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ As of December 31, 2023 (in thousands) ​ UPB ​ Carrying Value ​ UPB ​ Carrying Value SBA ​ $ 1,289,023 ​ $ 31,343 ​ $ 1,208,201 ​ $ 29,536 Multi-family ​ ​ 5,763,756 ​ ​ 72,212 ​ ​ 5,689,872 ​ ​ 73,301 Total ​ $ 7,052,779 ​ $ 103,555 ​ $ 6,898,073 ​ $ 102,837 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents significant assumptions used in the estimated valuation of servicing rights carried at amortized cost. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights ​ Forward prepayment rate ​ 0.0 - 5.2 % ​ 5.0 % ​ 0.0 - 4.5 % ​ 4.4 % ​ Forward default rate ​ 0.0 - 7.2 % ​ 6.9 % ​ 0.0 - 7.3 % ​ 7.0 % ​ Discount rate ​ 12.5 - 22.5 % ​ 12.8 % ​ 14.4 - 22.9 % ​ 14.6 % ​ Servicing expense ​ 0.4 - 0.4 % ​ 0.4 % ​ 0.4 - 0.4 % ​ 0.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family servicing rights ​ Forward prepayment rate ​ 0.0 - 6.5 % ​ 5.5 % ​ 0.0 - 6.5 % ​ 5.4 % ​ Forward default rate ​ 0.0 - 0.9 % ​ 0.6 % ​ 0.0 - 0.9 % ​ 0.6 % ​ 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 servicing rights. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 December 31, 2023 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (690) ​ $ (543) Impact of 20% adverse change ​ $ (1,355) ​ $ (1,069) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (184) ​ $ (165) Impact of 20% adverse change ​ $ (366) ​ $ (328) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,514) ​ $ (1,530) Impact of 20% adverse change ​ $ (2,905) ​ $ (2,922) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,260) ​ $ (2,047) Impact of 20% adverse change ​ $ (4,520) ​ $ (4,095) Multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (481) ​ $ (491) Impact of 20% adverse change ​ $ (947) ​ $ (965) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (14) ​ $ (14) Impact of 20% adverse change ​ $ (28) ​ $ (29) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,305) ​ $ (2,320) Impact of 20% adverse change ​ $ (4,496) ​ $ (4,524) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,590) ​ $ (2,587) Impact of 20% adverse change ​ $ (5,180) ​ $ (5,173) ​ The table below presents estimated future amortization expense for servicing rights. ​ ​ ​ ​ ​ (in thousands) March 31, 2024 2024 ​ $ 11,877 2025 ​ 14,078 2026 ​ 12,693 2027 ​ 11,347 2028 ​ 10,140 Thereafter ​ 43,420 Total ​ $ 103,555 ​

Discontinued Operations and Ass

Discontinued Operations and Assets and Liabilities For Sale	3 Months Ended
	Mar. 31, 2024
Discontinued operations and assets and liabilities held for sale
Discontinued operations and assets and liabilities held for sale	Note 9. Discontinued operations and assets and liabilities held for sale ​ In the fourth quarter of 2023, the Board approved a plan to strategically shift the Company’s core focus to LMM commercial real estate lending and government backed small business loans, which contemplates the disposition of assets and liabilities of the Company’s residential mortgage banking activities. Accordingly, the Residential Mortgage Banking segment met the criteria to be classified as held for sale on the consolidated balance sheets, presented as discontinued operations on the consolidated statements of income, and excluded from continuing operations for all periods presented. The Company expects to consummate this transaction in the current year. ​ The table below presents the assets and liabilities of the Residential Mortgage Banking segment classified as held for sale. ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 31, 2024 ​ December 31, 2023 Assets ​ ​ ​ ​ ​ Cash and cash equivalents $ 10,555 ​ $ 13,694 Restricted cash ​ 4,970 ​ ​ 6,314 Loans, net ​ 2,970 ​ 2,778 Loans, held for sale ​ 116,061 ​ ​ 133,204 Loans eligible for repurchase from Ginnie Mae ​ 86,004 ​ ​ 86,872 Derivative instruments ​ 107 ​ ​ 847 Servicing rights (1) ​ 191,228 ​ ​ 188,855 Other assets ​ 27,406 ​ ​ 22,032 Total Assets $ 439,301 ​ $ 454,596 Liabilities ​ ​ ​ ​ ​ Secured borrowings ​ 219,166 ​ ​ 230,965 Liabilities for loans eligible for repurchase from Ginnie Mae ​ 86,004 ​ ​ 86,872 Derivative instruments ​ — ​ ​ 1,321 Accounts payable and other accrued liabilities ​ 10,805 ​ ​ 13,999 Total Liabilities $ 315,975 ​ $ 333,157 (1) Servicing rights are Level 3 assets that had been measured at fair value using the income approach valuation technique. Refer to Note 7- Fair value measurements for further details. The table below presents the operating results of the Residential Mortgage Banking segment presented as discontinued operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2024 2023 Interest income ​ $ 1,842 ​ $ 1,605 Interest expense ​ ​ (2,530) ​ ​ (1,526) Net interest income (loss) before provision for loan losses ​ $ (688) ​ $ 79 Non-interest income ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ ​ 9,242 ​ ​ 9,169 Net unrealized gain (loss) on financial instruments ​ ​ — ​ ​ (6,093) Servicing income, net of amortization and impairment ​ ​ 9,416 ​ ​ 9,361 Other income ​ ​ 4 ​ ​ 31 Total non-interest income ​ $ 18,662 ​ $ 12,468 Non-interest expense ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ (5,684) ​ ​ (5,412) Variable expenses on residential mortgage banking activities ​ ​ (6,086) ​ ​ (5,485) Professional fees ​ ​ (153) ​ ​ (174) Loan servicing expense ​ ​ (2,329) ​ ​ (1,808) Other operating expenses ​ ​ (1,835) ​ ​ (1,709) Total non-interest expense ​ $ (16,087) ​ $ (14,588) Income (loss) from discontinued operations before provision for income taxes ​ ​ 1,887 ​ ​ (2,041) Income tax (provision) benefit ​ ​ (472) ​ ​ 510 Net income (loss) from discontinued operations ​ $ 1,415 ​ $ (1,531) ​ ​

Secured borrowings

Secured borrowings	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 ​ December 31, 2023 3 SBA loans October 2024 - March 2025 SOFR + 2.82% $ 250,000 $ 201,894 $ 152,988 ​ $ 117,115 1 LMM loans - USD February 2025 SOFR + 1.35% ​ 80,000 ​ 5,770 ​ 5,686 ​ ​ 20,729 1 LMM loans - Non-USD (4) January 2025 EURIBOR + 3.00% ​ 215,926 ​ 45,501 ​ 41,466 ​ ​ 12,079 Total borrowings under credit facilities and other financing agreements ​ $ 545,926 $ 253,165 $ 200,140 ​ $ 149,923 9 LMM loans July 2024 - November 2026 SOFR + 3.20% ​ 4,295,500 ​ 2,688,517 ​ 1,764,584 ​ ​ 1,677,885 1 LMM loans - Non-USD (4) Matured EURIBOR + 3.00% ​ — ​ — ​ — ​ ​ 45,031 6 MBS April 2024 - August 2024 6.95% ​ 233,548 ​ 375,953 ​ 233,548 ​ ​ 229,236 Total borrowings under repurchase agreements $ 4,529,048 $ 3,064,470 $ 1,998,132 ​ $ 1,952,152 Total secured borrowings $ 5,074,974 $ 3,317,635 $ 2,198,272 ​ $ 2,102,075 (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 March 31, 2024 and December 31, 2023, certain financing counterparties covenants calculations were amended to exclude the PPPLF from certain covenant calculations. As of both March 31, 2024 and December 31, 2023 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) ​ March 31, 2024 December 31, 2023 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale ​ $ 34,013 $ 43,365 Loans, net ​ ​ 219,152 ​ 169,147 Total ​ $ 253,165 $ 212,512 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ ​ 2,103,618 ​ 2,560,725 MBS ​ 20,972 20,770 Retained interest in assets of consolidated VIEs ​ ​ 354,981 ​ 356,772 Loans, held for sale ​ 402,434 — Loans, held at fair value ​ ​ — ​ 9,349 Real estate acquired in settlement of loans ​ ​ 182,465 ​ 160,455 Total ​ $ 3,064,470 $ 3,108,071 Total collateral pledged on secured borrowings ​ $ 3,317,635 $ 3,320,583 ​ ​ ​ ​ ​ ​ ​

Senior secured notes and corpor

Senior secured notes and corporate debt, net	3 Months Ended
	Mar. 31, 2024
Senior secured notes and corporate debt, net
Senior secured notes and corporate debt, net	Note 11. Senior secured 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 March 31, 2024, the Company was in compliance with all covenants with respect to the Senior Secured Notes. ​ 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 March 31, 2024, 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 months ended March 31, 2024 or March 31, 2023, respectively. ​ The table below presents information about senior secured notes and corporate debt. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Coupon Rate ​ Maturity Date March 31, 2024 Senior secured notes principal amount (1) ​ 4.50 % ​ 10/20/2026 ​ $ 350,000 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (4,430) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 345,570 Corporate debt principal amount (2) ​ 5.50 % ​ 12/30/2028 ​ ​ 110,000 Corporate debt principal amount (3) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,614 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 ​ ​ ​ ​ ​ ​ ​ (6,432) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (4,618) 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 ​ ​ ​ ​ ​ ​ $ 766,084 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 1,111,654 (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) March 31, 2024 2024 $ — 2025 ​ 120,000 2026 ​ 760,884 2027 ​ 100,000 2028 ​ ​ 110,000 Thereafter ​ 36,250 Total contractual amounts ​ $ 1,127,134 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (15,480) Total carrying amount of debt ​ $ 1,111,654 ​

Guaranteed loan financing

Guaranteed loan financing	3 Months Ended
	Mar. 31, 2024
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 $815.2 million and $845.0 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 ​ 9.17 % 1.45-10.50 % 2024-2048 ​ $ 814,784 December 31, 2023 ​ 9.17 % 1.45-10.50 % 2023-2048 ​ $ 844,540 ​ The table below presents the contractual maturities of guaranteed loan financing. ​ ​ ​ ​ ​ (in thousands) March 31, 2024 2024 $ 238 2025 ​ 501 2026 ​ 2,250 2027 ​ 8,345 2028 ​ ​ 9,124 Thereafter ​ 794,326 Total ​ $ 814,784 ​

Variable interest entities and

Variable interest entities and securitization activities	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 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) March 31, 2024 December 31, 2023 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 9 $ 671 Restricted cash ​ 44,607 ​ ​ 93,240 Loans, net ​ ​ 6,342,684 ​ ​ 6,611,325 Loans, held for sale ​ ​ 10,973 ​ ​ — Preferred equity investment (1) ​ ​ 106,548 ​ ​ 108,423 Other assets ​ ​ 87,013 ​ ​ 83,486 Total assets ​ $ 6,591,834 ​ $ 6,897,145 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 4,769,057 ​ ​ 5,068,453 Due to third parties ​ ​ 2,780 ​ ​ 2,944 Accounts payable and other accrued liabilities ​ ​ 1 ​ ​ 34 Total liabilities ​ $ 4,771,838 ​ $ 5,071,431 (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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 ​ ​ 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 ​ $ 27,846 ​ $ 27,846 ​ 8.0 % ​ $ 32,175 ​ $ 32,175 ​ 7.6 % ReadyCap Lending Small Business Trust 2023-3 ​ ​ 118,157 ​ ​ 116,059 ​ 8.6 ​ ​ ​ 121,527 ​ ​ 119,308 ​ 8.5 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 931 ​ ​ 928 ​ 5.0 ​ ​ ​ 1,550 ​ ​ 1,532 ​ 5.0 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 101,410 ​ ​ 99,936 ​ 2.9 ​ ​ ​ 105,281 ​ ​ 103,733 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 74,951 ​ ​ 73,784 ​ 1.6 ​ ​ ​ 81,214 ​ ​ 79,952 ​ 1.6 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 1,830 ​ ​ 1,724 ​ 5.1 ​ ​ 1,902 ​ ​ 1,753 ​ 5.1 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 9,038 ​ ​ 8,765 ​ 5.3 ​ ​ 9,038 ​ ​ 8,723 ​ 5.2 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 52,568 ​ ​ 50,942 ​ 4.6 ​ ​ ​ 53,052 ​ ​ 51,309 ​ 4.5 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 86,938 ​ ​ 82,218 ​ 4.9 ​ ​ ​ 88,520 ​ ​ 83,529 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 198,331 ​ ​ 194,675 ​ 3.4 ​ ​ ​ 199,379 ​ ​ 195,496 ​ 3.4 ​ ReadyCap Commercial Mortgage Trust 2022-7 ​ ​ 195,150 ​ ​ 188,593 ​ 4.2 ​ ​ ​ 195,866 ​ ​ 188,995 ​ 4.2 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 223,027 ​ ​ 223,027 ​ 7.3 ​ ​ ​ 273,681 ​ ​ 273,623 ​ 6.6 ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 304,519 ​ ​ 304,045 ​ 6.8 ​ ​ ​ 417,782 ​ ​ 416,467 ​ 6.4 ​ Ready Capital Mortgage Financing 2021-FL7 ​ ​ 586,037 ​ ​ 584,645 ​ 7.1 ​ ​ ​ 586,117 ​ ​ 583,771 ​ 6.7 ​ Ready Capital Mortgage Financing 2022-FL8 ​ ​ 791,220 ​ ​ 788,790 ​ 7.5 ​ ​ ​ 808,671 ​ ​ 805,220 ​ 7.0 ​ Ready Capital Mortgage Financing 2022-FL9 ​ ​ 501,751 ​ ​ 497,559 ​ 8.5 ​ ​ ​ 511,622 ​ ​ 505,917 ​ 8.1 ​ Ready Capital Mortgage Financing 2022-FL10 ​ ​ 640,903 ​ ​ 634,495 ​ 8.2 ​ ​ ​ 654,116 ​ ​ 646,141 ​ 7.8 ​ Ready Capital Mortgage Financing 2023-FL11 ​ ​ 456,990 ​ ​ 453,033 ​ 8.2 ​ ​ ​ 473,481 ​ ​ 468,307 ​ 8.2 ​ Ready Capital Mortgage Financing 2023-FL12 ​ ​ 441,496 ​ ​ 436,688 ​ 8.1 ​ ​ ​ 507,646 ​ ​ 500,882 ​ 8.0 ​ Total ​ $ 4,813,093 $ 4,767,752 ​ 7.2 % $ 5,122,620 $ 5,066,833 ​ 6.9 % ​ The table above excludes non-company sponsored securitized debt obligations of $1.3 million and $1.6 million that are included in the consolidated balance sheets as of March 31, 2024 and December 31, 2023, 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) ​ March 31, 2024 ​ December 31, 2023 ​ March 31, 2024 ​ December 31, 2023 MBS (2) $ 26,716 ​ $ 26,301 $ 26,716 ​ $ 26,301 Investment in unconsolidated joint ventures ​ ​ 132,730 ​ ​ 133,321 ​ ​ 132,730 ​ ​ 133,321 Total assets in unconsolidated VIEs ​ $ 159,446 ​ $ 159,622 ​ $ 159,446 ​ $ 159,622 (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	3 Months Ended
	Mar. 31, 2024
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 March 31, (in thousands) 2024 2023 Interest income ​ ​ ​ ​ ​ ​ Loans, net ​ ​ ​ ​ ​ ​ Bridge ​ $ 148,273 ​ $ 160,431 Fixed rate ​ ​ 12,266 ​ ​ 13,028 Construction ​ ​ 30,168 ​ ​ 12,166 SBA - 7(a) ​ ​ 31,290 ​ ​ 14,921 PPP (1) ​ ​ 301 ​ ​ 3,007 Other ​ ​ 7,785 ​ ​ 8,375 Total loans, net (2) ​ $ 230,083 ​ $ 211,928 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ Fixed rate ​ ​ — ​ ​ 735 Other ​ ​ 218 ​ ​ 7 Total loans, held for sale, at fair value (2) ​ $ 218 ​ $ 742 Investments held to maturity (1) ​ ​ 13 ​ ​ 8 Preferred equity investment (2) ​ ​ 1,084 ​ ​ 2,168 MBS ​ ​ 956 ​ ​ 1,122 Total interest income ​ $ 232,354 ​ $ 215,968 Interest expense ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ (47,638) ​ ​ (45,220) PPPLF borrowings (3) ​ (28) ​ (164) Securitized debt obligations of consolidated VIEs ​ (100,252) ​ (90,601) Guaranteed loan financing ​ ​ (18,508) ​ ​ (4,872) Senior secured note ​ (4,381) ​ (4,381) Convertible note ​ ​ — ​ ​ (2,188) Corporate debt ​ ​ (12,998) ​ ​ (11,442) Total interest expense ​ $ (183,805) ​ $ (158,868) Net interest income before provision for loan losses ​ $ 48,549 ​ $ 57,100 (1) Included in Other assets on the consolidated balance sheets. (2) Includes interest income on assets in consolidated VIEs. ​ ​ ​ ​ ​ ​ (3) Included in Other liabilities on the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​

Derivative instruments

Derivative instruments	3 Months Ended
	Mar. 31, 2024
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. ​ 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. ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative (in thousands) ​ Primary Underlying Risk ​ Amount ​ Asset ​ Liability ​ Amount ​ Asset ​ Liability Interest Rate Swaps - not designated as hedges (1) Interest rate risk ​ $ 40,500 ​ $ 10,882 ​ $ — ​ $ 183,081 ​ $ 12,349 ​ $ — Interest Rate Swaps - designated as hedges (1) ​ Interest rate risk ​ ​ 564,620 ​ ​ 43,917 ​ ​ — ​ ​ 416,139 ​ ​ 24,463 ​ ​ — FX forwards ​ Foreign exchange rate risk ​ ​ 65,350 ​ ​ 1,011 ​ ​ (593) ​ ​ 39,447 ​ ​ — ​ ​ (212) Total ​ ​ ​ $ 670,470 ​ $ 55,810 ​ $ (593) ​ $ 638,667 ​ $ 36,812 ​ $ (212) (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 March 31, 2024 ​ ​ ​ ​ ​ Interest rate swaps $ 4,392 ​ $ 6,886 Total $ 4,392 ​ $ 6,886 Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ Interest rate swaps $ 3,686 ​ $ (8,459) FX forwards ​ — ​ ​ (462) Total $ 3,686 ​ $ (8,921) ​ 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. ​ 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 swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 $ (283) ​ $ — $ (283) ​ $ 5,962 ​ $ 6,245 Three Months Ended March 31, 2023 $ (298) ​ $ — $ (298) ​ $ (4,103) ​ $ (3,805) ​ 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	3 Months Ended
	Mar. 31, 2024
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) March 31, 2024 December 31, 2023 Acquired Portfolio: ​ ​ ​ ​ ​ ​ Mixed Use $ 8,535 $ 8,535 Multi-family ​ ​ 72,664 ​ ​ 73,745 Lodging ​ ​ 5,342 ​ ​ 14,010 Residential ​ ​ 23,064 ​ ​ 23,064 Office ​ ​ 6,883 ​ ​ 6,901 Land ​ ​ 82,507 ​ ​ 86,375 Total Acquired REO (1) ​ $ 198,995 ​ $ 212,630 Other REO held for sale: ​ ​ ​ ​ ​ ​ Office ​ ​ 6,601 ​ ​ 5,983 Services ​ ​ — ​ ​ 1,126 Mixed Use ​ ​ 4,247 ​ ​ 4,247 Multi-family ​ ​ 28,139 ​ ​ 28,139 Other ​ ​ 1,892 ​ ​ 824 Total Other REO ​ $ 40,879 ​ $ 40,319 Total real estate owned, held for sale ​ $ 239,874 ​ $ 252,949 (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 $3.1 million and $1.9 million as of March 31, 2024 and December 31, 2023, respectively, of real estate owned, held for sale within consolidated VIEs. ​ Subsequent to the determination of the preliminary purchase price allocation, based on updated valuations obtained, the Company recorded a measurement period adjustment of $5.4 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	3 Months Ended
	Mar. 31, 2024
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 March 31, ​ ​ 2024 ​ 2023 Management fee - total ​ $ 6.6 million ​ $ 5.1 million Management fee - amount unpaid ​ $ 6.6 million ​ $ 5.1 million ​ Incentive distribution. four twelve ​ The table below presents the Incentive fee payable to the Manager. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Incentive fee distribution - total ​ $ — ​ $ 1.7 million Incentive fee distribution - amount unpaid ​ $ — ​ $ 1.7 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 March 31, ​ ​ 2024 ​ 2023 Reimbursable expenses payable to Manager - total ​ $ 2.8 million ​ $ 2.9 million Reimbursable expenses payable to Manager - amount unpaid ​ $ 1.2 million ​ $ 1.8 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	3 Months Ended
	Mar. 31, 2024
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) March 31, 2024 December 31, 2023 Other assets: ​ ​ ​ ​ ​ ​ Goodwill ​ $ 38,530 ​ $ 38,530 Deferred loan exit fees ​ ​ 31,530 ​ ​ 32,271 Accrued interest ​ ​ 64,439 ​ ​ 64,504 Due from servicers ​ ​ 20,348 ​ ​ 20,780 Intangible assets ​ 18,072 ​ 17,749 Receivable from third party ​ ​ 34,187 ​ ​ 36,519 Deferred financing costs ​ ​ 11,910 ​ ​ 9,544 Deferred tax asset ​ 21,085 ​ — Right-of-use lease asset ​ ​ 4,297 ​ ​ 2,539 PPP receivables ​ ​ 27,364 ​ ​ 34,597 Investments held to maturity ​ ​ 3,446 ​ ​ 3,446 Purchased future receivables, net ​ ​ 3,717 ​ ​ 9,483 Other ​ ​ 36,847 ​ ​ 30,213 Other assets $ 315,772 ​ $ 300,175 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ Accrued salaries, wages and commissions ​ ​ 14,885 ​ ​ 33,961 Accrued interest payable ​ 43,601 ​ 35,373 Servicing principal and interest payable ​ ​ 7,932 ​ ​ 6,249 Deferred tax liability ​ ​ 32,977 ​ ​ 32,977 Repair and denial reserve ​ 8,041 ​ 6,974 Payable to related parties ​ 6,650 ​ 7,038 PPP liabilities ​ ​ 28,494 ​ ​ 36,182 Accrued professional fees ​ ​ 4,769 ​ ​ 5,354 Lease payable ​ ​ 9,795 ​ ​ 8,205 Other ​ 36,752 ​ 35,168 Total accounts payable and other accrued liabilities ​ $ 193,896 ​ $ 207,481 ​ In the table above, investments held to maturity was $3.4 million as of both March 31, 2024 and December 31, 2023. As of both March 31, 2024 and December 31, 2023 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 months ended March 31, 2024 or March 31, 2023. ​ Goodwill The table below presents the carrying value of goodwill by reportable segment. ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 December 31, 2023 LMM Commercial Real Estate $ 27,324 $ 27,324 Small Business Lending ​ 11,206 ​ 11,206 Total $ 38,530 $ 38,530 ​ Intangible assets The table below presents information on intangible assets. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 ​ December 31, 2023 Estimated Useful Life Internally developed software to be sold, leased, or marketed $ 7,469 ​ $ 6,795 5 years Customer Relationships - Red Stone ​ 5,846 ​ ​ 5,935 19 years Trade name - Red Stone ​ 2,500 ​ ​ 2,500 Indefinite life Internally developed software - Knight Capital ​ 1,003 ​ ​ 1,161 6 years SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Trade name - Knight Capital ​ 232 ​ ​ 269 6 years Broker network - Knight Capital ​ 22 ​ ​ 89 4.5 years Total intangible assets $ 18,072 ​ $ 17,749 ​ ​ The amortization expense related to intangible assets was $0.4 million and $0.6 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Such amounts are recorded as other operating expenses in the consolidated statements of income. ​ The table below presents accumulated amortization for finite-lived intangible assets. ​ ​ ​ ​ (in thousands) March 31, 2024 Internally developed software - Knight Capital $ 2,797 Internally developed software to be sold, leased, or marketed ​ 1,695 Broker network - Knight Capital ​ 1,178 Customer Relationship - Red Stone ​ 954 Trade name - Knight Capital ​ 648 Total accumulated amortization $ 7,272 ​ The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years. ​ ​ ​ ​ (in thousands) March 31, 2024 2024 $ 2,249 2025 ​ 2,843 2026 ​ 2,191 2027 ​ 2,071 2028 ​ 1,054 Thereafter ​ 4,164 Total $ 14,572 ​

Other income and operating expe

Other income and operating expenses	3 Months Ended
	Mar. 31, 2024
Other income and operating expenses
Other income and operating expenses	​ Note 19. Other income and operating expenses ​ The table below presents the composition of other income and operating expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2024 2023 Other income: ​ ​ ​ ​ ​ ​ Origination income $ 2,657 ​ $ 4,612 Change in repair and denial reserve ​ (1,207) ​ ​ (199) Employee retention credit consulting income ​ ​ 2,491 ​ ​ 9,675 Other ​ 11,439 ​ ​ 5,764 Total other income ​ $ 15,380 ​ $ 19,852 Other operating expenses: ​ ​ ​ ​ ​ ​ Origination costs ​ ​ 1,814 ​ ​ 1,655 Technology expense ​ 2,593 ​ ​ 1,512 Impairment on real estate ​ 16,972 ​ ​ 3,418 Rent and property tax expense ​ 2,318 ​ ​ 1,068 Recruiting, training and travel expense ​ 707 ​ ​ 631 Marketing expense ​ ​ 399 ​ ​ 312 Bad debt expense - ERC ​ ​ 1,813 ​ ​ — Other ​ 3,571 ​ ​ 4,013 Total other operating expenses ​ $ 30,187 ​ $ 12,609 ​

Redeemable Preferred Stock and

Redeemable Preferred Stock and Stockholders Equity	3 Months Ended
	Mar. 31, 2024
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 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 December 14, 2023 ​ December 29, 2023 ​ January 31, 2024 ​ $ 0.30 March 15, 2024 ​ March 28, 2024 ​ April 30, 2024 ​ $ 0.30 ​ 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 2024, 2023, and 2022, the Company granted 612,262, 413,852, and 327,692, respectively, of time-based RSAs under the 2013 Equity Incentive Plan and the 2023 Equity Incentive Plan 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. The Company further granted in these years 126,930, 75,639, and 45,162, 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 may elect to receive RSAs or RSUs that have a deferred 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 outstanding immediately prior to the Effective Time and converted them into 736,666 Company RSUs after applying the Exchange Ratio. The Broadmark RSU Awards have the same terms and conditions as were applicable to them immediately prior to the Effective Time 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, 2023 747,808 $ 9,888 $ 13.22 Granted 768,407 ​ ​ 6,993 ​ 9.10 Vested (325,918) ​ ​ (4,110) ​ 12.61 Forfeited (58,937) ​ ​ (609) ​ 10.33 Outstanding, March 31, 2024 1,131,360 ​ $ 12,162 $ 10.75 ​ During each of the three months ended March 31, 2024 and 2023, the Company recognized $1.9 million of non-cash compensation expense related to its stock-based incentive plan in the consolidated statements of income. As of March 31, 2024 and December 31, 2023, approximately $12.2 million and $9.9 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 2023 Equity Incentive Plan 2024 performance-based RSUs. ​ Performance-based equity awards under the 2013 Equity Incentive Plan 2023 performance-based RSUs. is recorded as compensation expense over the performance period and will vest 2/3 1/3 ​ In February 2023, the Company granted, to certain key employees, 92,451 performance-based RSUs which are allocated 50% to awards that may be earned based on achievement of performance goals related to distributable ROE for the three-year forward-looking period ending December 31, 2025 and 50% to awards that may be earned based on achievement of performance goals related to relative 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 performance period, the actual number of shares that the key employees receive at the end of the performance period may range from 0% to 200% of the target award. The fair value of the performance-based RSUs is recorded as compensation expense over the performance period and will cliff vest at the end of the three-year performance period, with an offsetting increase in stockholders’ equity. ​ 2022 performance-based RSUs. ​ 2021 performance-based RSUs ​ 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 March 31, 2024, the conversion rate was 1.4686 shares of common stock per $25 principal amount of the Series C Preferred Stock, which is equivalent to a conversion price of approximately $17.02 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) ​ March 31, 2024 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 on its Series C Preferred Stock and Series E Preferred Stock, respectively, during the three months ended March 31, 2024. The dividends were paid on April 15, 2024 for Series C Preferred Stock and on April 30, 2024 for Series E Preferred Stock to the holders of record as of the close of business on March 28, 2024. ​ ● 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 March 31, 2024, 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 March 31, 2024 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 months ended March 31, 2024 or March 31, 2023. As of March 31, 2024, shares representing approximately $78.4 million remain available for sale under the Equity ATM Program. ​

Earnings per Share of Common St

Earnings per Share of Common Stock	3 Months Ended
	Mar. 31, 2024
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 March 31, (in thousands, except for share and per share amounts) 2024 2023 Basic Earnings ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations ​ $ (75,582) ​ $ 38,509 Less: Income attributable to non-controlling interest ​ ​ 117 ​ ​ 1,835 Less: Income attributable to participating shares ​ ​ 2,335 ​ ​ 2,371 Basic earnings - continuing operations ​ $ (78,034) ​ $ 34,303 Basic earnings - discontinued operations ​ $ 1,415 ​ $ (1,531) ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations ​ ​ (75,582) ​ ​ 38,509 Less: Income attributable to non-controlling interest ​ ​ 117 ​ ​ 1,835 Less: Income attributable to participating shares ​ ​ 2,335 ​ ​ 2,371 Add: Expenses attributable to dilutive instruments ​ ​ 131 ​ ​ 2,319 Diluted earnings - continuing operations ​ $ (77,903) ​ $ 36,622 Diluted earnings - discontinued operations ​ $ 1,415 ​ $ (1,531) ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 172,032,866 ​ ​ 110,672,939 Effect of dilutive securities — Unvested participating shares ​ ​ 1,071,549 ​ ​ 10,352,970 Diluted — Average shares outstanding ​ ​ 173,104,415 ​ ​ 121,025,909 ​ ​ ​ ​ ​ ​ ​ EPS Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ Basic - continuing operations ​ $ (0.45) ​ $ 0.31 Basic - discontinued operations ​ $ 0.01 ​ $ (0.01) Basic - total ​ $ (0.44) ​ $ 0.30 ​ ​ ​ ​ ​ ​ ​ Diluted - continuing operations ​ $ (0.45) ​ $ 0.30 Diluted - discontinued operations ​ $ 0.01 ​ $ (0.01) Diluted - total ​ $ (0.44) ​ $ 0.29 ​ 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. ​ 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 March 31, 2024 and December 31, 2023, the non-controlling interest OP unit holders owned 1,240,582 and 1,330,582 OP units, respectively.

Offsetting assets and liabiliti

Offsetting assets and liabilities	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FX forwards $ 1,011 ​ $ — ​ $ 1,011 ​ $ — ​ $ — ​ $ 1,011 Interest rate swaps ​ 54,799 ​ ​ 40,362 ​ ​ 14,437 ​ ​ — ​ ​ — ​ ​ 14,437 Total $ 55,810 ​ $ 40,362 ​ $ 15,448 ​ $ — ​ $ — ​ $ 15,448 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FX forwards ​ 593 ​ ​ — ​ ​ 593 ​ ​ — ​ ​ — ​ ​ 593 Secured borrowings ​ 2,198,272 ​ ​ — ​ ​ 2,198,272 ​ ​ 2,198,272 ​ ​ — ​ ​ — PPPLF ​ 28,348 ​ ​ — ​ ​ 28,348 ​ ​ 27,364 ​ ​ — ​ ​ 984 Total $ 2,227,213 ​ $ — ​ $ 2,227,213 ​ $ 2,225,636 ​ $ — ​ $ 1,577 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ 36,812 ​ ​ 34,408 ​ ​ 2,404 ​ ​ — ​ ​ — ​ ​ 2,404 Total $ 36,812 ​ $ 34,408 ​ $ 2,404 ​ $ — ​ $ — ​ $ 2,404 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FX forwards ​ 212 ​ ​ — ​ ​ 212 ​ ​ — ​ ​ — ​ ​ 212 Secured borrowings ​ 2,102,075 ​ ​ — ​ ​ 2,102,075 ​ ​ 2,102,075 ​ ​ — ​ ​ — PPPLF ​ 36,036 ​ ​ — ​ ​ 36,036 ​ ​ 34,596 ​ ​ — ​ ​ 1,440 Total $ 2,138,323 ​ $ — ​ $ 2,138,323 ​ $ 2,136,671 ​ $ — ​ $ 1,652 (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	3 Months Ended
	Mar. 31, 2024
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. ​ 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 LMM 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 LMM 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	3 Months Ended
	Mar. 31, 2024
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) ​ March 31, 2024 ​ December 31, 2023 Loans, net ​ $ 566,488 ​ $ 745,782 Loans, held for sale ​ $ 133,990 ​ $ 19,327 Preferred equity investment ​ $ 279 ​ $ 436 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 mortgage loans, and investments in real property. Such TRSs are not consolidated for federal income tax purposes but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred income taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. ​ The Company recognizes deferred tax assets and liabilities for the future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases. The Company evaluates its deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including historical profitability and projections of future taxable income. ​ The provisions of ASC 740 require that carrying amounts of deferred tax assets be reduced by a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2023, the Company recorded net deferred tax assets of $21.1 million as a result of the acquisition of Broadmark taxable REIT subsidiary. A full valuation allowance was recorded against these deferred tax assets at year-end as it was more likely than not that these assets would not be realized. In the three months ended March 31, 2024, the Company completed a reorganization which will allow the Company to recover the deferred tax assets recorded, and as such, the valuation allowance was released in the first quarter. ​ The Company’s framework for assessing the recoverability of deferred tax assets requires it to weigh all available evidence, including the sustainability of recent profitability required to realize the deferred tax assets, the cumulative net income in its consolidated statements of income in recent years, the future reversals of existing taxable temporary differences, and the carryforward periods for any carryforwards of net operating losses.

Segment reporting

Segment reporting	3 Months Ended
	Mar. 31, 2024
Segment reporting
Segment reporting	Note 26. Segment reporting ​ The Company reports its results of operations through the following two business segments: i) LMM Commercial Real Estate (formerly our SBC Lending and Acquisitions segment) and ii) Small Business Lending. The Company’s organizational structure is based on a number of factors that the Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, uses to evaluate, view, and run its business operations, which includes customer base and nature of loan program types. The segments are based on this organizational structure and the information reviewed by the CODM and management to evaluate segment results. ​ LMM Commercial Real Estate The Company originates LMM loans across the full life-cycle of an LMM 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. LMM 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 LMM securitization activities. The Company acquires performing and non-performing LMM 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. ​ Corporate- Other Corporate - Other consists primarily of unallocated activities including interest expense relating to senior secured 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 March 31, 2024 ​ ​ ​ ​ ​ Small ​ ​ ​ ​ ​ ​ ​ LMM Commercial ​ Business Corporate- ​ ​ (in thousands) ​ Real Estate ​ Lending Other ​ Consolidated Interest income ​ $ 200,763 ​ $ 31,591 $ — ​ $ 232,354 Interest expense ​ ​ (158,885) ​ ​ (24,920) ​ — ​ ​ (183,805) Net interest income before recovery of (provision for) loan losses ​ $ 41,878 ​ $ 6,671 $ — ​ $ 48,549 Recovery of (provision) for loan losses ​ ​ 30,755 ​ ​ (4,211) ​ — ​ 26,544 Net interest income after recovery of (provision for) loan losses ​ $ 72,633 ​ $ 2,460 $ — ​ $ 75,093 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized gain (loss) on financial instruments and real estate owned ​ ​ 5,755 ​ ​ 13,113 ​ — ​ ​ 18,868 Net unrealized gain (loss) on financial instruments ​ ​ 2,986 ​ ​ 1,646 ​ — ​ ​ 4,632 Valuation allowance, loans held for sale ​ ​ (146,180) ​ ​ — ​ — ​ ​ (146,180) Servicing income, net ​ ​ 1,298 ​ ​ 2,460 ​ — ​ ​ 3,758 Income on purchased future receivables, net ​ ​ — ​ ​ 446 ​ — ​ ​ 446 Income on unconsolidated joint ventures ​ ​ 468 ​ ​ — ​ — ​ ​ 468 Other income ​ ​ 12,727 ​ ​ 2,653 ​ — ​ ​ 15,380 Total non-interest income ​ $ (122,946) ​ $ 20,318 $ — ​ $ (102,628) Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ (7,476) ​ ​ (9,292) ​ (1,646) ​ ​ (18,414) Allocated employee compensation and benefits from related party ​ ​ (250) ​ ​ — ​ (2,250) ​ (2,500) Professional fees ​ ​ (1,641) ​ ​ (3,215) ​ (2,209) ​ (7,065) Management fees – related party ​ ​ — ​ ​ — ​ (6,648) ​ (6,648) Loan servicing expense ​ ​ (12,547) ​ ​ (247) ​ — ​ (12,794) Transaction related expenses ​ ​ — ​ ​ — ​ (650) ​ ​ (650) Other operating expenses ​ ​ (21,534) ​ ​ (5,353) ​ (3,300) ​ (30,187) Total non-interest expense ​ $ (43,448) ​ $ (18,107) $ (16,703) ​ $ (78,258) Income before provision for income taxes ​ $ (93,761) ​ $ 4,671 $ (16,703) ​ $ (105,793) Total assets ​ $ 9,905,732 ​ $ 1,357,398 $ 341,101 ​ $ 11,604,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ Small ​ ​ ​ ​ ​ ​ ​ ​ LMM Commercial ​ Business ​ Corporate- ​ ​ (in thousands) ​ Real Estate ​ Lending ​ Other ​ Consolidated Interest income ​ $ 198,039 ​ $ 17,929 ​ $ — ​ $ 215,968 Interest expense ​ ​ (149,494) ​ ​ (9,374) ​ ​ — ​ ​ (158,868) Net interest income before recovery of (provision for) loan losses ​ $ 48,545 ​ $ 8,555 ​ $ — ​ $ 57,100 Recovery of (provision for) loan losses ​ ​ 8,129 ​ ​ (1,395) ​ ​ — ​ 6,734 Net interest income after recovery of (provision for) loan losses ​ $ 56,674 ​ $ 7,160 ​ $ — ​ $ 63,834 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized gain (loss) on financial instruments and real estate owned ​ ​ 4,825 ​ ​ 6,750 ​ ​ — ​ ​ 11,575 Net unrealized gain (loss) on financial instruments ​ ​ (6,111) ​ ​ 476 ​ ​ — ​ ​ (5,635) Servicing income, net ​ ​ 1,093 ​ ​ 3,549 ​ ​ — ​ ​ 4,642 Income on purchased future receivables, net ​ ​ — ​ ​ 540 ​ ​ — ​ ​ 540 Income on unconsolidated joint ventures ​ ​ 656 ​ ​ — ​ ​ — ​ ​ 656 Other income ​ ​ 9,093 ​ ​ 10,428 ​ ​ 331 ​ ​ 19,852 Total non-interest income ​ $ 9,556 ​ $ 21,743 ​ $ 331 ​ $ 31,630 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ (6,206) ​ ​ (11,275) ​ ​ (2,246) ​ ​ (19,727) Allocated employee compensation and benefits from related party ​ ​ (232) ​ ​ — ​ ​ (2,094) ​ (2,326) Professional fees ​ ​ (981) ​ ​ (1,625) ​ ​ (2,937) ​ (5,543) Management fees – related party ​ ​ — ​ ​ — ​ ​ (5,081) ​ (5,081) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ (1,720) ​ (1,720) Loan servicing expense ​ ​ (8,058) ​ ​ (97) ​ ​ — ​ (8,155) Transaction related expenses ​ ​ — ​ ​ — ​ ​ (893) ​ ​ (893) Other operating expenses ​ ​ (6,733) ​ ​ (4,094) ​ ​ (1,782) ​ (12,609) Total non-interest expense ​ $ (22,210) ​ $ (17,091) ​ $ (16,753) ​ $ (56,054) Income (loss) before provision for income taxes ​ $ 44,020 ​ $ 11,812 ​ $ (16,422) ​ $ 39,410 Total assets ​ $ 10,184,788 ​ $ 791,394 ​ $ 104,601 ​ $ 11,080,783 ​

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2024
Subsequent events
Subsequent events	​ Note 27. Subsequent events ​ On April 12, 2024, the Company, through its indirect wholly-owned subsidiaries, entered into a credit agreement which provides for a delayed draw term loan to the Company in an aggregate principal amount not to exceed $115.25 million (the “Term Loan”). The Term Loan may be drawn at any time on or prior to January 12, 2025, subject to the satisfaction of customary conditions. The Company borrowed $75.0 million on April 12, 2024 in connection with the initial closing of the credit agreement. ​ The scheduled maturity date of the Term Loan is April 12, 2029. The Term Loan bears interest on the outstanding principal amount thereof at a rate equal to (a) SOFR plus 5.50% per annum or (b) base rate plus 4.50% per annum; provided that if at any time the Term Loan is rated below investment grade, the interest rate shall increase to (x) SOFR plus 6.50% per annum or (y) base rate plus 5.50% per annum until the rating is no longer below investment grade. In connection with the entry into the credit agreement, the Company also agreed to pay certain upfront fees on the initial borrowing date. The Company will also pay, with respect to any unused portion of the Term Loan, a commitment fee of 1.00% per annum. ​ During April 2024, the Company acquired approximately 1.6 million shares of the Company’s common stock, $0.0001 par value per share, at an average price of $8.57 per share through the Company’s stock repurchase program.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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.
Loan modifications made to borrowers experiencing financial difficulty	Loan modifications made to borrowers experiencing financial difficulty. ​
Loans, held for sale	Loans, held for sale Loans are classified as held for sale if there is an intent to sell in the near-term. These loans are recorded at the lower of amortized cost or fair value, unless the fair value option has been elected at the time of origination or acquisition. If the loan’s fair value is determined to be less than its amortized cost, a non-recurring fair value adjustment may be recorded through a valuation allowance. For loans originated through the LMM Commercial Real Estate and Small Business Lending segments, for which the fair value option has been elected, 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 at fair value. Interest is recognized as interest income in the consolidated statements of income when earned and deemed collectible.
Paycheck Protection Program loans	Paycheck Protection Program loans Paycheck Protection Program (“PPP”) loans were originated in response to the COVID-19 pandemic. 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	Mortgage-backed securities 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. ​
Derivative instruments	Derivative instruments 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 and FX forwards as part of its risk management strategy. The Company accounts for derivative instruments under ASC 815, Derivatives and Hedging ​ Interest rate swap agreements. ​ 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. ​ 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 ​ SBA and multi-family servicing rights are initially recorded at fair value and subsequently carried at amortized cost. Servicing rights are amortized in proportion to and over the expected service period, or term of the loans, and are evaluated for potential impairment quarterly. ​ 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.
Real estate owned, 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 first quarter of 2024, 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 LMM Commercial Real Estate segment are performed primarily by third-party servicers. SBA loans originated by and held at RCL are 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 Liquidity 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.
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 a series of mergers (collectively, the “Mosaic Mergers”), pursuant to which the company acquired a group of privately held, real estate structured finance opportunities funds, with a focus on construction lending (collectively, the “Mosaic Funds”), managed by MREC Management, LLC. 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 originated by the Company were made due to the short-term nature of these instruments. 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 contingent equity rights (“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. ​ Employee retention credit consulting income. ​ Realized gains (losses). ​ Origination income and expense.
Assets and Liabilities Held for Sale	Assets and liabilities held for sale The Company classifies long-lived assets or a disposal group to be sold as held for sale in the period when all the necessary criteria are met. The criteria includes (i) management, having the authority to approve the action, commits to a plan to sell the asset or the disposal group (ii) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated (iv) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. ​ Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets or liabilities held for sale, respectively, on the consolidated balance sheets. A long-lived asset or disposal group that is classified as held for sale is measured at the lower of its cost or estimated fair value less any costs to sell. The fair values of assets held for sale are assessed each reporting period and changes in such fair values are reported as an adjustment to the carrying value of the asset or disposal group with an offset on the consolidated statements of income, to the extent that any subsequent changes in fair value do not exceed the cost basis of the asset or disposal group. Any loss resulting from the transfer of long-lived assets or disposal groups to assets held for sale is recognized in the period in which the held for sale criteria are met.
Discontinued Operations	Discontinued operations The results of operations of long-lived assets or a disposal group that the Company has either disposed of or has classified as held for sale is reported as discontinued operations on the consolidated statements of income if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.
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)	3 Months Ended
	Mar. 31, 2024
Acquisitions
Schedule of pro-forma revenue and earnings	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) ​ 2024 ​ 2023 Selected Financial Data ​ ​ ​ ​ ​ Interest income $ 232,354 ​ $ 239,805 Interest expense ​ (183,805) ​ ​ (160,983) Recovery of loan losses ​ 26,544 ​ ​ 5,033 Non-interest income (loss) ​ (102,628) ​ ​ 32,465 Non-interest expense ​ (77,862) ​ ​ (66,686) Income (loss) before provision for income taxes $ (105,397) ​ $ 49,634 Income tax benefit (expense) ​ 30,211 ​ ​ (391) Net income (loss) $ (75,186) ​ $ 49,243
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 (5,365) 153,546 Other assets ​ 17,107 (7,151) 9,956 Total assets acquired ​ $ 987,682 $ (21,103) $ 966,579 Liabilities ​ ​ ​ ​ ​ ​ ​ Corporate debt, net ​ ​ 98,028 ​ — ​ 98,028 Accounts payable and other accrued liabilities ​ ​ 22,531 ​ 819 ​ 23,350 Total liabilities assumed ​ $ 120,559 $ 819 $ 121,378 Net assets acquired ​ $ 867,123 $ (21,922) $ 845,201
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 $ (21,922) $ 845,201 Consideration transferred based on the value of common stock issued ​ 637,229 ​ — ​ 637,229 Bargain purchase gain $ 229,894 $ (21,922) $ 207,972

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 (in thousands) ​ Carrying Value ​ UPB ​ ​ Carrying Value ​ UPB Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 1,180,936 ​ $ 1,184,751 ​ ​ $ 1,444,770 ​ $ 1,448,281 Fixed rate ​ ​ 192,216 ​ ​ 190,017 ​ ​ ​ 247,476 ​ ​ 241,674 Construction ​ ​ 902,301 ​ ​ 904,162 ​ ​ ​ 1,207,783 ​ ​ 1,212,526 Freddie Mac ​ ​ — ​ ​ — ​ ​ ​ 9,500 ​ ​ 9,719 SBA - 7(a) ​ ​ 1,004,680 ​ ​ 1,012,504 ​ ​ ​ 995,974 ​ ​ 1,003,323 Other ​ ​ 174,287 ​ ​ 176,328 ​ ​ ​ 196,087 ​ ​ 198,499 Total Loans, before allowance for loan losses ​ $ 3,454,420 ​ $ 3,467,762 ​ ​ $ 4,101,590 ​ $ 4,114,022 Allowance for loan losses ​ $ (53,939) ​ $ — ​ ​ $ (81,430) ​ $ — Total Loans, net ​ $ 3,400,481 ​ $ 3,467,762 ​ ​ $ 4,020,160 ​ $ 4,114,022 Loans in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ ​ 5,118,769 ​ ​ 5,133,800 ​ ​ ​ 5,370,251 ​ ​ 5,389,535 Fixed rate ​ ​ 784,290 ​ ​ 783,420 ​ ​ ​ 790,068 ​ ​ 790,967 SBA - 7(a) ​ ​ 208,405 ​ ​ 221,402 ​ ​ ​ 213,892 ​ ​ 227,636 Other ​ ​ 244,704 ​ ​ 245,493 ​ ​ ​ 257,289 ​ ​ 258,029 Total Loans, in consolidated VIEs, before allowance for loan losses ​ $ 6,356,168 ​ $ 6,384,115 ​ ​ $ 6,631,500 ​ $ 6,666,167 Allowance for loan losses on loans in consolidated VIEs ​ $ (13,484) ​ $ — ​ ​ $ (20,175) ​ $ — Total Loans, net, in consolidated VIEs ​ $ 6,342,684 ​ $ 6,384,115 ​ ​ $ 6,611,325 ​ $ 6,666,167 Loans, held for sale ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ ​ 160,786 ​ ​ 251,375 ​ ​ ​ — ​ ​ — Fixed rate ​ ​ 43,265 ​ ​ 45,931 ​ ​ ​ — ​ ​ — Construction ​ ​ 270,519 ​ ​ 314,010 ​ ​ ​ — ​ ​ — Freddie Mac ​ ​ 15,160 ​ ​ 15,356 ​ ​ ​ 20,955 ​ ​ 20,729 SBA - 7(a) ​ ​ 74,019 ​ ​ 68,720 ​ ​ ​ 59,421 ​ ​ 55,769 Other ​ ​ 20,323 ​ ​ 20,110 ​ ​ ​ 1,223 ​ ​ 1,297 Total Loans, held for sale ​ $ 584,072 ​ $ 715,502 ​ ​ $ 81,599 ​ $ 77,795 Loans, held for sale in consolidated VIEs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ ​ 10,973 ​ ​ 19,173 ​ ​ ​ — ​ ​ — Total Loans, held for sale in consolidated VIEs ​ $ 10,973 ​ $ 19,173 ​ ​ $ — ​ $ — Total ​ $ 10,338,210 ​ $ 10,586,552 ​ ​ $ 10,713,084 ​ $ 10,857,984
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 ​ 2024 2023 2022 2021 2020 Pre 2020 Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 6,318,551 ​ $ 86,682 ​ $ 290,638 ​ $ 2,775,887 ​ $ 2,817,308 ​ $ 206,891 ​ $ 119,945 ​ $ 6,297,351 Fixed rate ​ ​ 973,437 ​ ​ — ​ ​ 4,007 ​ ​ 110,737 ​ ​ 181,596 ​ ​ 90,433 ​ ​ 588,440 ​ ​ 975,213 Construction ​ ​ 904,162 ​ ​ — ​ ​ 111,323 ​ ​ 138,755 ​ ​ 138,497 ​ ​ 47,469 ​ ​ 454,388 ​ ​ 890,432 SBA - 7(a) ​ ​ 1,233,906 ​ 44,096 ​ 150,457 ​ 348,424 ​ ​ 302,761 ​ ​ 111,453 ​ 249,911 ​ ​ 1,207,102 Other ​ ​ 421,821 ​ ​ 6,337 ​ ​ 2,806 ​ ​ 4,832 ​ ​ 11,813 ​ ​ 8,654 ​ ​ 384,498 ​ 418,940 Total Loans, before general allowance for loan losses ​ $ 9,851,877 ​ $ 137,115 ​ $ 559,231 ​ $ 3,378,635 ​ $ 3,451,975 ​ $ 464,900 ​ $ 1,797,182 ​ $ 9,789,038 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (45,873) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,743,165 Gross write-offs ​ ​ ​ ​ $ — ​ $ 494 ​ $ 873 ​ $ 35 ​ $ 201 ​ $ 4,150 ​ $ 5,753 ​ UPB ​ 2023 2022 2021 2020 ​ 2019 Pre 2019 Total December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 6,837,816 ​ $ 323,648 ​ $ 2,956,697 ​ $ 2,949,521 ​ $ 288,647 ​ $ 166,266 ​ $ 111,303 ​ $ 6,796,082 Fixed rate ​ ​ 1,032,641 ​ ​ 4,007 ​ ​ 110,800 ​ ​ 207,510 ​ ​ 90,794 ​ ​ 318,077 ​ ​ 300,642 ​ ​ 1,031,830 Construction ​ ​ 1,212,526 ​ ​ 108,218 ​ ​ 253,100 ​ ​ 182,920 ​ ​ 73,370 ​ ​ 434,151 ​ ​ 128,876 ​ ​ 1,180,635 Freddie Mac ​ ​ 9,719 ​ ​ — ​ ​ — ​ ​ 3,810 ​ ​ 5,690 ​ ​ — ​ ​ — ​ ​ 9,500 SBA - 7(a) ​ ​ 1,230,959 ​ 151,878 ​ 353,871 ​ 318,208 ​ ​ 115,019 ​ ​ 76,080 ​ 189,622 ​ ​ 1,204,678 Other ​ ​ 456,528 ​ ​ 2,599 ​ ​ 4,877 ​ ​ 18,549 ​ ​ 8,708 ​ ​ 43,724 ​ ​ 374,776 ​ 453,233 Total Loans, before general allowance for loan losses ​ $ 10,780,189 ​ $ 590,350 ​ $ 3,679,345 ​ $ 3,680,518 ​ $ 582,228 ​ $ 1,038,298 ​ $ 1,105,219 ​ $ 10,675,958 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (44,473) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,631,485 Gross write-offs ​ ​ ​ ​ $ 100 ​ $ 950 ​ $ 3,236 ​ $ 258 ​ $ 360 ​ $ 25,731 ​ $ 30,635
Schedule of delinquency information on loans by year of origination	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value by Year of Origination ​ (in thousands) UPB ​ 2024 2023 2022 2021 ​ 2020 Pre 2020 Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 9,014,343 ​ $ 137,108 ​ $ 540,691 ​ $ 3,116,363 ​ $ 3,060,184 ​ $ 413,838 ​ $ 1,708,790 ​ $ 8,976,974 30 - 59 days past due ​ ​ 199,535 ​ ​ 7 ​ ​ 3,490 ​ ​ 141,674 ​ ​ 38,498 ​ ​ 1,650 ​ ​ 11,781 ​ ​ 197,100 60+ days past due ​ ​ 637,999 ​ ​ — ​ ​ 15,050 ​ ​ 120,598 ​ ​ 353,293 ​ ​ 49,412 ​ ​ 76,611 ​ ​ 614,964 Total Loans, before general allowance for loan losses ​ $ 9,851,877 ​ $ 137,115 ​ $ 559,231 ​ $ 3,378,635 ​ $ 3,451,975 ​ $ 464,900 ​ $ 1,797,182 ​ $ 9,789,038 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (45,873) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,743,165 ​ UPB ​ 2023 2022 2021 2020 ​ 2019 Pre 2019 Total December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ 9,632,399 ​ $ 574,507 ​ $ 3,351,046 ​ $ 3,409,643 ​ $ 495,433 ​ $ 881,868 ​ $ 875,348 ​ $ 9,587,845 30 - 59 days past due ​ ​ 172,355 ​ ​ 582 ​ ​ 59,988 ​ ​ 80,684 ​ ​ 510 ​ ​ 22,586 ​ ​ 7,148 ​ ​ 171,498 60+ days past due ​ ​ 975,435 ​ ​ 15,261 ​ ​ 268,311 ​ ​ 190,191 ​ ​ 86,285 ​ ​ 133,844 ​ ​ 222,723 ​ ​ 916,615 Total Loans, before general allowance for loan losses ​ $ 10,780,189 ​ $ 590,350 ​ $ 3,679,345 ​ $ 3,680,518 ​ $ 582,228 ​ $ 1,038,298 ​ $ 1,105,219 ​ $ 10,675,958 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (44,473) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,631,485
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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 5,705,330 ​ $ 139,459 ​ $ 452,562 ​ $ 6,297,351 ​ $ 306,049 ​ $ — Fixed rate ​ ​ 952,931 ​ ​ — ​ ​ 22,282 ​ ​ 975,213 ​ ​ 22,283 ​ ​ — Construction ​ ​ 730,640 ​ ​ 31,891 ​ ​ 127,901 ​ ​ 890,432 ​ ​ 76,861 ​ ​ 48,956 SBA - 7(a) ​ ​ 1,173,270 ​ ​ 25,448 ​ ​ 8,384 ​ ​ 1,207,102 ​ ​ 36,190 ​ ​ — Other ​ ​ 414,803 ​ ​ 302 ​ ​ 3,835 ​ ​ 418,940 ​ ​ 14,335 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 8,976,974 ​ $ 197,100 ​ $ 614,964 ​ $ 9,789,038 ​ $ 455,718 ​ $ 48,956 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (45,873) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,743,165 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 91.7% ​ ​ 2.0% ​ ​ 6.3% ​ ​ 100% ​ ​ 4.7% ​ ​ 0.5% December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge ​ $ 6,186,367 ​ $ 87,163 ​ $ 522,552 ​ $ 6,796,082 ​ $ 339,073 ​ $ — Fixed rate ​ ​ 986,755 ​ ​ 21,798 ​ ​ 23,277 ​ ​ 1,031,830 ​ ​ 13,928 ​ ​ — Construction ​ ​ 782,123 ​ ​ 49,694 ​ ​ 348,818 ​ ​ 1,180,635 ​ ​ 241,751 ​ ​ 82,781 Freddie Mac ​ ​ 9,500 ​ ​ — ​ ​ — ​ ​ 9,500 ​ ​ 2,695 ​ ​ — SBA - 7(a) ​ ​ 1,179,231 ​ ​ 8,619 ​ ​ 16,828 ​ ​ 1,204,678 ​ ​ 30,549 ​ ​ 40 Other ​ ​ 443,869 ​ ​ 4,224 ​ ​ 5,140 ​ ​ 453,233 ​ ​ 6,005 ​ ​ — Total Loans, before general allowance for loan losses ​ $ 9,587,845 ​ $ 171,498 ​ $ 916,615 ​ $ 10,675,958 ​ $ 634,001 ​ $ 82,821 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (44,473) ​ ​ ​ ​ ​ ​ Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,631,485 ​ ​ ​ ​ ​ ​ Percentage of loans outstanding ​ ​ 89.8% ​ ​ 1.6% ​ ​ 8.6% ​ ​ 100% ​ ​ 5.9% ​ ​ 0.8%
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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ 2,259 $ 102,161 $ 700,851 $ 5,353,476 $ 108,534 $ 30,070 $ 6,297,351 Fixed rate ​ 4,231 ​ 32,393 ​ 441,069 ​ 476,391 ​ 19,833 ​ 1,296 ​ 975,213 Construction ​ 15,292 ​ 25,152 ​ 128,515 ​ 572,255 ​ 95,989 ​ 53,229 ​ 890,432 SBA - 7(a) ​ 12,165 72,245 225,117 ​ 361,900 ​ 229,108 306,567 ​ 1,207,102 Other 117,819 ​ 144,546 ​ 76,557 ​ 63,569 ​ 5,107 ​ 11,342 418,940 Total Loans, before general allowance for loan losses $ 151,766 $ 376,497 $ 1,572,109 $ 6,827,591 $ 458,571 $ 402,504 $ 9,789,038 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (45,873) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,743,165 Percentage of loans outstanding ​ 1.6% ​ 3.8% ​ 16.1% ​ 69.7% ​ 4.7% ​ 4.1% ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge $ 2,308 $ 97,309 $ 756,353 $ 5,781,651 $ 82,517 $ 75,944 $ 6,796,082 Fixed rate 5,222 ​ 36,021 ​ 449,804 ​ 517,628 ​ 19,965 ​ 3,190 ​ 1,031,830 Construction ​ 25,173 ​ 94,856 ​ 532,730 ​ 355,631 ​ 119,191 ​ 53,054 ​ 1,180,635 Freddie Mac — ​ — ​ 2,995 ​ 6,505 ​ — ​ — ​ 9,500 SBA - 7(a) ​ 10,627 56,061 172,743 ​ 404,102 ​ 226,327 334,818 ​ 1,204,678 Other 127,310 ​ 159,386 ​ 81,291 ​ 68,451 ​ 14,124 ​ 2,671 453,233 Total Loans, before general allowance for loan losses $ 170,640 $ 443,633 $ 1,995,916 $ 7,133,968 $ 462,124 $ 469,677 $ 10,675,958 General allowance for loan losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (44,473) Total Loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,631,485 Percentage of loans outstanding ​ 1.6% ​ 4.2% ​ 18.7% ​ 66.8% ​ 4.3% ​ 4.4% ​ ​ (1) LTV is calculated by dividing the current carrying amount by the most recent collateral value received. The most recent value for performing loans is often the third-party as-is valuation utilized during the original underwriting process.
Schedule of activity of the allowance for loan losses for loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Bridge ​ Fixed Rate ​ Construction ​ SBA - 7(a) ​ Other ​ Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 10,827 ​ $ 5,971 ​ $ 11,886 ​ $ 14,596 ​ $ 2,593 ​ $ 45,873 Specific ​ 2,354 ​ ​ 1,293 ​ ​ 690 ​ ​ 5,983 ​ ​ 51 ​ ​ 10,371 PCD ​ — ​ ​ — ​ ​ 11,179 ​ ​ — ​ ​ — ​ ​ 11,179 Ending balance $ 13,181 ​ $ 7,264 ​ $ 23,755 ​ $ 20,579 ​ $ 2,644 ​ $ 67,423 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General $ 17,302 ​ $ 7,884 ​ $ 3,722 ​ $ 12,679 ​ $ 2,886 ​ $ 44,473 Specific ​ 18,939 ​ ​ 5,714 ​ ​ 5,726 ​ ​ 5,188 ​ ​ 143 ​ ​ 35,710 PCD ​ — ​ ​ — ​ ​ 21,422 ​ ​ — ​ ​ — ​ ​ 21,422 Ending balance $ 36,241 ​ $ 13,598 ​ $ 30,870 ​ $ 17,867 ​ $ 3,029 ​ $ 101,605 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Bridge Fixed Rate Construction SBA - 7(a) Other Total Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ Beginning balance $ 36,241 $ 13,598 $ 30,870 $ 17,867 $ 3,029 $ 101,605 Provision for (recoveries of) loan losses ​ (23,060) ​ (3,705) ​ (5,636) ​ 4,163 ​ (319) ​ (28,557) Charge-offs and sales ​ — ​ (2,629) ​ (1,479) ​ (1,579) ​ (66) ​ (5,753) Recoveries ​ — ​ — ​ — ​ 128 ​ — ​ 128 Ending balance $ 13,181 $ 7,264 $ 23,755 $ 20,579 $ 2,644 $ 67,423 Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ Beginning balance $ 49,905 $ 6,531 $ 17,334 $ 14,299 $ 2,450 $ 90,519 Provision for (recoveries of) loan losses ​ (8,975) ​ 2,654 ​ (63) ​ 1,395 ​ 443 ​ (4,546) Charge-offs and sales ​ (611) ​ (100) ​ (16,898) ​ (613) ​ — ​ (18,222) Recoveries ​ — ​ — ​ — ​ 29 ​ — ​ 29 Ending balance $ 40,319 $ 9,085 $ 373 $ 15,110 $ 2,893 $ 67,780
Schedule of reconciliation between purchase price with par value of purchased loans	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation UPB $ 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) March 31, 2024 ​ December 31, 2023 Non-accrual loans ​ ​ ​ ​ ​ With an allowance $ 429,080 ​ $ 607,292 Without an allowance ​ 26,638 ​ ​ 26,709 Total recorded carrying value of non-accrual loans $ 455,718 ​ $ 634,001 Allowance for loan losses related to non-accrual loans $ (22,075) ​ $ (50,796) UPB of non-accrual loans $ 481,839 ​ $ 688,282 ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ March 31, 2023 Interest income on non-accrual loans for the three months ended $ 3,052 ​ $ 817
Geographical concentration
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of concentration risk of loans secured by real estate	​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration (% of UPB) March 31, 2024 ​ December 31, 2023 Texas 19.0 % ​ 18.6 % California 11.8 ​ ​ 11.4 ​ Florida 7.0 ​ ​ 6.4 ​ Georgia 6.8 ​ ​ 7.1 ​ Arizona 6.7 ​ ​ 6.1 ​ Oregon 6.3 ​ ​ 5.9 ​ New York 4.7 ​ ​ 4.8 ​ North Carolina 4.4 ​ ​ 4.1 ​ Ohio 3.5 ​ ​ 3.2 ​ Washington ​ 3.1 ​ ​ 3.4 ​ Other 26.7 ​ ​ 29.0 ​ 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) March 31, 2024 ​ December 31, 2023 Multi-family 62.4 % ​ 60.9 % SBA 12.5 ​ ​ 11.4 ​ Mixed Use 8.4 ​ ​ 8.4 ​ Industrial 5.3 ​ ​ 4.3 ​ Retail 4.0 ​ ​ 4.3 ​ Office 3.4 ​ ​ 4.4 ​ Lodging 1.4 ​ ​ 1.6 ​ Other 2.6 ​ ​ 4.7 ​ Total 100.0 % ​ 100.0 % ​ The table below presents the collateral type concentration of SBA loans within loans, net. ​ ​ ​ ​ ​ ​ ​ ​ Collateral Concentration (% of UPB) March 31, 2024 ​ December 31, 2023 Lodging ​ 23.1 % ​ 23.4 % Gasoline Service Stations 13.0 ​ ​ 12.8 ​ Eating Places 6.3 ​ ​ 6.2 ​ Child Day Care Services 5.6 ​ ​ 5.6 ​ Offices of Physicians ​ 4.0 ​ ​ 4.1 ​ General Freight Trucking, Local ​ 3.3 ​ ​ 3.5 ​ Grocery Stores ​ 2.3 ​ ​ 2.3 ​ Coin-Operated Laundries and Drycleaners ​ 1.9 ​ ​ 1.9 ​ Beer, Wine, and Liquor Stores 1.4 ​ ​ 1.3 ​ Funeral Service & Crematories 1.3 ​ ​ 1.4 ​ Other 37.8 ​ ​ 37.5 ​ Total 100.0 % ​ 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements
Schedule of financial instruments carried at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (a) $ 63,040 ​ $ — ​ $ — ​ $ 63,040 Loans, held for sale ​ — ​ ​ 86,099 ​ ​ — ​ ​ 86,099 Paycheck Protection Program loans (b) — ​ 491 ​ — ​ 491 MBS, at fair value — ​ 29,546 ​ — ​ 29,546 Derivative instruments ​ — ​ ​ 15,448 ​ ​ — ​ ​ 15,448 Investment in unconsolidated joint ventures — ​ — ​ 7,169 ​ 7,169 Preferred equity investment (c) ​ — ​ ​ — ​ ​ 106,548 ​ ​ 106,548 Total assets $ 63,040 ​ $ 131,584 ​ $ 113,717 ​ $ 308,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ — ​ ​ 593 ​ ​ — ​ ​ 593 Total liabilities $ — ​ $ 593 ​ $ — ​ $ 593 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (a) $ 100,238 ​ $ — ​ $ — ​ $ 100,238 Loans, held for sale — ​ ​ 81,599 ​ ​ — ​ ​ 81,599 Loans, net — ​ — ​ 9,348 ​ 9,348 Paycheck Protection Program loans (b) — ​ 165 ​ — ​ 165 MBS, at fair value — ​ 27,436 ​ — ​ 27,436 Derivative instruments — ​ ​ 2,404 ​ ​ — ​ ​ 2,404 Investment in unconsolidated joint ventures — ​ — ​ 7,360 ​ 7,360 Preferred equity investment (c) ​ — ​ ​ — ​ ​ 108,423 ​ ​ 108,423 Total assets $ 100,238 ​ $ 111,604 ​ $ 125,131 ​ $ 336,973 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative instruments ​ — ​ ​ 212 ​ ​ — ​ ​ 212 Contingent consideration ​ — ​ ​ — ​ ​ 7,628 ​ ​ 7,628 Total liabilities $ — ​ $ 212 ​ $ 7,628 ​ $ 7,840 (a) Money market funds are included in cash and cash equivalents on the consolidated balance sheets (b) Paycheck Protection Program loans are included in other assets on the consolidated balance sheets (c) 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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in unconsolidated joint ventures $ 7,169 ​ Income Approach ​ Discount rate ​ 9.0% ​ 9.0% Preferred equity investment ​ 106,548 ​ Income Approach ​ Discount rate ​ 10.0% ​ 10.0% December 31, 2023 ​ ​ ​ ​ ​ Investment in unconsolidated joint ventures $ 7,360 Income Approach Discount rate ​ 9.0% ​ 9.0% Preferred equity investment ​ 108,423 ​ Income Approach ​ Discount rate ​ 10.0% ​ 10.0% Contingent consideration- Mosaic CER dividends ​ (1,591) ​ Monte Carlo Simulation Model ​ Equity volatility | Risk-free rate of return | Discount rate ​ 30.0% | 4.7% | 11.5% ​ 30% | 4.7% | 11.5% Contingent consideration- Mosaic CER units ​ (6,037) ​ Income approach and PWERM Model ​ Revaluation discount rate | Discount rate ​ 12.0% | 11.5% ​ 12.0% | 11.5% (a) Prices are weighted based on the UPB of the loans and securities included in the range for each class. ​
Summary of changes in fair value for Level 3 assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2024 2023 Loans, net ​ ​ ​ ​ ​ Beginning balance $ 9,348 ​ $ 9,786 Unrealized gains (losses), net ​ 680 ​ ​ 73 Transfer to (from) Level 3 ​ (10,028) ​ ​ — Ending balance $ — ​ $ 9,859 Loans, held for sale ​ ​ ​ ​ ​ Beginning balance ​ — ​ ​ 60,924 Sales / Principal payments ​ — ​ ​ (11) Unrealized gains (losses), net ​ — ​ ​ (2,583) Ending balance $ — ​ $ 58,330 Investment in unconsolidated joint ventures ​ ​ ​ ​ ​ Beginning balance ​ 7,360 ​ ​ 8,094 Unrealized gains (losses), net ​ (191) ​ ​ (181) Ending balance $ 7,169 ​ $ 7,913 Contingent consideration ​ ​ ​ ​ ​ Beginning balance ​ (7,628) ​ ​ (28,500) Sales / Principal payments ​ — ​ ​ 9,000 Realized gains (losses), net ​ 7,628 ​ ​ — Unrealized losses (gains), net ​ — ​ ​ 2,864 Ending balance $ — ​ $ (16,636) Preferred equity investment (1) ​ ​ ​ ​ ​ Beginning balance ​ 108,423 ​ ​ 108,423 Unrealized gains (losses), net ​ (1,875) ​ ​ — Ending balance $ 106,548 ​ $ 108,423 Total ​ ​ ​ ​ ​ Beginning balance ​ 117,503 ​ ​ 158,727 Sales / Principal payments ​ — ​ ​ 8,989 Realized gains (losses), net ​ 7,628 ​ ​ — Unrealized gains (losses), net ​ (1,386) ​ ​ 173 Transfer to (from) Level 3 ​ (10,028) ​ ​ — Ending balance $ 113,717 ​ $ 167,889 (1) 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans, net ​ $ 9,743,165 ​ $ 9,585,442 ​ $ 10,622,137 ​ $ 10,380,893 Loans, held for sale ​ ​ 508,946 ​ ​ 508,946 ​ ​ — ​ ​ — Servicing rights ​ ​ 103,555 ​ 116,814 ​ 102,837 ​ 113,715 Total assets ​ $ 10,355,666 ​ $ 10,211,202 ​ $ 10,724,974 ​ $ 10,494,608 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ 2,198,272 ​ ​ 2,198,272 ​ ​ 2,102,075 ​ ​ 2,102,075 Securitized debt obligations of consolidated VIEs, net ​ 4,769,057 ​ 4,739,186 ​ 5,068,453 ​ 5,022,057 Senior secured note, net ​ ​ 345,570 ​ ​ 319,102 ​ ​ 345,127 ​ ​ 317,239 Guaranteed loan financing ​ 814,784 ​ 865,630 ​ 844,540 ​ 889,744 Corporate debt, net ​ ​ 766,084 ​ ​ 739,437 ​ ​ 764,908 ​ ​ 731,104 Total liabilities ​ $ 8,893,767 ​ $ 8,861,627 ​ $ 9,125,103 ​ $ 9,062,219

Servicing rights (Tables)

Servicing rights (Tables)	3 Months Ended
	Mar. 31, 2024
Servicing Rights
Schedule of information regarding portfolio of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2024 2023 SBA servicing rights, at amortized cost Beginning net carrying amount ​ $ 29,536 ​ $ 19,756 Additions due to loans sold, servicing retained ​ 2,677 ​ 1,512 Amortization ​ (855) ​ (835) Recovery (impairment) ​ (15) ​ 1,607 Ending net carrying amount ​ $ 31,343 ​ $ 22,040 Multi-family servicing rights, at amortized cost Beginning net carrying amount ​ ​ 73,301 ​ ​ 67,361 Additions due to loans sold, servicing retained ​ 1,738 ​ 3,081 Amortization ​ (2,827) ​ (2,531) Ending net carrying amount ​ $ 72,212 ​ $ 67,911 Total servicing rights, at amortized cost ​ $ 103,555 ​ $ 89,951
Schedule of servicing rights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ As of December 31, 2023 (in thousands) ​ UPB ​ Carrying Value ​ UPB ​ Carrying Value SBA ​ $ 1,289,023 ​ $ 31,343 ​ $ 1,208,201 ​ $ 29,536 Multi-family ​ ​ 5,763,756 ​ ​ 72,212 ​ ​ 5,689,872 ​ ​ 73,301 Total ​ $ 7,052,779 ​ $ 103,555 ​ $ 6,898,073 ​ $ 102,837 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of assumptions used in the estimated valuation of servicing rights carried at amortized cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Range of input values ​ Weighted Average Range of input values ​ Weighted Average SBA servicing rights ​ Forward prepayment rate ​ 0.0 - 5.2 % ​ 5.0 % ​ 0.0 - 4.5 % ​ 4.4 % ​ Forward default rate ​ 0.0 - 7.2 % ​ 6.9 % ​ 0.0 - 7.3 % ​ 7.0 % ​ Discount rate ​ 12.5 - 22.5 % ​ 12.8 % ​ 14.4 - 22.9 % ​ 14.6 % ​ Servicing expense ​ 0.4 - 0.4 % ​ 0.4 % ​ 0.4 - 0.4 % ​ 0.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-family servicing rights ​ Forward prepayment rate ​ 0.0 - 6.5 % ​ 5.5 % ​ 0.0 - 6.5 % ​ 5.4 % ​ Forward default rate ​ 0.0 - 0.9 % ​ 0.6 % ​ 0.0 - 0.9 % ​ 0.6 % ​ 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) March 31, 2024 December 31, 2023 SBA servicing rights ​ ​ ​ ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (690) ​ $ (543) Impact of 20% adverse change ​ $ (1,355) ​ $ (1,069) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (184) ​ $ (165) Impact of 20% adverse change ​ $ (366) ​ $ (328) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (1,514) ​ $ (1,530) Impact of 20% adverse change ​ $ (2,905) ​ $ (2,922) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,260) ​ $ (2,047) Impact of 20% adverse change ​ $ (4,520) ​ $ (4,095) Multi-family servicing rights ​ ​ ​ Forward prepayment rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (481) ​ $ (491) Impact of 20% adverse change ​ $ (947) ​ $ (965) Default rate ​ ​ ​ ​ Impact of 10% adverse change ​ $ (14) ​ $ (14) Impact of 20% adverse change ​ $ (28) ​ $ (29) Discount rate ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,305) ​ $ (2,320) Impact of 20% adverse change ​ $ (4,496) ​ $ (4,524) Servicing expense ​ ​ ​ ​ ​ ​ Impact of 10% adverse change ​ $ (2,590) ​ $ (2,587) Impact of 20% adverse change ​ $ (5,180) ​ $ (5,173)
Schedule of future amortization expense for the servicing rights	​ ​ ​ ​ ​ (in thousands) March 31, 2024 2024 ​ $ 11,877 2025 ​ 14,078 2026 ​ 12,693 2027 ​ 11,347 2028 ​ 10,140 Thereafter ​ 43,420 Total ​ $ 103,555 ​

Discontinued Operations and A_2

Discontinued Operations and Assets and Liabilities Held For Sale (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued operations and assets and liabilities held for sale
Schedule of reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued segment	The table below presents the assets and liabilities of the Residential Mortgage Banking segment classified as held for sale. ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 31, 2024 ​ December 31, 2023 Assets ​ ​ ​ ​ ​ Cash and cash equivalents $ 10,555 ​ $ 13,694 Restricted cash ​ 4,970 ​ ​ 6,314 Loans, net ​ 2,970 ​ 2,778 Loans, held for sale ​ 116,061 ​ ​ 133,204 Loans eligible for repurchase from Ginnie Mae ​ 86,004 ​ ​ 86,872 Derivative instruments ​ 107 ​ ​ 847 Servicing rights (1) ​ 191,228 ​ ​ 188,855 Other assets ​ 27,406 ​ ​ 22,032 Total Assets $ 439,301 ​ $ 454,596 Liabilities ​ ​ ​ ​ ​ Secured borrowings ​ 219,166 ​ ​ 230,965 Liabilities for loans eligible for repurchase from Ginnie Mae ​ 86,004 ​ ​ 86,872 Derivative instruments ​ — ​ ​ 1,321 Accounts payable and other accrued liabilities ​ 10,805 ​ ​ 13,999 Total Liabilities $ 315,975 ​ $ 333,157 (1) Servicing rights are Level 3 assets that had been measured at fair value using the income approach valuation technique. Refer to Note 7- Fair value measurements for further details. The table below presents the operating results of the Residential Mortgage Banking segment presented as discontinued operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2024 2023 Interest income ​ $ 1,842 ​ $ 1,605 Interest expense ​ ​ (2,530) ​ ​ (1,526) Net interest income (loss) before provision for loan losses ​ $ (688) ​ $ 79 Non-interest income ​ ​ ​ ​ ​ ​ Residential mortgage banking activities ​ ​ 9,242 ​ ​ 9,169 Net unrealized gain (loss) on financial instruments ​ ​ — ​ ​ (6,093) Servicing income, net of amortization and impairment ​ ​ 9,416 ​ ​ 9,361 Other income ​ ​ 4 ​ ​ 31 Total non-interest income ​ $ 18,662 ​ $ 12,468 Non-interest expense ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ (5,684) ​ ​ (5,412) Variable expenses on residential mortgage banking activities ​ ​ (6,086) ​ ​ (5,485) Professional fees ​ ​ (153) ​ ​ (174) Loan servicing expense ​ ​ (2,329) ​ ​ (1,808) Other operating expenses ​ ​ (1,835) ​ ​ (1,709) Total non-interest expense ​ $ (16,087) ​ $ (14,588) Income (loss) from discontinued operations before provision for income taxes ​ ​ 1,887 ​ ​ (2,041) Income tax (provision) benefit ​ ​ (472) ​ ​ 510 Net income (loss) from discontinued operations ​ $ 1,415 ​ $ (1,531)

Secured borrowings (Tables)

Secured borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 ​ December 31, 2023 3 SBA loans October 2024 - March 2025 SOFR + 2.82% $ 250,000 $ 201,894 $ 152,988 ​ $ 117,115 1 LMM loans - USD February 2025 SOFR + 1.35% ​ 80,000 ​ 5,770 ​ 5,686 ​ ​ 20,729 1 LMM loans - Non-USD (4) January 2025 EURIBOR + 3.00% ​ 215,926 ​ 45,501 ​ 41,466 ​ ​ 12,079 Total borrowings under credit facilities and other financing agreements ​ $ 545,926 $ 253,165 $ 200,140 ​ $ 149,923 9 LMM loans July 2024 - November 2026 SOFR + 3.20% ​ 4,295,500 ​ 2,688,517 ​ 1,764,584 ​ ​ 1,677,885 1 LMM loans - Non-USD (4) Matured EURIBOR + 3.00% ​ — ​ — ​ — ​ ​ 45,031 6 MBS April 2024 - August 2024 6.95% ​ 233,548 ​ 375,953 ​ 233,548 ​ ​ 229,236 Total borrowings under repurchase agreements $ 4,529,048 $ 3,064,470 $ 1,998,132 ​ $ 1,952,152 Total secured borrowings $ 5,074,974 $ 3,317,635 $ 2,198,272 ​ $ 2,102,075 (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) ​ March 31, 2024 December 31, 2023 Collateral pledged - borrowings under credit facilities and other financing agreements ​ ​ ​ ​ ​ Loans, held for sale ​ $ 34,013 $ 43,365 Loans, net ​ ​ 219,152 ​ 169,147 Total ​ $ 253,165 $ 212,512 Collateral pledged - borrowings under repurchase agreements ​ ​ ​ ​ ​ Loans, net ​ ​ 2,103,618 ​ 2,560,725 MBS ​ 20,972 20,770 Retained interest in assets of consolidated VIEs ​ ​ 354,981 ​ 356,772 Loans, held for sale ​ 402,434 — Loans, held at fair value ​ ​ — ​ 9,349 Real estate acquired in settlement of loans ​ ​ 182,465 ​ 160,455 Total ​ $ 3,064,470 $ 3,108,071 Total collateral pledged on secured borrowings ​ $ 3,317,635 $ 3,320,583 ​ ​ ​ ​ ​ ​ ​

Senior secured notes and corp_2

Senior secured notes and corporate debt, net (Tables)	3 Months Ended
	Mar. 31, 2024
Senior secured notes and corporate debt, net
Schedule of components of the Senior Secured Notes, Convertible Notes, and Corporate debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Coupon Rate ​ Maturity Date March 31, 2024 Senior secured notes principal amount (1) ​ 4.50 % ​ 10/20/2026 ​ $ 350,000 Unamortized deferred financing costs - Senior secured notes ​ ​ ​ ​ ​ ​ ​ (4,430) Total Senior secured notes, net ​ ​ ​ ​ ​ ​ $ 345,570 Corporate debt principal amount (2) ​ 5.50 % ​ 12/30/2028 ​ ​ 110,000 Corporate debt principal amount (3) ​ 6.20 % ​ 7/30/2026 ​ ​ 104,614 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 ​ ​ ​ ​ ​ ​ ​ (6,432) Unamortized deferred financing costs - corporate debt ​ ​ ​ ​ ​ ​ ​ (4,618) 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 ​ ​ ​ ​ ​ ​ $ 766,084 Total carrying amount of debt ​ ​ ​ ​ ​ ​ $ 1,111,654 (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) March 31, 2024 2024 $ — 2025 ​ 120,000 2026 ​ 760,884 2027 ​ 100,000 2028 ​ ​ 110,000 Thereafter ​ 36,250 Total contractual amounts ​ $ 1,127,134 Unamortized deferred financing costs, discounts, and premiums, net ​ ​ (15,480) Total carrying amount of debt ​ $ 1,111,654 ​

Guaranteed loan financing (Tabl

Guaranteed loan financing (Tables)	3 Months Ended
	Mar. 31, 2024
Guaranteed loan financing.
Schedule of guaranteed loan financing and the related interest rates and maturity dates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Range of ​ Range of ​ ​ (in thousands) ​ Interest Rate ​ Interest Rates ​ Maturities (Years) ​ Ending Balance March 31, 2024 ​ 9.17 % 1.45-10.50 % 2024-2048 ​ $ 814,784 December 31, 2023 ​ 9.17 % 1.45-10.50 % 2023-2048 ​ $ 844,540
Summary of contractual maturities of total guaranteed loan financing outstanding	​ ​ ​ ​ ​ (in thousands) March 31, 2024 2024 $ 238 2025 ​ 501 2026 ​ 2,250 2027 ​ 8,345 2028 ​ ​ 9,124 Thereafter ​ 794,326 Total ​ $ 814,784 ​

Variable interest entities an_2

Variable interest entities and securitization activities (Tables)	3 Months Ended
	Mar. 31, 2024
Consolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 December 31, 2023 Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 9 $ 671 Restricted cash ​ 44,607 ​ ​ 93,240 Loans, net ​ ​ 6,342,684 ​ ​ 6,611,325 Loans, held for sale ​ ​ 10,973 ​ ​ — Preferred equity investment (1) ​ ​ 106,548 ​ ​ 108,423 Other assets ​ ​ 87,013 ​ ​ 83,486 Total assets ​ $ 6,591,834 ​ $ 6,897,145 Liabilities: ​ ​ ​ ​ ​ ​ Securitized debt obligations of consolidated VIEs, net ​ ​ 4,769,057 ​ ​ 5,068,453 Due to third parties ​ ​ 2,780 ​ ​ 2,944 Accounts payable and other accrued liabilities ​ ​ 1 ​ ​ 34 Total liabilities ​ $ 4,771,838 ​ $ 5,071,431 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 ​ ​ 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 ​ $ 27,846 ​ $ 27,846 ​ 8.0 % ​ $ 32,175 ​ $ 32,175 ​ 7.6 % ReadyCap Lending Small Business Trust 2023-3 ​ ​ 118,157 ​ ​ 116,059 ​ 8.6 ​ ​ ​ 121,527 ​ ​ 119,308 ​ 8.5 ​ Sutherland Commercial Mortgage Trust 2017-SBC6 ​ ​ 931 ​ ​ 928 ​ 5.0 ​ ​ ​ 1,550 ​ ​ 1,532 ​ 5.0 ​ Sutherland Commercial Mortgage Trust 2019-SBC8 ​ ​ 101,410 ​ ​ 99,936 ​ 2.9 ​ ​ ​ 105,281 ​ ​ 103,733 ​ 2.9 ​ Sutherland Commercial Mortgage Trust 2021-SBC10 ​ ​ 74,951 ​ ​ 73,784 ​ 1.6 ​ ​ ​ 81,214 ​ ​ 79,952 ​ 1.6 ​ ReadyCap Commercial Mortgage Trust 2015-2 ​ 1,830 ​ ​ 1,724 ​ 5.1 ​ ​ 1,902 ​ ​ 1,753 ​ 5.1 ​ ReadyCap Commercial Mortgage Trust 2016-3 ​ 9,038 ​ ​ 8,765 ​ 5.3 ​ ​ 9,038 ​ ​ 8,723 ​ 5.2 ​ ReadyCap Commercial Mortgage Trust 2018-4 ​ ​ 52,568 ​ ​ 50,942 ​ 4.6 ​ ​ ​ 53,052 ​ ​ 51,309 ​ 4.5 ​ ReadyCap Commercial Mortgage Trust 2019-5 ​ ​ 86,938 ​ ​ 82,218 ​ 4.9 ​ ​ ​ 88,520 ​ ​ 83,529 ​ 4.7 ​ ReadyCap Commercial Mortgage Trust 2019-6 ​ ​ 198,331 ​ ​ 194,675 ​ 3.4 ​ ​ ​ 199,379 ​ ​ 195,496 ​ 3.4 ​ ReadyCap Commercial Mortgage Trust 2022-7 ​ ​ 195,150 ​ ​ 188,593 ​ 4.2 ​ ​ ​ 195,866 ​ ​ 188,995 ​ 4.2 ​ Ready Capital Mortgage Financing 2021-FL5 ​ ​ 223,027 ​ ​ 223,027 ​ 7.3 ​ ​ ​ 273,681 ​ ​ 273,623 ​ 6.6 ​ Ready Capital Mortgage Financing 2021-FL6 ​ ​ 304,519 ​ ​ 304,045 ​ 6.8 ​ ​ ​ 417,782 ​ ​ 416,467 ​ 6.4 ​ Ready Capital Mortgage Financing 2021-FL7 ​ ​ 586,037 ​ ​ 584,645 ​ 7.1 ​ ​ ​ 586,117 ​ ​ 583,771 ​ 6.7 ​ Ready Capital Mortgage Financing 2022-FL8 ​ ​ 791,220 ​ ​ 788,790 ​ 7.5 ​ ​ ​ 808,671 ​ ​ 805,220 ​ 7.0 ​ Ready Capital Mortgage Financing 2022-FL9 ​ ​ 501,751 ​ ​ 497,559 ​ 8.5 ​ ​ ​ 511,622 ​ ​ 505,917 ​ 8.1 ​ Ready Capital Mortgage Financing 2022-FL10 ​ ​ 640,903 ​ ​ 634,495 ​ 8.2 ​ ​ ​ 654,116 ​ ​ 646,141 ​ 7.8 ​ Ready Capital Mortgage Financing 2023-FL11 ​ ​ 456,990 ​ ​ 453,033 ​ 8.2 ​ ​ ​ 473,481 ​ ​ 468,307 ​ 8.2 ​ Ready Capital Mortgage Financing 2023-FL12 ​ ​ 441,496 ​ ​ 436,688 ​ 8.1 ​ ​ ​ 507,646 ​ ​ 500,882 ​ 8.0 ​ Total ​ $ 4,813,093 $ 4,767,752 ​ 7.2 % $ 5,122,620 $ 5,066,833 ​ 6.9 %
Unconsolidated VIEs
Variable interest entities
Schedule of assets and liabilities for VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Amount Maximum Exposure to Loss (1) (in thousands) ​ March 31, 2024 ​ December 31, 2023 ​ March 31, 2024 ​ December 31, 2023 MBS (2) $ 26,716 ​ $ 26,301 $ 26,716 ​ $ 26,301 Investment in unconsolidated joint ventures ​ ​ 132,730 ​ ​ 133,321 ​ ​ 132,730 ​ ​ 133,321 Total assets in unconsolidated VIEs ​ $ 159,446 ​ $ 159,622 ​ $ 159,446 ​ $ 159,622 (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)	3 Months Ended
	Mar. 31, 2024
Interest income and interest expense
Schedule of components of interest income and expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2024 2023 Interest income ​ ​ ​ ​ ​ ​ Loans, net ​ ​ ​ ​ ​ ​ Bridge ​ $ 148,273 ​ $ 160,431 Fixed rate ​ ​ 12,266 ​ ​ 13,028 Construction ​ ​ 30,168 ​ ​ 12,166 SBA - 7(a) ​ ​ 31,290 ​ ​ 14,921 PPP (1) ​ ​ 301 ​ ​ 3,007 Other ​ ​ 7,785 ​ ​ 8,375 Total loans, net (2) ​ $ 230,083 ​ $ 211,928 Loans, held for sale, at fair value ​ ​ ​ ​ ​ ​ Fixed rate ​ ​ — ​ ​ 735 Other ​ ​ 218 ​ ​ 7 Total loans, held for sale, at fair value (2) ​ $ 218 ​ $ 742 Investments held to maturity (1) ​ ​ 13 ​ ​ 8 Preferred equity investment (2) ​ ​ 1,084 ​ ​ 2,168 MBS ​ ​ 956 ​ ​ 1,122 Total interest income ​ $ 232,354 ​ $ 215,968 Interest expense ​ ​ ​ ​ ​ ​ Secured borrowings ​ ​ (47,638) ​ ​ (45,220) PPPLF borrowings (3) ​ (28) ​ (164) Securitized debt obligations of consolidated VIEs ​ (100,252) ​ (90,601) Guaranteed loan financing ​ ​ (18,508) ​ ​ (4,872) Senior secured note ​ (4,381) ​ (4,381) Convertible note ​ ​ — ​ ​ (2,188) Corporate debt ​ ​ (12,998) ​ ​ (11,442) Total interest expense ​ $ (183,805) ​ $ (158,868) Net interest income before provision for loan losses ​ $ 48,549 ​ $ 57,100 (1) Included in Other assets on the consolidated balance sheets. (2) Includes interest income on assets in consolidated VIEs. ​ ​ ​ ​ ​ ​ (3) Included in Other liabilities on the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​

Derivative instruments (Tables)

Derivative instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative instruments
Schedule of the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative (in thousands) ​ Primary Underlying Risk ​ Amount ​ Asset ​ Liability ​ Amount ​ Asset ​ Liability Interest Rate Swaps - not designated as hedges (1) Interest rate risk ​ $ 40,500 ​ $ 10,882 ​ $ — ​ $ 183,081 ​ $ 12,349 ​ $ — Interest Rate Swaps - designated as hedges (1) ​ Interest rate risk ​ ​ 564,620 ​ ​ 43,917 ​ ​ — ​ ​ 416,139 ​ ​ 24,463 ​ ​ — FX forwards ​ Foreign exchange rate risk ​ ​ 65,350 ​ ​ 1,011 ​ ​ (593) ​ ​ 39,447 ​ ​ — ​ ​ (212) Total ​ ​ ​ $ 670,470 ​ $ 55,810 ​ $ (593) ​ $ 638,667 ​ $ 36,812 ​ $ (212) (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 March 31, 2024 ​ ​ ​ ​ ​ Interest rate swaps $ 4,392 ​ $ 6,886 Total $ 4,392 ​ $ 6,886 Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ Interest rate swaps $ 3,686 ​ $ (8,459) FX forwards ​ — ​ ​ (462) Total $ 3,686 ​ $ (8,921)
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 swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 $ (283) ​ $ — $ (283) ​ $ 5,962 ​ $ 6,245 Three Months Ended March 31, 2023 $ (298) ​ $ — $ (298) ​ $ (4,103) ​ $ (3,805)

Real estate owned, held for s_2

Real estate owned, held for sale (Tables)	3 Months Ended
	Mar. 31, 2024
Real estate owned, held for sale
Summary of the carrying amount of the Company's real estate holdings	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 December 31, 2023 Acquired Portfolio: ​ ​ ​ ​ ​ ​ Mixed Use $ 8,535 $ 8,535 Multi-family ​ ​ 72,664 ​ ​ 73,745 Lodging ​ ​ 5,342 ​ ​ 14,010 Residential ​ ​ 23,064 ​ ​ 23,064 Office ​ ​ 6,883 ​ ​ 6,901 Land ​ ​ 82,507 ​ ​ 86,375 Total Acquired REO (1) ​ $ 198,995 ​ $ 212,630 Other REO held for sale: ​ ​ ​ ​ ​ ​ Office ​ ​ 6,601 ​ ​ 5,983 Services ​ ​ — ​ ​ 1,126 Mixed Use ​ ​ 4,247 ​ ​ 4,247 Multi-family ​ ​ 28,139 ​ ​ 28,139 Other ​ ​ 1,892 ​ ​ 824 Total Other REO ​ $ 40,879 ​ $ 40,319 Total real estate owned, held for sale ​ $ 239,874 ​ $ 252,949 (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)	3 Months Ended
	Mar. 31, 2024
Management fee
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Management fee - total ​ $ 6.6 million ​ $ 5.1 million Management fee - amount unpaid ​ $ 6.6 million ​ $ 5.1 million
Incentive distribution
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Incentive fee distribution - total ​ $ — ​ $ 1.7 million Incentive fee distribution - amount unpaid ​ $ — ​ $ 1.7 million
Expense reimbursement
Related-party transactions
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Reimbursable expenses payable to Manager - total ​ $ 2.8 million ​ $ 2.9 million Reimbursable expenses payable to Manager - amount unpaid ​ $ 1.2 million ​ $ 1.8 million

Other assets and other liabil_2

Other assets and other liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Other assets and other liabilities
Schedule of other assets and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 December 31, 2023 Other assets: ​ ​ ​ ​ ​ ​ Goodwill ​ $ 38,530 ​ $ 38,530 Deferred loan exit fees ​ ​ 31,530 ​ ​ 32,271 Accrued interest ​ ​ 64,439 ​ ​ 64,504 Due from servicers ​ ​ 20,348 ​ ​ 20,780 Intangible assets ​ 18,072 ​ 17,749 Receivable from third party ​ ​ 34,187 ​ ​ 36,519 Deferred financing costs ​ ​ 11,910 ​ ​ 9,544 Deferred tax asset ​ 21,085 ​ — Right-of-use lease asset ​ ​ 4,297 ​ ​ 2,539 PPP receivables ​ ​ 27,364 ​ ​ 34,597 Investments held to maturity ​ ​ 3,446 ​ ​ 3,446 Purchased future receivables, net ​ ​ 3,717 ​ ​ 9,483 Other ​ ​ 36,847 ​ ​ 30,213 Other assets $ 315,772 ​ $ 300,175 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ ​ Accrued salaries, wages and commissions ​ ​ 14,885 ​ ​ 33,961 Accrued interest payable ​ 43,601 ​ 35,373 Servicing principal and interest payable ​ ​ 7,932 ​ ​ 6,249 Deferred tax liability ​ ​ 32,977 ​ ​ 32,977 Repair and denial reserve ​ 8,041 ​ 6,974 Payable to related parties ​ 6,650 ​ 7,038 PPP liabilities ​ ​ 28,494 ​ ​ 36,182 Accrued professional fees ​ ​ 4,769 ​ ​ 5,354 Lease payable ​ ​ 9,795 ​ ​ 8,205 Other ​ 36,752 ​ 35,168 Total accounts payable and other accrued liabilities ​ $ 193,896 ​ $ 207,481
Schedule of Goodwill	​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 December 31, 2023 LMM Commercial Real Estate $ 27,324 $ 27,324 Small Business Lending ​ 11,206 ​ 11,206 Total $ 38,530 $ 38,530
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) March 31, 2024 ​ December 31, 2023 Estimated Useful Life Internally developed software to be sold, leased, or marketed $ 7,469 ​ $ 6,795 5 years Customer Relationships - Red Stone ​ 5,846 ​ ​ 5,935 19 years Trade name - Red Stone ​ 2,500 ​ ​ 2,500 Indefinite life Internally developed software - Knight Capital ​ 1,003 ​ ​ 1,161 6 years SBA license ​ 1,000 ​ ​ 1,000 Indefinite life Trade name - Knight Capital ​ 232 ​ ​ 269 6 years Broker network - Knight Capital ​ 22 ​ ​ 89 4.5 years Total intangible assets $ 18,072 ​ $ 17,749 ​
Schedule of accumulated amortization for finite-lived intangible assets	​ ​ ​ ​ (in thousands) March 31, 2024 Internally developed software - Knight Capital $ 2,797 Internally developed software to be sold, leased, or marketed ​ 1,695 Broker network - Knight Capital ​ 1,178 Customer Relationship - Red Stone ​ 954 Trade name - Knight Capital ​ 648 Total accumulated amortization $ 7,272
Amortization expense related to the intangible assets	​ ​ ​ ​ (in thousands) March 31, 2024 2024 $ 2,249 2025 ​ 2,843 2026 ​ 2,191 2027 ​ 2,071 2028 ​ 1,054 Thereafter ​ 4,164 Total $ 14,572 ​

Other income and operating ex_2

Other income and operating expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Other income and operating expenses
Schedule of other income and operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands) 2024 2023 Other income: ​ ​ ​ ​ ​ ​ Origination income $ 2,657 ​ $ 4,612 Change in repair and denial reserve ​ (1,207) ​ ​ (199) Employee retention credit consulting income ​ ​ 2,491 ​ ​ 9,675 Other ​ 11,439 ​ ​ 5,764 Total other income ​ $ 15,380 ​ $ 19,852 Other operating expenses: ​ ​ ​ ​ ​ ​ Origination costs ​ ​ 1,814 ​ ​ 1,655 Technology expense ​ 2,593 ​ ​ 1,512 Impairment on real estate ​ 16,972 ​ ​ 3,418 Rent and property tax expense ​ 2,318 ​ ​ 1,068 Recruiting, training and travel expense ​ 707 ​ ​ 631 Marketing expense ​ ​ 399 ​ ​ 312 Bad debt expense - ERC ​ ​ 1,813 ​ ​ — Other ​ 3,571 ​ ​ 4,013 Total other operating expenses ​ $ 30,187 ​ $ 12,609 ​

Redeemable Preferred Stock an_2

Redeemable Preferred Stock and Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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 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 December 14, 2023 ​ December 29, 2023 ​ January 31, 2024 ​ $ 0.30 March 15, 2024 ​ March 28, 2024 ​ April 30, 2024 ​ $ 0.30
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, 2023 747,808 $ 9,888 $ 13.22 Granted 768,407 ​ ​ 6,993 ​ 9.10 Vested (325,918) ​ ​ (4,110) ​ 12.61 Forfeited (58,937) ​ ​ (609) ​ 10.33 Outstanding, March 31, 2024 1,131,360 ​ $ 12,162 $ 10.75
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) ​ March 31, 2024 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)	3 Months Ended
	Mar. 31, 2024
Earnings per Share of Common Stock
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (in thousands, except for share and per share amounts) 2024 2023 Basic Earnings ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations ​ $ (75,582) ​ $ 38,509 Less: Income attributable to non-controlling interest ​ ​ 117 ​ ​ 1,835 Less: Income attributable to participating shares ​ ​ 2,335 ​ ​ 2,371 Basic earnings - continuing operations ​ $ (78,034) ​ $ 34,303 Basic earnings - discontinued operations ​ $ 1,415 ​ $ (1,531) ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations ​ ​ (75,582) ​ ​ 38,509 Less: Income attributable to non-controlling interest ​ ​ 117 ​ ​ 1,835 Less: Income attributable to participating shares ​ ​ 2,335 ​ ​ 2,371 Add: Expenses attributable to dilutive instruments ​ ​ 131 ​ ​ 2,319 Diluted earnings - continuing operations ​ $ (77,903) ​ $ 36,622 Diluted earnings - discontinued operations ​ $ 1,415 ​ $ (1,531) ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding ​ ​ 172,032,866 ​ ​ 110,672,939 Effect of dilutive securities — Unvested participating shares ​ ​ 1,071,549 ​ ​ 10,352,970 Diluted — Average shares outstanding ​ ​ 173,104,415 ​ ​ 121,025,909 ​ ​ ​ ​ ​ ​ ​ EPS Attributable to RC Common Stockholders: ​ ​ ​ ​ ​ ​ Basic - continuing operations ​ $ (0.45) ​ $ 0.31 Basic - discontinued operations ​ $ 0.01 ​ $ (0.01) Basic - total ​ $ (0.44) ​ $ 0.30 ​ ​ ​ ​ ​ ​ ​ Diluted - continuing operations ​ $ (0.45) ​ $ 0.30 Diluted - discontinued operations ​ $ 0.01 ​ $ (0.01) Diluted - total ​ $ (0.44) ​ $ 0.29

Offsetting assets and liabili_2

Offsetting assets and liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FX forwards $ 1,011 ​ $ — ​ $ 1,011 ​ $ — ​ $ — ​ $ 1,011 Interest rate swaps ​ 54,799 ​ ​ 40,362 ​ ​ 14,437 ​ ​ — ​ ​ — ​ ​ 14,437 Total $ 55,810 ​ $ 40,362 ​ $ 15,448 ​ $ — ​ $ — ​ $ 15,448 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FX forwards ​ 593 ​ ​ — ​ ​ 593 ​ ​ — ​ ​ — ​ ​ 593 Secured borrowings ​ 2,198,272 ​ ​ — ​ ​ 2,198,272 ​ ​ 2,198,272 ​ ​ — ​ ​ — PPPLF ​ 28,348 ​ ​ — ​ ​ 28,348 ​ ​ 27,364 ​ ​ — ​ ​ 984 Total $ 2,227,213 ​ $ — ​ $ 2,227,213 ​ $ 2,225,636 ​ $ — ​ $ 1,577 December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ 36,812 ​ ​ 34,408 ​ ​ 2,404 ​ ​ — ​ ​ — ​ ​ 2,404 Total $ 36,812 ​ $ 34,408 ​ $ 2,404 ​ $ — ​ $ — ​ $ 2,404 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FX forwards ​ 212 ​ ​ — ​ ​ 212 ​ ​ — ​ ​ — ​ ​ 212 Secured borrowings ​ 2,102,075 ​ ​ — ​ ​ 2,102,075 ​ ​ 2,102,075 ​ ​ — ​ ​ — PPPLF ​ 36,036 ​ ​ — ​ ​ 36,036 ​ ​ 34,596 ​ ​ — ​ ​ 1,440 Total $ 2,138,323 ​ $ — ​ $ 2,138,323 ​ $ 2,136,671 ​ $ — ​ $ 1,652 (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)	3 Months Ended
	Mar. 31, 2024
Commitments, Contingencies and Indemnifications
Schedule of unfunded loan commitments	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ March 31, 2024 ​ December 31, 2023 Loans, net ​ $ 566,488 ​ $ 745,782 Loans, held for sale ​ $ 133,990 ​ $ 19,327 Preferred equity investment ​ $ 279 ​ $ 436 ​

Segment reporting (Tables)

Segment reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment reporting
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ Small ​ ​ ​ ​ ​ ​ ​ LMM Commercial ​ Business Corporate- ​ ​ (in thousands) ​ Real Estate ​ Lending Other ​ Consolidated Interest income ​ $ 200,763 ​ $ 31,591 $ — ​ $ 232,354 Interest expense ​ ​ (158,885) ​ ​ (24,920) ​ — ​ ​ (183,805) Net interest income before recovery of (provision for) loan losses ​ $ 41,878 ​ $ 6,671 $ — ​ $ 48,549 Recovery of (provision) for loan losses ​ ​ 30,755 ​ ​ (4,211) ​ — ​ 26,544 Net interest income after recovery of (provision for) loan losses ​ $ 72,633 ​ $ 2,460 $ — ​ $ 75,093 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized gain (loss) on financial instruments and real estate owned ​ ​ 5,755 ​ ​ 13,113 ​ — ​ ​ 18,868 Net unrealized gain (loss) on financial instruments ​ ​ 2,986 ​ ​ 1,646 ​ — ​ ​ 4,632 Valuation allowance, loans held for sale ​ ​ (146,180) ​ ​ — ​ — ​ ​ (146,180) Servicing income, net ​ ​ 1,298 ​ ​ 2,460 ​ — ​ ​ 3,758 Income on purchased future receivables, net ​ ​ — ​ ​ 446 ​ — ​ ​ 446 Income on unconsolidated joint ventures ​ ​ 468 ​ ​ — ​ — ​ ​ 468 Other income ​ ​ 12,727 ​ ​ 2,653 ​ — ​ ​ 15,380 Total non-interest income ​ $ (122,946) ​ $ 20,318 $ — ​ $ (102,628) Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ (7,476) ​ ​ (9,292) ​ (1,646) ​ ​ (18,414) Allocated employee compensation and benefits from related party ​ ​ (250) ​ ​ — ​ (2,250) ​ (2,500) Professional fees ​ ​ (1,641) ​ ​ (3,215) ​ (2,209) ​ (7,065) Management fees – related party ​ ​ — ​ ​ — ​ (6,648) ​ (6,648) Loan servicing expense ​ ​ (12,547) ​ ​ (247) ​ — ​ (12,794) Transaction related expenses ​ ​ — ​ ​ — ​ (650) ​ ​ (650) Other operating expenses ​ ​ (21,534) ​ ​ (5,353) ​ (3,300) ​ (30,187) Total non-interest expense ​ $ (43,448) ​ $ (18,107) $ (16,703) ​ $ (78,258) Income before provision for income taxes ​ $ (93,761) ​ $ 4,671 $ (16,703) ​ $ (105,793) Total assets ​ $ 9,905,732 ​ $ 1,357,398 $ 341,101 ​ $ 11,604,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ Small ​ ​ ​ ​ ​ ​ ​ ​ LMM Commercial ​ Business ​ Corporate- ​ ​ (in thousands) ​ Real Estate ​ Lending ​ Other ​ Consolidated Interest income ​ $ 198,039 ​ $ 17,929 ​ $ — ​ $ 215,968 Interest expense ​ ​ (149,494) ​ ​ (9,374) ​ ​ — ​ ​ (158,868) Net interest income before recovery of (provision for) loan losses ​ $ 48,545 ​ $ 8,555 ​ $ — ​ $ 57,100 Recovery of (provision for) loan losses ​ ​ 8,129 ​ ​ (1,395) ​ ​ — ​ 6,734 Net interest income after recovery of (provision for) loan losses ​ $ 56,674 ​ $ 7,160 ​ $ — ​ $ 63,834 Non-interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized gain (loss) on financial instruments and real estate owned ​ ​ 4,825 ​ ​ 6,750 ​ ​ — ​ ​ 11,575 Net unrealized gain (loss) on financial instruments ​ ​ (6,111) ​ ​ 476 ​ ​ — ​ ​ (5,635) Servicing income, net ​ ​ 1,093 ​ ​ 3,549 ​ ​ — ​ ​ 4,642 Income on purchased future receivables, net ​ ​ — ​ ​ 540 ​ ​ — ​ ​ 540 Income on unconsolidated joint ventures ​ ​ 656 ​ ​ — ​ ​ — ​ ​ 656 Other income ​ ​ 9,093 ​ ​ 10,428 ​ ​ 331 ​ ​ 19,852 Total non-interest income ​ $ 9,556 ​ $ 21,743 ​ $ 331 ​ $ 31,630 Non-interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ (6,206) ​ ​ (11,275) ​ ​ (2,246) ​ ​ (19,727) Allocated employee compensation and benefits from related party ​ ​ (232) ​ ​ — ​ ​ (2,094) ​ (2,326) Professional fees ​ ​ (981) ​ ​ (1,625) ​ ​ (2,937) ​ (5,543) Management fees – related party ​ ​ — ​ ​ — ​ ​ (5,081) ​ (5,081) Incentive fees – related party ​ ​ — ​ ​ — ​ ​ (1,720) ​ (1,720) Loan servicing expense ​ ​ (8,058) ​ ​ (97) ​ ​ — ​ (8,155) Transaction related expenses ​ ​ — ​ ​ — ​ ​ (893) ​ ​ (893) Other operating expenses ​ ​ (6,733) ​ ​ (4,094) ​ ​ (1,782) ​ (12,609) Total non-interest expense ​ $ (22,210) ​ $ (17,091) ​ $ (16,753) ​ $ (56,054) Income (loss) before provision for income taxes ​ $ 44,020 ​ $ 11,812 ​ $ (16,422) ​ $ 39,410 Total assets ​ $ 10,184,788 ​ $ 791,394 ​ $ 104,601 ​ $ 11,080,783 ​

Organization (Details)

Organization (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Operating Partnership
Ownership percentage in operating partnership	99.30%	99.20%

Organization - Acquisitions (De

Organization - Acquisitions (Details)			3 Months Ended
	May 31, 2023 director $ / shares	May 30, 2023 director	Mar. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares 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
Number of common shares outstanding | shares			170,445,333	172,276,105
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
Broadmark
Acquisitions
Stock conversion rate	0.47233
Common stock, par value	$ 0.0001

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Cash collateral receivable offset against gross derivative asset positions	$ 40.4	$ 34.4
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 and other financing arrangements | Maximum
Maturity period	2 years

Business Combinations - Acquisi

Business Combinations - Acquisitions (Details) - Broadmark $ / shares in Units, $ in Thousands, shares in Millions	May 31, 2023 USD ($) $ / shares shares
Assets:
Cash and cash equivalents	$ 38,710
Loans, net	764,367
Real estate owned, held for sale	153,546
Other assets	9,956
Total assets acquired	966,579
Liabilities:
Corporate debt	98,028
Accounts payable and other accrued liabilities	23,350
Total liabilities assumed	121,378
Net assets acquired	845,201
Business Combination, Consideration Transferred [Abstract]
Consideration transferred based on value of stock issued	637,229
Bargain purchase gain	$ 207,972
Number of common shares issued in acquisition | shares	62.2
Price per share of stock issued | $ / shares	$ 10.24
Measurement Period Adjustments
Bargain purchase gain	$ (21,900)
Previously Reported
Assets:
Cash and cash equivalents	38,710
Loans, net	772,954
Real estate owned, held for sale	158,911
Other assets	17,107
Total assets acquired	987,682
Liabilities:
Corporate debt	98,028
Accounts payable and other accrued liabilities	22,531
Total liabilities assumed	120,559
Net assets acquired	867,123
Business Combination, Consideration Transferred [Abstract]
Consideration transferred based on value of stock issued	637,229
Bargain purchase gain	229,894
Adjustments
Measurement Period Adjustments
Loans, net	(8,587)
Real estate owned, held for sale	(5,365)
Other assets	(7,151)
Total assets acquired	(21,103)
Accounts payable and other accrued liabilities	819
Total liabilities assumed	819
Net assets acquired	(21,922)
Bargain purchase gain	$ (21,922)

Business Combinations - Pro-for

Business Combinations - Pro-forma Information (Details) - Broadmark - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pro-forma information
Interest income	$ 232,354	$ 239,805
Interest expense	(183,805)	(160,983)
Recovery of (provision for) loan losses	26,544	5,033
Non-interest income	(102,628)	32,465
Non-interest expense	(77,862)	(66,686)
Income (loss) before provision for income taxes	(105,397)	49,634
Income tax benefit (expense)	30,211	(391)
Net income (loss)	(75,186)	49,243
Nonrecurring transaction costs excluded from pro forma non-interest expense	$ 400	$ 400

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses - Classification, unpaid principal balance, and carrying value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Total Loans, before allowance for loan losses	$ 3,454,420	$ 4,101,590
Allowance for loan losses	(53,939)	(81,430)
Total Loans, net	3,400,481	4,020,160
Allowance for loan losses on loans in consolidated VIEs	(67,423)	(101,605)	$ (67,780)	$ (90,519)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	9,743,165	10,631,485
Loans, held for sale, at fair value	584,072	81,599
Total Loans, net and Loans held for sale, at fair value	10,338,210	10,713,084
UPB
Total Loans, before allowance for loan losses	3,467,762	4,114,022
Total Loans, net	3,467,762	4,114,022
Total Loans, held for sale, at fair value	715,502	77,795
Total Loans, net and Loans held for sale, at fair value	10,586,552	10,857,984
Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	6,356,168	6,631,500
Allowance for loan losses on loans in consolidated VIEs	(13,484)	(20,175)
Total Loans, net, in consolidated VIEs	6,342,684	6,611,325
Loans, held for sale in consolidated VIEs	10,973
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	6,384,115	6,666,167
Total Loans, net, in consolidated VIEs	6,384,115	6,666,167
Loans, held for sale in consolidated VIEs	10,973
Total Loans, held for sale in consolidated VIEs	19,173
Bridge
Carrying Value
Total Loans, before allowance for loan losses	1,180,936	1,444,770
Allowance for loan losses on loans in consolidated VIEs	(13,181)	(36,241)	(40,319)	(49,905)
Loans, held for sale, at fair value	160,786
UPB
Total Loans, before allowance for loan losses	1,184,751	1,448,281
Total Loans, held for sale, at fair value	251,375
Bridge | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	5,118,769	5,370,251
Loans, held for sale in consolidated VIEs	10,973
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	5,133,800	5,389,535
Loans, held for sale in consolidated VIEs	10,973
Total Loans, held for sale in consolidated VIEs	19,173
Fixed rate
Carrying Value
Total Loans, before allowance for loan losses	192,216	247,476
Allowance for loan losses on loans in consolidated VIEs	(7,264)	(13,598)	(9,085)	(6,531)
Loans, held for sale, at fair value	43,265
UPB
Total Loans, before allowance for loan losses	190,017	241,674
Total Loans, held for sale, at fair value	45,931
Fixed rate | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	784,290	790,068
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	783,420	790,967
Construction
Carrying Value
Total Loans, before allowance for loan losses	902,301	1,207,783
Allowance for loan losses on loans in consolidated VIEs	(23,755)	(30,870)	(373)	(17,334)
Loans, held for sale, at fair value	270,519
UPB
Total Loans, before allowance for loan losses	904,162	1,212,526
Total Loans, held for sale, at fair value	314,010
Freddie Mac
Carrying Value
Total Loans, before allowance for loan losses		9,500
Loans, held for sale, at fair value	15,160	20,955
UPB
Total Loans, before allowance for loan losses		9,719
Total Loans, held for sale, at fair value	15,356	20,729
SBA 7(a)
Carrying Value
Total Loans, before allowance for loan losses	1,004,680	995,974
Allowance for loan losses on loans in consolidated VIEs	(20,579)	(17,867)	(15,110)	(14,299)
Loans, held for sale, at fair value	74,019	59,421
UPB
Total Loans, before allowance for loan losses	1,012,504	1,003,323
Total Loans, held for sale, at fair value	68,720	55,769
SBA 7(a) | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	208,405	213,892
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	221,402	227,636
Other
Carrying Value
Total Loans, before allowance for loan losses	174,287	196,087
Allowance for loan losses on loans in consolidated VIEs	(2,644)	(3,029)	$ (2,893)	$ (2,450)
Loans, held for sale, at fair value	20,323	1,223
UPB
Total Loans, before allowance for loan losses	176,328	198,499
Total Loans, held for sale, at fair value	20,110	1,297
Other | Consolidated VIEs
Carrying Value
Total Loans, in consolidated VIEs, before allowance for loan losses	244,704	257,289
UPB
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 245,493	$ 258,029

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses - Loan Vintage (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loan classification and delinquency by year of origination
UPB	$ 9,851,877	$ 10,780,189
Current fiscal year	137,115	590,350
Year before current fiscal year	559,231	3,679,345
Two years before current fiscal year	3,378,635	3,680,518
Three years before current fiscal year	3,451,975	582,228
Four years before current fiscal year	464,900	1,038,298
Five or more years before current fiscal year	1,797,182	1,105,219
Total	9,789,038	10,675,958
General allowance for loan losses	(45,873)	(44,473)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	9,743,165	10,631,485
Specific allowance for loan losses including PCD allowance	21,600	57,100
Specific allowance for purchased financial assets with credit deterioration	11,179	21,422
Specific allowance for loan losses	10,371	35,710
Gross write-offs by year of origination
Current fiscal year write-offs		100
Year before current fiscal year write-offs	494	950
Two years before current fiscal year write-offs	873	3,236
Three years before current fiscal year write-offs	35	258
Four years before current fiscal year write-offs	201	360
Five or more years before current fiscal year write-offs	4,150	25,731
Total write-offs	5,753	30,635
Current and less than 30 days past due
Loan classification and delinquency by year of origination
UPB	9,014,343	9,632,399
Current fiscal year	137,108	574,507
Year before current fiscal year	540,691	3,351,046
Two years before current fiscal year	3,116,363	3,409,643
Three years before current fiscal year	3,060,184	495,433
Four years before current fiscal year	413,838	881,868
Five or more years before current fiscal year	1,708,790	875,348
Total	8,976,974	9,587,845
30-59 Days Past Due
Loan classification and delinquency by year of origination
UPB	199,535	172,355
Current fiscal year	7	582
Year before current fiscal year	3,490	59,988
Two years before current fiscal year	141,674	80,684
Three years before current fiscal year	38,498	510
Four years before current fiscal year	1,650	22,586
Five or more years before current fiscal year	11,781	7,148
Total	197,100	171,498
60+ Days Past Due
Loan classification and delinquency by year of origination
UPB	637,999	975,435
Current fiscal year		15,261
Year before current fiscal year	15,050	268,311
Two years before current fiscal year	120,598	190,191
Three years before current fiscal year	353,293	86,285
Four years before current fiscal year	49,412	133,844
Five or more years before current fiscal year	76,611	222,723
Total	614,964	916,615
Bridge
Loan classification and delinquency by year of origination
UPB	6,318,551	6,837,816
Current fiscal year	86,682	323,648
Year before current fiscal year	290,638	2,956,697
Two years before current fiscal year	2,775,887	2,949,521
Three years before current fiscal year	2,817,308	288,647
Four years before current fiscal year	206,891	166,266
Five or more years before current fiscal year	119,945	111,303
Total	6,297,351	6,796,082
General allowance for loan losses	(10,827)	(17,302)
Specific allowance for loan losses	2,354	18,939
Bridge | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	5,705,330	6,186,367
Bridge | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	139,459	87,163
Bridge | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	452,562	522,552
Fixed rate
Loan classification and delinquency by year of origination
UPB	973,437	1,032,641
Current fiscal year		4,007
Year before current fiscal year	4,007	110,800
Two years before current fiscal year	110,737	207,510
Three years before current fiscal year	181,596	90,794
Four years before current fiscal year	90,433	318,077
Five or more years before current fiscal year	588,440	300,642
Total	975,213	1,031,830
General allowance for loan losses	(5,971)	(7,884)
Specific allowance for loan losses	1,293	5,714
Fixed rate | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	952,931	986,755
Fixed rate | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total		21,798
Fixed rate | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	22,282	23,277
Construction
Loan classification and delinquency by year of origination
UPB	904,162	1,212,526
Current fiscal year		108,218
Year before current fiscal year	111,323	253,100
Two years before current fiscal year	138,755	182,920
Three years before current fiscal year	138,497	73,370
Four years before current fiscal year	47,469	434,151
Five or more years before current fiscal year	454,388	128,876
Total	890,432	1,180,635
General allowance for loan losses	(11,886)	(3,722)
Specific allowance for purchased financial assets with credit deterioration	11,179	21,422
Specific allowance for loan losses	690	5,726
Construction | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	730,640	782,123
Construction | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	31,891	49,694
Construction | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	127,901	348,818
Freddie Mac
Loan classification and delinquency by year of origination
UPB		9,719
Two years before current fiscal year		3,810
Three years before current fiscal year		5,690
Total		9,500
Freddie Mac | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total		9,500
SBA 7(a)
Loan classification and delinquency by year of origination
UPB	1,233,906	1,230,959
Current fiscal year	44,096	151,878
Year before current fiscal year	150,457	353,871
Two years before current fiscal year	348,424	318,208
Three years before current fiscal year	302,761	115,019
Four years before current fiscal year	111,453	76,080
Five or more years before current fiscal year	249,911	189,622
Total	1,207,102	1,204,678
General allowance for loan losses	(14,596)	(12,679)
Specific allowance for loan losses	5,983	5,188
SBA 7(a) | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	1,173,270	1,179,231
SBA 7(a) | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	25,448	8,619
SBA 7(a) | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	8,384	16,828
Other
Loan classification and delinquency by year of origination
UPB	421,821	456,528
Current fiscal year	6,337	2,599
Year before current fiscal year	2,806	4,877
Two years before current fiscal year	4,832	18,549
Three years before current fiscal year	11,813	8,708
Four years before current fiscal year	8,654	43,724
Five or more years before current fiscal year	384,498	374,776
Total	418,940	453,233
General allowance for loan losses	(2,593)	(2,886)
Specific allowance for loan losses	51	143
Other | Current and less than 30 days past due
Loan classification and delinquency by year of origination
Total	414,803	443,869
Other | 30-59 Days Past Due
Loan classification and delinquency by year of origination
Total	302	4,224
Other | 60+ Days Past Due
Loan classification and delinquency by year of origination
Total	$ 3,835	$ 5,140

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses - Delinquency (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Loan delinquency information
Total Loans Carrying Value	$ 9,789,038	$ 10,675,958
Non-Accrual Loans	455,718	634,001
90+ Days Past Due but Accruing	48,956	82,821
General allowance for loan losses	(45,873)	(44,473)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 9,743,165	$ 10,631,485
Percentage of loans outstanding	100%	100%
Percentage of outstanding, Non-Accrual Loans	4.70%	5.90%
Percentage of outstanding, 90+Days Past Due Accruing	0.50%	0.80%
Specific allowance for loan losses	$ 67,423	$ 101,605	$ 67,780	$ 90,519
Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	$ 8,976,974	$ 9,587,845
Percentage of loans outstanding	91.70%	89.80%
30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 197,100	$ 171,498
Percentage of loans outstanding	2%	1.60%
60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 614,964	$ 916,615
Percentage of loans outstanding	6.30%	8.60%
Bridge
Loan delinquency information
Total Loans Carrying Value	$ 6,297,351	$ 6,796,082
Non-Accrual Loans	306,049	339,073
General allowance for loan losses	(10,827)	(17,302)
Specific allowance for loan losses	13,181	36,241	40,319	49,905
Bridge | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	5,705,330	6,186,367
Bridge | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	139,459	87,163
Bridge | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	452,562	522,552
Fixed rate
Loan delinquency information
Total Loans Carrying Value	975,213	1,031,830
Non-Accrual Loans	22,283	13,928
General allowance for loan losses	(5,971)	(7,884)
Specific allowance for loan losses	7,264	13,598	9,085	6,531
Fixed rate | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	952,931	986,755
Fixed rate | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value		21,798
Fixed rate | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	22,282	23,277
Construction
Loan delinquency information
Total Loans Carrying Value	890,432	1,180,635
Non-Accrual Loans	76,861	241,751
90+ Days Past Due but Accruing	48,956	82,781
General allowance for loan losses	(11,886)	(3,722)
Specific allowance for loan losses	23,755	30,870	373	17,334
Construction | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	730,640	782,123
Construction | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	31,891	49,694
Construction | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	127,901	348,818
Freddie Mac
Loan delinquency information
Total Loans Carrying Value		9,500
Non-Accrual Loans		2,695
Freddie Mac | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value		9,500
SBA 7(a)
Loan delinquency information
Total Loans Carrying Value	1,207,102	1,204,678
Non-Accrual Loans	36,190	30,549
90+ Days Past Due but Accruing		40
General allowance for loan losses	(14,596)	(12,679)
Specific allowance for loan losses	20,579	17,867	15,110	14,299
SBA 7(a) | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	1,173,270	1,179,231
SBA 7(a) | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	25,448	8,619
SBA 7(a) | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	8,384	16,828
Other
Loan delinquency information
Total Loans Carrying Value	418,940	453,233
Non-Accrual Loans	14,335	6,005
General allowance for loan losses	(2,593)	(2,886)
Specific allowance for loan losses	2,644	3,029	$ 2,893	$ 2,450
Other | Current and less than 30 days past due
Loan delinquency information
Total Loans Carrying Value	414,803	443,869
Other | 30-59 Days Past Due
Loan delinquency information
Total Loans Carrying Value	302	4,224
Other | 60+ Days Past Due
Loan delinquency information
Total Loans Carrying Value	$ 3,835	$ 5,140

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses - Credit Quality (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 9,789,038	$ 10,675,958
General allowance for loan losses	(45,873)	(44,473)
Total Loans, net of allowance for loan losses, including loans in consolidated VIEs	$ 9,743,165	$ 10,631,485
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	$ 151,766	$ 170,640
Percentage of loans outstanding	1.60%	1.60%
20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 376,497	$ 443,633
Percentage of loans outstanding	3.80%	4.20%
40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 1,572,109	$ 1,995,916
Percentage of loans outstanding	16.10%	18.70%
60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 6,827,591	$ 7,133,968
Percentage of loans outstanding	69.70%	66.80%
80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 458,571	$ 462,124
Percentage of loans outstanding	4.70%	4.30%
Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 402,504	$ 469,677
Percentage of loans outstanding	4.10%	4.40%
Bridge
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 6,297,351	$ 6,796,082
General allowance for loan losses	(10,827)	(17,302)
Bridge | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	2,259	2,308
Bridge | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	102,161	97,309
Bridge | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	700,851	756,353
Bridge | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	5,353,476	5,781,651
Bridge | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	108,534	82,517
Bridge | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	30,070	75,944
Fixed rate
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	975,213	1,031,830
General allowance for loan losses	(5,971)	(7,884)
Fixed rate | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	4,231	5,222
Fixed rate | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	32,393	36,021
Fixed rate | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	441,069	449,804
Fixed rate | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	476,391	517,628
Fixed rate | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	19,833	19,965
Fixed rate | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,296	3,190
Construction
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	890,432	1,180,635
General allowance for loan losses	(11,886)	(3,722)
Construction | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	15,292	25,173
Construction | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	25,152	94,856
Construction | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	128,515	532,730
Construction | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	572,255	355,631
Construction | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	95,989	119,191
Construction | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	53,229	53,054
Freddie Mac
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		9,500
Freddie Mac | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		2,995
Freddie Mac | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs		6,505
SBA 7(a)
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	1,207,102	1,204,678
General allowance for loan losses	(14,596)	(12,679)
SBA 7(a) | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	12,165	10,627
SBA 7(a) | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	72,245	56,061
SBA 7(a) | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	225,117	172,743
SBA 7(a) | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	361,900	404,102
SBA 7(a) | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	229,108	226,327
SBA 7(a) | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	306,567	334,818
Other
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	418,940	453,233
General allowance for loan losses	(2,593)	(2,886)
Other | 0.0 - 20.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	117,819	127,310
Other | 20.1 - 40.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	144,546	159,386
Other | 40.1 - 60.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	76,557	81,291
Other | 60.1 - 80.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	63,569	68,451
Other | 80.1 - 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	5,107	14,124
Other | Greater than 100.0%
Credit quality of loans
Total Loans, before allowance for loan losses, including loans in consolidated VIEs	$ 11,342	$ 2,671

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses - Geographic and Collateral Concentration (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Geographical concentration | Loans, net
Concentration risk
Percentage of loan	100%	100%
Geographical concentration | Loans, net | Texas
Concentration risk
Percentage of loan	19%	18.60%
Geographical concentration | Loans, net | California
Concentration risk
Percentage of loan	11.80%	11.40%
Geographical concentration | Loans, net | Florida
Concentration risk
Percentage of loan	7%	6.40%
Geographical concentration | Loans, net | Georgia
Concentration risk
Percentage of loan	6.80%	7.10%
Geographical concentration | Loans, net | Arizona
Concentration risk
Percentage of loan	6.70%	6.10%
Geographical concentration | Loans, net | Oregon
Concentration risk
Percentage of loan	6.30%	5.90%
Geographical concentration | Loans, net | New York
Concentration risk
Percentage of loan	4.70%	4.80%
Geographical concentration | Loans, net | North Carolina
Concentration risk
Percentage of loan	4.40%	4.10%
Geographical concentration | Loans, net | Washington
Concentration risk
Percentage of loan	3.10%	3.40%
Geographical concentration | Loans, net | Ohio
Concentration risk
Percentage of loan	3.50%	3.20%
Geographical concentration | Loans, net | Other
Concentration risk
Percentage of loan	26.70%	29%
Collateral concentration
Concentration risk
Percentage of SBA loan	100%	100%
Collateral concentration | Lodging
Concentration risk
Percentage of SBA loan	23.10%	23.40%
Collateral concentration | Gasoline Service Stations
Concentration risk
Percentage of SBA loan	13%	12.80%
Collateral concentration | Eating Places
Concentration risk
Percentage of SBA loan	6.30%	6.20%
Collateral concentration | Child Day Care Services
Concentration risk
Percentage of SBA loan	5.60%	5.60%
Collateral concentration | Offices of Physicians
Concentration risk
Percentage of SBA loan	4%	4.10%
Collateral concentration | General Freight Trucking, Local
Concentration risk
Percentage of SBA loan	3.30%	3.50%
Collateral concentration | Grocery Stores
Concentration risk
Percentage of SBA loan	2.30%	2.30%
Collateral concentration | Coin-Operated Laundries and Drycleaners
Concentration risk
Percentage of SBA loan	1.90%	1.90%
Collateral concentration | Beer, Wine, and Liquor Stores
Concentration risk
Percentage of SBA loan	1.40%	1.30%
Collateral concentration | Funeral Service and Crematories
Concentration risk
Percentage of SBA loan	1.30%	1.40%
Collateral concentration | Other
Concentration risk
Percentage of SBA loan	37.80%	37.50%
Collateral concentration | Loans, net
Concentration risk
Percentage of loan	100%	100%
Collateral concentration | Loans, net | Multi-family
Concentration risk
Percentage of loan	62.40%	60.90%
Collateral concentration | Loans, net | SBA
Concentration risk
Percentage of loan	12.50%	11.40%
Collateral concentration | Loans, net | Mixed Use
Concentration risk
Percentage of loan	8.40%	8.40%
Collateral concentration | Loans, net | Industrial
Concentration risk
Percentage of loan	5.30%	4.30%
Collateral concentration | Loans, net | Office
Concentration risk
Percentage of loan	3.40%	4.40%
Collateral concentration | Loans, net | Retail
Concentration risk
Percentage of loan	4%	4.30%
Collateral concentration | Loans, net | Lodging
Concentration risk
Percentage of loan	1.40%	1.60%
Collateral concentration | Loans, net | Other
Concentration risk
Percentage of loan	2.60%	4.70%

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses - Allowance for loan losses by loan product and impairment methodology (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	$ 45,873	$ 44,473
Specific	10,371	35,710
PCD	11,179	21,422
Ending Balance	67,423	101,605	$ 67,780	$ 90,519
Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	10,827	17,302
Specific	2,354	18,939
Ending Balance	13,181	36,241	40,319	49,905
Fixed rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	5,971	7,884
Specific	1,293	5,714
Ending Balance	7,264	13,598	9,085	6,531
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	11,886	3,722
Specific	690	5,726
PCD	11,179	21,422
Ending Balance	23,755	30,870	373	17,334
SBA 7(a)
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	14,596	12,679
Specific	5,983	5,188
Ending Balance	20,579	17,867	15,110	14,299
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
General	2,593	2,886
Specific	51	143
Ending Balance	$ 2,644	$ 3,029	$ 2,893	$ 2,450

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses - Investment Loans Allowance Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for loan losses
Beginning Balance	$ 101,605	$ 90,519
Provision for (recovery of) loan losses	(28,557)	(4,546)
Charge-offs and sales	(5,753)	(18,222)
Recoveries	128	29
Ending Balance	67,423	67,780
Bridge
Allowance for loan losses
Beginning Balance	36,241	49,905
Provision for (recovery of) loan losses	(23,060)	(8,975)
Charge-offs and sales		(611)
Ending Balance	13,181	40,319
Fixed rate
Allowance for loan losses
Beginning Balance	13,598	6,531
Provision for (recovery of) loan losses	(3,705)	2,654
Charge-offs and sales	(2,629)	(100)
Ending Balance	7,264	9,085
Construction
Allowance for loan losses
Beginning Balance	30,870	17,334
Provision for (recovery of) loan losses	(5,636)	(63)
Charge-offs and sales	(1,479)	(16,898)
Ending Balance	23,755	373
SBA 7(a)
Allowance for loan losses
Beginning Balance	17,867	14,299
Provision for (recovery of) loan losses	4,163	1,395
Charge-offs and sales	(1,579)	(613)
Recoveries	128	29
Ending Balance	20,579	15,110
Other
Allowance for loan losses
Beginning Balance	3,029	2,450
Provision for (recovery of) loan losses	(319)	443
Charge-offs and sales	(66)
Ending Balance	2,644	2,893
Unfunded Loan Commitment
Allowance for loan losses
Ending Balance	$ 600	$ 1,600

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Non-accrual loans
Total recorded carrying value of non-accrual loans	$ 455,718		$ 634,001
Non-accrual loans
Non-accrual loans
Non-accrual loans with an allowance	429,080		607,292
Non-accrual loans without an allowance	26,638		26,709
Total recorded carrying value of non-accrual loans	455,718		634,001
Allowance for loan losses related to non-accrual loans	(22,075)		(50,796)
Unpaid principal balance of non-accrual loans	481,839		$ 688,282
Interest income on non-accrual loans	$ 3,052	$ 817

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses - Loan Modifications (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loan modifications
Percent of Total Carrying Value of Loans, net	0.70%	4.40%
Period of payment deferral	7 months	12 months
Period added to the weighted average life of the loan	8 months	18 months
Carrying amount of loan foreclosure in process	$ 23.6	$ 95
Lending commitments to borrowers experiencing financial difficulty for which loan terms have been modified	12.9
Commercial real estate loans
Loan modifications
Carrying Value	67.2	467.9
SBA 7(a)
Loan modifications
Carrying Value	$ 0.1	$ 1.3

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses - PCD Activity (Details) - USD ($)		3 Months Ended
	May 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Acquisitions
PCD loans acquired during the period		$ 0	$ 0
Broadmark
Acquisitions
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
Broadmark | Previously Reported
Acquisitions
Unpaid principal balance	244,932,000
Allowance for credit losses	(27,617,000)
Non-credit discount	(6,035,000)
Purchase price of loans classified as PCD	211,280,000
Broadmark | Adjustments
Acquisitions
Unpaid principal balance	38,750,000
Allowance for credit losses	(5,245,000)
Non-credit discount	(3,342,000)
Purchase price of loans classified as PCD	$ 30,163,000

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($)		3 Months Ended
	Mar. 16, 2022	Mar. 31, 2024	Dec. 31, 2023
Assets:
Loans, held for sale, at fair value		$ 584,072,000	$ 81,599,000
Loans, net, fair value		0	9,348,000
Investments held to maturity		3,446,000	3,446,000
Derivative instruments		15,448,000	2,404,000
Investment in unconsolidated joint venture		7,169,000	7,360,000
Liabilities:
Derivative instruments, at fair value		593,000	212,000
Contingent consideration			7,628,000
Mosaic
Fair value
Fair value of CERs issued	$ 25,000,000	$ 0
Value per CER unit	$ 0.83
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		$ 63,040,000	100,238,000
Loans, held for sale, at fair value		86,099,000	81,599,000
Loans, net, fair value			9,348,000
Paycheck Protection Program loans		491,000	165,000
Mortgage backed securities, at fair value		29,546,000	27,436,000
Derivative instruments		15,448,000	2,404,000
Investment in unconsolidated joint venture		7,169,000	7,360,000
Preferred equity investments		106,548,000	108,423,000
Total assets		308,341,000	336,973,000
Liabilities:
Derivative instruments, at fair value		593,000	212,000
Contingent consideration			7,628,000
Total liabilities		593,000	7,840,000
Recurring | Level 1
Assets:
Cash held in money market funds		63,040,000	100,238,000
Total assets		63,040,000	100,238,000
Recurring | Level 2 inputs
Assets:
Loans, held for sale, at fair value		86,099,000	81,599,000
Paycheck Protection Program loans		491,000	165,000
Mortgage backed securities, at fair value		29,546,000	27,436,000
Derivative instruments		15,448,000	2,404,000
Total assets		131,584,000	111,604,000
Liabilities:
Derivative instruments, at fair value		593,000	212,000
Total liabilities		593,000	212,000
Recurring | Level 3 inputs
Assets:
Loans, net, fair value			9,348,000
Investment in unconsolidated joint venture		7,169,000	7,360,000
Preferred equity investments		106,548,000	108,423,000
Total assets		$ 113,717,000	125,131,000
Liabilities:
Contingent consideration			7,628,000
Total liabilities			$ 7,628,000

Fair Value Measurements - Valua

Fair Value Measurements - Valuation and Inputs, at FV (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	$ 113,717	$ 117,503	$ 167,889	$ 158,727
Recurring
Fair value inputs, quantitative information
Asset, fair value	308,341	336,973
Liabilities, fair value	(593)	(7,840)
Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	113,717	125,131
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed		9,300
Liabilities, fair value		(7,628)
Loans Receivable
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed		9,348	9,859	9,786
Loans, held for sale, at fair value
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed			58,330	60,924
Investment in unconsolidated joint ventures
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	7,169	7,360	7,913	8,094
Investment in unconsolidated joint ventures | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 7,169	$ 7,360
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
Preferred Equity investments
Fair value inputs, quantitative information
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed	$ 106,548	$ 108,423	108,423	108,423
Preferred Equity investments | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Asset, fair value	$ 106,548	$ 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	0.100	0.100
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	0.100	0.100
Contingent Consideration
Fair value inputs, quantitative information
Liabilities valued using quoted or transaction prices in which quantitative unobservable inputs are not developed		$ 7,628	$ 16,636	$ 28,500
CER dividends | Mosaic | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value		$ (1,591)
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
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		0.30
CER dividends | Mosaic | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Risk Free Interest Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input		0.047
CER dividends | Mosaic | Recurring | Level 3 inputs | Monte Carlo Simulation Model | Measurement Input, Risk Free Interest Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input		0.047
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
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
CER units | Mosaic | Recurring | Level 3 inputs
Fair value inputs, quantitative information
Liabilities, fair value		$ (6,037)
CER units | Mosaic | Recurring | Level 3 inputs | Income Approach and PWERM | Measurement Input, Revaluation Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input		0.120
CER units | Mosaic | Recurring | Level 3 inputs | Income Approach and PWERM | Measurement Input, Revaluation Discount Rate | Weighted Average
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input		0.120
CER units | Mosaic | Recurring | Level 3 inputs | Income Approach and PWERM | Measurement Input, Discount Rate
Fair value inputs, quantitative information
Contingent Consideration Liability, Measurement Input		0.115
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

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in fair value of assets
Beginning Balance	$ 117,503	$ 158,727
Sales / Principal payments		8,989
Realized gains (losses), net	7,628
Unrealized gains (losses), net	(1,386)	173
Transfer to (from) Level 3	(10,028)
Ending Balance	113,717	167,889
Contingent Consideration
Changes in fair value of liabilities
Beginning Balance	(7,628)	(28,500)
Sales / Principal payments		9,000
Unrealized gain (loss)		2,864
Realized gains, net	7,628
Ending Balance		(16,636)
Loans, net
Changes in fair value of assets
Beginning Balance	9,348	9,786
Unrealized gains (losses), net	680	73
Transfer to (from) Level 3	(10,028)
Ending Balance		9,859
Loans, held for sale, at fair value
Changes in fair value of assets
Beginning Balance		60,924
Sales / Principal payments		(11)
Unrealized gains (losses), net		(2,583)
Ending Balance		58,330
Investment in unconsolidated joint ventures
Changes in fair value of assets
Beginning Balance	7,360	8,094
Unrealized gains (losses), net	(191)	(181)
Ending Balance	7,169	7,913
Preferred Equity investments
Changes in fair value of assets
Beginning Balance	108,423	108,423
Unrealized gains (losses), net	(1,875)
Ending Balance	$ 106,548	$ 108,423

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities, Not at FV (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Investments held to maturity	$ 3,446	$ 3,446
Purchased future receivables, net	3,717	9,483
Investment in unconsolidated joint venture	7,169	7,360
Liabilities:
Senior secured notes, net	345,570	345,127
Carrying Amount
Assets:
Loans, held-for-investment	9,743,165	10,622,137
Loans, held for sale	508,946
Servicing rights	103,555	102,837
Total assets	10,355,666	10,724,974
Liabilities:
Secured borrowings	2,198,272	2,102,075
Securitized debt obligations of consolidated VIEs	4,769,057	5,068,453
Senior secured notes, net	345,570	345,127
Guaranteed loan financing	814,784	844,540
Corporate debt, net	766,084	764,908
Total liabilities	8,893,767	9,125,103
Fair Value
Assets:
Loans, held-for-investment	9,585,442	10,380,893
Loans, held for sale	508,946
Servicing rights	116,814	113,715
Total assets	10,211,202	10,494,608
Liabilities:
Secured borrowings	2,198,272	2,102,075
Securitized debt obligations of consolidated VIEs	4,739,186	5,022,057
Senior secured notes, net	319,102	317,239
Guaranteed loan financing	865,630	889,744
Corporate debt, net	739,437	731,104
Total liabilities	$ 8,861,627	$ 9,062,219

Servicing rights (Details)

Servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Servicing rights
Unpaid Principal Amount	$ 7,052,779		$ 6,898,073
Carrying Value	103,555	$ 89,951	102,837
Total servicing rights	103,555		102,837
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	102,837
Ending net carrying value at amortized cost	103,555	89,951
SBA servicing rights
Servicing rights
Unpaid Principal Amount	1,289,023		1,208,201
Carrying Value	31,343	22,040	29,536
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	29,536	19,756
Additions due to loans sold, servicing retained	2,677	1,512
Amortization	(855)	(835)
Impairment (recovery)	(15)	1,607
Ending net carrying value at amortized cost	31,343	22,040
Multi-family servicing rights
Servicing rights
Unpaid Principal Amount	5,763,756		5,689,872
Carrying Value	72,212	67,911	$ 73,301
Servicing rights activity at amortized cost
Beginning net carrying value at amortized cost	73,301	67,361
Additions due to loans sold, servicing retained	1,738	3,081
Amortization	(2,827)	(2,531)
Ending net carrying value at amortized cost	$ 72,212	$ 67,911

Servicing rights - Estimated va

Servicing rights - Estimated valuation (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
SBA servicing rights | Minimum
Servicing rights, valuation assumptions
Forward prepayment assumptions	0%	0%
Forward default rate	0%	0%
Discount rate	12.50%	14.40%
Servicing expense (as a percent)	0.40%	0.40%
SBA servicing rights | Maximum
Servicing rights, valuation assumptions
Forward prepayment assumptions	5.20%	4.50%
Forward default rate	7.20%	7.30%
Discount rate	22.50%	22.90%
Servicing expense (as a percent)	0.40%	0.40%
SBA servicing rights | Weighted Average
Servicing rights, valuation assumptions
Forward prepayment assumptions	5%	4.40%
Forward default rate	6.90%	7%
Discount rate	12.80%	14.60%
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	6.50%	6.50%
Forward default rate	0.90%	0.90%
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	5.50%	5.40%
Forward default rate	0.60%	0.60%
Discount rate	6%	6%
Servicing expense (as a percent)	0.10%	0.10%

Servicing rights - Assumptions

Servicing rights - Assumptions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
SBA servicing rights
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	$ (690)	$ (543)
Prepayment rate (20% adverse change)	(1,355)	(1,069)
Default rate (10% adverse change)	(184)	(165)
Default rate (20% adverse change)	(366)	(328)
Discount rate (10% adverse change)	(1,514)	(1,530)
Discount rate (20% adverse change)	(2,905)	(2,922)
Cost of servicing (10% adverse change)	(2,260)	(2,047)
Cost of servicing (20% adverse change)	(4,520)	(4,095)
Multi-family servicing rights
Adverse changes to key assumptions on the carrying amount of the servicing rights
Prepayment rate (10% adverse change)	(481)	(491)
Prepayment rate (20% adverse change)	(947)	(965)
Default rate (10% adverse change)	(14)	(14)
Default rate (20% adverse change)	(28)	(29)
Discount rate (10% adverse change)	(2,305)	(2,320)
Discount rate (20% adverse change)	(4,496)	(4,524)
Cost of servicing (10% adverse change)	(2,590)	(2,587)
Cost of servicing (20% adverse change)	$ (5,180)	$ (5,173)

Servicing rights - Amortization

Servicing rights - Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Future amortization expense for the servicing rights
2024	$ 11,877
2025	14,078
2026	12,693
2027	11,347
2028	10,140
Thereafter	43,420
Total	$ 103,555	$ 102,837	$ 89,951

Discontinued Operations and A_3

Discontinued Operations and Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Assets:
Total Assets	$ 439,301		$ 454,596
Liabilities:
Total Liabilities	315,975		333,157
Non-interest expense
Income (loss) from discontinued operations before provision for income taxes	1,887	$ (2,041)
Income tax benefit (provision)	(472)	510
Residential Mortgage Banking
Assets:
Cash and cash equivalents	10,555		13,694
Restricted cash	4,970		6,314
Loans, net	2,970		2,778
Loans, held for sale	116,061		133,204
Loans eligible for repurchase from Ginnie Mae	86,004		86,872
Derivative instruments	107		847
Servicing rights	191,228		188,855
Other assets	27,406		22,032
Total Assets	439,301		454,596
Liabilities:
Secured borrowings	219,166		230,965
Liabilities for loans eligible for repurchase from Ginnie Mae	86,004		86,872
Derivative instruments			1,321
Accounts payable and other accrued liabilities	10,805		13,999
Total Liabilities	315,975		$ 333,157
Interest income	1,842	1,605
Interest expense	(2,530)	(1,526)
Net interest income (loss) before provision for loan losses	(688)	79
Non-interest income
Residential mortgage banking activities	9,242	9,169
Net unrealized gain (loss) on financial instruments		(6,093)
Servicing income, net of amortization and impairment	9,416	9,361
Other income	4	31
Total non-interest income	18,662	12,468
Non-interest expense
Employee compensation and benefits	(5,684)	(5,412)
Variable expenses on residential mortgage banking activities	(6,086)	(5,485)
Professional fees	(153)	(174)
Loan servicing expense	(2,329)	(1,808)
Other operating expenses	(1,835)	(1,709)
Total non-interest expense	(16,087)	(14,588)
Income (loss) from discontinued operations before provision for income taxes	1,887	(2,041)
Income tax benefit (provision)	(472)	510
Net income (loss) from discontinued operations	$ 1,415	$ (1,531)

Secured borrowings (Details)

Secured borrowings (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Lender	Dec. 31, 2023 USD ($) Lender
Secured borrowings and promissory note
Facility size	$ 5,074,974
Carrying Value, Secured borrowings	2,198,272	$ 2,102,075
Asset pledged as collateral without right
Secured borrowings and promissory note
Pledged Assets Carrying Value	3,317,635
Secured borrowings
Secured borrowings and promissory note
Pledged Assets Carrying Value	3,317,635	3,320,583
Borrowings under credit facilities and other financing arrangements
Secured borrowings and promissory note
Facility size	545,926
Carrying Value, Secured borrowings	200,140	149,923
Borrowings under credit facilities and other financing arrangements | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	253,165	212,512
Borrowings under credit facilities and other financing arrangements | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	253,165
Borrowings under repurchase agreements
Secured borrowings and promissory note
Facility size	4,529,048
Carrying Value, Secured borrowings	1,998,132	1,952,152
Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Pledged Assets Carrying Value	3,064,470	3,108,071
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	$ 3,064,470
SBA | Borrowings under credit facilities and other financing arrangements
Secured borrowings and promissory note
Number of lenders per asset class | Lender	3
Facility size	$ 250,000
Carrying Value, Secured borrowings	$ 152,988	117,115
SBA | Borrowings under credit facilities and other financing arrangements | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	2.82%
SBA | Borrowings under credit facilities and other financing arrangements | Prime rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	(0.82%)
SBA | Borrowings under credit facilities and other financing arrangements | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 201,894
LMM Loans | Borrowings under repurchase agreements
Secured borrowings and promissory note
Number of lenders per asset class | Lender	9
Facility size	$ 4,295,500
Carrying Value, Secured borrowings	$ 1,764,584	1,677,885
LMM Loans | Borrowings under repurchase agreements | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3.20%
LMM Loans | 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	$ 2,688,517
LMM loans - USD | Borrowings under credit facilities and other financing arrangements
Secured borrowings and promissory note
Number of lenders per asset class | Lender	1
Facility size	$ 80,000
Carrying Value, Secured borrowings	$ 5,686	20,729
LMM loans - USD | Borrowings under credit facilities and other financing arrangements | Secured Overnight Financing Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	1.35%
LMM loans - USD | Borrowings under credit facilities and other financing arrangements | Asset pledged as collateral without right | Loans and finance receivables
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 5,770
LMM loans - Non-USD | Borrowings under credit facilities and other financing arrangements
Secured borrowings and promissory note
Number of lenders per asset class | Lender	1
Facility size	$ 215,926
Carrying Value, Secured borrowings	$ 41,466	$ 12,079
LMM loans - Non-USD | Borrowings under credit facilities and other financing arrangements | Euribor Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)	3%
LMM loans - Non-USD | Borrowings under credit facilities and other financing arrangements | Asset pledged as collateral without right
Secured borrowings and promissory note
Pledged Assets Carrying Value	$ 45,501
LMM loans - Non-USD | Borrowings under repurchase agreements
Secured borrowings and promissory note
Number of lenders per asset class | Lender		1
Carrying Value, Secured borrowings		$ 45,031
LMM loans - Non-USD | Borrowings under repurchase agreements | Euribor Rate
Secured borrowings and promissory note
Pricing, spread on variable (as a percent)		3%
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)	6.95%
Facility size	$ 233,548
Carrying Value, Secured borrowings	233,548	$ 229,236
Mortgage backed securities | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Secured borrowings and promissory note
Pledged Assets Carrying Value	20,972	$ 20,770
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	$ 375,953

Secured borrowings - Collateral

Secured borrowings - Collateral Pledged (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Asset pledged as collateral without right
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	$ 3,317,635
Secured borrowings
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	3,317,635	$ 3,320,583
Borrowings under credit facilities and other financing arrangements | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	253,165	212,512
Borrowings under credit facilities and other financing arrangements | Asset pledged as collateral without right | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	253,165
Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	3,064,470	3,108,071
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	3,064,470
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	182,465	160,455
Loans, held for sale, at fair value | Borrowings under credit facilities and other financing arrangements | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	34,013	43,365
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	402,434
Loans, net | Borrowings under credit facilities and other financing arrangements | Loans and finance receivables
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	219,152	169,147
Loans, net | Borrowings under repurchase agreements | Securities sold under agreements to repurchase
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses	2,103,618	2,560,725
Loans, held at fair value
Collateral pledged
Total Loans, in consolidated VIEs, before allowance for loan losses		9,349
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	20,972	20,770
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	375,953
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	$ 354,981	$ 356,772

Senior secured notes and corp_3

Senior secured notes and corporate debt, net (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 20, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	May 20, 2021
Senior secured notes, Convertible notes, and Corporate debt
Total Senior secured notes, net		$ 345,570		$ 345,127
Total Corporate debt, net		766,084		$ 764,908
Total carrying amount of debt components		1,111,654
Contractual maturities of the Senior Secured Notes, Convertible Notes, and Corporate debt
2025		120,000
2026		760,884
2027		100,000
2028		110,000
Thereafter		36,250
Total contractual amounts		1,127,134
Unamortized deferred financing costs, discounts, and premiums, net		(15,480)
Total carrying amount of debt components		1,111,654
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%
Unamortized deferred financing costs		$ (4,430)
Total Senior secured notes, net		$ 345,570
Corporate Debt
Senior secured notes, Convertible notes, and Corporate debt
Repurchase price percentage in the event of change of control		101%
Unamortized discount		$ (6,432)
Unamortized deferred financing costs		(4,618)
Total Corporate debt, net		766,084
5.50% Senior Notes due 2028
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 110,000
Interest rate (as a percent)		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		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		$ 104,614
Interest rate (as a percent)		6.20%			6.20%
5.75% Senior Notes Due 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 206,270
Interest rate (as a percent)		5.75%			5.75%
6.125% Senior Notes due 2025
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 120,000
Interest rate (as a percent)		6.125%
7.375% Senior Notes due in 2027
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 100,000
Interest rate (as a percent)		7.375%
5.00% Senior Notes due in 2026
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 100,000
Interest rate (as a percent)		5%
Junior Subordinated I-A Notes
Senior secured notes, Convertible notes, and Corporate debt
Debt instrument, face value		$ 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
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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Ending balance	$ 814,784	$ 844,540
Guaranteed loan financing
Ending balance	$ 814,784	$ 844,540
Guaranteed loan financing | Weighted Average
Interest Rates	9.17%	9.17%
Guaranteed loan financing | Minimum
Interest Rates	1.45%	1.45%
Guaranteed loan financing | Maximum
Interest Rates	10.50%	10.50%

Guaranteed loan financing - Mat

Guaranteed loan financing - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Contractual maturities of total guaranteed loan financing outstanding
2024	$ 238
2025	501
2026	2,250
2027	8,345
2028	9,124
Thereafter	794,326
Total	814,784
Guaranteed loan financing
Contractual maturities of total guaranteed loan financing outstanding
Loans held-for-investment pledged as security against guaranteed loan financing	$ 815,200	$ 845,000

Variable interest entities an_3

Variable interest entities and securitization activities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets
Cash and cash equivalents	$ 166,004		$ 59,863
Restricted cash	24,915		$ 43,736
Loans, held for sale, at fair value	584,072	$ 81,599
Other assets	315,772	300,175
Total Assets	12,043,532	12,441,217
Liabilities
Secured borrowings	2,198,272	2,102,075
Accounts payable and other accrued liabilities	193,896	207,481
Total Liabilities	9,535,289	9,794,455
Consolidated VIEs
Assets
Loans, net	6,342,684	6,611,325
Loans, held for sale	10,973
Liabilities
Secured borrowings	4,769,057	5,068,453
Reportable Legal Entities | Consolidated VIEs
Assets
Cash and cash equivalents	9	671
Restricted cash	44,607	93,240
Loans, net	6,342,684	6,611,325
Loans, held for sale	10,973
Preferred equity investments	106,548	108,423
Other assets	87,013	83,486
Total Assets	6,591,834	6,897,145
Liabilities
Secured borrowings	4,769,057	5,068,453
Due to third parties	2,780	2,944
Accounts payable and other accrued liabilities	1	34
Total Liabilities	$ 4,771,838	$ 5,071,431

Variable interest entities an_4

Variable interest entities and securitization activities - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable interest entities
Current Principal Balance	$ 7,052,779	$ 6,898,073
Current principal balance of non-company sponsored securitized loans	1,300	1,600
Consolidated VIEs
Variable interest entities
Current Principal Balance	4,813,093	5,122,620
Carrying value	$ 4,767,752	$ 5,066,833
Weighted Average Rate	7.20%	6.90%
ReadyCap Lending Small Business Trust 2019-2
Variable interest entities
Current Principal Balance	$ 27,846	$ 32,175
Carrying value	$ 27,846	$ 32,175
Weighted Average Rate	8%	7.60%
ReadyCap Lending Small Business Trust 2023-3
Variable interest entities
Current Principal Balance	$ 118,157	$ 121,527
Carrying value	$ 116,059	$ 119,308
Weighted Average Rate	8.60%	8.50%
Sutherland Commercial Mortgage Trust 2017-SBC6
Variable interest entities
Current Principal Balance	$ 931	$ 1,550
Carrying value	$ 928	$ 1,532
Weighted Average Rate	5%	5%
Sutherland Commercial Mortgage Trust 2019-SBC8
Variable interest entities
Current Principal Balance	$ 101,410	$ 105,281
Carrying value	$ 99,936	$ 103,733
Weighted Average Rate	2.90%	2.90%
Sutherland Commercial Mortgage Trust 2021-SBC10
Variable interest entities
Current Principal Balance	$ 74,951	$ 81,214
Carrying value	$ 73,784	$ 79,952
Weighted Average Rate	1.60%	1.60%
ReadyCap Commercial Mortgage Trust 2015-2
Variable interest entities
Current Principal Balance	$ 1,830	$ 1,902
Carrying value	$ 1,724	$ 1,753
Weighted Average Rate	5.10%	5.10%
ReadyCap Commercial Mortgage Trust 2016-3
Variable interest entities
Current Principal Balance	$ 9,038	$ 9,038
Carrying value	$ 8,765	$ 8,723
Weighted Average Rate	5.30%	5.20%
ReadyCap Commercial Mortgage Trust 2018-4
Variable interest entities
Current Principal Balance	$ 52,568	$ 53,052
Carrying value	$ 50,942	$ 51,309
Weighted Average Rate	4.60%	4.50%
ReadyCap Commercial Mortgage Trust 2019-5
Variable interest entities
Current Principal Balance	$ 86,938	$ 88,520
Carrying value	$ 82,218	$ 83,529
Weighted Average Rate	4.90%	4.70%
ReadyCap Commercial Mortgage Trust 2019-6
Variable interest entities
Current Principal Balance	$ 198,331	$ 199,379
Carrying value	$ 194,675	$ 195,496
Weighted Average Rate	3.40%	3.40%
ReadyCap Commercial Mortgage Trust 2022-7
Variable interest entities
Current Principal Balance	$ 195,150	$ 195,866
Carrying value	$ 188,593	$ 188,995
Weighted Average Rate	4.20%	4.20%
Ready Capital Mortgage Financing 2021-FL5
Variable interest entities
Current Principal Balance	$ 223,027	$ 273,681
Carrying value	$ 223,027	$ 273,623
Weighted Average Rate	7.30%	6.60%
Ready Capital Mortgage Financing 2021-FL6
Variable interest entities
Current Principal Balance	$ 304,519	$ 417,782
Carrying value	$ 304,045	$ 416,467
Weighted Average Rate	6.80%	6.40%
Ready Capital Mortgage Financing 2021-FL7
Variable interest entities
Current Principal Balance	$ 586,037	$ 586,117
Carrying value	$ 584,645	$ 583,771
Weighted Average Rate	7.10%	6.70%
Ready Capital Mortgage Financing 2022-FL8
Variable interest entities
Current Principal Balance	$ 791,220	$ 808,671
Carrying value	$ 788,790	$ 805,220
Weighted Average Rate	7.50%	7%
Ready Capital Mortgage Financing 2022-FL9
Variable interest entities
Current Principal Balance	$ 501,751	$ 511,622
Carrying value	$ 497,559	$ 505,917
Weighted Average Rate	8.50%	8.10%
Ready Capital Mortgage Financing 2022-FL10
Variable interest entities
Current Principal Balance	$ 640,903	$ 654,116
Carrying value	$ 634,495	$ 646,141
Weighted Average Rate	8.20%	7.80%
Ready Capital Mortgage Financing 2023-FL11
Variable interest entities
Current Principal Balance	$ 456,990	$ 473,481
Carrying value	$ 453,033	$ 468,307
Weighted Average Rate	8.20%	8.20%
Ready Capital Mortgage Financing 2023-FL12
Variable interest entities
Current Principal Balance	$ 441,496	$ 507,646
Carrying value	$ 436,688	$ 500,882
Weighted Average Rate	8.10%	8%

Variable interest entities an_5

Variable interest entities and securitization activities - Assets of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying amount
Mortgage-backed securities	$ 29,546	$ 27,436
Investment in unconsolidated joint ventures	132,730	133,321
Total Assets	12,043,532	12,441,217
Unconsolidated VIEs
Carrying amount
Mortgage-backed securities	26,716	26,301
Investment in unconsolidated joint ventures	132,730	133,321
Total Assets	159,446	159,622
Maximum Exposure to Loss
Mortgage backed securities, at fair value	26,716	26,301
Investment in unconsolidated joint venture	132,730	133,321
Total assets in unconsolidated VIEs maximum exposure to loss	$ 159,446	$ 159,622

Interest income and interest _3

Interest income and interest expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income
Total loans, net	$ 230,083	$ 211,928
Total loans, held for sale, at fair value	218	742
Investments held to maturity	13	8
Preferred equity investments	1,084	2,168
Mortgage backed securities, at fair value	956	1,122
Total interest income	232,354	215,968
Interest expense
Secured borrowings	(47,638)	(45,220)
Securitized debt obligations of consolidated VIEs	(100,252)	(90,601)
Guaranteed loan financing	(18,508)	(4,872)
Senior secured note	(4,381)	(4,381)
Convertible note		(2,188)
Corporate debt	(12,998)	(11,442)
Total interest expense	(183,805)	(158,868)
Net interest income before provision for loan losses	48,549	57,100
Other Liabilities
Interest expense
Paycheck Protection Program Liquidity Facility borrowings	(28)	(164)
Bridge
Interest income
Total loans, net	148,273	160,431
Fixed rate
Interest income
Total loans, net	12,266	13,028
Total loans, held for sale, at fair value		735
Construction
Interest income
Total loans, net	30,168	12,166
SBA 7(a)
Interest income
Total loans, net	31,290	14,921
Paycheck Protection Program loans, held for investment | Other Assets
Interest income
Total loans, net	301	3,007
Other
Interest income
Total loans, net	7,785	8,375
Total loans, held for sale, at fair value	$ 218	$ 7

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Notional Amount	$ 670,470		$ 638,667
Asset Derivatives Fair Value	55,810		36,812
Liabilities Derivatives Fair Value	(593)		(212)
Derivative gain (loss)
Net Realized Gain (Loss)	$ 4,392	$ 3,686
Net Realized gain (loss) - Statement of Income	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)
Unrealized Gain (Loss)	$ 6,886	$ (8,921)
Unrealized gain (loss) - Statement of Income	Net unrealized gain (loss) on financial instruments	Net unrealized gain (loss) on financial instruments
Total change in OCI for period	$ 6,245	$ (3,805)
Designated as Hedging
Derivative gain (loss)
Derivatives - effective portion reclassified from AOCI to income	(283)	(298)
Total income statement impact	(283)	(298)
Derivatives- effective portion recorded in OCI	5,962	(4,103)
Total change in OCI for period	6,245	(3,805)
Interest rate swaps
Asset Derivatives Fair Value	54,799		36,812
Derivative gain (loss)
Net Realized Gain (Loss)	4,392	3,686
Unrealized Gain (Loss)	6,886	(8,459)
Interest rate swaps | Not Designated as Hedging | Interest Rate Risk
Notional Amount	40,500		183,081
Asset Derivatives Fair Value	10,882		12,349
Interest rate swaps | Designated as Hedging | Interest Rate Risk
Notional Amount	564,620		416,139
Asset Derivatives Fair Value	43,917		24,463
FX forwards
Asset Derivatives Fair Value	1,011
Liabilities Derivatives Fair Value	(593)		(212)
Derivative gain (loss)
Unrealized Gain (Loss)		$ (462)
FX forwards | Foreign Exchange Rate Risk
Notional Amount	65,350		39,447
Asset Derivatives Fair Value	1,011
Liabilities Derivatives Fair Value	$ (593)		$ (212)

Real estate owned, held for s_3

Real estate owned, held for sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Real estate acquired
Acquired portfolio	$ 198,995	$ 212,630
Other REO held for sale	40,879	40,319
Total Real estate, held for sale	239,874	252,949
Consolidated VIEs
Real estate acquired
Other REO held for sale	3,100	1,900
Mixed Use
Real estate acquired
Acquired portfolio	8,535	8,535
Other REO held for sale	4,247	4,247
Multi-family
Real estate acquired
Acquired portfolio	72,664	73,745
Other REO held for sale	28,139	28,139
Lodging
Real estate acquired
Acquired portfolio	5,342	14,010
Residential
Real estate acquired
Acquired portfolio	23,064	23,064
Services
Real estate acquired
Other REO held for sale		1,126
Office
Real estate acquired
Acquired portfolio	6,883	6,901
Other REO held for sale	6,601	5,983
Land
Real estate acquired
Acquired portfolio	82,507	86,375
Other
Real estate acquired
Other REO held for sale	1,892	$ 824
Broadmark
Real estate acquired
Measurement period adjustment - PCD	$ 5,400

Agreements and transactions w_3

Agreements and transactions with related parties (Details) - USD ($) $ in Thousands		3 Months Ended
	Jul. 15, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related-party transactions
Amount unpaid		$ 6,650		$ 7,038
Investment in unconsolidated joint ventures (including $7,169 and $7,360 held at fair value)		$ 132,730		$ 133,321
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		$ 6,600	$ 5,100
Amount unpaid		$ 6,600	5,100
Related Party | Manager | Incentive distribution
Related-party transactions
Incentive distribution paid			1,700
Amount unpaid			1,700
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		2,800	2,900
Amount unpaid		1,200	$ 1,800
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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other assets:
Goodwill	$ 38,530	$ 38,530
Deferred loan exit fees	31,530	32,271
Accrued interest	64,439	64,504
Due from servicers	20,348	20,780
Intangible assets	18,072	17,749
PPP receivables	27,364	34,597
Receivable from third parties	34,187	36,519
Deferred financing costs	11,910	9,544
Deferred tax asset	21,085
Right-of-use assets	$ 4,297	$ 2,539
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Investments held to maturity	$ 3,446	$ 3,446
Purchased future receivables, net	3,717	9,483
Other assets	36,847	30,213
Total other assets	$ 315,772	$ 300,175
Weighted average interest rate of held to maturity investments	10%	10%
Accounts payable and other accrued liabilities:
Accrued salaries, wages and commissions	$ 14,885	$ 33,961
Accrued interest payable	43,601	35,373
Servicing principal and interest payable	7,932	6,249
Deferred tax liability	32,977	32,977
Repair and denial reserve	8,041	6,974
Payable to related parties	6,650	7,038
PPP liabilities	28,494	36,182
Accrued professional fees	4,769	5,354
Lease payable	9,795	8,205
Other liabilities	36,752	35,168
Total accounts payable and other accrued liabilities	$ 193,896	$ 207,481
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
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill	$ 38,530		$ 38,530
Finite-lived intangible assets	14,572
Total Intangible Assets	18,072		17,749
Amortization expense	400	$ 600
Total Accumulated Amortization	7,272
Future amortization of lease intangibles
2024	2,249
2025	2,843
2026	2,191
2027	2,071
2028	1,054
Thereafter	4,164
Net amount	14,572
Trade name | Red Stone
Indefinite-lived intangible assets	2,500		2,500
SBA license
Indefinite-lived intangible assets	1,000		1,000
LMM Commercial Real Estate
Goodwill	27,324		27,324
Small Business Lending
Goodwill	11,206		11,206
Customer relationships | Red Stone
Finite-lived intangible assets	$ 5,846		5,935
Estimated Useful Life	19 years
Total Accumulated Amortization	$ 954
Future amortization of lease intangibles
Net amount	5,846		5,935
Internally developed software
Finite-lived intangible assets	$ 7,469		6,795
Estimated Useful Life	5 years
Total Accumulated Amortization	$ 1,695
Future amortization of lease intangibles
Net amount	7,469		6,795
Internally developed software | Knight Capital
Finite-lived intangible assets	$ 1,003		1,161
Estimated Useful Life	6 years
Total Accumulated Amortization	$ 2,797
Future amortization of lease intangibles
Net amount	1,003		1,161
Broker network | Knight Capital
Finite-lived intangible assets	$ 22		89
Estimated Useful Life	4 years 6 months
Total Accumulated Amortization	$ 1,178
Future amortization of lease intangibles
Net amount	22		89
Trade name | Knight Capital
Finite-lived intangible assets	$ 232		269
Estimated Useful Life	6 years
Total Accumulated Amortization	$ 648
Future amortization of lease intangibles
Net amount	$ 232		$ 269

Other income and operating ex_3

Other income and operating expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other income
Origination income	$ 2,657	$ 4,612
Change in repair and denial reserve	(1,207)	(199)
Employee retention credit consulting income	2,491	9,675
Other	11,439	5,764
Total other income	15,380	19,852
Other operating expenses
Origination costs	1,814	1,655
Technology expense	2,593	1,512
Impairment on real estate	16,972	3,418
Rent and property tax expense	2,318	1,068
Recruiting, training and travel expenses	707	631
Marketing expense	399	312
Bad debt expense - ERC	1,813
Other	3,571	4,013
Total other operating expenses	$ 30,187	$ 12,609

Redeemable Preferred Stock an_3

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

3 Months Ended

Apr. 30, 2024

Mar. 15, 2024

Jan. 31, 2024

Dec. 14, 2023

Oct. 31, 2023

Sep. 15, 2023

Jul. 31, 2023

Jun. 15, 2023

May 15, 2023

Apr. 28, 2023

Mar. 15, 2023

Mar. 31, 2024

Mar. 31, 2023

Dividends

Dividend per Share, declared

$ 0.30

$ 0.30

$ 0.36

$ 0.40

$ 0.30

$ 0.40

Dividend per Share, paid

$ 0.30

$ 0.30

$ 0.36

$ 0.40

Dividend One

Dividends

Dividend per Share, declared

$ 0.26

Dividend per Share, paid

$ 0.26

Dividend Two

Dividends

Dividend per Share, declared

$ 0.14

Dividend per Share, paid

$ 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		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Aug. 22, 2023
Weighted-average grant date fair value (per share)
Non-cash stock-based compensation expense	$ 1,894	$ 1,853
RSUs and RSAs
Weighted-average grant date fair value (per share)
Non-cash compensation expense not yet charged to net income	$ 12,200		$ 9,900
RSUs and RSAs | Certain employees
Number of shares
Outstanding, Beginning balance	747,808
Granted (in shares)	768,407
Vested (in shares)	(325,918)
Forfeited (in shares)	(58,937)
Outstanding, Ending balance	1,131,360		747,808
Grant date fair value
Beginning balance	$ 9,888
Granted	6,993
Vested	(4,110)
Forfeited	(609)
Ending balance	$ 12,162		$ 9,888
Weighted-average grant date fair value (per share)
Beginning balance	$ 13.22
Granted (in per share)	9.10
Vested (in per share)	12.61
Forfeited (in per share)	10.33
Ending balance	$ 10.75		$ 13.22
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) - Time-based RSA - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Broadmark
Share-Based Compensation
Granted (in shares)	736,666
Employees
Share-Based Compensation
Granted (in shares)	612,262	413,852	327,692
Vesting period	3 years	3 years	3 years
Directors
Share-Based Compensation
Granted (in shares)	126,930	75,639	45,162
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	Jan. 09, 2024	Feb. 29, 2024	Jun. 30, 2023	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2021
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%
2013 Equity Incentive Plan | Performance Shares
Performance-based equity awards
Granted (in shares)						92,451	84,566	43,327
Vesting period						3 years	3 years
Vested (in shares)			29,215
2013 Equity Incentive Plan | Performance Shares | Minimum
Performance-based equity awards
Percentage of target awards that may be achieved.						0%	0%	0%
2013 Equity Incentive Plan | Performance Shares | Maximum
Performance-based equity awards
Percentage of target awards that may be achieved.						200%	200%	300%
2013 Equity Incentive Plan | Performance Shares | Based on absolute TSR
Performance-based equity awards
Vesting percentage allocation						50%	50%	50%
Vesting period						3 years	3 years	3 years
2013 Equity Incentive Plan | 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
2013 Equity Incentive Plan | 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%
2013 Equity Incentive Plan | Performance Shares - Broadmark Merger | Minimum
Performance-based equity awards
Percentage of target awards that may be achieved.					0%
2013 Equity Incentive Plan | Performance Shares - Broadmark Merger | Maximum
Performance-based equity awards
Percentage of target awards that may be achieved.					200%
2013 Equity Incentive Plan | Performance Shares - Broadmark Merger | Based on volume of Broadmark product originated
Performance-based equity awards
Vesting percentage allocation					15%
2013 Equity Incentive Plan | 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%
2013 Equity Incentive Plan | Performance Shares - Broadmark Merger | Based on distributable return on equity
Performance-based equity awards
Vesting percentage allocation					25%
2023 Equity Incentive Plan | Performance Shares
Performance-based equity awards
Granted (in shares)				132,450

Redeemable Preferred Stock an_7

Redeemable Preferred Stock and Stockholders Equity - Preferred Stock (Details) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares
Preferred stock
Liquidation Preference	$ 25	$ 25
Carrying Value | $	$ 111,378,000	$ 111,378,000
Series C Preferred Stock
Preferred stock
Shares Issued | shares	335
Shares outstanding | shares	335
Par Value per Share	$ 0.0001
Liquidation Preference	$ 25
Rate per Annum	6.25%
Annual Dividend (per share)	$ 1.56
Carrying Value | $	$ 8,361,000
Preferred stock conversion ratio	1.4686
Conversion price	$ 17.02
Preferred stock principal amount used as basis for application of conversion ratio | $	$ 25
Dividends declared | $	$ 100,000
Series E Preferred Stock
Preferred stock
Shares Issued | shares	4,600
Shares outstanding | shares	4,600
Par Value per Share	$ 0.0001
Liquidation Preference	$ 25
Rate per Annum	6.50%
Annual Dividend (per share)	$ 1.63
Carrying Value | $	$ 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	Mar. 31, 2024 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, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 09, 2021
Equity
Common stock, par value	$ 0.0001		$ 0.0001
Equity ATM Program
Equity
Value of remaining shares available for sale under the Equity ATM Program	$ 78.4
Common stock, issued	0	0
Common stock, par value				$ 0.0001
Equity ATM Program | Maximum
Equity
Common stock authorized to be sold under an Equity ATM Program				$ 150

Earnings per Share of Common _3

Earnings per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Continuing Operations
Net income	$ (75,582)	$ 38,509
Less: Income (loss) attributable to non-controlling interest	117	1,835
Less: Income attributable to participating shares	2,335	2,371
Basic earnings	(78,034)	34,303
Discontinued Operations
Basic earnings	1,415	(1,531)
Diluted Earnings
Net income	(75,582)	38,509
Less: Income (loss) attributable to non-controlling interest	117	1,835
Less: Income attributable to participating shares	2,335	2,371
Add: Expenses attributable to dilutive instruments	131	2,319
Diluted earnings, continuing operations	(77,903)	36,622
Diluted earnings, discontinuing operations	$ 1,415	$ (1,531)
Basic - Average shares outstanding	172,032,866	110,672,939
Effect of dilutive securities - Unvested participating shares	1,071,549	10,352,970
Diluted - Average shares outstanding	173,104,415	121,025,909
Earnings Per Share Attributable to RC Common Stockholders:
Basic - Continuing operations	$ (0.45)	$ 0.31
Basic - Discontinued operations	0.01	(0.01)
Basic	(0.44)	0.30
Diluted - Continuing operations	(0.45)	0.30
Diluted - Discontinued operations	0.01	(0.01)
Diluted	$ (0.44)	$ 0.29

Earnings per Common Stock - Ope

Earnings per Common Stock - Operating Partnership Units (Details) - Operating Partnership - Noncontrolling Interests - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	1,240,582	1,330,582

Offsetting assets and liabili_3

Offsetting assets and liabilities - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	$ 55,810	$ 36,812
Gross amounts offset in the Consolidated Balance Sheets	40,362	34,408
Amounts presented in the Consolidated Balance Sheets	15,448	2,404
Net Amount	15,448	2,404
FX forwards
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	1,011
Amounts presented in the Consolidated Balance Sheets	1,011
Net Amount	1,011
Interest rate swaps
Effect of offsetting of the Company's recognized assets
Gross Amounts of Recognized Assets	54,799	36,812
Gross amounts offset in the Consolidated Balance Sheets	40,362	34,408
Amounts presented in the Consolidated Balance Sheets	14,437	2,404
Net Amount	$ 14,437	$ 2,404

Offsetting assets and liabili_4

Offsetting assets and liabilities - Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	$ 593	$ 212
Effect of offsetting recognized liabilities, Total
Gross Amounts of Recognized Liabilities, Total	2,227,213	2,138,323
Liabilities Presented in the Consolidated Balance Sheets, Total	2,227,213	2,138,323
Financial Instruments, Total	2,225,636	2,136,671
Net Amount, Total	1,577	1,652
FX forwards
Effect of offsetting recognized liabilities, Derivative
Gross Amounts of Recognized Liabilities	593	212
Liabilities Presented in the Consolidated Balance Sheets, Derivative	593	212
Net Amount, Derivative	593	212
Secured borrowings
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	2,198,272	2,102,075
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	2,198,272	2,102,075
Financial Instruments, Borrowings	2,198,272	2,102,075
Paycheck Protection Program Liquidity Facility
Effect of offsetting recognized liabilities, Borrowings
Gross Amounts of Recognized Liabilities, Borrowings	28,348	36,036
Liabilities Presented in the Consolidated Balance Sheets, Borrowings	28,348	36,036
Financial Instruments, Borrowings	27,364	34,596
Net Amount, Borrowings	$ 984	$ 1,440

Commitments, contingencies an_3

Commitments, contingencies and indemnifications (Details) - Unfunded loan commitments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments, contingencies and indemnifications
Loans, net	$ 566,488	$ 745,782
Loans, held for sale at fair value	133,990	19,327
Preferred equity investments	$ 279	$ 436

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 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%
Broadmark
REIT requirements and income tax information
Increase in deferred tax assets		$ 21.1

Segment reporting (Details)

Segment reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($) segment
Segment reporting
Number of reportable segments | segment	2	2
Interest income	$ 232,354	$ 215,968
Interest expense	(183,805)	(158,868)
Net interest income before recovery of loan losses	48,549	57,100
Recovery of (provision for) loan losses	26,544	6,734
Net interest income after recovery of loan losses	75,093	63,834
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	18,868	11,575
Net unrealized gain (loss) on financial instruments	4,632	(5,635)
Valuation allowance, loans held for sale	(146,180)
Servicing income, net	3,758	4,642
Income on purchased future receivables, net	446	540
Income (loss) from unconsolidated joint ventures	468	656
Other income	15,380	19,852
Total non-interest income	(102,628)	31,630
Non-interest expense
Professional fees	(7,065)	(5,543)
Loan servicing expense	(12,794)	(8,155)
Transaction related expenses	(650)	(893)
Other operating expenses	(30,187)	(12,609)
Total non-interest expense	(78,258)	(56,054)
Income (loss) before provision for income taxes	(105,793)	39,410
Total assets	11,604,231	11,080,783
Nonrelated party
Non-interest expense
Employee compensation and benefits	(18,414)	(19,727)
Related Party
Non-interest expense
Employee compensation and benefits	(2,500)	(2,326)
Management fees - related party	(6,648)	(5,081)
Incentive fees - related party		(1,720)
Operating Segments | LMM Commercial Real Estate
Segment reporting
Interest income	200,763	198,039
Interest expense	(158,885)	(149,494)
Net interest income before recovery of loan losses	41,878	48,545
Recovery of (provision for) loan losses	30,755	8,129
Net interest income after recovery of loan losses	72,633	56,674
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	5,755	4,825
Net unrealized gain (loss) on financial instruments	2,986	(6,111)
Valuation allowance, loans held for sale	(146,180)
Servicing income, net	1,298	1,093
Income (loss) from unconsolidated joint ventures	468	656
Other income	12,727	9,093
Total non-interest income	(122,946)	9,556
Non-interest expense
Professional fees	(1,641)	(981)
Loan servicing expense	(12,547)	(8,058)
Other operating expenses	(21,534)	(6,733)
Total non-interest expense	(43,448)	(22,210)
Income (loss) before provision for income taxes	(93,761)	44,020
Total assets	9,905,732	10,184,788
Operating Segments | LMM Commercial Real Estate | Nonrelated party
Non-interest expense
Employee compensation and benefits	(7,476)	(6,206)
Operating Segments | LMM Commercial Real Estate | Related Party
Non-interest expense
Employee compensation and benefits	(250)	(232)
Operating Segments | Small Business Lending
Segment reporting
Interest income	31,591	17,929
Interest expense	(24,920)	(9,374)
Net interest income before recovery of loan losses	6,671	8,555
Recovery of (provision for) loan losses	(4,211)	(1,395)
Net interest income after recovery of loan losses	2,460	7,160
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	13,113	6,750
Net unrealized gain (loss) on financial instruments	1,646	476
Servicing income, net	2,460	3,549
Income on purchased future receivables, net	446	540
Other income	2,653	10,428
Total non-interest income	20,318	21,743
Non-interest expense
Professional fees	(3,215)	(1,625)
Loan servicing expense	(247)	(97)
Other operating expenses	(5,353)	(4,094)
Total non-interest expense	(18,107)	(17,091)
Income (loss) before provision for income taxes	4,671	11,812
Total assets	1,357,398	791,394
Operating Segments | Small Business Lending | Nonrelated party
Non-interest expense
Employee compensation and benefits	(9,292)	(11,275)
Corporate
Non-interest income
Other income		331
Total non-interest income		331
Non-interest expense
Professional fees	(2,209)	(2,937)
Transaction related expenses	(650)	(893)
Other operating expenses	(3,300)	(1,782)
Total non-interest expense	(16,703)	(16,753)
Income (loss) before provision for income taxes	(16,703)	(16,422)
Total assets	341,101	104,601
Corporate | Nonrelated party
Non-interest expense
Employee compensation and benefits	(1,646)	(2,246)
Corporate | Related Party
Non-interest expense
Employee compensation and benefits	(2,250)	(2,094)
Management fees - related party	$ (6,648)	(5,081)
Incentive fees - related party		$ (1,720)

Subsequent events (Details)

Subsequent events (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended
	Apr. 12, 2024	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Subsequent event
Maximum borrowing capacity			$ 5,074,974
Amount drawn			$ 924,896	$ 1,542,661
Repurchase of common stock
Common stock, par value			$ 0.0001		$ 0.0001
Subsequent event
Repurchase of common stock
Common shares repurchased		1.6
Common stock, par value		$ 0.0001
Average price per share of shares repurchased		$ 8.57
Subsequent event | Credit Agreement | Term Loan
Subsequent event
Maximum borrowing capacity	$ 115,250
Amount drawn	$ 75,000
Commitment fee percentage	1%
Subsequent event | Credit Agreement | Term Loan | SOFR
Subsequent event
Pricing, spread on variable (as a percent)	5.50%
Pricing, spread on variable when loan is rated below investment grade (as a percent)	6.50%
Subsequent event | Credit Agreement | Term Loan | Base rate
Subsequent event
Pricing, spread on variable (as a percent)	4.50%
Pricing, spread on variable when loan is rated below investment grade (as a percent)	5.50%

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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