Ready Capital (RC) 10-K 3 Mar 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 28, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
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
Entity Address, Address Line Two	50th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10020
City Area Code	(212)
Local Phone Number	257-4600
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,313.4
Entity Common Stock, Shares Outstanding (in shares)		163,151,086
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement for the 2025 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Entity Central Index Key	0001527590
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RC
Security Exchange Name	NYSE
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share
Trading Symbol	RC PRC
Security Exchange Name	NYSE
Series E Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share
Trading Symbol	RC PRE
Security Exchange Name	NYSE
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
9.00% Senior Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	9.00% Senior Notes due 2029
Trading Symbol	RCD
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 143,803	$ 138,532
Restricted cash	30,560	30,063
Loans, net (including $3,533 and $9,348 held at fair value)	3,378,149	4,020,160
Loans, held for sale (including $128,531 and $81,599 held at fair value and net of valuation allowance of $97,620 and $0)	241,626	81,599
Mortgage-backed securities	31,006	27,436
Investment in unconsolidated joint ventures (including $6,577 and $7,360 held at fair value)	161,561	133,321
Derivative instruments	7,963	2,404
Servicing rights	128,440	102,837
Real estate owned, held for sale	193,437	252,949
Other assets	362,486	300,175
Assets of consolidated VIEs	5,175,295	6,897,145
Assets held for sale (refer to Note 9)	287,595	454,596
Total Assets	10,141,921	12,441,217
Liabilities
Senior secured notes, net	437,847	345,127
Corporate debt, net	895,265	764,908
Guaranteed loan financing	691,118	844,540
Contingent consideration	573	7,628
Derivative instruments	352	212
Dividends payable	43,168	54,289
Loan participations sold	95,578	62,944
Due to third parties	1,442	3,641
Accounts payable and other accrued liabilities	188,051	207,481
Liabilities held for sale (refer to Note 9)	228,735	333,157
Total Liabilities	8,197,818	9,794,455
Preferred stock Series C, liquidation preference $25.00 per share (refer to Note 20)	8,361	8,361
Commitments & 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, 162,792,372 and 172,276,105 shares issued and outstanding, respectively	17	17
Additional paid-in capital	2,250,291	2,321,989
Retained earnings (deficit)	(505,089)	124,413
Accumulated other comprehensive loss	(18,552)	(17,860)
Total Ready Capital Corporation equity	1,838,045	2,539,937
Non-controlling interests	97,697	98,464
Total Stockholders’ Equity	1,935,742	2,638,401
Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity	10,141,921	12,441,217
Consolidated Excluding VIEs
Liabilities
Secured borrowings and Securitized debt obligations of consolidated VIEs, net	2,035,176	2,102,075
Consolidated VIEs
Assets
Cash and cash equivalents	0	671
Restricted cash	8,411	93,240
Assets of consolidated VIEs	5,175,295	6,897,145
Liabilities
Secured borrowings and Securitized debt obligations of consolidated VIEs, net	3,580,513	5,068,453
Due to third parties	4,116	2,944
Accounts payable and other accrued liabilities	93	34
Total Liabilities	$ 3,584,722	$ 5,071,431

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Loans held, at fair value	$ 3,533	$ 9,348
Loans, held for sale, at fair value	128,531	81,599
Loans, held for sale, valuation allowance	97,620	0
Investment in unconsolidated joint ventures, at fair value	$ 6,577	$ 7,360
Preferred stock Series C, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, liquidation preference (in dollars per share)	25	25
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	162,792,372	172,276,105
Common stock, outstanding (in shares)	162,792,372	172,276,105

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income	$ 896,975	$ 945,814	$ 663,217
Interest expense	(696,455)	(716,468)	(392,360)
Net interest income before provision for loan losses	200,520	229,346	270,857
Provision for loan losses	(292,759)	(7,230)	(34,442)
Net interest income after provision for loan losses	(92,239)	222,116	236,415
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	(54,000)	65,008	53,764
Net unrealized gain (loss) on financial instruments	(14,991)	9,718	21,890
Valuation allowance, loans held for sale	(124,878)	0	0
Servicing income, net of amortization and impairment of $21,972, $7,911, and $19,653	16,556	21,161	11,428
Gain on bargain purchase	13,859	207,972	0
Income (loss) on unconsolidated joint ventures	10,886	(905)	11,661
Other income	50,803	105,514	56,208
Total non-interest income (expense)	(101,765)	408,468	154,951
Non-interest expense
Professional fees	(26,887)	(34,738)	(17,302)
Loan servicing expense	(46,656)	(40,811)	(30,814)
Transaction related expenses	(10,118)	(17,764)	(13,633)
Impairment on real estate	(56,503)	(8,638)	(4,033)
Other operating expenses	(63,572)	(50,953)	(43,620)
Total non-interest expense	(322,507)	(272,165)	(216,340)
Income (loss) from continuing operations before benefit (provision) for income taxes	(516,511)	358,419	175,026
Income tax benefit (provision)	104,512	(7,174)	(15,475)
Net income (loss) from continuing operations	(411,999)	351,245	159,551
Discontinued operations (refer to Note 9)
Income (loss) from discontinued operations before benefit (provision) for income taxes	(24,532)	(3,779)	57,870
Income tax benefit (provision)	6,133	945	(14,258)
Net income (loss) from discontinued operations	(18,399)	(2,834)	43,612
Net income (loss)	(430,398)	348,411	203,163
Less: Dividends on preferred stock	7,996	7,997	7,996
Less: Net income attributable to non-controlling interest	5,357	8,960	8,900
Net income (loss) attributable to Ready Capital Corporation	$ (443,751)	$ 331,454	$ 186,267
Earnings Per Share, Basic
Earnings per common share from continuing operations - basic (in dollars per share)	$ (2.52)	$ 2.27	$ 1.32
Earnings per common share from discontinued operations - basic (in dollars per share)	(0.11)	(0.02)	0.41
Total earnings per common share - basic (in dollars per share)	(2.63)	2.25	1.73
Earnings Per Share, Diluted [Abstract]
Earnings per common share from continuing operations - diluted (in dollars per share)	(2.52)	2.24	1.28
Earnings per common share from discontinued operations - diluted (in dollars per share)	(0.11)	(0.02)	0.37
Total earnings per common share - diluted (in dollars per share)	$ (2.63)	$ 2.22	$ 1.65
Weighted-average shares outstanding
Basic (in dollars per share)	169,107,477	146,841,594	106,878,139
Diluted (in dollars per share)	170,472,273	148,567,026	117,193,958
Dividends declared per share of common stock (in dollars per share)	$ 1.10	$ 1.46	$ 1.66
Nonrelated party
Non-interest expense
Employee compensation and benefits and Allocated employee compensation and benefits from related party	$ (82,522)	$ (81,530)	$ (74,989)
Related Party
Non-interest expense
Employee compensation and benefits and Allocated employee compensation and benefits from related party	(11,387)	(10,837)	(9,549)
Management fees – related party	(24,862)	(25,103)	(19,295)
Incentive fees – related party	$ 0	$ (1,791)	$ (3,105)

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Servicing income, amortization and impairment	$ 21,972	$ 7,911	$ 19,653

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (430,398)	$ 348,411	$ 203,163
Other comprehensive income (loss) - net change by component:
Derivative financial instruments (cash flow hedges)	871	(10,533)	(2,133)
Foreign currency translation	(1,461)	1,974	(1,616)
Other comprehensive loss	(590)	(8,559)	(3,749)
Comprehensive income (loss)	(430,988)	339,852	199,414
Less: Comprehensive income attributable to non-controlling interests	5,339	8,909	8,915
Comprehensive income (loss) attributable to Ready Capital Corporation	$ (436,327)	$ 330,943	$ 190,499

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Total	Series C Preferred Stock	Series E Preferred Stock	Total Ready Capital Corporation Equity	Total Ready Capital Corporation Equity Series C Preferred Stock	Total Ready Capital Corporation Equity Series E Preferred Stock	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Retained Earnings (Deficit) Series C Preferred Stock	Retained Earnings (Deficit) Series E Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021							4,600,000
Beginning balance at Dec. 31, 2021	$ 1,280,598,000			$ 1,276,104,000			$ 111,378,000	$ 8,000	$ 1,161,853,000	$ 8,598,000			$ (5,733,000)	$ 4,494,000
Beginning balance (in shares) at Dec. 31, 2021								75,838,050
Increase (Decrease) in Stockholders' Equity
Dividends declared, common stock	(189,871,000)			(189,871,000)						(189,871,000)
Dividends declared, OP units	(2,794,000)													(2,794,000)
Dividends declared, preferred share		$ (524,000)	$ (7,472,000)		$ (524,000)	$ (7,472,000)					$ (524,000)	$ (7,472,000)
Distributions, net	(14,317,000)													(14,317,000)
Shares issued pursuant to merger transactions (in shares)								30,252,764
Shares issued pursuant to merger transactions	437,311,000			437,311,000				$ 3,000	437,308,000
OP units issued pursuant to merger transactions	20,745,000													20,745,000
Non-controlling interest acquired in merger transaction	82,524,000													82,524,000
Retirement of OP units	(2,000,000)													(2,000,000)
Equity issuances (in shares)								8,100,926
Equity issuances	124,515,000			124,515,000					124,515,000
Offering costs	(1,188,000)			(1,178,000)					(1,178,000)					(10,000)
Equity component of 2017 convertible note issuance	(448,000)			(443,000)					(443,000)					(5,000)
Sale of subsidiary interest to non-controlling interest	167,000													167,000
Stock-based compensation (in shares)								409,642
Stock-based compensation	6,196,000			6,196,000					6,196,000
Share repurchases (in shares)								(4,077,741)
Share repurchases	(42,622,000)			(42,622,000)					(42,622,000)
Reallocation of non-controlling interest	0			(1,427,000)					(1,555,000)				128,000	1,427,000
Net income (loss)	203,163,000			194,263,000						194,263,000				8,900,000
Other comprehensive income (loss)	(3,749,000)			(3,764,000)									(3,764,000)	15,000
Ending balance (in shares) at Dec. 31, 2022							4,600,000
Ending balance at Dec. 31, 2022	1,890,234,000			1,791,088,000			$ 111,378,000	$ 11,000	1,684,074,000	4,994,000			(9,369,000)	99,146,000
Ending balance (in shares) at Dec. 31, 2022								110,523,641
Increase (Decrease) in Stockholders' Equity
Dividends declared, common stock	(212,035,000)			(212,035,000)						(212,035,000)
Dividends declared, OP units	(2,169,000)													(2,169,000)
Dividends declared, preferred share		(524,000)	(7,473,000)		(524,000)	(7,473,000)					(524,000)	(7,473,000)
Distributions, net (in shares)								(503)
Distributions, net	(193,000)			(6,000)					(6,000)					(187,000)
Shares issued pursuant to merger transactions (in shares)								62,229,429
Shares issued pursuant to merger transactions	637,229,000			637,229,000				$ 6,000	637,223,000
Retirement of OP units	0
Equity issuances	125,000			125,000					125,000
Offering costs	(228,000)			(226,000)					(226,000)					(2,000)
Equity component of 2017 convertible note issuance	(194,000)			(191,000)					(191,000)					(3,000)
Stock-based compensation (in shares)								1,266,615
Stock-based compensation	15,622,000			15,622,000					15,622,000
Conversion of OP units into common stock (in shares)								263,401
Conversion of OP units into common stock	0			2,842,000					2,842,000					(2,842,000)
Share repurchases (in shares)								(2,006,478)
Share repurchases	(21,845,000)			(21,845,000)					(21,845,000)
Reallocation of non-controlling interest	0			4,388,000					4,371,000				17,000	(4,388,000)
Net income (loss)	348,411,000			339,451,000						339,451,000				8,960,000
Other comprehensive income (loss)	(8,559,000)			(8,508,000)									(8,508,000)	(51,000)
Ending balance (in shares) at Dec. 31, 2023							4,600,000
Ending balance at Dec. 31, 2023	$ 2,638,401,000			2,539,937,000			$ 111,378,000	$ 17,000	2,321,989,000	124,413,000			(17,860,000)	98,464,000
Ending balance (in shares) at Dec. 31, 2023	172,276,105							172,276,105
Increase (Decrease) in Stockholders' Equity
Dividends declared, common stock	$ (185,751,000)			(185,751,000)						(185,751,000)
Dividends declared, OP units	(1,189,000)													(1,189,000)
Dividends declared, preferred share		$ (524,000)	$ (7,472,000)		$ (524,000)	$ (7,472,000)					$ (524,000)	$ (7,472,000)
Contributions, net (in shares)								(1,981)
Contributions, net	582,000			(18,000)					(18,000)					600,000
Retirement of OP units	0
Stock-based compensation (in shares)								515,183
Stock-based compensation	6,171,000			6,171,000					6,171,000
Conversion of OP units into common stock (in shares)								445,000
Conversion of OP units into common stock	0			3,812,000					3,812,000					(3,812,000)
Share repurchases (in shares)								(10,441,935)
Share repurchases	(83,488,000)			(83,488,000)					(83,488,000)
Reallocation of non-controlling interest	0			1,705,000					1,825,000				(120,000)	(1,705,000)
Net income (loss)	(430,398,000)			(435,755,000)						(435,755,000)				5,357,000
Other comprehensive income (loss)	(590,000)			(572,000)									(572,000)	(18,000)
Ending balance (in shares) at Dec. 31, 2024		335	4,600,000				4,600,000
Ending balance at Dec. 31, 2024	$ 1,935,742,000			$ 1,838,045,000			$ 111,378,000	$ 17,000	$ 2,250,291,000	$ (505,089,000)			$ (18,552,000)	$ 97,697,000
Ending balance (in shares) at Dec. 31, 2024	162,792,372							162,792,372

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends declared, common stock (in dollars per share)	$ 1.10	$ 1.46	$ 1.66
Series C Preferred Stock
Dividends declared, preferred stock (in dollars per share)	1.5625	1.5625	1.5625
Series E Preferred Stock
Dividends declared, preferred stock (in dollars per share)	$ 1.6250	$ 1.6250	$ 1.6250

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net income (loss)	$ (430,398)	$ 348,411	$ 203,163
Net income (loss) from discontinued operations, net of tax	(18,399)	(2,834)	43,612
Net income (loss) from continuing operations	(411,999)	351,245	159,551
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of premiums, discounts, and debt issuance costs, net	52,541	66,526	2,433
Stock-based compensation	8,119	7,550	7,495
Provision for loan losses	292,759	7,230	34,442
Impairment loss on real estate owned, held for sale	56,503	8,638	4,033
Repair and denial reserve (recovery)	385	(3,872)	(8,879)
Paid-in-kind accrued interest	(77,573)	(42,148)	0
Provision for loan losses on purchased future receivables	2,118	8,989	3,357
Loans, held for sale, net	326,035	18,062	192,094
Valuation allowance, loans held for sale	124,878	0	0
Net income (loss) of unconsolidated joint ventures, net of distributions	(7,702)	2,933	(9,328)
Realized (gains) losses, net	53,900	(66,357)	(52,283)
Unrealized (gains) losses, net	15,086	(8,867)	(23,484)
Bargain purchase gain	(13,859)	(207,972)	0
Changes in operating assets and liabilities:
Derivative instruments	5,234	12,369	56,898
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	(60,828)	(28,027)	(32,056)
Receivable from third parties	1,948	(21,313)	14,106
Other assets	(58,932)	(59,969)	(7,140)
Accounts payable and other accrued liabilities	(22,214)	13,978	(67,504)
Net cash provided by operating activities from continuing operations	286,399	58,995	273,735
Net cash provided by (used for) operating activities from discontinued operations	(11,584)	(7,865)	85,413
Net cash provided by operating activities	274,815	51,130	359,148
Cash Flows From Investing Activities:
Origination of loans	(826,430)	(1,005,137)	(3,303,318)
Purchase of loans	0	0	(669,137)
Proceeds from disposition and principal payment of loans	2,274,117	1,940,986	2,205,329
Funding of investments held to maturity	0	(140)	(5,848)
Proceeds from principal payments of investments held to maturity	0	0	27,006
Proceeds from sale and principal payment of mortgage-backed securities	0	8,059	61,504
Funding of real estate, held for sale	(1,408)	(12,463)	(10,972)
Proceeds from sale of real estate, held for sale	67,240	78,001	7,519
Investment in unconsolidated joint ventures	(33,239)	(25,186)	(122,391)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	13,593	7,573	154,226
Payment of liabilities under participation agreements	(14,535)	(9,051)	(19,015)
Net cash provided by (used for) business acquisitions	(44,366)	38,710	123,566
Net cash provided by (used for) investing activities from continuing operations	1,434,972	1,021,352	(1,551,531)
Net cash provided by (used for) investing activities from discontinued operations	100,045	(1,908)	(4,897)
Net cash provided by (used for) investing activities	1,535,017	1,019,444	(1,556,428)
Cash Flows From Financing Activities:
Proceeds from secured borrowings	2,102,388	4,127,416	7,770,435
Repayment of secured borrowings	(2,166,562)	(4,692,079)	(7,413,701)
Repayment of the Paycheck Protection Program Liquidity Facility borrowings	(17,166)	(164,975)	(740,494)
Proceeds from issuance of securitized debt obligations of consolidated VIEs	0	1,120,815	2,387,288
Repayment of securitized debt obligations of consolidated VIEs	(1,520,669)	(976,790)	(675,843)
Proceeds from corporate debt	125,905	0	220,146
Proceeds from senior secured note	92,119	0	0
Repayment of convertible note	0	(115,000)	0
Repayment of guaranteed loan financing	(153,422)	(154,441)	(109,279)
Payment of deferred financing costs	(12,178)	(32,210)	(43,937)
Payment of contingent consideration	0	(9,000)	(9,000)
Proceeds from issuance of equity, net of issuance costs	0	108	123,490
Common stock repurchased	(82,250)	(18,108)	(36,969)
Settlement of share-based awards in satisfaction of withholding tax requirements	(1,238)	(3,948)	(5,817)
Dividend payments	(206,057)	(215,089)	(187,832)
Distributions, net	(18)	(6)	(14,317)
Net cash provided by (used for) financing activities from continuing operations	(1,839,148)	(1,133,307)	1,264,170
Net cash provided by (used for) financing activities from discontinued operations	(40,632)	48,220	(93,191)
Net cash provided by (used for) financing activities	(1,879,780)	(1,085,087)	1,170,979
Net decrease in cash, cash equivalents, and restricted cash including cash classified within assets held for sale	(69,948)	(14,513)	(26,301)
Less: Net increase (decrease) in cash and cash equivalents within assets held for sale	9,784	(3,415)	(23,675)
Net decrease in cash, cash equivalents, and restricted cash	(79,732)	(11,098)	(2,626)
Cash, cash equivalents, and restricted cash beginning balance	262,506	273,604	276,230
Cash, cash equivalents, and restricted cash ending balance	182,774	262,506	273,604
Supplemental disclosures:
Cash paid for interest	659,264	661,169	355,230
Cash paid (received) for income taxes	(11,928)	2,008	29,164
Non-cash investing activities
Loans transferred from loans, held for sale to loans, net	13,173	68,661	3,987
Loans transferred from loans, net to loans, held for sale	729,016	3,641	3,093
Consolidation of assets in securitization trusts	0	689,079	0
Loans transferred to real estate owned, held for sale	86,990	56,900	1,598
Investments held to maturity transferred to real estate owned	0	0	29,904
Contingent consideration in connection with acquisitions	573	0	25,000
Non-cash financing activities
Shares and OP units issued in connection with merger transactions	0	637,229	458,056
Retirement of OP units	0	0	2,000
Consolidation of borrowings in securitization trusts	0	689,079	0
Conversion of OP units to common stock	3,812	2,842	0
Cash, cash equivalents, and restricted cash reconciliation
Cash and cash equivalents	143,803	138,532	147,399
Restricted cash	30,560	30,063	48,146
Cash, cash equivalents, and restricted cash in assets of consolidated VIEs	8,411	93,911	78,059
Cash, cash equivalents, and restricted cash ending balance	$ 182,774	$ 262,506	$ 273,604

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, USDA 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 December 31, 2024 and December 31, 2023 , the Company owned approximately 99.5% 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. Acquisitions United Development Funding IV. On November 29, 2024, the Company entered into a definitive merger agreement with United Development Funding IV (“UDF IV”) , a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders. Upon completion of the merger, the Company is expected to have a pro forma equity capital base in excess of $2.2 billion . Under the terms of the merger agreement, UDF IV will be permitted to distribute up to $75 million of cash on its pre-closing balance sheet to its shareholders prior to the transaction closing (the “Pre-Closing Distribution”), representing value distributed by UDF IV to its shareholders of up to $2.44 per share. Following such distribution, as part of the merger consideration, each common share of beneficial interest of UDF IV (a "UDF IV share") will then be converted into 0.416 shares (the “Exchange Ratio”) of Ready Capital common stock, with UDF IV shareholders receiving a total of approximately 12.8 million shares of Ready Capital common stock. The Exchange Ratio was negotiated to reflect an adjustment for the expected Pre-Closing Distribution, as well as other valuation adjustments. Based on Ready Capital’s closing share price on November 29, 2024, the implied value of the Ready Capital shares expected to be issued in connection with this closing is approximately $94 million or $3.07 per UDF IV share. At closing, UDF IV shareholders are expected to own approximately 7% of Ready Capital’s outstanding shares. In addition, as part of the merger consideration, UDF IV shareholders will be entitled to receive 0.416 contingent value rights per UDF IV share, representing the potential right to receive additional stock consideration after closing . The transaction is expected to close in the first half of 2025, subject to the approval of UDF IV shareholders and other customary closing conditions. Funding Circle. On July 1, 2024, the Company acquired Funding Circle USA, Inc. (“ Funding Circle”) through its subsidiary, iBusiness Funding LLC, for approximately $41.2 million in cash plus the assumption of certain liabilities (the “Funding Circle Acquisition”). Funding Circle is an online lending platform that originates and services small business loans. The Funding Circle Acquisition integrates Funding Circle’s loan origination servicing platform with the Company’s Lending as a Service ("LaaS") and LenderAI product offerings. Refer to Note 5 for assets acquired and liabilities assumed in the merger. Madison One. On June 5, 2024, the Company acquired Madison One Capital, M1 CUSO and Madison One Lender Services (together, “Madison One”), a leading originator and servicer of United States Department of Agriculture (“USDA”) and SBA guaranteed loan products, for an initial purchase price of approximately $32.9 million paid in cash (the “Madison One Acquisition”). Approximately $3.6 million of the initial purchase price was paid as bonuses to certain key Madison One personnel in cash. Additional purchase price payments, including cash payments and the issuance of shares of common stock of the Company, may be made over the four years following the acquisition date contingent upon the Madison One business achieving certain performance metrics. Part of the Company’s strategy in acquiring Madison One included the value of the anticipated synergies arising from the acquisition and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Refer to Note 5 for assets acquired and liabilities assumed in the merger. Broadmark. On May 31, 2023, the Company, Broadmark Realty Capital Inc., a Maryland corporation (“Broadmark”), and RCC Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of the operating partnership (“RCC Merger Sub”), completed a merger (the “Broadmark Merger”) in which Broadmark merged with and into RCC Merger Sub, with RCC Merger Sub remaining as a wholly owned subsidiary of the operating partnership. 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. 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	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 2. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)—as prescribed by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
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 (“ASC 810”). Intercompany balances and transactions have been eliminated. 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 . The Company defines cash and cash equivalents as cash, demand deposits, and short-term, highly liquid investments with original maturities of 90 days or less when purchased. Cash and cash equivalents are exposed to concentrations of credit risk. The Company deposits cash with institutions believed to have highly valuable and defensible business franchises, strong financial fundamentals, and predictable and stable operating environments. 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. Loans, held-for-investment are loans acquired from third parties (“acquired loans”), loans originated by the Company that it does not intend to sell, or securitized loans that were previously originated. Certain securitized loans remain on the Company’s balance sheet because the securitization vehicles are consolidated under ASC 810. Acquired loans are recorded at the valuation at the time of acquisition and are accounted for under ASC 310, Receivables (“ASC 310”). 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 represent certain loans originated by the Company for which the fair value option has been elected. Interest is recognized as interest income in the consolidated statements of operations when earned and deemed collectible. Changes in fair value are recurring and are reported as net unrealized gain (loss) on financial instruments in the consolidated statements of operations. Loans, held at fair value are classified as Level 3 in the fair value hierarchy. 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, loan-to-value (“LTV”) ratio and economic conditions. The allowance for credit losses increases through provisions charged to earnings and reduced by charge-offs, net of recoveries. 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 to be “collateral-dependent” loans if they 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. 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. A loan is generally placed on non-accrual 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. Non-accrual loans consist of loans for which principal or interest has been delinquent for 90 days or more and for which specific reserves are recorded, including purchased credit-deteriorated (“PCD”) loans. Interest income accrued, but not collected, at the date loans are placed on non-accrual status is reversed, unless the loan is expected to be fully recoverable by the collateral or is in the process of being collected. Interest income is subsequently recognized only to the extent it is received in cash or until the loan qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status when contractually current and the collection of future payments is reasonably assured. In certain instances, the Company may make exceptions to placing a loan on non-accrual status if the loan is in the process of a modification. For construction loans that have been delinquent for 90 days or more, interest income may continue to accrue if it is probable that principal and interest will be collected in full. Paid-In-Kind ("PIK") Interest. PIK interest is computed at the contractual rate specified in each loan agreement and added to the principal balance of the loan, and is recorded as interest income over the life of the loan on the consolidated statement of operations. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due. To maintain the Company's status as a REIT, this non-cash source of income is included within the 90% of its taxable income required to be distributed to shareholders. Loan modifications made to borrowers experiencing financial difficulty. In situations where economic or legal circumstances may cause a borrower to experience significant financial difficulties, the Company may grant concessions for a period of time to the borrower that it would not otherwise consider. These modified terms 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. The Company monitors the performance of loans modified to borrowers experiencing financial difficulty and considers loans that are 30 days past due to be in payment default. 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 operations. Loans, held for sale for which the fair value option has been elected are predominantly classified as Level 2 in the fair value hierarchy. For originated SBA loans, the guaranteed portion is held at fair value. Interest is recognized as interest income in the consolidated statements of operations when earned and deemed collectible . When loans classified as held for sale are sold, the proceeds, less the costs to sell, in excess (or deficiency) of the net carrying value, including accrued interest, are recognized as a realized gain (loss). 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 operations 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 operations. 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 (“ASC 320”). The Company’s MBS portfolio is comprised of asset-backed securities collateralized by interest in, or obligations backed by, pools of LMM loans, which are guaranteed by the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”), or guaranteed by federally sponsored enterprises, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Purchases and sales of MBS are recorded as of the trade date. MBS securities pledged as collateral against borrowings under repurchase agreements are included in mortgage-backed securities on the consolidated balance sheets. 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 operations . Mortgage-backed securities are classified as Level 2 in the fair value hierarchy. 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 (“ASC 815”). All derivatives are reported as either assets or liabilities in the consolidated balance sheets at the estimated fair value with the changes in the fair value recorded in earnings unless hedge accounting is elected. As of December 31, 2024 and December 31, 2023 , the Company had o ffset $25.4 million and $34.4 million of cash collateral payable against gross derivative asset positions, respectively. Interest rate swap agreements. An interest rate swap is an agreement between two counterparties to exchange periodic interest payments where one party to the contract makes a fixed-rate payment in exchange for a floating-rate payment from the other party. The dollar amount each party pays is an agreed-upon periodic interest rate multiplied by a pre- determined dollar principal (notional amount). No principal (notional amount) is exchanged between the two parties at the trade initiation date and only interest payments are exchanged over the life of the contract. The fair value adjustments are reported within net unrealized gain (loss) on financial instruments, while the related interest income or interest expense are reported within net realized gain (loss) on financial instruments in the consolidated statements of operations. Interest rate swaps are classified as Level 2 in the fair value hierarchy. FX forwards. FX forwards are agreements between two counterparties to exchange a pair of currencies at a set rate on a future date. Such contracts are used to convert the foreign currency risk to U.S. dollars to mitigate exposure to fluctuations in FX rates. The fair value adjustments are reported within net unrealized gain (loss) on financial instruments in the consolidated statements of operations. FX forwards are classified as Level 2 in the fair value hierarchy. Hedge accounting. As a general rule, hedge accounting is permitted where the Company is exposed to a particular risk, such as interest rate risk, that causes changes in the fair value of an asset or liability or variability in the expected future cash flows of an existing asset, liability, or forecasted transaction that may affect earnings. 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 operations 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 (losses) related to servicing rights retained is included in net realized gain (loss) in the consolidated statements of operations. Servicing rights are accounted for under ASC 860, Transfers and Servicing (“ASC 860”). A significant portion of the Company’s multi-family servicing rights are under the Freddie Mac program. 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 the consolidated statements of operations 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 , investors in unincorporated entities such as partnerships and unincorporated joint ventures generally shall account for their investments using the equity method of accounting if the investor has the ability to exercise significant influence over the investee. Under the equity method, the Company recognizes its allocable share of the earnings or losses of the investment monthly in earnings and adjusts the carrying amount for its share of the distributions that exceeds its allocable share of earnings. The fair value adjustments are reported within income on unconsolidated joint ventures in the consolidated statements of operations. Investments in unconsolidated joint ventures are classified as Level 3 in the fair value hierarchy. 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 operations. 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 operations 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 (“ASC 350”). T he Company’s intangible assets include an SBA license, capitalized software, a broker network, trade names and customer relationships. The Company capitalizes software costs expected to result in long-term operational benefits, such as replacement systems or new applications that result in significantly increased operational efficiencies or functionality as well as costs related to internally developed software expected to be sold, leased or otherwise marketed under A SC 985-20, Software- costs of software to be sold, leased, or marketed . All other costs incurred in connection with internal use software are expensed as incurred. The Company initially records its intangible assets at cost or fair value and will test for impairment if a triggering event occurs. Intangible assets are included within other assets in the consolidated balance sheets. The Company amortizes intangible assets with identified estimated useful lives on a straight-line basis over their estimated useful lives. 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 fourth 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 . Deferred costs are capitalized and amortized using the effective interest method over the respective financing term with such amortization reflected on the Company’s consolidated statements of operations as a component of interest expense. Secured Borrowings may include legal, accounting and other related fees. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Unamortized deferred financing costs related to securitizations and note issuances are presented in the consolidated balance sheets as a direct deduction from the associated liability. Due from servicers The loan-servicing activities of the Company’s LMM Commercial Real Estate segment are performed primarily by third- party servicers. SBL loans originated and held by the Company 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 30 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 ag

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Note 4. Recent Accounting Pronouncements ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Issued November 2024 This ASU requires additional disclosure in the notes to financial statements of specified information about certain costs and expenses. The ASU is effective in reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, 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 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. A SU 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”). This 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. The adoption of this standard did not have an impact on the Company's 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	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Business Combinations	Note 5. Business Combinations Funding Circle Acquisition On July 1, 2024 the Company acquired Funding Circle, an online lending platform that originates and services small business loans. Refer to Note 1 for more information about the Funding Circle Acquisition. The purchase price 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 Funding Circle Acquisition. (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Assets Cash and cash equivalents $ 29,209 $ — $ 29,209 Loans, net 8,167 — 8,167 Investment in unconsolidated joint ventures 891 — 891 Servicing rights 5,388 — 5,388 Other assets: Deferred tax asset 32,186 — 32,186 Intangible assets 10,052 — 10,052 Other 4,558 — 4,558 Total assets acquired $ 90,451 $ — $ 90,451 Liabilities Secured borrowings 2,022 — 2,022 Accounts payable and other accrued liabilities 14,952 — 14,952 Total liabilities assumed $ 16,974 $ — $ 16,974 Net assets acquired $ 73,477 $ — $ 73,477 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 for the Funding Circle Acquisition remains open, certain fair value estimates may change once all information necessary to make a final fair value assessment is received. The amounts presented in the table above pertain to the preliminary purchase price allocation reported at the time of the Funding Circle Acquisition 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. While the measurement period remains open, there have been no adjustments related to this transaction. 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 $ 73,477 $ — $ 73,477 Consideration transferred 41,312 — 41,312 Bargain purchase gain $ 32,165 $ — $ 32,165 Madison One Acquisition On June 5, 2024 the Company acquired Madison One, a lending originator and servicer in the government guaranteed loan industry focusing on USDA and SBA guaranteed loan products. Refer to Note 1 for more information about the Madison One Acquisition. The purchase price 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 Madison One Acquisition. (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Assets Cash and cash equivalents $ 83 $ 83 Restricted cash 721 (200) 521 Servicing rights 16,304 612 16,916 Other assets: Intangible assets 10,400 900 11,300 Other 303 — 303 Total assets acquired $ 27,811 $ 1,312 $ 29,123 Liabilities Accounts payable and other accrued liabilities 978 1,722 2,700 Total liabilities assumed $ 978 $ 1,722 $ 2,700 Non-controlling interests (600) — (600) Net assets acquired, net of non-controlling interests $ 26,233 $ (410) $ 25,823 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 for the Madison One Acquisition remains open, certain fair value estimates may change once all information necessary to make a final fair value assessment is received. The amounts presented in the table above pertain to the preliminary purchase price allocation reported at the time of the Madison One Acquisition 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 increasing goodwill related to this transaction by $0.4 million . The table below illustrates the aggregate consideration transferred, net assets acquired, and the related goodwill. (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Fair value of net assets acquired $ 26,233 $ (410) $ 25,823 Cash paid 32,868 — 32,868 Contingent consideration $ 3,926 $ — $ 3,926 Total consideration transferred $ 36,794 $ — $ 36,794 Goodwill $ 10,561 $ 410 $ 10,971 Broadmark Merger 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 purchase price 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 (23,671) 135,240 Other assets 17,107 (7,151) 9,956 Total assets acquired $ 987,682 $ (39,409) $ 948,273 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 $ (40,228) $ 826,895 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 occurred within one year of the merger date. Because the measurement period for the Broadmark Merger remained open until May 31, 2024, certain fair value estimates changed once all information necessary to make a final fair value assessment was 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 changed as the Company completed its analysis of the fair value of the assets acquired and liabilities assumed, which impacted 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 total bargain purchase gain related to this transaction by $40.2 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 $ (40,228) $ 826,895 Consideration transferred based on the value of common stock issued 637,229 — 637,229 Bargain purchase gain $ 229,894 $ (40,228) $ 189,666 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 operations.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Loans and Allowance for Credit Losses	Note 6. Loans and Allowance for Credit Losses Loa ns 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 allo wance 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. 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. December 31, 2024 December 31, 2023 (in thousands) Carrying Value UPB Carrying Value UPB Loans Bridge $ 1,246,725 $ 1,309,683 $ 1,422,091 $ 1,448,281 Fixed rate 197,162 197,272 239,586 241,674 Construction 733,276 874,558 1,176,913 1,212,526 Freddie Mac — — 9,500 9,719 SBA - 7(a) 1,043,120 1,075,845 978,543 1,003,323 Other 157,866 177,155 193,527 198,499 Total Loans, net $ 3,378,149 $ 3,634,513 $ 4,020,160 $ 4,114,022 Loans in consolidated VIEs Bridge 3,854,982 3,970,084 5,356,689 5,389,535 Fixed rate 685,505 688,347 784,360 790,967 SBA - 7(a) 178,498 189,737 213,456 227,636 Other 211,076 212,020 256,820 258,029 Total Loans, net, in consolidated VIEs $ 4,930,061 $ 5,060,188 $ 6,611,325 $ 6,666,167 Loans, held for sale Bridge 58,703 134,065 — — Fixed rate 2,750 6,056 — — Construction 54,392 77,487 — — Freddie Mac 36,248 35,931 20,955 20,729 SBA - 7(a) 87,825 81,524 59,421 55,769 Other 1,708 1,817 1,223 1,297 Total Loans, held for sale $ 241,626 $ 336,880 $ 81,599 $ 77,795 Total $ 8,549,836 $ 9,031,581 $ 10,713,084 $ 10,857,984 In the table above, 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 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. 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 December 31, 2024 Bridge $ 5,279,767 $ 321,439 $ 244,283 $ 2,083,723 $ 2,270,504 $ 105,279 $ 76,479 $ 5,101,707 Fixed rate 885,619 — — 109,733 180,209 86,013 506,712 882,667 Construction 874,558 9,233 26,925 162,309 83,287 144 451,378 733,276 SBA - 7(a) 1,265,582 235,374 138,670 322,007 237,105 94,730 193,732 1,221,618 Other 389,175 14,769 2,881 4,225 685 9,205 337,177 368,942 Total Loans, net $ 8,694,701 $ 580,815 $ 412,759 $ 2,681,997 $ 2,771,790 $ 295,371 $ 1,565,478 $ 8,308,210 Gross write-offs $ 28 $ 1,440 $ 1,710 $ 3,022 $ 617 $ 7,776 $ 14,593 UPB 2023 2022 2021 2020 2019 Pre 2019 Total December 31, 2023 Bridge $ 6,837,816 $ 322,762 $ 2,951,573 $ 2,943,874 $ 284,485 $ 164,800 $ 111,286 $ 6,778,780 Fixed rate 1,032,641 4,004 109,741 205,895 88,709 315,905 299,692 1,023,946 Construction 1,212,526 105,865 252,910 182,618 73,353 433,425 128,742 1,176,913 Freddie Mac 9,719 — — 3,833 5,667 — — 9,500 SBA - 7(a) 1,230,959 146,158 349,628 316,711 114,383 75,725 189,394 1,191,999 Other 456,528 2,556 4,501 18,130 8,703 43,683 372,774 450,347 Total Loans, net $ 10,780,189 $ 581,345 $ 3,668,353 $ 3,671,061 $ 575,300 $ 1,033,538 $ 1,101,888 $ 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 December 31, 2024 Current $ 8,094,859 $ 575,781 $ 392,201 $ 2,488,252 $ 2,566,736 $ 289,352 $ 1,475,325 $ 7,787,647 30 - 59 days past due 148,612 3,666 1,676 92,516 26,385 734 6,311 131,288 60+ days past due 451,230 1,368 18,882 101,229 178,669 5,285 83,842 389,275 Total Loans, net $ 8,694,701 $ 580,815 $ 412,759 $ 2,681,997 $ 2,771,790 $ 295,371 $ 1,565,478 $ 8,308,210 UPB 2023 2022 2021 2020 2019 Pre 2019 Total December 31, 2023 Current $ 9,632,399 $ 565,544 $ 3,340,903 $ 3,400,336 $ 488,508 $ 877,362 $ 872,070 $ 9,544,723 30 - 59 days past due 172,355 551 59,879 80,545 507 22,557 7,101 171,140 60+ days past due 975,435 15,250 267,571 190,180 86,285 133,619 222,717 915,622 Total Loans, net $ 10,780,189 $ 581,345 $ 3,668,353 $ 3,671,061 $ 575,300 $ 1,033,538 $ 1,101,888 $ 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 December 31, 2024 Bridge $ 4,732,393 $ 93,078 $ 276,236 $ 5,101,707 $ 366,890 $ 88,396 Fixed rate 840,951 8,421 33,295 882,667 33,295 — Construction 691,655 — 41,621 733,276 60,018 — SBA - 7(a) 1,160,844 27,124 33,650 1,221,618 64,687 — Other 361,804 2,665 4,473 368,942 1,871 973 Total Loans, net $ 7,787,647 $ 131,288 $ 389,275 $ 8,308,210 $ 526,761 $ 89,369 Percentage of loans outstanding 93.7 % 1.6 % 4.7 % 100 % 6.3 % 1.1 % December 31, 2023 Bridge $ 6,169,893 $ 87,047 $ 521,840 $ 6,778,780 $ 338,982 $ — Fixed rate 978,897 21,772 23,277 1,023,946 13,928 — Construction 778,708 49,626 348,579 1,176,913 241,751 82,781 Freddie Mac 9,500 — — 9,500 2,674 — SBA - 7(a) 1,166,695 8,518 16,786 1,191,999 30,549 40 Other 441,030 4,177 5,140 450,347 6,005 — Total Loans, net $ 9,544,723 $ 171,140 $ 915,622 $ 10,631,485 $ 633,889 $ 82,821 Percentage of loans outstanding 89.8 % 1.6 % 8.6 % 100 % 6.0 % 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 December 31, 2024 Bridge $ — $ 103,364 $ 553,768 $ 3,230,535 $ 471,137 $ 742,903 $ 5,101,707 Fixed rate 1,348 29,799 379,043 446,246 26,231 — 882,667 Construction 27,973 4,725 90,615 160,507 17,892 431,564 733,276 SBA - 7(a) 14,222 65,279 184,965 354,891 219,371 382,890 1,221,618 Other 105,417 116,848 61,974 62,662 16,661 5,380 368,942 Total Loans, net $ 148,960 $ 320,015 $ 1,270,365 $ 4,254,841 $ 751,292 $ 1,562,737 $ 8,308,210 Percentage of loans outstanding 1.8 % 3.9 % 15.3 % 51.2 % 9.0 % 18.8 % 100.0 % December 31, 2023 Bridge $ 2,308 $ 97,307 $ 754,311 $ 5,766,847 $ 82,063 $ 75,944 $ 6,778,780 Fixed rate 5,222 36,019 448,847 512,325 18,343 3,190 1,023,946 Construction 25,173 94,850 532,207 352,894 118,959 52,830 1,176,913 Freddie Mac — — 2,993 6,507 — — 9,500 SBA - 7(a) 10,522 55,635 171,188 400,884 223,882 329,888 1,191,999 Other 127,303 159,378 81,172 67,263 13,406 1,825 450,347 Total Loans, net $ 170,528 $ 443,189 $ 1,990,718 $ 7,106,720 $ 456,653 $ 463,677 $ 10,631,485 Percentage of loans outstanding 1.6 % 4.2 % 18.7 % 66.8 % 4.3 % 4.4 % 100.0 % (1) LTV is calculated by dividing the current UPB 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) December 31, 2024 December 31, 2023 Texas 19.3 % 18.6 % California 10.8 11.4 Florida 7.9 6.4 Arizona 7.7 6.1 Oregon 7.3 5.9 Georgia 6.7 7.1 New York 4.8 4.8 North Carolina 4.0 4.1 Illinois 3.1 3.7 Washington 3.1 3.4 Other 25.3 28.5 Total 100.0 % 100.0 % The table below presents the collateral type concentration of loans, net. Collateral Concentration (% of UPB) December 31, 2024 December 31, 2023 Multi-family 60.1 % 60.9 % SBA 14.6 11.4 Mixed Use 9.5 8.4 Industrial 4.8 4.3 Retail 4.1 4.3 Office 3.2 4.4 Lodging 2.0 1.6 Other 1.7 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) December 31, 2024 December 31, 2023 Lodging 20.9 % 23.4 % Gasoline Service Stations 12.0 12.8 Eating Places 6.5 6.2 Child Day Care Services 5.7 5.6 Offices of Physicians 3.7 4.1 General Freight Trucking, Local 3.0 3.5 Grocery Stores 2.3 2.3 Coin-Operated Laundries and Drycleaners 1.4 1.9 Car Washes 1.1 1.0 Funeral Service & Crematories 1.0 1.4 Other 42.4 37.8 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 December 31, 2024 General $ 126,471 $ 3,156 $ 493 $ 18,825 $ 1,523 $ 150,468 Specific 43,974 1,958 137,812 3,262 631 187,637 PCD — — 1,834 — — 1,834 Ending balance $ 170,445 $ 5,114 $ 140,139 $ 22,087 $ 2,154 $ 339,939 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 Year Ended December 31, 2024 Beginning balance $ 36,241 $ 13,598 $ 30,870 $ 17,867 $ 3,029 $ 101,605 Provision for (recoveries of) loan losses 134,300 (4,364) 114,069 8,959 (809) 252,155 Charge-offs and sales (96) (4,120) (4,800) (5,511) (66) (14,593) Recoveries 772 772 Ending balance $ 170,445 $ 5,114 $ 140,139 $ 22,087 $ 2,154 $ 339,939 Year Ended December 31, 2023 Beginning balance $ 49,905 $ 6,531 $ 17,334 $ 14,299 $ 2,450 $ 90,519 Provision for (recoveries of) loan losses (13,045) 8,571 6,363 5,598 1,185 8,672 PCD (1) — — 32,862 — — 32,862 Charge-offs and sales (619) (1,504) (25,689) (2,217) (606) (30,635) Recoveries — — — 187 — 187 Ending balance $ 36,241 $ 13,598 $ 30,870 $ 17,867 $ 3,029 $ 101,605 (1) Includes impact of measurement period adjustment related to the Broadmark Merger. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Broadmark Merger. The table above excludes $0.8 million and $0.7 million of allowance for loan losses on unfunded lending commitments as of December 31, 2024 and December 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) December 31, 2024 December 31, 2023 Non-accrual loans With an allowance $ 509,752 $ 607,180 Without an allowance 17,009 26,709 Total recorded carrying value of non-accrual loans $ 526,761 $ 633,889 Allowance for loan losses related to non-accrual loans $ (125,218) $ (50,796) UPB of non-accrual loans $ 654,526 $ 688,282 Interest income on non-accrual loans for the year ended $ 47,192 $ 12,282 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 delays intended to minimize the Company’s economic loss and to avoid foreclosure or repossession of collateral. Year ended December 31, 2024 . During the year ended December 31, 2024 , the Company entered into 65 loan modifications with an aggregate carrying value of $1.0 billion , or 12.4% of total loans, net. These modified loans include a combination of changes to the contractual terms which were in the form of term extensions, other-than-insignificant payment delays, and interest reductions. There were 30 loans with an aggregate carrying value of $688.8 million , or 8.2% of loans, net, that were modified to include both term extensions and interest payment deferrals. The term extensions ranged between 3 and 125 months with a weighted average of 16 months added to the original loan term. Included within these modifications was 1 SBA loan with a carrying value of less than $0.1 million with a 125 month term extension, which is included in the range mentioned above. Interest payment deferrals ranged between 7 and 38 months with a weighted average of 19 months and include payments for periods before the modification date. Payment modifications include the reduction of interest payments to equal excess net operating income with the difference between the original rate and the interest collected due at maturity. In most cases, cash management accounts are set up for the loans and default interest is waived. There were 8 loans with an aggregate carrying value of $137.0 million , or 1.7% of loans, net that were modified to include interest payments deferrals which ranged between 7 and 25 months with a weighted average of 15 months and include payments for periods before the modification date. Payment modifications include the reduction of interest payments to equal excess net operating income with the difference between the original rate and the interest collected due at maturity. In most cases, cash management accounts are set up for the loans and default interest is waived. There was 1 loan with a carrying value of $73.9 million , or 0.9% of loans, net that was modified to include both an 18 month term extension added to the original loan term and an interest rate reduction from SOFR + 3.25% to a fixed rate of 6.0% from June 2024 to December 2024 and 6.5% from January 2025 to July 2025. There was 1 loan with a carrying value of $62.7 million , or 0.8% of loans, net that was modified to include an 18 month term extension added to the original loan term, a 22 month interest payment deferral, and an interest rate reduction from SOFR + 3.30% to SOFR + 0.50% from October 2024 to August 2025 and to SOFR + 1.00% from September 2025 to August 2026. There were 24 loans with an aggregate carrying value of $58.4 million , or 0.7% of loans, net that were modified to include term extensions which ranged between 2 and 120 months with a weighted average of 13 months added to the original loan term. Included within these modifications was 1 SBA loan with a carrying value of less than $0.1 million with a 120 month term extension, which is included in the range mentioned above. There was 1 loan with a carrying value of $10.4 million , or 0.1% of loans, net that was modified to include an interest rate reduction from SOFR + 5.00% to a fixed rate of 6.0% effective June 2024 . Of the loans that were modified during the year ended December 31, 2024 , the majority were on accrual status. During the year ended December 31, 2024 , $12.2 million of total capital was invested by the borrowers, substantially all in the form of payment towards past due interest, principal or contribution to various reserve accounts. Year ended December 31, 2023 . During the year ended December 31, 2023 , the Company entered into 21 loan modifications with an aggregate carrying value of $468.6 million , or 4.4% of total loans, net. These modified loans include a combination of changes to the contractual terms which were in the form of t erm extensions and other-than- insignificant payment delays. There were 15 loans with an aggregate carrying value of $431.5 million , or 4.1% of loans, net that were modified by term extensions. The term extensions ranged between 9 and 120 months with a weighted average of 18 months added to the original loan term. The largest loan with a carrying value of $380.1 million was modified in May 2023 to extend the maturity date of the loan from June 2023 to December 2024, or 18 months . The borrower was required to contribute $17.0 million , or 4.5% of the total carrying value of the loan, towards various reserve accounts. There was 1 SBA loan with a carrying value of $0.1 million with a 10 year term extension, which is included in the range. There were 3 loans with an aggregate carrying value of $36.6 million , or 0.3% of loans, net, that were modified to include both term extensions and interest payment deferrals. The term extensions ranged between 10 and 18 months with a weighted average of 17 months added to the original loan term. The payment deferrals ranged between 10 and 12 months with a weighted average of 12 months . There were 3 loans with an aggregate carrying value of $0.5 million , or less than 0.1% of loans, net that were modified by interest payment deferrals. The payment deferrals ranged between 6 and 9 months with a weighted average of 7 months . Of the loans that were modified during the year ended December 31, 2023 , substantially all were on accrual status as of December 31, 2024 . The remaining elements of the Company’s modification programs are generally considered insignificant and do not have a material impact on financial results. Allowance for loan losses. 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. As of December 31, 2024 and December 31, 2023 , substantially all of the modified loans were performing in accordance with the modified contractual terms. Loans with modifications disclosed in the previous twelve months are performing in accordance with their modified terms as of December 31, 2024 , except for 12 loans with a carrying value of $43.7 million which did not make payments in accordance with their modified terms during the three months ended December 31, 2024 . 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 December 31, 2024 and December 31, 2023 , the Company’s total carrying amount of loans in the foreclosure process was $8.4 million and $95.0 million , respectively. Lending commitments. For th e year en ded December 31, 2024 , lending commitments to borrowers experiencing financial difficulty for which the Company has modified the loan terms were $20.9 million . For the year ended December 31, 2023 , lending commitments to borrowers experiencing financial difficulty for which the Company has modified the loan terms was not material. PCD loans On May 31, 2023, the Company acquired PCD loans in connection with the Broadmark M erger . 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. 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 December 31, 2024 or December 31, 2023 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
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 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access. Level 2 — Pricing inputs are other than quoted prices in active markets, including, but not limited to, quoted prices for similar assets and liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. Level 3 — One or more pricing inputs is significant to the overall valuation and unobservable. Significant unobservable inputs are based on the best information available in the circumstances, to the extent observable inputs are not available, including the Company’s own assumptions used in determining the fair value of financial instruments. Fair value for these investments is determined using valuation methodologies that consider a range of factors including, but not limited to, the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant management judgment. 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 December 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 December 31, 2024 Assets: Money market funds (1) $ 86,637 $ — $ — $ 86,637 Loans, net — — 3,533 3,533 Loans, held for sale — 125,781 2,750 128,531 PPP loans (2) — 1,340 — 1,340 MBS — 31,006 — 31,006 Derivative instruments — 7,963 — 7,963 Investment in unconsolidated joint ventures — — 6,577 6,577 Preferred equity investment (3) — — 92,810 92,810 Total assets $ 86,637 $ 166,090 $ 105,670 $ 358,397 Liabilities: Derivative instruments — 352 — 352 Contingent consideration — — 573 573 Total liabilities $ — $ 352 $ 573 $ 925 December 31, 2023 Assets: Money market funds (1) $ 100,238 $ — $ — $ 100,238 Loans, net — — 9,348 9,348 Loans, held for sale — 81,599 — 81,599 PPP loans (2) — 165 — 165 MBS — 27,436 — 27,436 Derivative instruments — 2,404 — 2,404 Investment in unconsolidated joint ventures — — 7,360 7,360 Preferred equity investment (3) — — 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 (1) Money market funds are included in cash and cash equivalents on the consolidated balance sheets (2) PPP loans are included in other assets on the consolidated balance sheets (3) Preferred equity investment held through consolidated joint ventures is 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 (1) Type Range Weighted Average December 31, 2024 Assets: Investment in unconsolidated joint ventures $ 6,577 Income Approach Discount rate 9.0% 9.0% Preferred equity investment $ 92,810 Income Approach Discount rate 12.0% 12.0% Total assets $ 99,387 Liabilities: Contingent consideration- Madison One 573 Monte Carlo Simulation Model Net income volatility | Risk- adjusted discount rate 66.0% | 44.3% 66.0% | 44.3% Total liabilities $ 573 December 31, 2023 Assets: 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% Total assets $ 115,783 Liabilities: 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% 30.0% | 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% Total liabilities $ 7,628 (1) Prices are weighted based on the UPB of the loans and securities included in the range for each class. Included within Level 3 asset s of $105.7 million as of December 31, 2024 and $125.1 million as of December 31, 2023 , is $6.3 million and $9.3 million , respectively, 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. Year Ended December 31, (in thousands) 2024 2023 Assets: Loans, net Beginning balance $ 9,348 $ 9,786 Purchases or Originations 383 — Unrealized gains (losses), net (1,021) (438) Mergers and acquisitions (1) 4,851 — Transfer to (from) Level 3 (10,028) — Ending balance $ 3,533 $ 9,348 Loans, held for sale Beginning balance — 60,924 Sales / Principal payments (4,009) (22) Unrealized gains (losses), net (2,386) (3,870) Transfer to loans, held for investment $ — (57,032) Transfer to (from) Level 3 $ 9,145 $ — Ending balance $ 2,750 $ — Investment in unconsolidated joint ventures Beginning balance 7,360 8,094 Unrealized gains (losses), net (783) (734) Ending balance $ 6,577 $ 7,360 Preferred equity investment (2) Beginning balance 108,423 108,423 Unrealized gains (losses), net (15,613) — Ending balance $ 92,810 $ 108,423 Total assets Beginning balance 125,131 187,227 Purchases or Originations 383 — Sales / Principal payments (4,009) (22) Unrealized gains (losses), net (19,803) (5,042) Mergers and acquisitions (1) 4,851 — Transfer to loans, held for investment — (57,032) Transfer to (from) Level 3 (883) — Ending balance $ 105,670 $ 125,131 Liabilities: Contingent consideration Beginning balance 7,628 28,500 Sales / Principal payments — (9,000) Realized (gains) losses, net (9,109) — Unrealized (gains) losses, net (1,872) (11,872) Mergers and acquisitions (3) $ 3,926 $ — Ending balance $ 573 $ 7,628 (1) Includes assets acquired and liabilities assumed as a result of the Funding Circle Acquisition. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Funding Circle Acquisition. (2) Preferred equity investment held through consolidated joint ventures is included in assets of consolidated VIE's on the consolidated balance sheets. (3) Includes assets acquired and liabilities assumed as a result of the Madison One Acquisition. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Madison One Acquisition. 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. December 31, 2024 December 31, 2023 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: Loans, net $ 8,304,677 $ 8,426,700 $ 10,622,137 $ 10,380,893 Loans, held for sale 113,095 113,095 — — Servicing rights 128,440 141,513 102,837 113,715 Total assets $ 8,546,212 $ 8,681,308 $ 10,724,974 $ 10,494,608 Liabilities: Secured borrowings 2,035,176 2,035,176 2,102,075 2,102,075 Securitized debt obligations of consolidated VIEs, net 3,580,513 3,532,765 5,068,453 5,022,057 Senior secured notes, net 437,847 421,427 345,127 317,239 Guaranteed loan financing 691,118 724,747 844,540 889,744 Corporate debt, net 895,265 865,380 764,908 731,104 Total liabilities $ 7,639,919 $ 7,579,495 $ 9,125,103 $ 9,062,219 As of both December 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	12 Months Ended
	Dec. 31, 2024
Transfers and Servicing [Abstract]
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 at amortized cost. Year Ended December 31, (in thousands) 2024 2023 SBA Beginning net carrying amount $ 29,536 $ 19,756 Additions 16,889 6,976 Amortization (5,103) (3,450) Recovery (impairment) (2,095) 6,254 Ending net carrying amount $ 39,227 $ 29,536 Multi-family Beginning net carrying amount 73,301 67,361 Additions 6,277 16,655 Amortization (11,582) (10,715) Ending net carrying amount $ 67,996 $ 73,301 USDA Beginning net carrying amount — — Additions 17,987 — Amortization (1,419) — Impairment (103) — Ending net carrying amount $ 16,465 $ — Small business loans Beginning net carrying amount — — Additions 6,422 — Amortization (1,670) — Ending net carrying amount $ 4,752 $ — Total servicing rights $ 128,440 $ 102,837 The Company’s 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 at amortized cost. As of December 31, 2024 As of December 31, 2023 (in thousands) UPB Carrying Value UPB Carrying Value SBA $ 1,779,233 $ 39,227 $ 1,208,201 $ 29,536 Multi-family 6,160,486 67,996 5,689,872 73,301 USDA 599,362 16,465 — — Small business loans 494,609 4,752 — — Total $ 9,033,690 $ 128,440 $ 6,898,073 $ 102,837 The table below presents significant assumptions used in the estimated valuation of servicing rights at amortized cost. December 31, 2024 December 31, 2023 Range of input values Weighted Average Range of input values Weighted Average SBA Forward prepayment rate 9.9 % - 21.6 % 10.6 % 0.0 % - 4.5 % 4.4 % Forward default rate 0.0 % - 6.8 % 6.6 % 0.0 % - 7.3 % 7.0 % Discount rate 11.9 % - 21.8 % 12.2 % 14.4 % - 22.9 % 14.6 % Servicing expense 0.4 % - 0.4 % 0.4 % 0.4 % - 0.4 % 0.4 % Multi-family Forward prepayment rate 0.0 % - 7.3 % 6.7 % 0.0 % - 6.5 % 5.4 % Forward default rate 0.0 % - 1.0 % 0.6 % 0.0 % - 0.9 % 0.6 % Discount rate 5.5 % - 6.0 % 5.8 % 6.0 % - 6.0 % 6.0 % Servicing expense 0.0 % - 0.8 % 0.1 % 0.0 % - 0.8 % 0.1 % USDA (1) Forward prepayment rate 12.2 % - 12.2 % 12.2 % N/A N/A N/A Discount rate 4.9 % - 5.2 % 5.1 % N/A N/A N/A Servicing expense 0.1 % - 0.3 % 0.2 % N/A N/A N/A Small business loans (2) Discount rate 6.0 % - 6.0 % 6.0 % N/A N/A N/A Servicing expense 0.5 % - 0.5 % 0.5 % N/A N/A N/A (1) Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Madison One Acquisition. (2) Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Funding Circle Acquisition. 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) December 31, 2024 December 31, 2023 SBA Forward prepayment rate Impact of 10% adverse change $ (1,273) $ (543) Impact of 20% adverse change $ (2,473) $ (1,069) Forward default rate Impact of 10% adverse change $ (192) $ (165) Impact of 20% adverse change $ (382) $ (328) Discount rate Impact of 10% adverse change $ (1,349) $ (1,530) Impact of 20% adverse change $ (2,605) $ (2,922) Servicing expense Impact of 10% adverse change $ (2,545) $ (2,047) Impact of 20% adverse change $ (5,091) $ (4,095) Multi-family Forward prepayment rate Impact of 10% adverse change $ (530) $ (491) Impact of 20% adverse change $ (1,041) $ (965) Forward default rate Impact of 10% adverse change $ (14) $ (14) Impact of 20% adverse change $ (28) $ (29) Discount rate Impact of 10% adverse change $ (2,132) $ (2,320) Impact of 20% adverse change $ (4,161) $ (4,524) Servicing expense Impact of 10% adverse change $ (2,519) $ (2,587) Impact of 20% adverse change $ (5,037) $ (5,173) USDA Forward prepayment rate Impact of 10% adverse change $ (958) $ — Impact of 20% adverse change $ (1,829) $ — Discount rate Impact of 10% adverse change $ (399) $ — Impact of 20% adverse change $ (782) $ — Servicing expense Impact of 10% adverse change $ (681) $ — Impact of 20% adverse change $ (1,362) $ — Small business loans Discount rate Impact of 10% adverse change $ (28) $ — Impact of 20% adverse change $ (58) $ — Servicing expense Impact of 10% adverse change $ (300) $ — Impact of 20% adverse change $ (600) $ — The table below presents estimated future amortization expense for servicing rights. (in thousands) December 31, 2024 2025 $ 22,809 2026 19,256 2027 16,202 2028 13,865 2029 11,997 Thereafter 44,311 Total $ 128,440

Discontinued Operations and Ass

Discontinued Operations and Assets and Liabilities Held for Sale	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
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 small business loans, which contemplates the disposition of assets and liabilities of the Company’s residential mortgage banking segment. Accordingly, the then 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 operations, and excluded from continuing operations for all periods presented. In the second and fourth quarters of 20 24, the Company sold $4.7 billion and $2.9 billion of residential mortgage servicing rights for net proceeds of $61.8 million and $47.4 million as part of the Company’s disposition of its residential mortgage banking segment. The Company expects to complete the disposition of its residential mortgage banking segment in the first quarter of 202 5. The table below presents the assets and liabilities of the Residential Mortgage Banking segment classified as held for sale. (in thousands) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 24,328 $ 13,694 Restricted cash 5,464 6,314 Loans, net 222 2,778 Loans, held for sale 158,152 133,204 Loans eligible for repurchase from Ginnie Mae 14,107 86,872 Derivative instruments — 847 Servicing rights (1) 55,582 188,855 Other assets 29,740 22,032 Total Assets $ 287,595 $ 454,596 Liabilities Secured borrowings $ 190,333 $ 230,965 Liabilities for loans eligible for repurchase from Ginnie Mae 14,107 86,872 Derivative instruments 1,443 1,321 Accounts payable and other accrued liabilities 22,852 13,999 Total Liabilities $ 228,735 $ 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 o peration s. For the Year Ended December 31, (in thousands) 2024 2023 2022 Interest income $ 9,432 $ 7,148 $ 7,953 Interest expense (11,502) (7,655) (8,414) Net interest expense $ (2,070) $ (507) $ (461) Non-interest income Residential mortgage banking activities 35,966 33,439 23,973 Net realized gain (loss) on financial instruments 24,602 — — Net unrealized gain (loss) on financial instruments (40,394) (15,426) 46,063 Servicing income, net of amortization and impairment 30,411 37,181 34,497 Other income 15 47 38 Total non-interest income $ 50,600 $ 55,241 $ 104,571 Non-interest expense Employee compensation and benefits (20,531) (19,177) (24,237) Variable expenses on residential mortgage banking activities (32,139) (21,822) (4,340) Professional fees (1,588) (641) (791) Loan servicing expense (9,567) (10,130) (9,222) Other operating expenses (9,237) (6,743) (7,650) Total non-interest expense $ (73,062) $ (58,513) $ (46,240) Income (loss) from discontinued operations before provision for income taxes (24,532) (3,779) 57,870 Income tax (provision) benefit 6,133 945 (14,258) Net income (loss) from discontinued operations $ (18,399) $ (2,834) $ 43,612

Secured Borrowings

Secured Borrowings	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Secured Borrowings	Note 10. Secured Borrowings The table below presents certain characteristics of secured borrowings. Pledged Assets Carrying Value December 31, Lenders (1) Asset Class Current Maturity (2) Pricing (3) Facility Size Carrying Value 2024 2023 3 SBA loans March 2025-November 2025 SOFR + 2.84% Prime - 0.82% $ 285,000 $ 315,507 $ 250,601 $ 117,115 1 LMM loans - USD February 2026 SOFR + 1.35% 80,000 36,249 35,931 20,729 1 LMM loans - Non-USD (4) January 2027 EURIBOR + 3.00% 208,312 35,936 30,513 12,079 Total borrowings under credit facilities and other financing agreements $ 573,312 $ 387,692 $ 317,045 $ 149,923 9 LMM loans March 2025 - November 2026 SOFR + 3.17% 3,806,000 2,245,847 1,482,085 1,677,885 1 LMM loans - Non-USD (4) Matured EURIBOR + 3.00% — — — 45,031 7 MBS January 2025 - June 2025 7.59% 236,046 458,346 236,046 229,236 Total borrowings under repurchase agreements $ 4,042,046 $ 2,704,193 $ 1,718,131 $ 1,952,152 Total secured borrowings $ 4,615,358 $ 3,091,885 $ 2,035,176 $ 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 December 31, 2024 and December 31, 2023 , certain financing counterparties covenants calculations were amended to exclude the PPPLF from certain covenant calculations. As of both December 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) December 31, 2024 December 31, 2023 Collateral pledged - borrowings under credit facilities and other financing agreements Loans, held for sale $ 36,249 $ 43,365 Loans, net 351,443 169,147 Total $ 387,692 $ 212,512 Collateral pledged - borrowings under repurchase agreements Loans, net 2,036,311 2,560,725 MBS 21,729 20,770 Retained interest in assets of consolidated VIEs 436,617 356,772 Loans, held for sale 81,708 9,349 Real estate acquired in settlement of loans 127,828 160,455 Total $ 2,704,193 $ 3,108,071 Total collateral pledged on secured borrowings $ 3,091,885 $ 3,320,583 N ote 11. Senior Secured Notes and Corporate Debt, net Senior secured notes, net ReadyCap Holdings, LLC (“ ReadyCap Holdings ”) 4.50% senior secured notes due 2026. On October 20, 2021, ReadyCap Holdings, an indirect subsidiary of the Company, completed the offer and sale of $350.0 million of its 4.50% Senior Secured Notes due 2026 (the “Senior Secured Notes”). The Senior Secured Notes are fully and unconditionally guaranteed by the Company, each direct parent entity of ReadyCap Holdings, and other direct or indirect subsidiaries of the Company from time to time that is a direct parent entity of Sutherland Asset III, LLC or otherwise pledges collateral to secure the Senior Secured Notes (collectively, the “SSN Guarantors”). ReadyCap Holdings’ and the SSN 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, ReadyCap Holdings, and the SSN Guarantors, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio and limitations on transactions with affiliates. Ready Term Holdings, LLC (“Ready Term Holdings”) term loan due 2029. On April 12, 2024, Ready Term Holdings, an indirect subsidiary of the Company, 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 is fully and unconditionally guaranteed by the Company and other direct or indirect subsidiaries of the Company from time to time that pledge collateral to secure the Term Loan (collectively, the “Term Loan Guarantors”). Ready Term Holdings’ and the Term Loan Guarantors’ respective obligations under the Term Loan are secured by a perfected first-priority lien on certain capital stock and assets (collectively, the “Term Loan Collateral”) owned by certain subsidiaries of the Company. The Term Loan matures on April 12, 2029, and 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 in connection with the initial closing of the Term Loan. On August 19, 2024, the Company borrowed an additional $20.0 million . 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 . The Term Loan was issued pursuant to a credit agreement, which contains certain customary representations and warranties and affirmative and negative covenants and requirements relating to the collateral and our Company, Ready Term Holdings, and the Term Loan Guarantors, including maintenance of a minimum asset coverage ratio. As of December 31, 2024 , the Company was in compliance with all covenants with respect to the Senior Secured Notes and the Term Loan. 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 operating partnership, assumed Broadmark’s obligations on certain senior unsecured notes. The note purchase agreement governing these notes contains 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 December 31, 2024 , the Company was in compliance with all covenants with respect to its 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. No such sales through the Debt ATM Program were made during the years ended December 31, 2024 or December 31, 2023 , respectively. The table below presents information about senior secured notes and corporate debt issued through public and private transactions. (in thousands) Coupon Rate Maturity Date December 31, 2024 Senior secured notes principal amount (1) 4.50 % 10/20/2026 $ 350,000 Term loan principal amount (2) SOFR + 5.50% 4/12/2029 95,000 Unamortized discount - Senior secured notes (2,456) Unamortized deferred financing costs - Term loan (4,697) Total senior secured notes, net $ 437,847 Corporate debt principal amount (3) 5.50 % 12/30/2028 110,000 Corporate debt principal amount (4) 6.20 % 7/30/2026 104,614 Corporate debt principal amount (4) 5.75 % 2/15/2026 206,270 Corporate debt principal amount (5) 6.125 % 4/30/2025 120,000 Corporate debt principal amount (6) 7.375 % 7/31/2027 100,000 Corporate debt principal amount (7) 5.00 % 11/15/2026 100,000 Corporate debt principal amount (8) 9.00 % 12/15/2029 130,000 Unamortized discount - corporate debt (8,318) Unamortized deferred financing costs - corporate debt (3,551) Junior subordinated notes principal amount (9) SOFR + 3.10% 3/30/2035 15,000 Junior subordinated notes principal amount (10) SOFR + 3.10% 4/30/2035 21,250 Total corporate debt, net $ 895,265 Total carrying amount of debt $ 1,333,112 (1) Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year. (2) Interest on the term loan is payable quarterly on January 12, April 12, July 12 and October 12 of each year. (3) Interest on the corporate debt is payable semiannually on June 30 and December 30 of each year. (4) Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year. (5) Interest on the corporate debt is payable semiannually on April 30 and October 30 of each year. (6) Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year. (7) Interest on the corporate debt is payable semiannually on May 15 and November 15 of each year; assumed as part of the Broadmark Merger. (8) Interest on the corporate debt is payable quarterly on March 15, June 15, September 15, and December 15 of each year. (9) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year. (10) 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) December 31, 2024 2025 $ 120,000 2026 760,884 2027 100,000 2028 110,000 2029 225,000 Thereafter 36,250 Total contractual amounts $ 1,352,134 Unamortized deferred financing costs, discounts, and premiums, net (19,022) Total carrying amount of debt $ 1,333,112

Senior Secured Notes and Corpor

Senior Secured Notes and Corporate Debt, net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Senior Secured Notes and Corporate Debt, net	Note 10. Secured Borrowings The table below presents certain characteristics of secured borrowings. Pledged Assets Carrying Value December 31, Lenders (1) Asset Class Current Maturity (2) Pricing (3) Facility Size Carrying Value 2024 2023 3 SBA loans March 2025-November 2025 SOFR + 2.84% Prime - 0.82% $ 285,000 $ 315,507 $ 250,601 $ 117,115 1 LMM loans - USD February 2026 SOFR + 1.35% 80,000 36,249 35,931 20,729 1 LMM loans - Non-USD (4) January 2027 EURIBOR + 3.00% 208,312 35,936 30,513 12,079 Total borrowings under credit facilities and other financing agreements $ 573,312 $ 387,692 $ 317,045 $ 149,923 9 LMM loans March 2025 - November 2026 SOFR + 3.17% 3,806,000 2,245,847 1,482,085 1,677,885 1 LMM loans - Non-USD (4) Matured EURIBOR + 3.00% — — — 45,031 7 MBS January 2025 - June 2025 7.59% 236,046 458,346 236,046 229,236 Total borrowings under repurchase agreements $ 4,042,046 $ 2,704,193 $ 1,718,131 $ 1,952,152 Total secured borrowings $ 4,615,358 $ 3,091,885 $ 2,035,176 $ 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 December 31, 2024 and December 31, 2023 , certain financing counterparties covenants calculations were amended to exclude the PPPLF from certain covenant calculations. As of both December 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) December 31, 2024 December 31, 2023 Collateral pledged - borrowings under credit facilities and other financing agreements Loans, held for sale $ 36,249 $ 43,365 Loans, net 351,443 169,147 Total $ 387,692 $ 212,512 Collateral pledged - borrowings under repurchase agreements Loans, net 2,036,311 2,560,725 MBS 21,729 20,770 Retained interest in assets of consolidated VIEs 436,617 356,772 Loans, held for sale 81,708 9,349 Real estate acquired in settlement of loans 127,828 160,455 Total $ 2,704,193 $ 3,108,071 Total collateral pledged on secured borrowings $ 3,091,885 $ 3,320,583 N ote 11. Senior Secured Notes and Corporate Debt, net Senior secured notes, net ReadyCap Holdings, LLC (“ ReadyCap Holdings ”) 4.50% senior secured notes due 2026. On October 20, 2021, ReadyCap Holdings, an indirect subsidiary of the Company, completed the offer and sale of $350.0 million of its 4.50% Senior Secured Notes due 2026 (the “Senior Secured Notes”). The Senior Secured Notes are fully and unconditionally guaranteed by the Company, each direct parent entity of ReadyCap Holdings, and other direct or indirect subsidiaries of the Company from time to time that is a direct parent entity of Sutherland Asset III, LLC or otherwise pledges collateral to secure the Senior Secured Notes (collectively, the “SSN Guarantors”). ReadyCap Holdings’ and the SSN 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, ReadyCap Holdings, and the SSN Guarantors, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio and limitations on transactions with affiliates. Ready Term Holdings, LLC (“Ready Term Holdings”) term loan due 2029. On April 12, 2024, Ready Term Holdings, an indirect subsidiary of the Company, 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 is fully and unconditionally guaranteed by the Company and other direct or indirect subsidiaries of the Company from time to time that pledge collateral to secure the Term Loan (collectively, the “Term Loan Guarantors”). Ready Term Holdings’ and the Term Loan Guarantors’ respective obligations under the Term Loan are secured by a perfected first-priority lien on certain capital stock and assets (collectively, the “Term Loan Collateral”) owned by certain subsidiaries of the Company. The Term Loan matures on April 12, 2029, and 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 in connection with the initial closing of the Term Loan. On August 19, 2024, the Company borrowed an additional $20.0 million . 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 . The Term Loan was issued pursuant to a credit agreement, which contains certain customary representations and warranties and affirmative and negative covenants and requirements relating to the collateral and our Company, Ready Term Holdings, and the Term Loan Guarantors, including maintenance of a minimum asset coverage ratio. As of December 31, 2024 , the Company was in compliance with all covenants with respect to the Senior Secured Notes and the Term Loan. 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 operating partnership, assumed Broadmark’s obligations on certain senior unsecured notes. The note purchase agreement governing these notes contains 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 December 31, 2024 , the Company was in compliance with all covenants with respect to its 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. No such sales through the Debt ATM Program were made during the years ended December 31, 2024 or December 31, 2023 , respectively. The table below presents information about senior secured notes and corporate debt issued through public and private transactions. (in thousands) Coupon Rate Maturity Date December 31, 2024 Senior secured notes principal amount (1) 4.50 % 10/20/2026 $ 350,000 Term loan principal amount (2) SOFR + 5.50% 4/12/2029 95,000 Unamortized discount - Senior secured notes (2,456) Unamortized deferred financing costs - Term loan (4,697) Total senior secured notes, net $ 437,847 Corporate debt principal amount (3) 5.50 % 12/30/2028 110,000 Corporate debt principal amount (4) 6.20 % 7/30/2026 104,614 Corporate debt principal amount (4) 5.75 % 2/15/2026 206,270 Corporate debt principal amount (5) 6.125 % 4/30/2025 120,000 Corporate debt principal amount (6) 7.375 % 7/31/2027 100,000 Corporate debt principal amount (7) 5.00 % 11/15/2026 100,000 Corporate debt principal amount (8) 9.00 % 12/15/2029 130,000 Unamortized discount - corporate debt (8,318) Unamortized deferred financing costs - corporate debt (3,551) Junior subordinated notes principal amount (9) SOFR + 3.10% 3/30/2035 15,000 Junior subordinated notes principal amount (10) SOFR + 3.10% 4/30/2035 21,250 Total corporate debt, net $ 895,265 Total carrying amount of debt $ 1,333,112 (1) Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year. (2) Interest on the term loan is payable quarterly on January 12, April 12, July 12 and October 12 of each year. (3) Interest on the corporate debt is payable semiannually on June 30 and December 30 of each year. (4) Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year. (5) Interest on the corporate debt is payable semiannually on April 30 and October 30 of each year. (6) Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year. (7) Interest on the corporate debt is payable semiannually on May 15 and November 15 of each year; assumed as part of the Broadmark Merger. (8) Interest on the corporate debt is payable quarterly on March 15, June 15, September 15, and December 15 of each year. (9) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year. (10) 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) December 31, 2024 2025 $ 120,000 2026 760,884 2027 100,000 2028 110,000 2029 225,000 Thereafter 36,250 Total contractual amounts $ 1,352,134 Unamortized deferred financing costs, discounts, and premiums, net (19,022) Total carrying amount of debt $ 1,333,112

Guaranteed Loan Financing

Guaranteed Loan Financing	12 Months Ended
	Dec. 31, 2024
Guaranteed Loan Financing [Abstract]
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 operations. Guaranteed loan financings are secured by loans of $691.0 million an d $845.0 million as of December 31, 2024 and December 31, 2023 , respectively. The table below presents guaranteed loan financing and the related interest rates and maturity dates. (in thousands) Weighted Average Interest Rate Range of Interest Rates Range of Maturities (Years) Ending Balance December 31, 2024 8.69 % 1.45 - 10.00% 2025 - 2048 $ 691,118 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) December 31, 2024 2025 $ 226 2026 1,325 2027 5,857 2028 6,601 2029 10,964 Thereafter 666,145 Total $ 691,118

Variable Interest Entities and

Variable Interest Entities and Securitization Activities	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 operations as Net income attributable to noncontrolling interests, respectively. As of December 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) December 31, 2024 December 31, 2023 Assets: Cash and cash equivalents $ — $ 671 Restricted cash 8,411 93,240 Loans, net 4,930,061 6,611,325 Preferred equity investment (1) 92,810 108,423 Accrued interest (1) 140,607 80,098 Other assets 3,406 3,388 Total assets $ 5,175,295 $ 6,897,145 Liabilities: Securitized debt obligations of consolidated VIEs, net 3,580,513 5,068,453 Due to third parties (2) 4,116 2,944 Accounts payable and other accrued liabilities (2) 93 34 Total liabilities $ 3,584,722 $ 5,071,431 (1) Preferred equity investment and Accrued interest held through consolidated VIEs are included in Assets of consolidated VIEs on the consolidated balance sheets. (2) Due to third parties and Accounts payable and other accrued liabilities held through consolidated VIEs are included in Liabilities of consolidated VIEs on the consolidated balance sheets. Securitization-related VIEs Company sponsored securitizations. In a securitization transaction, assets are transferred to a trust, which generally meets the definition of a VIE. The Company’s primary securitization activity is in the form of LMM and SBL loan securitizations, conducted through securitization trusts, which are typically consolidated, as the company is the primary beneficiary. As a result of the consolidation, the securitization is viewed as a loan financing to enable the creation of the senior security and ultimately, sale to a third-party investor. As such, the senior security is presented in the consolidated balance sheets as securitized debt obligations of consolidated VIEs. The third-party beneficial interest holders in the VIE have no recourse against the Company, with the exception of an obligation to repurchase assets from the VIE in the event that certain representations and warranties in relation to the loans sold to the VIE are breached. In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE. The securitization trust receives principal and interest on the underlying loans and distributes those payments to the certificate holders. The assets and other instruments held by the securitization trust are restricted in that they can only be used to fulfill the obligations of the securitization trust. The risks associated with the Company’s involvement with the VIE is limited to the risks and rights as a certificate holder of the securities retained by the Company. The consolidation of securitization transactions includes the senior securities issued to third parties which are shown as securitized debt obligations of consolidated VIEs in the consolidated balance sheets. The table below presents additional information on the Company’s securitized debt obligations. December 31, 2024 December 31, 2023 (in thousands) Current Principal Balance Carrying value Weighted Average Interest Rate Current Principal Balance Carrying value Weighted Average Interest Rate ReadyCap Lending Small Business Trust 2019-2 $ 18,189 $ 18,189 7.9 % $ 32,175 $ 32,175 7.6 % ReadyCap Lending Small Business Trust 2023-3 101,004 99,390 8.4 121,527 119,308 8.5 Sutherland Commercial Mortgage Trust 2017-SBC6 — — — 1,550 1,532 5.0 Sutherland Commercial Mortgage Trust 2019-SBC8 89,496 88,231 2.9 105,281 103,733 2.9 Sutherland Commercial Mortgage Trust 2021-SBC10 60,816 59,907 1.6 81,214 79,952 1.6 ReadyCap Commercial Mortgage Trust 2015-2 — — — 1,902 1,753 5.1 ReadyCap Commercial Mortgage Trust 2016-3 6,401 6,289 5.3 9,038 8,723 5.2 ReadyCap Commercial Mortgage Trust 2018-4 46,980 45,707 4.6 53,052 51,309 4.5 ReadyCap Commercial Mortgage Trust 2019-5 68,125 64,209 5.0 88,520 83,529 4.7 ReadyCap Commercial Mortgage Trust 2019-6 168,946 165,943 3.5 199,379 195,496 3.4 ReadyCap Commercial Mortgage Trust 2022-7 190,426 184,852 4.1 195,866 188,995 4.2 Ready Capital Mortgage Financing 2021-FL5 75,970 75,970 7.3 273,681 273,623 6.6 Ready Capital Mortgage Financing 2021-FL6 206,377 206,377 6.7 417,782 416,467 6.4 Ready Capital Mortgage Financing 2021-FL7 423,529 423,529 7.0 586,117 583,771 6.7 Ready Capital Mortgage Financing 2022-FL8 587,693 587,625 7.5 808,671 805,220 7.0 Ready Capital Mortgage Financing 2022-FL9 328,522 328,090 8.5 511,622 505,917 8.1 Ready Capital Mortgage Financing 2022-FL10 576,655 573,924 8.2 654,116 646,141 7.8 Ready Capital Mortgage Financing 2023-FL11 322,630 321,742 8.2 473,481 468,307 8.2 Ready Capital Mortgage Financing 2023-FL12 331,692 330,437 8.2 507,646 500,882 8.0 Total $ 3,603,451 $ 3,580,411 7.1 % $ 5,122,620 $ 5,066,833 6.9 % The table above excludes non-company sponsored securitized debt obligations of $0.1 million and $1.6 million that are included in the consolidated balance sheets as of December 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. For most third-party sponsored securitizations, the Company determined that it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the economic performance of these entities. Specifically, the Company does not manage these entities or otherwise solely hold decision making powers that are significant, which include special servicing decisions. As a result of this assessment, the Company does not consolidate any of the underlying assets and liabilities of these trusts and only accounts for its specific interests in them. 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) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 MBS (2) $ 28,233 $ 26,301 $ 28,233 $ 26,301 Investment in unconsolidated joint ventures 161,561 133,321 161,561 133,321 Total assets in unconsolidated VIEs $ 189,794 $ 159,622 $ 189,794 $ 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	12 Months Ended
	Dec. 31, 2024
Banking and Thrift, Interest [Abstract]
Interest Income and Interest Expense	Note 14. Interest Income and Interest Expense Interest income and expense are recorded in the consolidated statements of operations and classified based on the nature of the underlying asset or liability. The table below presents the components of interest income and expense. Year Ended December 31, (in thousands) 2024 2023 2022 Interest income Loans, net Bridge $ 554,723 $ 654,670 $ 414,308 Fixed rate 46,894 50,706 54,998 Construction 106,383 93,483 28,234 SBA - 7(a) 121,108 88,205 43,571 PPP (1) 635 10,350 54,518 Other 31,070 33,158 38,797 Total loans, net (2) $ 860,813 $ 930,572 $ 634,426 Loans, held for sale Fixed rate 517 2,279 7,581 Construction 8,285 — — SBA - 7(a) 8,504 — — Other 1,098 620 1,009 Total loans, held for sale (2) $ 18,404 $ 2,899 $ 8,590 Loans, held at fair value Other 753 — — Total loans, held at fair value $ 753 $ — $ — Investments held to maturity (1) 197 48 4,386 Preferred equity investment (2) 12,817 7,854 10,445 MBS 3,991 4,441 5,370 Total interest income $ 896,975 $ 945,814 $ 663,217 Interest expense Secured borrowings (197,042) (194,423) (127,388) PPPLF borrowings (3) (91) (413) (1,699) Securitized debt obligations of consolidated VIEs (353,483) (405,013) (185,047) Guaranteed loan financing (68,061) (44,263) (14,644) Senior secured notes (24,941) (17,539) (17,503) Convertible note — (5,418) (8,752) Corporate debt (52,837) (49,399) (37,327) Total interest expense $ (696,455) $ (716,468) $ (392,360) Net interest income before provision for loan losses $ 200,520 $ 229,346 $ 270,857 (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	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 operations. 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 operations. 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. Refer to Note 22 for further details on derivative assets and liabilities by product type. December 31, 2024 December 31, 2023 (in thousands) Primary Underlying Risk Notional Amount Derivative Asset Derivative Liability Notional Amount Derivative Asset Derivative Liability Interest Rate Swaps - not designated as hedges Interest rate risk $ 26,300 $ 3,506 $ — $ 183,081 $ 12,349 $ — Interest Rate Swaps - designated as hedges Interest rate risk 396,943 29,030 — 416,139 24,463 — FX forwards Foreign exchange rate risk 34,133 851 (352) 39,447 — (212) Total $ 457,376 $ 33,387 $ (352) $ 638,667 $ 36,812 $ (212) The table below presents gains and losses on derivatives. (in thousands) Net Realized Gain (Loss) Net Unrealized Gain (Loss) Year Ended December 31, 2024 Interest rate swaps $ 18,882 $ (4,760) FX forwards 912 — Total $ 19,794 $ (4,760) Year Ended December 31, 2023 Interest rate swaps $ 20,116 $ (17,482) FX forwards 731 (16) Total $ 20,847 $ (17,498) 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 operations. • 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 Derivatives - effective portion recorded in OCI Total change in OCI for period Interest rate swaps Year Ended December 31, 2024 $ (1,094) $ (223) $ 871 Year Ended December 31, 2023 $ (1,168) $ (11,701) $ (10,533) 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	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
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) December 31, 2024 December 31, 2023 Acquired Portfolio: Mixed use $ 13,159 $ 8,535 Multi-family 18,000 73,745 Lodging 16,461 14,010 Residential 250 23,064 Office 3,750 6,901 Land 91,111 86,375 Total Acquired REO (1) $ 142,731 $ 212,630 Other REO Held for Sale: Office 4,365 5,983 Mixed use 15,210 4,247 Multi-family 30,000 28,139 Other 1,131 1,950 Total Other REO $ 50,706 $ 40,319 Total real estate owned, held for sale $ 193,437 $ 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 $1.6 million and $1.9 million as of December 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 $23.7 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	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
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. Pursuant to the terms of the Management Agreement, the Manager is paid a management fee calculated and payable quarterly in arrears equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement) up to $500 million and 1.00% per annum of stockholders’ equity in excess of $500 million . The table below presents the management fee payable to the Manager. Year Ended December 31, 2024 2023 Management fee - total $ 24.9 million $ 25.1 million Management fee - amount unpaid $ 5.5 million $ 7.0 million Incentive distribution. The Manager is entitled to an incentive distribution in an amount equal to the product of (i) 15% and (ii) the excess of (a) core earnings as defined in the partnership agreement (IFCE ) on a rolling four-quarter basis over (b) an amount equal to 8.00% per annum multiplied by the weighted average of the issue price per share of the common stock or OP units multiplied by the weighted average number of shares of common stock outstanding, provided that IFCE over the prior twelve calendar quarters is greater than zero . For purposes of determining the incentive distribution payable to the Manager, incentive fee core earnings (“IFCE”) is defined under the partnership agreement of the operating partnership as GAAP net income (loss) of the Operating Partnership excluding non-cash equity compensation expense, the expenses incurred in connection with the Operating Partnership's formation or continuation, the incentive distribution, real estate depreciation and amortization (to the extent that the Company forecloses on any properties underlying its assets) and any unrealized gains, losses, or other non-cash items recorded in the period, regardless of whether such items are included in other comprehensive income or loss, or in net income. The amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the independent directors. The table below presents the Incentive fee payable to the Manager. Year Ended December 31, 2024 2023 Incentive fee distribution - total $ — $ 1.8 million Incentive fee distribution - amount unpaid $ — $ — The Management Agreement may be terminated upon the affirmative vote of at least two-thirds of the Company’s independent directors or the holders of a majority of the outstanding common stock (excluding shares held by employees and affiliates of the Manager), based upon (1) unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of the Company’s independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term. Additionally, upon such a termination by the Company without cause (or upon termination by the Manager due to the Company’s material breach), the management agreement provides that the Company will pay the Manager a termination fee equal to three times the average annual base management fee earned by the Manager during the prior 24 month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, except upon an internalization. Additionally, if the management agreement is terminated under circumstances in which the Company is obligated to make a termination payment to the Manager, the operating partnership shall repurchase, concurrently with such termination, the Class A special unit for an amount equal to three times the average annual amount of the incentive distribution paid or payable in respect of the Class A special unit during the 24 month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. The current term of the Management Agreement will expire on October 31, 2025 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 . In addition to the management fees and incentive distribution described above, the Company is also responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company and for certain services provided by the Manager to the Company. Expenses incurred by the Manager and reimbursed by the Company are typically included in salaries and benefits or general and administrative expense in the consolidated statements of operations. The table below presents reimbursable expenses payable to the Manager. Year Ended December 31, 2024 2023 Reimbursable expenses payable to Manager - total $ 12.3 million $ 12.4 million Reimbursable expenses payable to Manager - amount unpaid $ 6.5 million $ 6.2 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. As of December 31, 2024 , the Company has contributed $92.0 million of cash into the Fund for a remaining commitment of $33.0 million .

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2024
Other Assets and Other Liabilities [Abstract]
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) December 31, 2024 December 31, 2023 Other assets: Goodwill $ 49,501 $ 38,530 Deferred loan exit fees 27,811 32,271 Accrued interest 45,416 64,504 Due from servicers 7,039 20,780 Intangible assets 37,006 17,749 Receivable from third party 34,540 36,519 Deferred financing costs 8,053 9,544 Deferred tax asset 111,325 — Tax receivable 1,654 3,069 Right-of-use lease asset 7,362 2,539 PPP receivables 18,363 34,597 Investments held to maturity 3,000 3,446 Purchased future receivables, net — 9,483 Other 11,416 27,144 Other assets $ 362,486 $ 300,175 Accounts payable and other accrued liabilities: Accrued salaries, wages and commissions 39,565 33,961 Accrued interest payable 39,723 35,373 Servicing principal and interest payable 13,609 6,249 Deferred tax liability — 32,977 Repair and denial reserve 7,359 6,974 Payable to related parties 5,566 7,038 PPP liabilities 20,892 36,182 Accrued professional fees 5,538 5,354 Lease payable 17,806 8,205 Liabilities of consolidated VIEs 4,209 12,698 Other 33,784 22,470 Total accounts payable and other accrued liabilities $ 188,051 $ 207,481 In the table above, investments held to maturity was $3.0 million as of December 31, 2024 and $3.4 million as of December 31, 2023 . As of December 31, 2024 , investments held to maturity consisted of multi-family preferred equities with maturities of less than one year and a weighted average interest rate of 10.0% . As of 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 years ended December 31, 2024 or December 31, 2023 . Goodwill The table below presents the carrying value of goodwill by reportable segment. (in thousands) December 31, 2024 December 31, 2023 LMM Commercial Real Estate $ 27,324 $ 27,324 Small Business Lending 22,177 11,206 Total $ 49,501 $ 38,530 Intangible assets The table below presents information on intangible assets. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value December 31, 2024 Amortized intangible assets: Internally developed software $ 20,518 $ 7,051 $ 13,467 Customer relationships 10,332 1,474 8,858 Broker network 10,200 1,700 8,500 Other 3,499 818 2,681 Unamortized intangible assets: Trade name 2,500 — 2,500 SBA license 1,000 — 1,000 Total intangible assets $ 48,049 $ 11,043 $ 37,006 December 31, 2023 Amortized intangible assets: Internally developed software $ 11,840 $ 3,884 $ 7,956 Customer relationships 6,800 865 5,935 Other 2,080 1,722 358 Unamortized intangible assets: Trade name 2,500 — 2,500 SBA license 1,000 — 1,000 Total intangible assets $ 24,220 $ 6,471 $ 17,749 The amortization expense related to intangible assets was $4.6 million for the year ended December 31, 2024 and $1.6 million for the year ended December 31, 2023 , respectively. Such amounts are recorded as other operating expenses in the consolidated statements of operations The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years. (in thousands) December 31, 2024 2025 $ 5,971 2026 5,296 2027 5,151 2028 4,125 2029 2,756 Thereafter 10,207 Total $ 33,506

Other Income and Operating Expe

Other Income and Operating Expenses	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Other Income and Operating Expenses	Note 19. Other Income and Operating Expenses The table below presents the composition of other income and operating expenses. For the Year Ended December 31, (in thousands) 2024 2023 2022 Other income: Origination income $ 20,544 $ 20,866 $ 15,672 Change in repair and denial reserve (2,183) 3,229 6,977 ERC consulting income 3,887 53,622 9,410 Other 28,555 27,797 24,149 Total other income $ 50,803 $ 105,514 $ 56,208 Other operating expenses: Origination costs 16,975 7,345 12,906 Technology expense 11,478 7,430 6,164 Rent and property tax expense 7,613 5,001 4,519 Recruiting, training and travel expense 2,826 2,782 2,618 Marketing expense 2,005 1,120 706 Bad debt expense - ERC 4,190 8,447 — Other 18,485 18,828 16,707 Total other operating expenses $ 63,572 $ 50,953 $ 43,620

Redeemable Preferred Stock and

Redeemable Preferred Stock and Stockholders’ Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
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 December 14, 2023 December 29, 2023 January 31, 2024 $ 0.30 March 15, 2024 March 28, 2024 April 30, 2024 $ 0.30 June 14, 2024 June 28, 2024 July 31, 2024 $ 0.30 September 13, 2024 September 30, 2024 October 31, 2024 $ 0.25 December 13, 2024 December 31, 2024 January 31, 2025 $ 0.25 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 generally determined based upon the stock price on the grant date, is recorded as compensation expense on a straight-line basis over the vesting periods for the awards, with an offsetting increase in stockholders’ equity. In 2024 , 2023 , and 2022 , the Company granted 774,097 , 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 non-employee directors of the Company, which vest ratably in equal installments quarterly over a one -year period. Directors may elect to receive time-based RSAs or time-based RSUs that have a deferred settlement date of their choosing . Dividends are currently paid on all time-based RSAs and dividend equivalents are paid on deferred RSU awards during their deferral period. 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, of which 1,230 Company RSUs remain outstanding. 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, excluding performance-based equity awards. See below for further details on performance-based equity awards. 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 Granted 2,760 25 9.06 Vested (60,154) (592) 9.84 Forfeited (65,872) (699) 10.61 Outstanding, June 30, 2024 1,008,094 $ 10,896 $ 10.81 Granted 34,994 330 9.43 Vested (48,980) (450) 9.19 Forfeited (24,161) (245) 10.14 Outstanding, September 30, 2024 969,947 $ 10,531 $ 10.86 Granted 124,081 1,015 8.18 Vested (80,131) (1,115) 13.91 Forfeited (17,348) (183) 10.55 Outstanding, December 31, 2024 996,549 $ 10,248 $ 10.28 The Company recognized $8.1 million for the year ended December 31, 2024 and $7.6 million for the year ended December 31, 2023 , respectively, of non-cash compensation expense related to its stock-based incentive plan in the consolidated statements of operations. As of December 31, 2024 and December 31, 2023 , approximately $10.2 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. In February 2024, the Company granted, to certain key employees, 132,450 performance-based RSUs at a grant date fair value of $9.06 per performance-based RSU. The performance-based RSUs 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, 2026 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. Dividend equivalents are accrued by the Company during the performance period and paid to the holder if and when the performance-based RSUs vest. Performance-based equity awards under the 2013 Equity Incentive Plan 2023 performance-based RSUs. In June 2023 , the Company granted, to certain key employees, 222,552 performance- based RSUs at a grant date fair value of $10.11 per performance-based RSU, which may be earned based on the achievement of performance goals by the end of 2024 in relation to the Broadmark Merger. The awards are allocated 30% to awards that may be earned based on cost savings in 2024 as a percentage of the pre-merger Broadmark expense run rate, 15% to awards that may be earned based on the volume of Broadmark product originated from the time of the merger through the end of 2024, 30% to awards that may be earned based on the generation of incremental liquidity from asset level financing, portfolio run-off, sales or corporate re-levering through the end of 2024, and 25% to awards that may be earned based on distributable return on equity (“ROE”) for 2024. Subject to the level of achievement of these goals during the performance period, the actual number of shares that the key employees receive may range from 0% to 200% of the target award. The fair value of the performance-based RSUs granted is recorded as compensation expense over the performance period and will vest 2/3rds on December 31, 2024, and 1/3rd on December 31, 2025, with an offsetting increase in stockholders’ equity. Any awards earned on December 31, 2024 based on achievement of the applicable performance metrics but vesting on December 31, 2025 will convert into RSAs that are eligible to vest on December 31, 2025 based on the key employee’s continued employment or service through that date. Dividend equivalents are accrued by the Company during the performance period and paid to the holder if and when the performance-based RSUs vest. Following the conclusion of the performance period on December 31, 2024, the Board determined that the cost savings, product origination volumes and incremental liquidity generation goals were achieved at maximum payout and the distributable ROE goal was not achieved. As such, on February 3, 2025, the Board approved the settlement of 333,828 performance-based RSUs. The fair value of the performance-based RSUs granted was recorded as compensation expense over the performance period with an offsetting increase in stockholders’ equity. In February 2023, the Company granted, to certain key employees, 92,451 performance-based RSUs at a grant date fair value of $12.98 per performance-based RSU. The performance-based RSUs 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. Dividend equivalents are accrued by the Company during the performance period and paid to the holder if and when the performance-based RSUs vest. 2022 performance-based RSUs. In February 2022, the Company granted, to certain key employees, 84,566 performance-based RSUs at a grant date fair value of $14.19 per performance-based RSU. During April 2024, 8,809 performance-based RSUs were forfeited. The performance-based RSUs 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, 2024 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 vesting 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 a three -year performance period, with an offsetting increase in stockholders’ equity. Dividend equivalents are accrued by the Company during the performance period and paid to the holder if and when the performance-based RSUs vest. Following t he conclusion of the performance period on December 31, 2024, the Board determined that the distributable ROE threshold goal was achieved and the relative TSR threshold goal was achieved. As such, on February 22, 2025, the Board approved the settlement of 57,029 performance-based RSUs. The fair value of the performance-based RSUs granted was recorded as compensation expense over the performance period with an offsetting increase in stockholders’ equity. 2021 performance-based RSUs. In February 2021, the Company granted, to certain key employees, 61,895 performance-based RSUs at a grant date fair value of $12.82 per performance-based RSU. During October 2021, 18,568 performance-based RSUs were forfeited. The performance-based RSUs are allocated 50% to awards that may be earned based on achievement of performance goals related to absolute TSR for the three -year forward-looking period ending December 31, 2023 and 50% to awards that may be earned based on achievement of performance goals related to TSR for such three -year forward-looking performance period relative to the performance of a designated peer group. Subject to the absolute and relative TSR achieved during the performance period, the actual number of shares that the key employees receive at the end of the performance period may range from 0% to 300% of the target award. Dividend equivalents are accrued by the Company during the performance period and paid to the holder if and when the performance-based RSUs vest. Following the conclusion of the performance period on December 31, 2023, the Board determined that the relative TSR target goal was achieved and the absolute TSR goal was not achieved. As such, on January 9, 2024, the Board approved the settlement of 29,215 performance-based RSUs. The fair value of the performance-based RSUs granted was recorded as compensation expense over the performance period with an offsetting increase in stockholders’ equity. Preferred Stock In the event of a liquidation or dissolution of the Company, any outstanding preferred stock ranks senior to the outstanding common stock with respect to payment of dividends and the distribution of assets. 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 December 31, 2024 , the conversion rate was 1.6421 shares of common stock per $25 principal amount of the Series C Preferred Stock, which is equivalent to a conversion price of approximately $15.22 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) December 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, duri ng the three months ended December 31, 2024 . The dividends were paid on January 15, 2025 for Series C Preferred Stock and on January 31, 2025 for Series E Preferred Stock to the holders of record as of the close of business on December 31, 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 December 31, 2024 , there were 5.2 million private placement warrants outstanding, each representing the right to purchase 0.47233 shares of common stock. The Company has outstanding warrants to purchase approximately 2.5 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. On November 19, 2024, 41.7 million public warrants, each representing the right to purchase 0.1180825 shares of common stock, expired. The liability for the private placement warrants was less than $0.1 million as of December 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 years ended December 31, 2024 or December 31, 2023 . As of December 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	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
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. Year Ended December 31, (in thousands, except for share and per share amounts) 2024 2023 2022 Basic Earnings Net income (loss) from continuing operations $ (411,999) $ 351,245 $ 159,551 Less: Income attributable to non-controlling interest 5,357 8,960 8,900 Less: Income attributable to participating shares 9,125 9,284 9,561 Basic earnings - continuing operations $ (426,481) $ 333,001 $ 141,090 Basic earnings - discontinued operations $ (18,399) $ (2,834) $ 43,612 Diluted Earnings Net income (loss) from continuing operations (411,999) 351,245 159,551 Less: Income attributable to non-controlling interest 5,357 8,960 8,900 Less: Income attributable to participating shares 9,125 9,284 9,561 Add: Expenses attributable to dilutive instruments 524 524 9,276 Diluted earnings - continuing operations $ (425,957) $ 333,525 $ 150,366 Diluted earnings - discontinued operations $ (18,399) $ (2,834) $ 43,612 Number of Shares Basic — Average shares outstanding 169,107,477 146,841,594 106,878,139 Effect of dilutive securities — Unvested participating shares 1,364,796 1,725,432 10,315,819 Diluted — Average shares outstanding 170,472,273 148,567,026 117,193,958 EPS Attributable to RC Common Stockholders: Basic - continuing operations $ (2.52) $ 2.27 $ 1.32 Basic - discontinued operations $ (0.11) $ (0.02) $ 0.41 Basic - total $ (2.63) $ 2.25 $ 1.73 Diluted - continuing operations $ (2.52) $ 2.24 $ 1.28 Diluted - discontinued operations $ (0.11) $ (0.02) $ 0.37 Diluted - total $ (2.63) $ 2.22 $ 1.65 I n the table above, participating unvested RSAs and unvested RSUs, granted to non-employee directors of the Company, 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 December 31, 2024 and December 31, 2023 , the non-controlling interest OP unit holders owned 885,582 and 1,330,582 OP units, respectively.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
Offsetting [Abstract]
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 December 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. The Company discloses the impact of offsetting of assets and liabilities represented in the consolidated balance sheets to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to enforceable master netting arrangements or ISDA Master Agreements or meet the following right of setoff criteria: (a) the amounts owed by the Company to another party are determinable, (b) the Company has the right to set off the amounts owed with the amounts owed by the counterparty, (c) the Company intends to offset, and (d) the Company’s right of offset is enforceable at law. As of December 31, 2024 and December 31, 2023 , the Company has elected to offset assets and liabilities associated with its OTC derivative contracts in the consolidated balances sheets. 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 December 31, 2024 Assets FX forwards $ 851 $ — $ 851 $ — $ — $ 851 Interest rate swaps 32,536 25,424 7,112 — — 7,112 Total $ 33,387 $ 25,424 $ 7,963 $ — $ — $ 7,963 Liabilities Interest rate swaps — — — — — — FX forwards 352 — 352 — — 352 Secured borrowings 2,035,176 — 2,035,176 2,035,176 — — PPPLF 20,892 — 20,892 18,362 — 2,530 Total $ 2,056,420 $ — $ 2,056,420 $ 2,053,538 $ — $ 2,882 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	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
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 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 — Market risk is the potential adverse changes in the values of the financial instrument due to unfavorable changes in the level or volatility of interest rates, foreign currency exchange rates, or market values of the underlying financial instruments. The Company attempts to mitigate its exposure to market risk by entering into offsetting transactions, which may include purchase or sale of interest-bearing securities and equity securities. Credit Risk — The Company is subject to credit risk in connection with its investments in LMM loans and LMM MBS and other target assets it may acquire in the future. The credit risk related to these investments pertains to the ability and willingness of the borrowers to pay, which is assessed before credit is granted or renewed and periodically reviewed throughout the loan or security term. The Company believes that loan credit quality is primarily determined by the borrowers' credit profiles and loan characteristics and seeks to mitigate this risk by seeking to acquire assets at appropriate prices given anticipated and unanticipated losses and by deploying a value−driven approach to underwriting and diligence, consistent with its historical investment strategy, with a focus on projected cash flows and potential risks to cash flow. The Company further mitigates its risk of potential losses while managing and servicing loans by performing various workout and loss mitigation strategies with delinquent borrowers. Nevertheless, unanticipated credit losses could occur, which may adversely impact operating results. The Company is also subject to credit risk with respect to the counterparties to derivative contracts. If a counterparty 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 — Liquidity risk arises from investments and the general financing of the Company’s investing activities. It includes the risk of not being able to fund acquisition and origination activities at settlement dates and/or liquidate positions in a timely manner at reasonable prices, in addition to potential increases in collateral requirements during times of heightened market volatility. It also includes risk stemming from PIK interest loans and loan modifications the Company may grant to borrowers which are intended to minimize its economic loss and to avoid foreclosure or repossession of collateral. Such modifications may include interest rate reductions, principal forgiveness, term extensions, and other-than-insignificant payment delay, which may impact the Company’s ability to meet potential cash requirements and make it more reliant on financing strategies. Additionally, i f the Company was forced to dispose of an illiquid investment at an inopportune time, it might be forced to do so at a substantial discount to the market value, resulting in a realized loss. The Company attempts to mitigate its liquidity risk by regularly monitoring the liquidity of its investments in LMM loans, MBS and other financial instruments. Factors such as expected exit strategy for, the bid to offer spread of, and the number of broker dealers making an active market in a particular strategy and the availability of long-term funding, are considered in analyzing liquidity risk. To reduce any perceived disparity between the liquidity and the terms of the debt instruments in which the Company invests, it attempts to minimize its reliance on short-term financing arrangements. While the Company may finance certain investments in security positions using traditional margin arrangements and reverse repurchase agreements, other financial instruments such as collateralized debt obligations, and other longer term financing vehicles may be utilized to provide it with sources of long-term financing. Off-Balance Sheet Risk — The Company has undrawn commitments on outstanding loans. Refer to Note 24 for further information. Interest Rate Risk — Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company’s control. 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 — As the Company receives prepayments of principal on its assets, any premiums paid on such assets are amortized against interest income. In general, an increase in prepayment rates accelerates the amortization of purchase premiums, thereby reducing the interest income earned on the assets. Conversely, discounts on such assets are accreted into interest income. In general, an increase in prepayment rates accelerates the accretion of purchase discounts, thereby increasing the interest income earned on the assets.

Commitments, Contingencies and

Commitments, Contingencies and Indemnifications	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
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 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. Such indemnification obligations may not be subject to maximum loss clauses. Historically, payments related to these indemnification obligations have not been material to the Company. 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) December 31, 2024 December 31, 2023 Loans, net $ 444,838 $ 745,782 Loans, held for sale $ 28,566 $ 19,327 Preferred equity investment $ — $ 436

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
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 taxable years. As of December 31, 2024 and December 31, 2023 , the Company was in compliance with all REIT requirements. 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 table below presents the composition of income tax provision. Year Ended December 31, (in thousands) 2024 2023 2022 Current Federal income tax $ 101 $ 1,605 $ 6,878 State and local income tax (78) 214 1,588 Net current tax provision $ 23 $ 1,819 $ 8,466 Deferred Federal income tax (89,584) 4,314 6,976 State and local income tax (14,951) 1,041 33 Net deferred tax provision (benefit) $ (104,535) $ 5,355 $ 7,009 Total income tax provision (benefit) $ (104,512) $ 7,174 $ 15,475 The table below is a reconciliation of federal income tax determined using the statutory federal tax rate to the reported income tax provision. Year Ended December 31, (in thousands) 2024 2023 U.S. statutory tax $ (108,467) 21.0 % $ 75,268 21.0 % State and local income tax (11,487) 2.2 929 0.3 Income attributable to REIT 69,971 (13.5) (69,019) (19.3) Income attributable to non-controlling interests (718) 0.1 (1,789) (0.5) Permanent items (29,508) 5.7 863 0.2 Valuation allowance (21,085) 4.1 — — Other (3,218) 0.6 922 0.3 Effective income tax (benefit) $ (104,512) 20.2 % $ 7,174 2.0 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are presented net by tax jurisdiction and are reported in other assets and other liabilities, respectively. The table below presents the tax effects of temporary differences on their respective net deferred tax assets and liabilities. Year Ended December 31, (in thousands) 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 81,883 $ 22,153 Accruals 5,349 6,593 Depreciation and amortization — 2,913 Goodwill 16,868 17,647 Compensation 599 119 Right of use asset 1,641 — Stock Compensation 997 — Loan / servicing rights balance 9,543 — Other 642 45 Total deferred tax assets $ 117,522 $ 49,470 Deferred tax liabilities: Loan / servicing rights balance — 50,844 Derivative instruments — 56 Other taxable temporary difference 3,932 5,642 Depreciation and amortization 1,541 — Unrealized gains 724 4,820 Total deferred tax liabilities $ 6,197 $ 61,362 Valuation allowance — (21,085) Net deferred tax assets (liabilities) $ 111,325 $ (32,977) The Company has approximately $300.7 million of federal and $276.0 million of state net operating loss carryforwards that will begin to expire in 2025 . Additionally, as of December 31, 2024 , the Company had federal net operating loss carryforwards of $33.5 million and capital loss carryforwards of $93.8 million obtained in the Broadmark Merger and the acquisition of Anworth that can be used to offset future taxable ordinary income and capital gains, respectively. These carryforwards can reduce the Company's REIT distribution requirements. 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 and had a full valuation allowance. This valuation allowance that was recorded at prior year-end was reversed as of December 31, 2024 as it is more likely than not that these assets will be realized. As of December 31, 2024 , the Company concluded the positive evidence in favor of the recoverability of its remaining deferred tax assets outweighed the negative evidence and that it is more likely than not that its remaining deferred tax assets will be realized. The Company’s framework for assessing the recoverability of deferred tax assets requires it to weigh all available evidence, including the sustainability of profitability required to realize the deferred tax assets, the cumulative net income or loss in its consolidated statements of operations in recent years, the future reversals of existing taxable temporary differences, and the carryforward periods for any carryforwards of net operating losses. The difference between the statutory rate of 21% and the effective income tax rate is primarily due to income attributable to the REIT that is offset by the dividends paid deduction. As of December 31, 2024 and December 31, 2023 , the Company had no uncertain tax positions recorded or disclosed in the financial statements. Additionally, it is the belief of management that the total amount of uncertain tax positions, if any, will not materially change over the next 12 months. The Company and its TRSs are subject to taxation in U.S. federal and multiple state and local tax jurisdictions. Federal tax returns for 2021 and forward are subject to examination. In addition, tax years 2020 and forward remain open in certain state jurisdictions.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Note 26. Segment Reporting The Company structures its segments based on a number of contributing factors, including customer base and nature of loan program types, and reports its results of operations through the following two operating and reportable business segments: i) LMM Commercial Real Estate and ii) Small Business Lending, which is in accordance with how the Chief Operating Decision Maker (“CODM”), the Chief Executive Officer and Chief Investment Officer, evaluates financial information for making decisions regarding business operations and assessing Company performance. The CODM's financial considerations include an analysis of net interest income before provision for loan losses, provision for loan losses and non-interest income and expenses. In addition, the CODM's analysis includes an evaluation of segment performance with i ncome (loss) before unallocated expenses and provision for (benefit from) income taxes being the primary performance measure used for each reportable business segment . 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. 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 and government guaranteed loans focused on the USDA as well as originate and service small business loans. This segment also reflects the impact of SBA securitization activities. Results of business segments and all other. The tables below present operating and reportable business segments, along with remaining unallocated amounts primarily 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. Unallocated assets were $368.3 million , $308.4 million and $148.1 million for the years ended December 31, 2024, 2023 and 2022. Year Ended December 31, 2024 (in thousands) LMM Commercial Real Estate Small Business Lending Total Interest income $ 766,354 $ 130,621 $ 896,975 Interest expense (598,846) (97,609) (696,455) Net interest income before provision for loan losses $ 167,508 $ 33,012 $ 200,520 Provision for loan losses (283,800) (8,959) (292,759) Net interest income after provision for loan losses $ (116,292) $ 24,053 $ (92,239) Non-interest income Net realized gain (loss) on financial instruments and real estate owned (132,746) 78,746 (54,000) Net unrealized gain (loss) on financial instruments (20,588) 5,597 (14,991) Valuation allowance, loans held for sale (124,878) — (124,878) Servicing income, net 5,759 10,797 16,556 Income on unconsolidated joint ventures 10,876 10 10,886 Other income 22,605 23,424 46,029 Total non-interest income (loss) $ (238,972) $ 118,574 $ (120,398) Non-interest expense Employee compensation and benefits (25,821) (46,036) (71,857) Allocated employee compensation and benefits from related party (1,139) — (1,139) Professional fees (4,963) (12,681) (17,644) Loan servicing expense (44,667) (1,989) (46,656) Impairment on real estate (56,428) (75) (56,503) Other operating expenses (15,212) (36,108) (51,320) Total non-interest expense $ (148,230) $ (96,889) $ (245,119) Income (loss) before unallocated expenses and provision for income taxes $ (503,494) $ 45,738 $ (457,756) Unallocated corporate income (expenses) Gain on bargain purchase 13,859 Employee compensation and benefits (20,913) Professional fees (9,243) Management fees – related party (24,862) Transaction related expenses (10,118) Other operating expenses - net (7,478) Total unallocated corporate expenses $ (58,755) Loss before provision for income taxes $ (516,511) Total assets $ 8,058,707 $ 1,427,281 $ 9,485,988 Year Ended December 31, 2023 (in thousands) LMM Commercial Real Estate Small Business Lending Total Interest income $ 847,253 $ 98,561 $ 945,814 Interest expense (650,624) (65,844) (716,468) Net interest income before provision for loan losses $ 196,629 $ 32,717 $ 229,346 Provision for loan losses (1,413) (5,817) (7,230) Net interest income after provision for loan losses $ 195,216 $ 26,900 $ 222,116 Non-interest income Net realized gain (loss) on financial instruments and real estate owned 34,072 30,936 65,008 Net unrealized gain (loss) on financial instruments 8,427 1,291 9,718 Servicing income, net 5,819 15,342 21,161 Loss on unconsolidated joint ventures (905) — (905) Other income 38,552 64,499 103,051 Total non-interest income $ 85,965 $ 112,068 $ 198,033 Non-interest expense Employee compensation and benefits (33,012) (40,289) (73,301) Allocated employee compensation and benefits from related party (882) — (882) Professional fees (5,369) (19,535) (24,904) Loan servicing expense (40,070) (741) (40,811) Impairment on real estate (8,638) — (8,638) Other operating expenses (15,805) (27,763) (43,568) Total non-interest expense $ (103,776) $ (88,328) $ (192,104) Income before unallocated expenses and provision for income taxes $ 177,405 $ 50,640 $ 228,045 Unallocated corporate income (expenses) Gain on bargain purchase 207,972 Employee compensation and benefits (18,184) Professional fees (9,834) Management fees – related party (25,103) Incentive fees – related party (1,791) Transaction related expenses (17,764) Other operating expenses - net (4,922) Total unallocated corporate income $ 130,374 Income before provision for income taxes $ 358,419 Total assets $ 10,282,531 $ 1,395,687 $ 11,678,218 Year Ended December 31, 2022 (in thousands) LMM Commercial Real Estate Small Business Lending Total Interest income $ 565,128 $ 98,089 $ 663,217 Interest expense (364,343) (27,382) (391,725) Net interest income before provision for loan losses $ 200,785 $ 70,707 $ 271,492 Provision for loan losses (31,471) (2,971) (34,442) Net interest income after provision for loan losses $ 169,314 $ 67,736 $ 237,050 Non-interest income Net realized gain (loss) on financial instruments and real estate owned 21,813 31,951 53,764 Net unrealized gain (loss) on financial instruments 23,321 (1,431) 21,890 Servicing income, net 4,623 6,805 11,428 Income on unconsolidated joint ventures 11,661 — 11,661 Other income 29,506 25,872 55,378 Total non-interest income $ 90,924 $ 63,197 $ 154,121 Non-interest expense Employee compensation and benefits (29,417) (40,546) (69,963) Allocated employee compensation and benefits from related party (955) — (955) Professional fees (7,030) (5,361) (12,391) Loan servicing expense (30,107) (707) (30,814) Impairment on real estate (4,033) — (4,033) Other operating expenses (19,728) (17,776) (37,504) Total non-interest expense $ (91,270) $ (64,390) $ (155,660) Income before unallocated expenses and provision for income taxes $ 168,968 $ 66,543 $ 235,511 Unallocated corporate expenses Interest expense (635) Employee compensation and benefits (13,620) Professional fees (4,911) Management fees – related party (19,295) Incentive fees – related party (3,105) Transaction related expenses (13,633) Other operating expenses - net (5,286) Total unallocated corporate expenses $ (60,485) Income before provision for income taxes $ 175,026 Total assets $ 10,197,876 $ 835,836 $ 11,033,712

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 27. Subsequent Events On January 16, 2025, the Company announced that its Board approved a new stock repurchase program authorizing the repurchase of up to $150.0 million of the Company’s common stock, par value $0.0001 per share. On February 21, 2025, the Company closed a private placement of $220.0 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028. The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block]	The table below presents the Company ’s mortgage loans on real estate, categorized by product type. ($ in thousands) December 31, 2024 Product Type Property Type Loan Count Interest Rate Maturity Date Prior Liens Payment Terms Carrying Value UPB UPB of loans subject to delinquent principal or interest First Mortgages individually >3% Construction Mixed Use 1 13.1% 2024 — Interest Only $ 426,100 $ 494,404 $ — First Mortgages individually <3% Bridge Health Care, Industrial, Lodging, Mixed Use, Multi- Family, Office, Retail, Storage 255 5.0 - 13.8% 2021 - 2027 N/A N/A 5,160,410 5,413,832 503,348 Fixed Rate Health Care, Industrial, Lodging, Mixed Use, Multi- Family, Office, Retail, Storage 182 3.4 - 8.7% 2021 - 2043 N/A N/A 885,417 891,675 49,640 Construction Industrial, Land, Lodging, Mixed Use, Multi-Family, Residential, Retail 48 9.0 - 13.0% 2020 - 2028 N/A N/A 329,484 351,820 80,853 Freddie Mac Multi-Family 10 5.3 - 6.6% 2030 - 2035 N/A N/A 36,248 35,931 — SBA - 7(a) SBA 2,204 1.0 - 11.3% 2024 - 2051 N/A N/A 1,127,727 1,153,555 59,295 Other Health Care, Hotel, Industrial, Lodging, Mixed Use, Multi- Family, Office, Residential, Retail, Storage, Other 1,020 1.0 - 12.0% 2021 - 2054 N/A N/A 348,015 352,019 5,238 Total First Mortgages 3,720 $ 8,313,401 $ 8,693,236 $ 698,374 Subordinated Mortgages individually <3% Construction Hotel, Mixed Used, Multi- Family 3 9.0 - 16.0% 2023 - 2025 N/A N/A 32,084 105,821 29,427 SBA - 7(a) SBA 4,252 0.0 - 15.0% 2014 - 2050 N/A N/A 181,716 193,551 12,322 Other Mixed Use, Retail 447 1.0 - 29.0% 2019 - 2029 N/A N/A 22,635 38,973 17,434 Total Subordinated Mortgages (1) 4,702 $ 236,435 $ 338,345 $ 59,183 Total Loans, net and Loans, held for sale 8,422 $ 8,549,836 $ 9,031,581 $ 757,557 (1) Total subordinated mortgages includes unsecured loans. The table below presents activity for mortgage loans on real estate, including loans in consolidated VIEs. (in thousands) Loans, net Loans, held for sale Total Loan Receivables Balance as of December 31, 2021 6,994,728 317,012 7,311,740 Origination of loan receivables 3,303,318 722,280 4,025,598 Purchases of loan receivables 669,137 — 669,137 Proceeds from disposition and principal payment of loan receivables (1,471,118) (914,374) (2,385,492) Loans acquired as part of merger transactions 412,745 — 412,745 Net realized gain (loss) on sale of loan receivables (9,281) 21,499 12,218 Net unrealized gain (loss) on loan receivables (980) (18,695) (19,675) Accretion/amortization of discount, premium and other fees 14,618 — 14,618 Foreign currency gain (loss), net (1,165) — (1,165) Transfers 3,987 (3,987) — Transfers to real estate owned, held for sale (1,598) — (1,598) Provision for loan losses (30,894) — (30,894) Balance as of December 31, 2022 9,883,497 123,735 10,007,232 Origination of loan receivables 1,005,137 561,997 1,567,134 Payments in kind 42,148 — 42,148 Proceeds from disposition and principal payment of loan receivables (1,779,990) (579,309) (2,359,299) Loans acquired as part of merger transactions 764,367 — 764,367 Loan receivables from issuance of securitized debt obligation 689,079 — 689,079 Net realized gain (loss) on sale of loan receivables (9,661) 34,991 25,330 Net unrealized gain (loss) on loan receivables (437) 8,846 8,409 Accretion/amortization of discount, premium and other fees 34,245 — 34,245 Foreign currency gain (loss), net 2,645 — 2,645 Transfers 68,661 (68,661) — Transfers to real estate owned, held for sale (56,900) — (56,900) Provision for loan losses (11,306) — (11,306) Balance as of December 31, 2023 10,631,485 81,599 10,713,084 Origination of loan receivables 826,095 1,052,926 1,879,021 Payments in kind 73,518 4,055 77,573 Non-cash participations 39,855 — 39,855 Proceeds from disposition and principal payment of loan receivables (2,254,757) (1,378,961) (3,633,718) Loans acquired as part of merger transactions 8,167 — 8,167 Net realized gain (loss) on sale of loan receivables (9,166) (145,622) (154,788) Net unrealized gain (loss) on loan receivables 3,631 (3,265) 366 Gain on sale of agency loans (20,507) 85,518 65,011 Accretion/amortization of discount, premium and other fees 23,360 — 23,360 Foreign currency gain (loss), net (4,086) — (4,086) Transfers (715,843) 715,843 — Transfers to real estate, held for sale (41,401) (45,589) (86,990) Provision for loan losses (252,141) — (252,141) Valuation allowance — (124,878) (124,878) Balance as of December 31, 2024 8,308,210 241,626 8,549,836

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the importance of implementing and maintaining robust cybersecurity measures designed to safeguard the confidentiality, integrity and availability of our data and systems. We seek to prevent or reduce risks by providing a prompt, effective, and skillful response to cybersecurity threats. As a critical component of our overall risk management process, we have adopted a framework that shares existing methodologies, reporting channels and governance processes to identify, assess, manage and report cybersecurity threats on an ongoing basis. This risk management process is led by our Incident Response Team (“IRT”) , which is led by the Company’s Chief Technical Officer and the Head of Infrastructure , and supported by the Chief Financial Officer, Chief Executive Officer and Chief Investment Officer, and General Counsel. The IRT is responsible for assessing and managing cybersecurity risks, subject to the oversight of our Board. In particular, our Head of Infrastructure is an experienced information technology professional with over 20 years of experience in the industry, including oversight of our cybersecurity department. Certain members of the IRT report to our Board on a quarterly basis regarding the external threat environment, steps taken by us to address and mitigate cybersecurity risks as well as updates on our readiness to prevent, detect, respond and recover from a potential cybersecurity incident (“Incident”). We conduct due diligence prior to engaging third-party service providers that have access to our networks, systems, and/or customer or employee data. Third-party service providers are required to comply with our policies regarding information security and are contractually required to meet all legal and regulatory obligations. The Board reviews IRT reports, practices relating to information technology, information security, cybersecurity, disaster recovery, business continuity, data privacy and data governance; and the Board monitors compliance with regulatory requirements and industry standards. In the event of an Incident, the IRT is authorized to take the appropriate steps deemed necessary to identify, assess, contain, mitigate, and resolve the Incident including by (a) maintaining (i) the Company’s Incident Response Plan in the event of an Incident, (ii) the Company’s Written Information Security Policy which governs information technology security policies, and (iii) the Company’s Business Continuity Plan designed to keep all major business systems in operation in the event of an Incident or other disaster (b) regularly monitoring all Company systems and user accounts for any suspected Incidents (c) performing quarterly audits on all Company systems and user accounts (d) and general cybersecurity awareness and data protection training for our employees. In addition, depending on the circumstances of an Incident, we may engage third parties such as insurance carriers, outside legal counsel, forensic investigators, crisis communications or public relations firms, investor relations firms and response vendors and we may coordinate with regulators or law enforcement. We also assess third party risks when determining the selection and oversight of applicable third-party service providers.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We recognize the importance of implementing and maintaining robust cybersecurity measures designed to safeguard the confidentiality, integrity and availability of our data and systems. We seek to prevent or reduce risks by providing a prompt, effective, and skillful response to cybersecurity threats. As a critical component of our overall risk management process, we have adopted a framework that shares existing methodologies, reporting channels and governance processes to identify, assess, manage and report cybersecurity threats on an ongoing basis. This risk management process is led by our Incident Response Team (“IRT”) , which is led by the Company’s Chief Technical Officer and the Head of Infrastructure , and supported by the Chief Financial Officer, Chief Executive Officer and Chief Investment Officer, and General Counsel. The IRT is responsible for assessing and managing cybersecurity risks, subject to the oversight of our Board.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	As a critical component of our overall risk management process, we have adopted a framework that shares existing methodologies, reporting channels and governance processes to identify, assess, manage and report cybersecurity threats on an ongoing basis. This risk management process is led by our Incident Response Team (“IRT”) , which is led by the Company’s Chief Technical Officer and the Head of Infrastructure , and supported by the Chief Financial Officer, Chief Executive Officer and Chief Investment Officer, and General Counsel. The IRT is responsible for assessing and managing cybersecurity risks, subject to the oversight of our Board. In particular, our Head of Infrastructure is an experienced information technology professional with over 20 years of experience in the industry, including oversight of our cybersecurity department. Certain members of the IRT report to our Board on a quarterly basis regarding the external threat environment, steps taken by us to address and mitigate cybersecurity risks as well as updates on our readiness to prevent, detect, respond and recover from a potential cybersecurity incident (“Incident”). We conduct due diligence prior to engaging third-party service providers that have access to our networks, systems, and/or customer or employee data. Third-party service providers are required to comply with our policies regarding information security and are contractually required to meet all legal and regulatory obligations. The Board reviews IRT reports, practices relating to information technology, information security, cybersecurity, disaster recovery, business continuity, data privacy and data governance; and the Board monitors compliance with regulatory requirements and industry standards.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Certain members of the IRT report to our Board on a quarterly basis regarding the external threat environment, steps taken by us to address and mitigate cybersecurity risks as well as updates on our readiness to prevent, detect, respond and recover from a potential cybersecurity incident (“Incident”). We conduct due diligence prior to engaging third-party service providers that have access to our networks, systems, and/or customer or employee data. Third-party service providers are required to comply with our policies regarding information security and are contractually required to meet all legal and regulatory obligations. The Board reviews IRT reports, practices relating to information technology, information security, cybersecurity, disaster recovery, business continuity, data privacy and data governance; and the Board monitors compliance with regulatory requirements and industry standards.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Certain members of the IRT report to our Board on a quarterly basis regarding the external threat environment, steps taken by us to address and mitigate cybersecurity risks as well as updates on our readiness to prevent, detect, respond and recover from a potential cybersecurity incident (“Incident”).
Cybersecurity Risk Role of Management [Text Block]	As a critical component of our overall risk management process, we have adopted a framework that shares existing methodologies, reporting channels and governance processes to identify, assess, manage and report cybersecurity threats on an ongoing basis. This risk management process is led by our Incident Response Team (“IRT”) , which is led by the Company’s Chief Technical Officer and the Head of Infrastructure , and supported by the Chief Financial Officer, Chief Executive Officer and Chief Investment Officer, and General Counsel. The IRT is responsible for assessing and managing cybersecurity risks, subject to the oversight of our Board. In particular, our Head of Infrastructure is an experienced information technology professional with over 20 years of experience in the industry, including oversight of our cybersecurity department. Certain members of the IRT report to our Board on a quarterly basis regarding the external threat environment, steps taken by us to address and mitigate cybersecurity risks as well as updates on our readiness to prevent, detect, respond and recover from a potential cybersecurity incident (“Incident”). We conduct due diligence prior to engaging third-party service providers that have access to our networks, systems, and/or customer or employee data. Third-party service providers are required to comply with our policies regarding information security and are contractually required to meet all legal and regulatory obligations. The Board reviews IRT reports, practices relating to information technology, information security, cybersecurity, disaster recovery, business continuity, data privacy and data governance; and the Board monitors compliance with regulatory requirements and industry standards. In the event of an Incident, the IRT is authorized to take the appropriate steps deemed necessary to identify, assess, contain, mitigate, and resolve the Incident including by (a) maintaining (i) the Company’s Incident Response Plan in the event of an Incident, (ii) the Company’s Written Information Security Policy which governs information technology security policies, and (iii) the Company’s Business Continuity Plan designed to keep all major business systems in operation in the event of an Incident or other disaster (b) regularly monitoring all Company systems and user accounts for any suspected Incidents (c) performing quarterly audits on all Company systems and user accounts (d) and general cybersecurity awareness and data protection training for our employees. In addition, depending on the circumstances of an Incident, we may engage third parties such as insurance carriers, outside legal counsel, forensic investigators, crisis communications or public relations firms, investor relations firms and response vendors and we may coordinate with regulators or law enforcement.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	This risk management process is led by our Incident Response Team (“IRT”) , which is led by the Company’s Chief Technical Officer and the Head of Infrastructure , and supported by the Chief Financial Officer, Chief Executive Officer and Chief Investment Officer, and General Counsel. The IRT is responsible for assessing and managing cybersecurity risks, subject to the oversight of our Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	In particular, our Head of Infrastructure is an experienced information technology professional with over 20 years of experience in the industry, including oversight of our cybersecurity department.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Certain members of the IRT report to our Board on a quarterly basis regarding the external threat environment, steps taken by us to address and mitigate cybersecurity risks as well as updates on our readiness to prevent, detect, respond and recover from a potential cybersecurity incident (“Incident”). We conduct due diligence prior to engaging third-party service providers that have access to our networks, systems, and/or customer or employee data. Third-party service providers are required to comply with our policies regarding information security and are contractually required to meet all legal and regulatory obligations. The Board reviews IRT reports, practices relating to information technology, information security, cybersecurity, disaster recovery, business continuity, data privacy and data governance; and the Board monitors compliance with regulatory requirements and industry standards.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
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 (“ASC 810”). Intercompany balances and transactions have been eliminated.
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 . The Company defines cash and cash equivalents as cash, demand deposits, and short-term, highly liquid investments with original maturities of 90 days or less when purchased. Cash and cash equivalents are exposed to concentrations of credit risk. The Company deposits cash with institutions believed to have highly valuable and defensible business franchises, strong financial fundamentals, and predictable and stable operating environments.
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 and Loan modifications made to borrowers experiencing financial difficulty	Loans, net Loans, net consists of loans, held-for-investment, net of allowance for credit losses, and loans, held at fair value. Loan modifications made to borrowers experiencing financial difficulty. In situations where economic or legal circumstances may cause a borrower to experience significant financial difficulties, the Company may grant concessions for a period of time to the borrower that it would not otherwise consider. These modified terms 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. The Company monitors the performance of loans modified to borrowers experiencing financial difficulty and considers loans that are 30 days past due to be in payment default.
Loans, held-for-investment	Loans, held-for-investment. Loans, held-for-investment are loans acquired from third parties (“acquired loans”), loans originated by the Company that it does not intend to sell, or securitized loans that were previously originated. Certain securitized loans remain on the Company’s balance sheet because the securitization vehicles are consolidated under ASC 810. Acquired loans are recorded at the valuation at the time of acquisition and are accounted for under ASC 310, Receivables (“ASC 310”). 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. Loans, held at fair value represent certain loans originated by the Company for which the fair value option has been elected. Interest is recognized as interest income in the consolidated statements of operations when earned and deemed collectible. Changes in fair value are recurring and are reported as net unrealized gain (loss) on financial instruments in the consolidated statements of operations. Loans, held at fair value are classified as Level 3 in the fair value hierarchy.
Allowance for credit losses	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, loan-to-value (“LTV”) ratio and economic conditions. The allowance for credit losses increases through provisions charged to earnings and reduced by charge-offs, net of recoveries. 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 to be “collateral-dependent” loans if they 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. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. While the Company has a formal methodology to determine the adequate and appropriate level of the allowance for credit losses, estimates of inherent loan losses involve judgment and assumptions as to various factors, including current economic conditions. The Company’s determination of adequacy of the allowance for credit losses is based on quarterly evaluations of the above factors. Accordingly, the provision for credit losses will vary from period to period based on management’s ongoing assessment of the adequacy of the allowance for credit losses.
Non-accrual loans	Non-accrual loans. A loan is generally placed on non-accrual 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. Non-accrual loans consist of loans for which principal or interest has been delinquent for 90 days or more and for which specific reserves are recorded, including purchased credit-deteriorated (“PCD”) loans. Interest income accrued, but not collected, at the date loans are placed on non-accrual status is reversed, unless the loan is expected to be fully recoverable by the collateral or is in the process of being collected. Interest income is subsequently recognized only to the extent it is received in cash or until the loan qualifies for return to accrual status. However, where there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status when contractually current and the collection of future payments is reasonably assured. In certain instances, the Company may make exceptions to placing a loan on non-accrual status if the loan is in the process of a modification. For construction loans that have been delinquent for 90 days or more, interest income may continue to accrue if it is probable that principal and interest will be collected in full.
Paid-In-Kind ("PIK") Interest	Paid-In-Kind ("PIK") Interest. PIK interest is computed at the contractual rate specified in each loan agreement and added to the principal balance of the loan, and is recorded as interest income over the life of the loan on the consolidated statement of operations. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the borrower to be able to pay all principal and interest due. To maintain the Company's status as a REIT, this non-cash source of income is included within the 90% of its taxable income required to be distributed to shareholders.
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 operations. Loans, held for sale for which the fair value option has been elected are predominantly classified as Level 2 in the fair value hierarchy. For originated SBA loans, the guaranteed portion is held at fair value. Interest is recognized as interest income in the consolidated statements of operations when earned and deemed collectible . When loans classified as held for sale are sold, the proceeds, less the costs to sell, in excess (or deficiency) of the net carrying value, including accrued interest, are recognized as a realized gain (loss).
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 operations 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 operations. 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 (“ASC 320”). The Company’s MBS portfolio is comprised of asset-backed securities collateralized by interest in, or obligations backed by, pools of LMM loans, which are guaranteed by the U.S. government, such as the Government National Mortgage Association (“Ginnie Mae”), or guaranteed by federally sponsored enterprises, such as the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Purchases and sales of MBS are recorded as of the trade date. MBS securities pledged as collateral against borrowings under repurchase agreements are included in mortgage-backed securities on the consolidated balance sheets. 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 operations . Mortgage-backed securities are classified as Level 2 in the fair value hierarchy.
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 (“ASC 815”). All derivatives are reported as either assets or liabilities in the consolidated balance sheets at the estimated fair value with the changes in the fair value recorded in earnings unless hedge accounting is elected. As of December 31, 2024 and December 31, 2023 , the Company had o ffset $25.4 million and $34.4 million of cash collateral payable against gross derivative asset positions, respectively. Interest rate swap agreements. An interest rate swap is an agreement between two counterparties to exchange periodic interest payments where one party to the contract makes a fixed-rate payment in exchange for a floating-rate payment from the other party. The dollar amount each party pays is an agreed-upon periodic interest rate multiplied by a pre- determined dollar principal (notional amount). No principal (notional amount) is exchanged between the two parties at the trade initiation date and only interest payments are exchanged over the life of the contract. The fair value adjustments are reported within net unrealized gain (loss) on financial instruments, while the related interest income or interest expense are reported within net realized gain (loss) on financial instruments in the consolidated statements of operations. Interest rate swaps are classified as Level 2 in the fair value hierarchy. FX forwards. FX forwards are agreements between two counterparties to exchange a pair of currencies at a set rate on a future date. Such contracts are used to convert the foreign currency risk to U.S. dollars to mitigate exposure to fluctuations in FX rates. The fair value adjustments are reported within net unrealized gain (loss) on financial instruments in the consolidated statements of operations. FX forwards are classified as Level 2 in the fair value hierarchy. Hedge accounting. As a general rule, hedge accounting is permitted where the Company is exposed to a particular risk, such as interest rate risk, that causes changes in the fair value of an asset or liability or variability in the expected future cash flows of an existing asset, liability, or forecasted transaction that may affect earnings. 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 operations 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 (losses) related to servicing rights retained is included in net realized gain (loss) in the consolidated statements of operations. Servicing rights are accounted for under ASC 860, Transfers and Servicing (“ASC 860”). A significant portion of the Company’s multi-family servicing rights are under the Freddie Mac program. 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 the consolidated statements of operations 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 , investors in unincorporated entities such as partnerships and unincorporated joint ventures generally shall account for their investments using the equity method of accounting if the investor has the ability to exercise significant influence over the investee. Under the equity method, the Company recognizes its allocable share of the earnings or losses of the investment monthly in earnings and adjusts the carrying amount for its share of the distributions that exceeds its allocable share of earnings. The fair value adjustments are reported within income on unconsolidated joint ventures in the consolidated statements of operations. Investments in unconsolidated joint ventures are classified as Level 3 in the fair value hierarchy.
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 operations.
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 operations 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 (“ASC 350”). T he Company’s intangible assets include an SBA license, capitalized software, a broker network, trade names and customer relationships. The Company capitalizes software costs expected to result in long-term operational benefits, such as replacement systems or new applications that result in significantly increased operational efficiencies or functionality as well as costs related to internally developed software expected to be sold, leased or otherwise marketed under A SC 985-20, Software- costs of software to be sold, leased, or marketed . All other costs incurred in connection with internal use software are expensed as incurred. The Company initially records its intangible assets at cost or fair value and will test for impairment if a triggering event occurs. Intangible assets are included within other assets in the consolidated balance sheets. The Company amortizes intangible assets with identified estimated useful lives on a straight-line basis over their estimated useful lives.
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 fourth 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 . Deferred costs are capitalized and amortized using the effective interest method over the respective financing term with such amortization reflected on the Company’s consolidated statements of operations as a component of interest expense. Secured Borrowings may include legal, accounting and other related fees. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Unamortized deferred financing costs related to securitizations and note issuances are presented in the consolidated balance sheets as a direct deduction from the associated liability.
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. SBL loans originated and held by the Company 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 30 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 And Corporate debt, net	Secured borrowings Secured borrowings include borrowings under credit facilities and other financing agreements and repurchase agreements. Borrowings under credit facilities and other financing agreements. Borrowings under credit facilities and other financing agreements are accounted for under ASC 470, Debt (“ASC 470”). The Company partially finances its loans, net through credit agreements and other financing agreements with various counterparties. These borrowings are collateralized by loans, held-for-investment and loans, held for sale and have maturity dates within two years from the consolidated balance sheet date. If the fair value (as determined by the applicable counterparty) of the collateral securing these borrowings decreases, the Company may be subject to margin calls during the period the borrowings are outstanding. In instances where margin calls are not satisfied within the required time frame the counterparty may retain the collateral and pursue collection of any outstanding debt. Interest accrued in connection with credit facilities is recorded as interest expense in the consolidated statements of operations. Borrowings under repurchase agreements. Borrowings under repurchase agreements are accounted for under ASC 860. Investment securities financed under repurchase agreements are treated as collateralized borrowings, unless they meet sale treatment or are deemed to be linked transactions. As of the current period ended, the Company had no such repurchase agreements that have been accounted for as components of linked transactions. All securities financed through a repurchase agreement have remained on the Company’s consolidated balance sheets as an asset and cash received from the lender has been recorded on the Company’s consolidated balance sheets as a liability. Interest accrued in connection with repurchase agreements is recorded as interest expense in the consolidated statements of operations. Corporate debt , net The Company accounts for corporate debt offerings net of issuance costs, under ASC 470. Interest accrued in connection with corporate debt is recorded as interest expense in the consolidated statements of operations.
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 accrued in connection with PPPLF is recorded as interest expense in the consolidated statements of operations.
Securitized debt obligations of consolidated VIEs, net	Securitized debt obligations of consolidated VIEs, net The Company has engaged in several securitization transactions accounted 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 operations.
Senior secured notes, net	Senior secured notes, net The Company accounts for secured debt offerings net of issuance costs, under ASC 470. These senior secured notes are collateralized by loans, MBS, and retained interests of consolidated VIE’s. Interest accrued in connection with senior secured notes is recorded as interest expense in the consolidated statements of operations.
Guaranteed loan financing	Guaranteed loan financing Certain partial loan sales do not meet the definition of a “participating interest” under ASC 860 and therefore, do not qualify as a sale. 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 operations.
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 operations.
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 with which they are associated.
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 operations 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, Financial Instruments (“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.
Earnings per share	Earnings per share Basic EPS 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 t he Company’s unvested RSAs, unvested RSUs granted to non-employee directors, and preferred stock contain rights to receive non-forfeitable dividends or dividend equivalents 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 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 operations. 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 ASC 606 Revenue Recognition (“ASC 606”), revenue is recognized upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized through the following five-step process: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Most of the Company’s revenue streams, such as revenue associated with financial instruments, including interest income, realized or unrealized gains on financial instruments, loan servicing fees, loan origination fees, among other revenue streams, follow specific revenue recognition criteria and therefore the guidance referenced above does not have a material impact on 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. Interest income on loans, held-for-investment, loans, held at fair value, loans, held for sale, and MBS, at fair value is accrued based on the outstanding principal amount and contractual terms of the instrument, including loans with contractual PIK interest for which the Company has not yet collected cash. Discounts or premiums associated with the loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on contractual cash flows through the maturity date of the investment. Employee retention credit consulting income. In connection with the Coronavirus Aid, Relief and Economic Security Act, which provided numerous stimulus measures including the employee retention credit (“ERC”), the Company provided consulting services whereby ERC requests received were processed on the client’s behalf. Income related to ERC consulting are recorded in accordance with ASC 606 and recognized when the performance obligation has been satisfied. In addition, the Company estimates an allowance for doubtful accounts using historical data and other relevant factors, such as collection rate, to determine the uncollectible reserve rate. While the Company has a formal methodology to determine the adequate and appropriate level of the allowance for doubtful accounts, estimates of losses involve judgment and assumptions as to various factors, including current economic conditions. Accordingly, the provision for losses will vary from period to period based on management's ongoing assessment of the adequacy of the allowance for doubtful accounts. Employee retention credit consulting income is reported as other income and the provision for losses is reported as other expense in the consolidated statements of operations. Realized gains (losses). Upon the sale or disposition (not including the prepayment of outstanding principal balance) of loans or securities, the excess (or deficiency) of net proceeds over the net carrying value or cost basis of such loans or securities is recognized as a realized gain (loss). Origination income and expense. Origination income represents fees received for origination of either loans, held at fair value, loans, held for sale, or loans, held-for-investment. For loans held, at fair value, and loans, held for sale, pursuant to ASC 825 the Company reports origination fee income as revenue and fees charged and costs incurred as expenses. These fees and costs are excluded from the fair value. For originated loans, held-for-investment, under ASC 310 the Company defers these origination fees and costs at origination and amortizes them under the effective interest method over the life of the loan. Origination fees and expenses for loans, held at fair value and loans, held for sale, are presented in the consolidated statements of operations as components of other income and operating expenses. The amortization of net origination fees and expenses for loans, held-for-investment are presented in the consolidated statements of operations as a component of interest income.
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 operations, 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 operations 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 (loss) .
Recent Accounting Pronouncements	ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Issued November 2024 This ASU requires additional disclosure in the notes to financial statements of specified information about certain costs and expenses. The ASU is effective in reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, 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 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. A SU 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”). This 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. The adoption of this standard did not have an impact on the Company's 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 (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The table below summarizes the fair value of assets acquired and liabilities assumed from the Funding Circle Acquisition. (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Assets Cash and cash equivalents $ 29,209 $ — $ 29,209 Loans, net 8,167 — 8,167 Investment in unconsolidated joint ventures 891 — 891 Servicing rights 5,388 — 5,388 Other assets: Deferred tax asset 32,186 — 32,186 Intangible assets 10,052 — 10,052 Other 4,558 — 4,558 Total assets acquired $ 90,451 $ — $ 90,451 Liabilities Secured borrowings 2,022 — 2,022 Accounts payable and other accrued liabilities 14,952 — 14,952 Total liabilities assumed $ 16,974 $ — $ 16,974 Net assets acquired $ 73,477 $ — $ 73,477 The table below summarizes the fair value of assets acquired and liabilities assumed from the Madison One Acquisition. (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Assets Cash and cash equivalents $ 83 $ 83 Restricted cash 721 (200) 521 Servicing rights 16,304 612 16,916 Other assets: Intangible assets 10,400 900 11,300 Other 303 — 303 Total assets acquired $ 27,811 $ 1,312 $ 29,123 Liabilities Accounts payable and other accrued liabilities 978 1,722 2,700 Total liabilities assumed $ 978 $ 1,722 $ 2,700 Non-controlling interests (600) — (600) Net assets acquired, net of non-controlling interests $ 26,233 $ (410) $ 25,823 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 (23,671) 135,240 Other assets 17,107 (7,151) 9,956 Total assets acquired $ 987,682 $ (39,409) $ 948,273 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 $ (40,228) $ 826,895
Schedule of Business Acquisitions, by Acquisition	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 $ 73,477 $ — $ 73,477 Consideration transferred 41,312 — 41,312 Bargain purchase gain $ 32,165 $ — $ 32,165 The table below illustrates the aggregate consideration transferred, net assets acquired, and the related goodwill. (in thousands) Preliminary Purchase Price Allocation Measurement Period Adjustments Updated Purchase Price Allocation Fair value of net assets acquired $ 26,233 $ (410) $ 25,823 Cash paid 32,868 — 32,868 Contingent consideration $ 3,926 $ — $ 3,926 Total consideration transferred $ 36,794 $ — $ 36,794 Goodwill $ 10,561 $ 410 $ 10,971 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 $ (40,228) $ 826,895 Consideration transferred based on the value of common stock issued 637,229 — 637,229 Bargain purchase gain $ 229,894 $ (40,228) $ 189,666

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The table below summarizes the classification, unpaid principal balance (“UPB”), and carrying value of loans held by the Company including loans of consolidated VIEs. December 31, 2024 December 31, 2023 (in thousands) Carrying Value UPB Carrying Value UPB Loans Bridge $ 1,246,725 $ 1,309,683 $ 1,422,091 $ 1,448,281 Fixed rate 197,162 197,272 239,586 241,674 Construction 733,276 874,558 1,176,913 1,212,526 Freddie Mac — — 9,500 9,719 SBA - 7(a) 1,043,120 1,075,845 978,543 1,003,323 Other 157,866 177,155 193,527 198,499 Total Loans, net $ 3,378,149 $ 3,634,513 $ 4,020,160 $ 4,114,022 Loans in consolidated VIEs Bridge 3,854,982 3,970,084 5,356,689 5,389,535 Fixed rate 685,505 688,347 784,360 790,967 SBA - 7(a) 178,498 189,737 213,456 227,636 Other 211,076 212,020 256,820 258,029 Total Loans, net, in consolidated VIEs $ 4,930,061 $ 5,060,188 $ 6,611,325 $ 6,666,167 Loans, held for sale Bridge 58,703 134,065 — — Fixed rate 2,750 6,056 — — Construction 54,392 77,487 — — Freddie Mac 36,248 35,931 20,955 20,729 SBA - 7(a) 87,825 81,524 59,421 55,769 Other 1,708 1,817 1,223 1,297 Total Loans, held for sale $ 241,626 $ 336,880 $ 81,599 $ 77,795 Total $ 8,549,836 $ 9,031,581 $ 10,713,084 $ 10,857,984
Schedule of Financing Receivable Credit Quality Indicators	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 December 31, 2024 Bridge $ 5,279,767 $ 321,439 $ 244,283 $ 2,083,723 $ 2,270,504 $ 105,279 $ 76,479 $ 5,101,707 Fixed rate 885,619 — — 109,733 180,209 86,013 506,712 882,667 Construction 874,558 9,233 26,925 162,309 83,287 144 451,378 733,276 SBA - 7(a) 1,265,582 235,374 138,670 322,007 237,105 94,730 193,732 1,221,618 Other 389,175 14,769 2,881 4,225 685 9,205 337,177 368,942 Total Loans, net $ 8,694,701 $ 580,815 $ 412,759 $ 2,681,997 $ 2,771,790 $ 295,371 $ 1,565,478 $ 8,308,210 Gross write-offs $ 28 $ 1,440 $ 1,710 $ 3,022 $ 617 $ 7,776 $ 14,593 UPB 2023 2022 2021 2020 2019 Pre 2019 Total December 31, 2023 Bridge $ 6,837,816 $ 322,762 $ 2,951,573 $ 2,943,874 $ 284,485 $ 164,800 $ 111,286 $ 6,778,780 Fixed rate 1,032,641 4,004 109,741 205,895 88,709 315,905 299,692 1,023,946 Construction 1,212,526 105,865 252,910 182,618 73,353 433,425 128,742 1,176,913 Freddie Mac 9,719 — — 3,833 5,667 — — 9,500 SBA - 7(a) 1,230,959 146,158 349,628 316,711 114,383 75,725 189,394 1,191,999 Other 456,528 2,556 4,501 18,130 8,703 43,683 372,774 450,347 Total Loans, net $ 10,780,189 $ 581,345 $ 3,668,353 $ 3,671,061 $ 575,300 $ 1,033,538 $ 1,101,888 $ 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 December 31, 2024 Current $ 8,094,859 $ 575,781 $ 392,201 $ 2,488,252 $ 2,566,736 $ 289,352 $ 1,475,325 $ 7,787,647 30 - 59 days past due 148,612 3,666 1,676 92,516 26,385 734 6,311 131,288 60+ days past due 451,230 1,368 18,882 101,229 178,669 5,285 83,842 389,275 Total Loans, net $ 8,694,701 $ 580,815 $ 412,759 $ 2,681,997 $ 2,771,790 $ 295,371 $ 1,565,478 $ 8,308,210 UPB 2023 2022 2021 2020 2019 Pre 2019 Total December 31, 2023 Current $ 9,632,399 $ 565,544 $ 3,340,903 $ 3,400,336 $ 488,508 $ 877,362 $ 872,070 $ 9,544,723 30 - 59 days past due 172,355 551 59,879 80,545 507 22,557 7,101 171,140 60+ days past due 975,435 15,250 267,571 190,180 86,285 133,619 222,717 915,622 Total Loans, net $ 10,780,189 $ 581,345 $ 3,668,353 $ 3,671,061 $ 575,300 $ 1,033,538 $ 1,101,888 $ 10,631,485 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 December 31, 2024 Bridge $ — $ 103,364 $ 553,768 $ 3,230,535 $ 471,137 $ 742,903 $ 5,101,707 Fixed rate 1,348 29,799 379,043 446,246 26,231 — 882,667 Construction 27,973 4,725 90,615 160,507 17,892 431,564 733,276 SBA - 7(a) 14,222 65,279 184,965 354,891 219,371 382,890 1,221,618 Other 105,417 116,848 61,974 62,662 16,661 5,380 368,942 Total Loans, net $ 148,960 $ 320,015 $ 1,270,365 $ 4,254,841 $ 751,292 $ 1,562,737 $ 8,308,210 Percentage of loans outstanding 1.8 % 3.9 % 15.3 % 51.2 % 9.0 % 18.8 % 100.0 % December 31, 2023 Bridge $ 2,308 $ 97,307 $ 754,311 $ 5,766,847 $ 82,063 $ 75,944 $ 6,778,780 Fixed rate 5,222 36,019 448,847 512,325 18,343 3,190 1,023,946 Construction 25,173 94,850 532,207 352,894 118,959 52,830 1,176,913 Freddie Mac — — 2,993 6,507 — — 9,500 SBA - 7(a) 10,522 55,635 171,188 400,884 223,882 329,888 1,191,999 Other 127,303 159,378 81,172 67,263 13,406 1,825 450,347 Total Loans, net $ 170,528 $ 443,189 $ 1,990,718 $ 7,106,720 $ 456,653 $ 463,677 $ 10,631,485 Percentage of loans outstanding 1.6 % 4.2 % 18.7 % 66.8 % 4.3 % 4.4 % 100.0 % (1) LTV is calculated by dividing the current UPB 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 Financing Receivable, Past Due	The table below presents delinquency information on loans, net by portfolio. (in thousands) Current 30 - 59 days past due 60+ days past due Total Non-Accrual Loans 90+ days past due and Accruing December 31, 2024 Bridge $ 4,732,393 $ 93,078 $ 276,236 $ 5,101,707 $ 366,890 $ 88,396 Fixed rate 840,951 8,421 33,295 882,667 33,295 — Construction 691,655 — 41,621 733,276 60,018 — SBA - 7(a) 1,160,844 27,124 33,650 1,221,618 64,687 — Other 361,804 2,665 4,473 368,942 1,871 973 Total Loans, net $ 7,787,647 $ 131,288 $ 389,275 $ 8,308,210 $ 526,761 $ 89,369 Percentage of loans outstanding 93.7 % 1.6 % 4.7 % 100 % 6.3 % 1.1 % December 31, 2023 Bridge $ 6,169,893 $ 87,047 $ 521,840 $ 6,778,780 $ 338,982 $ — Fixed rate 978,897 21,772 23,277 1,023,946 13,928 — Construction 778,708 49,626 348,579 1,176,913 241,751 82,781 Freddie Mac 9,500 — — 9,500 2,674 — SBA - 7(a) 1,166,695 8,518 16,786 1,191,999 30,549 40 Other 441,030 4,177 5,140 450,347 6,005 — Total Loans, net $ 9,544,723 $ 171,140 $ 915,622 $ 10,631,485 $ 633,889 $ 82,821 Percentage of loans outstanding 89.8 % 1.6 % 8.6 % 100 % 6.0 % 0.8 %
Schedules of Concentration of Risk, by Risk Factor	The table below presents the geographic concentration of loans, net, secured by real estate. Geographic Concentration (% of UPB) December 31, 2024 December 31, 2023 Texas 19.3 % 18.6 % California 10.8 11.4 Florida 7.9 6.4 Arizona 7.7 6.1 Oregon 7.3 5.9 Georgia 6.7 7.1 New York 4.8 4.8 North Carolina 4.0 4.1 Illinois 3.1 3.7 Washington 3.1 3.4 Other 25.3 28.5 Total 100.0 % 100.0 % The table below presents the collateral type concentration of loans, net. Collateral Concentration (% of UPB) December 31, 2024 December 31, 2023 Multi-family 60.1 % 60.9 % SBA 14.6 11.4 Mixed Use 9.5 8.4 Industrial 4.8 4.3 Retail 4.1 4.3 Office 3.2 4.4 Lodging 2.0 1.6 Other 1.7 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) December 31, 2024 December 31, 2023 Lodging 20.9 % 23.4 % Gasoline Service Stations 12.0 12.8 Eating Places 6.5 6.2 Child Day Care Services 5.7 5.6 Offices of Physicians 3.7 4.1 General Freight Trucking, Local 3.0 3.5 Grocery Stores 2.3 2.3 Coin-Operated Laundries and Drycleaners 1.4 1.9 Car Washes 1.1 1.0 Funeral Service & Crematories 1.0 1.4 Other 42.4 37.8 Total 100.0 % 100.0 %
Schedule of Financing Receivable, Allowance for Credit Loss	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 December 31, 2024 General $ 126,471 $ 3,156 $ 493 $ 18,825 $ 1,523 $ 150,468 Specific 43,974 1,958 137,812 3,262 631 187,637 PCD — — 1,834 — — 1,834 Ending balance $ 170,445 $ 5,114 $ 140,139 $ 22,087 $ 2,154 $ 339,939 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 Year Ended December 31, 2024 Beginning balance $ 36,241 $ 13,598 $ 30,870 $ 17,867 $ 3,029 $ 101,605 Provision for (recoveries of) loan losses 134,300 (4,364) 114,069 8,959 (809) 252,155 Charge-offs and sales (96) (4,120) (4,800) (5,511) (66) (14,593) Recoveries 772 772 Ending balance $ 170,445 $ 5,114 $ 140,139 $ 22,087 $ 2,154 $ 339,939 Year Ended December 31, 2023 Beginning balance $ 49,905 $ 6,531 $ 17,334 $ 14,299 $ 2,450 $ 90,519 Provision for (recoveries of) loan losses (13,045) 8,571 6,363 5,598 1,185 8,672 PCD (1) — — 32,862 — — 32,862 Charge-offs and sales (619) (1,504) (25,689) (2,217) (606) (30,635) Recoveries — — — 187 — 187 Ending balance $ 36,241 $ 13,598 $ 30,870 $ 17,867 $ 3,029 $ 101,605 (1) Includes impact of measurement period adjustment related to the Broadmark Merger. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Broadmark Merger.
Schedule of Financing Receivable, Nonaccrual	The table below presents information on non-accrual loans. (in thousands) December 31, 2024 December 31, 2023 Non-accrual loans With an allowance $ 509,752 $ 607,180 Without an allowance 17,009 26,709 Total recorded carrying value of non-accrual loans $ 526,761 $ 633,889 Allowance for loan losses related to non-accrual loans $ (125,218) $ (50,796) UPB of non-accrual loans $ 654,526 $ 688,282 Interest income on non-accrual loans for the year ended $ 47,192 $ 12,282
Schedule of Financing Receivable, Purchased With Credit Deterioration	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

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents financial instruments carried at fair value on a recurring basis. (in thousands) Level 1 Level 2 Level 3 Total December 31, 2024 Assets: Money market funds (1) $ 86,637 $ — $ — $ 86,637 Loans, net — — 3,533 3,533 Loans, held for sale — 125,781 2,750 128,531 PPP loans (2) — 1,340 — 1,340 MBS — 31,006 — 31,006 Derivative instruments — 7,963 — 7,963 Investment in unconsolidated joint ventures — — 6,577 6,577 Preferred equity investment (3) — — 92,810 92,810 Total assets $ 86,637 $ 166,090 $ 105,670 $ 358,397 Liabilities: Derivative instruments — 352 — 352 Contingent consideration — — 573 573 Total liabilities $ — $ 352 $ 573 $ 925 December 31, 2023 Assets: Money market funds (1) $ 100,238 $ — $ — $ 100,238 Loans, net — — 9,348 9,348 Loans, held for sale — 81,599 — 81,599 PPP loans (2) — 165 — 165 MBS — 27,436 — 27,436 Derivative instruments — 2,404 — 2,404 Investment in unconsolidated joint ventures — — 7,360 7,360 Preferred equity investment (3) — — 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 (1) Money market funds are included in cash and cash equivalents on the consolidated balance sheets (2) PPP loans are included in other assets on the consolidated balance sheets (3) Preferred equity investment held through consolidated joint ventures is included in assets of consolidated VIEs on the consolidated balance sheets
Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques	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 (1) Type Range Weighted Average December 31, 2024 Assets: Investment in unconsolidated joint ventures $ 6,577 Income Approach Discount rate 9.0% 9.0% Preferred equity investment $ 92,810 Income Approach Discount rate 12.0% 12.0% Total assets $ 99,387 Liabilities: Contingent consideration- Madison One 573 Monte Carlo Simulation Model Net income volatility | Risk- adjusted discount rate 66.0% | 44.3% 66.0% | 44.3% Total liabilities $ 573 December 31, 2023 Assets: 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% Total assets $ 115,783 Liabilities: 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% 30.0% | 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% Total liabilities $ 7,628 (1) Prices are weighted based on the UPB of the loans and securities included in the range for each class.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The table below presents a summary of changes in fair value for Level 3 assets and liabilities. Year Ended December 31, (in thousands) 2024 2023 Assets: Loans, net Beginning balance $ 9,348 $ 9,786 Purchases or Originations 383 — Unrealized gains (losses), net (1,021) (438) Mergers and acquisitions (1) 4,851 — Transfer to (from) Level 3 (10,028) — Ending balance $ 3,533 $ 9,348 Loans, held for sale Beginning balance — 60,924 Sales / Principal payments (4,009) (22) Unrealized gains (losses), net (2,386) (3,870) Transfer to loans, held for investment $ — (57,032) Transfer to (from) Level 3 $ 9,145 $ — Ending balance $ 2,750 $ — Investment in unconsolidated joint ventures Beginning balance 7,360 8,094 Unrealized gains (losses), net (783) (734) Ending balance $ 6,577 $ 7,360 Preferred equity investment (2) Beginning balance 108,423 108,423 Unrealized gains (losses), net (15,613) — Ending balance $ 92,810 $ 108,423 Total assets Beginning balance 125,131 187,227 Purchases or Originations 383 — Sales / Principal payments (4,009) (22) Unrealized gains (losses), net (19,803) (5,042) Mergers and acquisitions (1) 4,851 — Transfer to loans, held for investment — (57,032) Transfer to (from) Level 3 (883) — Ending balance $ 105,670 $ 125,131 Liabilities: Contingent consideration Beginning balance 7,628 28,500 Sales / Principal payments — (9,000) Realized (gains) losses, net (9,109) — Unrealized (gains) losses, net (1,872) (11,872) Mergers and acquisitions (3) $ 3,926 $ — Ending balance $ 573 $ 7,628 (1) Includes assets acquired and liabilities assumed as a result of the Funding Circle Acquisition. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Funding Circle Acquisition. (2) Preferred equity investment held through consolidated joint ventures is included in assets of consolidated VIE's on the consolidated balance sheets. (3) Includes assets acquired and liabilities assumed as a result of the Madison One Acquisition. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Madison One Acquisition.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The table below presents a summary of changes in fair value for Level 3 assets and liabilities. Year Ended December 31, (in thousands) 2024 2023 Assets: Loans, net Beginning balance $ 9,348 $ 9,786 Purchases or Originations 383 — Unrealized gains (losses), net (1,021) (438) Mergers and acquisitions (1) 4,851 — Transfer to (from) Level 3 (10,028) — Ending balance $ 3,533 $ 9,348 Loans, held for sale Beginning balance — 60,924 Sales / Principal payments (4,009) (22) Unrealized gains (losses), net (2,386) (3,870) Transfer to loans, held for investment $ — (57,032) Transfer to (from) Level 3 $ 9,145 $ — Ending balance $ 2,750 $ — Investment in unconsolidated joint ventures Beginning balance 7,360 8,094 Unrealized gains (losses), net (783) (734) Ending balance $ 6,577 $ 7,360 Preferred equity investment (2) Beginning balance 108,423 108,423 Unrealized gains (losses), net (15,613) — Ending balance $ 92,810 $ 108,423 Total assets Beginning balance 125,131 187,227 Purchases or Originations 383 — Sales / Principal payments (4,009) (22) Unrealized gains (losses), net (19,803) (5,042) Mergers and acquisitions (1) 4,851 — Transfer to loans, held for investment — (57,032) Transfer to (from) Level 3 (883) — Ending balance $ 105,670 $ 125,131 Liabilities: Contingent consideration Beginning balance 7,628 28,500 Sales / Principal payments — (9,000) Realized (gains) losses, net (9,109) — Unrealized (gains) losses, net (1,872) (11,872) Mergers and acquisitions (3) $ 3,926 $ — Ending balance $ 573 $ 7,628 (1) Includes assets acquired and liabilities assumed as a result of the Funding Circle Acquisition. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Funding Circle Acquisition. (2) Preferred equity investment held through consolidated joint ventures is included in assets of consolidated VIE's on the consolidated balance sheets. (3) Includes assets acquired and liabilities assumed as a result of the Madison One Acquisition. Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Madison One Acquisition.
Schedule of Fair Value Disclosure of Asset and Liability Not Measured 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. December 31, 2024 December 31, 2023 (in thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Assets: Loans, net $ 8,304,677 $ 8,426,700 $ 10,622,137 $ 10,380,893 Loans, held for sale 113,095 113,095 — — Servicing rights 128,440 141,513 102,837 113,715 Total assets $ 8,546,212 $ 8,681,308 $ 10,724,974 $ 10,494,608 Liabilities: Secured borrowings 2,035,176 2,035,176 2,102,075 2,102,075 Securitized debt obligations of consolidated VIEs, net 3,580,513 3,532,765 5,068,453 5,022,057 Senior secured notes, net 437,847 421,427 345,127 317,239 Guaranteed loan financing 691,118 724,747 844,540 889,744 Corporate debt, net 895,265 865,380 764,908 731,104 Total liabilities $ 7,639,919 $ 7,579,495 $ 9,125,103 $ 9,062,219

Servicing Rights (Tables)

Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2024
Transfers and Servicing [Abstract]
Schedule of Servicing Asset at Amortized Cost	The table below presents information about servicing rights at amortized cost. Year Ended December 31, (in thousands) 2024 2023 SBA Beginning net carrying amount $ 29,536 $ 19,756 Additions 16,889 6,976 Amortization (5,103) (3,450) Recovery (impairment) (2,095) 6,254 Ending net carrying amount $ 39,227 $ 29,536 Multi-family Beginning net carrying amount 73,301 67,361 Additions 6,277 16,655 Amortization (11,582) (10,715) Ending net carrying amount $ 67,996 $ 73,301 USDA Beginning net carrying amount — — Additions 17,987 — Amortization (1,419) — Impairment (103) — Ending net carrying amount $ 16,465 $ — Small business loans Beginning net carrying amount — — Additions 6,422 — Amortization (1,670) — Ending net carrying amount $ 4,752 $ — Total servicing rights $ 128,440 $ 102,837
Schedule of Servicing Assets at Fair Value	The table below presents additional information about servicing rights at amortized cost. As of December 31, 2024 As of December 31, 2023 (in thousands) UPB Carrying Value UPB Carrying Value SBA $ 1,779,233 $ 39,227 $ 1,208,201 $ 29,536 Multi-family 6,160,486 67,996 5,689,872 73,301 USDA 599,362 16,465 — — Small business loans 494,609 4,752 — — Total $ 9,033,690 $ 128,440 $ 6,898,073 $ 102,837
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement	The table below presents significant assumptions used in the estimated valuation of servicing rights at amortized cost. December 31, 2024 December 31, 2023 Range of input values Weighted Average Range of input values Weighted Average SBA Forward prepayment rate 9.9 % - 21.6 % 10.6 % 0.0 % - 4.5 % 4.4 % Forward default rate 0.0 % - 6.8 % 6.6 % 0.0 % - 7.3 % 7.0 % Discount rate 11.9 % - 21.8 % 12.2 % 14.4 % - 22.9 % 14.6 % Servicing expense 0.4 % - 0.4 % 0.4 % 0.4 % - 0.4 % 0.4 % Multi-family Forward prepayment rate 0.0 % - 7.3 % 6.7 % 0.0 % - 6.5 % 5.4 % Forward default rate 0.0 % - 1.0 % 0.6 % 0.0 % - 0.9 % 0.6 % Discount rate 5.5 % - 6.0 % 5.8 % 6.0 % - 6.0 % 6.0 % Servicing expense 0.0 % - 0.8 % 0.1 % 0.0 % - 0.8 % 0.1 % USDA (1) Forward prepayment rate 12.2 % - 12.2 % 12.2 % N/A N/A N/A Discount rate 4.9 % - 5.2 % 5.1 % N/A N/A N/A Servicing expense 0.1 % - 0.3 % 0.2 % N/A N/A N/A Small business loans (2) Discount rate 6.0 % - 6.0 % 6.0 % N/A N/A N/A Servicing expense 0.5 % - 0.5 % 0.5 % N/A N/A N/A (1) Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Madison One Acquisition. (2) Refer to Note 5 for further details on assets acquired and liabilities assumed in connection with the Funding Circle Acquisition.
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets	The table below presents the possible impact of 10% and 20% adverse changes to key assumptions on servicing rights. (in thousands) December 31, 2024 December 31, 2023 SBA Forward prepayment rate Impact of 10% adverse change $ (1,273) $ (543) Impact of 20% adverse change $ (2,473) $ (1,069) Forward default rate Impact of 10% adverse change $ (192) $ (165) Impact of 20% adverse change $ (382) $ (328) Discount rate Impact of 10% adverse change $ (1,349) $ (1,530) Impact of 20% adverse change $ (2,605) $ (2,922) Servicing expense Impact of 10% adverse change $ (2,545) $ (2,047) Impact of 20% adverse change $ (5,091) $ (4,095) Multi-family Forward prepayment rate Impact of 10% adverse change $ (530) $ (491) Impact of 20% adverse change $ (1,041) $ (965) Forward default rate Impact of 10% adverse change $ (14) $ (14) Impact of 20% adverse change $ (28) $ (29) Discount rate Impact of 10% adverse change $ (2,132) $ (2,320) Impact of 20% adverse change $ (4,161) $ (4,524) Servicing expense Impact of 10% adverse change $ (2,519) $ (2,587) Impact of 20% adverse change $ (5,037) $ (5,173) USDA Forward prepayment rate Impact of 10% adverse change $ (958) $ — Impact of 20% adverse change $ (1,829) $ — Discount rate Impact of 10% adverse change $ (399) $ — Impact of 20% adverse change $ (782) $ — Servicing expense Impact of 10% adverse change $ (681) $ — Impact of 20% adverse change $ (1,362) $ — Small business loans Discount rate Impact of 10% adverse change $ (28) $ — Impact of 20% adverse change $ (58) $ — Servicing expense Impact of 10% adverse change $ (300) $ — Impact of 20% adverse change $ (600) $ —
Schedule of Servicing Rights, Future Amortization Expense	The table below presents estimated future amortization expense for servicing rights. (in thousands) December 31, 2024 2025 $ 22,809 2026 19,256 2027 16,202 2028 13,865 2029 11,997 Thereafter 44,311 Total $ 128,440

Discontinued Operations and A_2

Discontinued Operations and Assets and Liabilities Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	The table below presents the assets and liabilities of the Residential Mortgage Banking segment classified as held for sale. (in thousands) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 24,328 $ 13,694 Restricted cash 5,464 6,314 Loans, net 222 2,778 Loans, held for sale 158,152 133,204 Loans eligible for repurchase from Ginnie Mae 14,107 86,872 Derivative instruments — 847 Servicing rights (1) 55,582 188,855 Other assets 29,740 22,032 Total Assets $ 287,595 $ 454,596 Liabilities Secured borrowings $ 190,333 $ 230,965 Liabilities for loans eligible for repurchase from Ginnie Mae 14,107 86,872 Derivative instruments 1,443 1,321 Accounts payable and other accrued liabilities 22,852 13,999 Total Liabilities $ 228,735 $ 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 o peration s. For the Year Ended December 31, (in thousands) 2024 2023 2022 Interest income $ 9,432 $ 7,148 $ 7,953 Interest expense (11,502) (7,655) (8,414) Net interest expense $ (2,070) $ (507) $ (461) Non-interest income Residential mortgage banking activities 35,966 33,439 23,973 Net realized gain (loss) on financial instruments 24,602 — — Net unrealized gain (loss) on financial instruments (40,394) (15,426) 46,063 Servicing income, net of amortization and impairment 30,411 37,181 34,497 Other income 15 47 38 Total non-interest income $ 50,600 $ 55,241 $ 104,571 Non-interest expense Employee compensation and benefits (20,531) (19,177) (24,237) Variable expenses on residential mortgage banking activities (32,139) (21,822) (4,340) Professional fees (1,588) (641) (791) Loan servicing expense (9,567) (10,130) (9,222) Other operating expenses (9,237) (6,743) (7,650) Total non-interest expense $ (73,062) $ (58,513) $ (46,240) Income (loss) from discontinued operations before provision for income taxes (24,532) (3,779) 57,870 Income tax (provision) benefit 6,133 945 (14,258) Net income (loss) from discontinued operations $ (18,399) $ (2,834) $ 43,612

Secured Borrowings (Tables)

Secured Borrowings (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The table below presents certain characteristics of secured borrowings. Pledged Assets Carrying Value December 31, Lenders (1) Asset Class Current Maturity (2) Pricing (3) Facility Size Carrying Value 2024 2023 3 SBA loans March 2025-November 2025 SOFR + 2.84% Prime - 0.82% $ 285,000 $ 315,507 $ 250,601 $ 117,115 1 LMM loans - USD February 2026 SOFR + 1.35% 80,000 36,249 35,931 20,729 1 LMM loans - Non-USD (4) January 2027 EURIBOR + 3.00% 208,312 35,936 30,513 12,079 Total borrowings under credit facilities and other financing agreements $ 573,312 $ 387,692 $ 317,045 $ 149,923 9 LMM loans March 2025 - November 2026 SOFR + 3.17% 3,806,000 2,245,847 1,482,085 1,677,885 1 LMM loans - Non-USD (4) Matured EURIBOR + 3.00% — — — 45,031 7 MBS January 2025 - June 2025 7.59% 236,046 458,346 236,046 229,236 Total borrowings under repurchase agreements $ 4,042,046 $ 2,704,193 $ 1,718,131 $ 1,952,152 Total secured borrowings $ 4,615,358 $ 3,091,885 $ 2,035,176 $ 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 Collateral Pledged For Borrowings Under Credit Facilities and Promissory Note Payable	The table below presents the carrying value of collateral pledged with respect to secured borrowings outstanding. Pledged Assets Carrying Value (in thousands) December 31, 2024 December 31, 2023 Collateral pledged - borrowings under credit facilities and other financing agreements Loans, held for sale $ 36,249 $ 43,365 Loans, net 351,443 169,147 Total $ 387,692 $ 212,512 Collateral pledged - borrowings under repurchase agreements Loans, net 2,036,311 2,560,725 MBS 21,729 20,770 Retained interest in assets of consolidated VIEs 436,617 356,772 Loans, held for sale 81,708 9,349 Real estate acquired in settlement of loans 127,828 160,455 Total $ 2,704,193 $ 3,108,071 Total collateral pledged on secured borrowings $ 3,091,885 $ 3,320,583

Senior Secured Notes and Corp_2

Senior Secured Notes and Corporate Debt, net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The table below presents information about senior secured notes and corporate debt issued through public and private transactions. (in thousands) Coupon Rate Maturity Date December 31, 2024 Senior secured notes principal amount (1) 4.50 % 10/20/2026 $ 350,000 Term loan principal amount (2) SOFR + 5.50% 4/12/2029 95,000 Unamortized discount - Senior secured notes (2,456) Unamortized deferred financing costs - Term loan (4,697) Total senior secured notes, net $ 437,847 Corporate debt principal amount (3) 5.50 % 12/30/2028 110,000 Corporate debt principal amount (4) 6.20 % 7/30/2026 104,614 Corporate debt principal amount (4) 5.75 % 2/15/2026 206,270 Corporate debt principal amount (5) 6.125 % 4/30/2025 120,000 Corporate debt principal amount (6) 7.375 % 7/31/2027 100,000 Corporate debt principal amount (7) 5.00 % 11/15/2026 100,000 Corporate debt principal amount (8) 9.00 % 12/15/2029 130,000 Unamortized discount - corporate debt (8,318) Unamortized deferred financing costs - corporate debt (3,551) Junior subordinated notes principal amount (9) SOFR + 3.10% 3/30/2035 15,000 Junior subordinated notes principal amount (10) SOFR + 3.10% 4/30/2035 21,250 Total corporate debt, net $ 895,265 Total carrying amount of debt $ 1,333,112 (1) Interest on the senior secured notes is payable semiannually on April 20 and October 20 of each year. (2) Interest on the term loan is payable quarterly on January 12, April 12, July 12 and October 12 of each year. (3) Interest on the corporate debt is payable semiannually on June 30 and December 30 of each year. (4) Interest on the corporate debt is payable quarterly on January 30, April 30, July 30, and October 30 of each year. (5) Interest on the corporate debt is payable semiannually on April 30 and October 30 of each year. (6) Interest on the corporate debt is payable semiannually on January 31 and July 31 of each year. (7) Interest on the corporate debt is payable semiannually on May 15 and November 15 of each year; assumed as part of the Broadmark Merger. (8) Interest on the corporate debt is payable quarterly on March 15, June 15, September 15, and December 15 of each year. (9) Interest on the Junior subordinated notes I-A is payable quarterly on March 30, June 30, September 30, and December 30 of each year. (10) 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 Maturities of Long-Term Debt	The table below presents the contractual maturities for senior secured notes and corporate debt. (in thousands) December 31, 2024 2025 $ 120,000 2026 760,884 2027 100,000 2028 110,000 2029 225,000 Thereafter 36,250 Total contractual amounts $ 1,352,134 Unamortized deferred financing costs, discounts, and premiums, net (19,022) Total carrying amount of debt $ 1,333,112

Guaranteed Loan Financing (Tabl

Guaranteed Loan Financing (Tables)	12 Months Ended
	Dec. 31, 2024
Guaranteed Loan Financing [Abstract]
Schedule of Guaranteed Loan Financing, Interest Rates And Maturity Dates	The table below presents guaranteed loan financing and the related interest rates and maturity dates. (in thousands) Weighted Average Interest Rate Range of Interest Rates Range of Maturities (Years) Ending Balance December 31, 2024 8.69 % 1.45 - 10.00% 2025 - 2048 $ 691,118 December 31, 2023 9.17 % 1.45 - 10.50% 2023 - 2048 $ 844,540
Schedule of Contractual Maturities of Total Guaranteed Loan Financing Outstanding	The table below presents the contractual maturities of guaranteed loan financing. (in thousands) December 31, 2024 2025 $ 226 2026 1,325 2027 5,857 2028 6,601 2029 10,964 Thereafter 666,145 Total $ 691,118

Variable Interest Entities an_2

Variable Interest Entities and Securitization Activities (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule Of Assets And Liabilities For VIEs	The table below presents assets and liabilities of consolidated VIEs. (in thousands) December 31, 2024 December 31, 2023 Assets: Cash and cash equivalents $ — $ 671 Restricted cash 8,411 93,240 Loans, net 4,930,061 6,611,325 Preferred equity investment (1) 92,810 108,423 Accrued interest (1) 140,607 80,098 Other assets 3,406 3,388 Total assets $ 5,175,295 $ 6,897,145 Liabilities: Securitized debt obligations of consolidated VIEs, net 3,580,513 5,068,453 Due to third parties (2) 4,116 2,944 Accounts payable and other accrued liabilities (2) 93 34 Total liabilities $ 3,584,722 $ 5,071,431 (1) Preferred equity investment and Accrued interest held through consolidated VIEs are included in Assets of consolidated VIEs on the consolidated balance sheets. (2) Due to third parties and Accounts payable and other accrued liabilities held through consolidated VIEs are included in Liabilities of consolidated VIEs on the consolidated balance sheets. 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) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 MBS (2) $ 28,233 $ 26,301 $ 28,233 $ 26,301 Investment in unconsolidated joint ventures 161,561 133,321 161,561 133,321 Total assets in unconsolidated VIEs $ 189,794 $ 159,622 $ 189,794 $ 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
Schedule of Information on Securitized Debt Obligations	The table below presents additional information on the Company’s securitized debt obligations. December 31, 2024 December 31, 2023 (in thousands) Current Principal Balance Carrying value Weighted Average Interest Rate Current Principal Balance Carrying value Weighted Average Interest Rate ReadyCap Lending Small Business Trust 2019-2 $ 18,189 $ 18,189 7.9 % $ 32,175 $ 32,175 7.6 % ReadyCap Lending Small Business Trust 2023-3 101,004 99,390 8.4 121,527 119,308 8.5 Sutherland Commercial Mortgage Trust 2017-SBC6 — — — 1,550 1,532 5.0 Sutherland Commercial Mortgage Trust 2019-SBC8 89,496 88,231 2.9 105,281 103,733 2.9 Sutherland Commercial Mortgage Trust 2021-SBC10 60,816 59,907 1.6 81,214 79,952 1.6 ReadyCap Commercial Mortgage Trust 2015-2 — — — 1,902 1,753 5.1 ReadyCap Commercial Mortgage Trust 2016-3 6,401 6,289 5.3 9,038 8,723 5.2 ReadyCap Commercial Mortgage Trust 2018-4 46,980 45,707 4.6 53,052 51,309 4.5 ReadyCap Commercial Mortgage Trust 2019-5 68,125 64,209 5.0 88,520 83,529 4.7 ReadyCap Commercial Mortgage Trust 2019-6 168,946 165,943 3.5 199,379 195,496 3.4 ReadyCap Commercial Mortgage Trust 2022-7 190,426 184,852 4.1 195,866 188,995 4.2 Ready Capital Mortgage Financing 2021-FL5 75,970 75,970 7.3 273,681 273,623 6.6 Ready Capital Mortgage Financing 2021-FL6 206,377 206,377 6.7 417,782 416,467 6.4 Ready Capital Mortgage Financing 2021-FL7 423,529 423,529 7.0 586,117 583,771 6.7 Ready Capital Mortgage Financing 2022-FL8 587,693 587,625 7.5 808,671 805,220 7.0 Ready Capital Mortgage Financing 2022-FL9 328,522 328,090 8.5 511,622 505,917 8.1 Ready Capital Mortgage Financing 2022-FL10 576,655 573,924 8.2 654,116 646,141 7.8 Ready Capital Mortgage Financing 2023-FL11 322,630 321,742 8.2 473,481 468,307 8.2 Ready Capital Mortgage Financing 2023-FL12 331,692 330,437 8.2 507,646 500,882 8.0 Total $ 3,603,451 $ 3,580,411 7.1 % $ 5,122,620 $ 5,066,833 6.9 %

Interest Income and Interest _2

Interest Income and Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2024
Banking and Thrift, Interest [Abstract]
Schedule of Interest Income and Interest Expense Disclosure	The table below presents the components of interest income and expense. Year Ended December 31, (in thousands) 2024 2023 2022 Interest income Loans, net Bridge $ 554,723 $ 654,670 $ 414,308 Fixed rate 46,894 50,706 54,998 Construction 106,383 93,483 28,234 SBA - 7(a) 121,108 88,205 43,571 PPP (1) 635 10,350 54,518 Other 31,070 33,158 38,797 Total loans, net (2) $ 860,813 $ 930,572 $ 634,426 Loans, held for sale Fixed rate 517 2,279 7,581 Construction 8,285 — — SBA - 7(a) 8,504 — — Other 1,098 620 1,009 Total loans, held for sale (2) $ 18,404 $ 2,899 $ 8,590 Loans, held at fair value Other 753 — — Total loans, held at fair value $ 753 $ — $ — Investments held to maturity (1) 197 48 4,386 Preferred equity investment (2) 12,817 7,854 10,445 MBS 3,991 4,441 5,370 Total interest income $ 896,975 $ 945,814 $ 663,217 Interest expense Secured borrowings (197,042) (194,423) (127,388) PPPLF borrowings (3) (91) (413) (1,699) Securitized debt obligations of consolidated VIEs (353,483) (405,013) (185,047) Guaranteed loan financing (68,061) (44,263) (14,644) Senior secured notes (24,941) (17,539) (17,503) Convertible note — (5,418) (8,752) Corporate debt (52,837) (49,399) (37,327) Total interest expense $ (696,455) $ (716,468) $ (392,360) Net interest income before provision for loan losses $ 200,520 $ 229,346 $ 270,857 (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)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents average notional derivative amounts, as this is the most relevant measure of volume, and derivative assets and liabilities by type. Refer to Note 22 for further details on derivative assets and liabilities by product type. December 31, 2024 December 31, 2023 (in thousands) Primary Underlying Risk Notional Amount Derivative Asset Derivative Liability Notional Amount Derivative Asset Derivative Liability Interest Rate Swaps - not designated as hedges Interest rate risk $ 26,300 $ 3,506 $ — $ 183,081 $ 12,349 $ — Interest Rate Swaps - designated as hedges Interest rate risk 396,943 29,030 — 416,139 24,463 — FX forwards Foreign exchange rate risk 34,133 851 (352) 39,447 — (212) Total $ 457,376 $ 33,387 $ (352) $ 638,667 $ 36,812 $ (212)
Schedule of Derivative Instruments, Gain (Loss)	The table below presents gains and losses on derivatives. (in thousands) Net Realized Gain (Loss) Net Unrealized Gain (Loss) Year Ended December 31, 2024 Interest rate swaps $ 18,882 $ (4,760) FX forwards 912 — Total $ 19,794 $ (4,760) Year Ended December 31, 2023 Interest rate swaps $ 20,116 $ (17,482) FX forwards 731 (16) Total $ 20,847 $ (17,498)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	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 Derivatives - effective portion recorded in OCI Total change in OCI for period Interest rate swaps Year Ended December 31, 2024 $ (1,094) $ (223) $ 871 Year Ended December 31, 2023 $ (1,168) $ (11,701) $ (10,533)

Real Estate Owned, Held for S_2

Real Estate Owned, Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Real Estate Properties	The table below presents details on the real estate owned, held for sale portfolio. (in thousands) December 31, 2024 December 31, 2023 Acquired Portfolio: Mixed use $ 13,159 $ 8,535 Multi-family 18,000 73,745 Lodging 16,461 14,010 Residential 250 23,064 Office 3,750 6,901 Land 91,111 86,375 Total Acquired REO (1) $ 142,731 $ 212,630 Other REO Held for Sale: Office 4,365 5,983 Mixed use 15,210 4,247 Multi-family 30,000 28,139 Other 1,131 1,950 Total Other REO $ 50,706 $ 40,319 Total real estate owned, held for sale $ 193,437 $ 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)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The table below presents the management fee payable to the Manager. Year Ended December 31, 2024 2023 Management fee - total $ 24.9 million $ 25.1 million Management fee - amount unpaid $ 5.5 million $ 7.0 million The table below presents the Incentive fee payable to the Manager. Year Ended December 31, 2024 2023 Incentive fee distribution - total $ — $ 1.8 million Incentive fee distribution - amount unpaid $ — $ — The table below presents reimbursable expenses payable to the Manager. Year Ended December 31, 2024 2023 Reimbursable expenses payable to Manager - total $ 12.3 million $ 12.4 million Reimbursable expenses payable to Manager - amount unpaid $ 6.5 million $ 6.2 million

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets and Other Liabilities [Abstract]
Schedule of Other Assets and Other Liabilities	The table below presents the composition of other assets and other liabilities. (in thousands) December 31, 2024 December 31, 2023 Other assets: Goodwill $ 49,501 $ 38,530 Deferred loan exit fees 27,811 32,271 Accrued interest 45,416 64,504 Due from servicers 7,039 20,780 Intangible assets 37,006 17,749 Receivable from third party 34,540 36,519 Deferred financing costs 8,053 9,544 Deferred tax asset 111,325 — Tax receivable 1,654 3,069 Right-of-use lease asset 7,362 2,539 PPP receivables 18,363 34,597 Investments held to maturity 3,000 3,446 Purchased future receivables, net — 9,483 Other 11,416 27,144 Other assets $ 362,486 $ 300,175 Accounts payable and other accrued liabilities: Accrued salaries, wages and commissions 39,565 33,961 Accrued interest payable 39,723 35,373 Servicing principal and interest payable 13,609 6,249 Deferred tax liability — 32,977 Repair and denial reserve 7,359 6,974 Payable to related parties 5,566 7,038 PPP liabilities 20,892 36,182 Accrued professional fees 5,538 5,354 Lease payable 17,806 8,205 Liabilities of consolidated VIEs 4,209 12,698 Other 33,784 22,470 Total accounts payable and other accrued liabilities $ 188,051 $ 207,481
Schedule of Goodwill	The table below presents the carrying value of goodwill by reportable segment. (in thousands) December 31, 2024 December 31, 2023 LMM Commercial Real Estate $ 27,324 $ 27,324 Small Business Lending 22,177 11,206 Total $ 49,501 $ 38,530
Schedule of Finite-Lived Intangible Assets	The table below presents information on intangible assets. (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value December 31, 2024 Amortized intangible assets: Internally developed software $ 20,518 $ 7,051 $ 13,467 Customer relationships 10,332 1,474 8,858 Broker network 10,200 1,700 8,500 Other 3,499 818 2,681 Unamortized intangible assets: Trade name 2,500 — 2,500 SBA license 1,000 — 1,000 Total intangible assets $ 48,049 $ 11,043 $ 37,006 December 31, 2023 Amortized intangible assets: Internally developed software $ 11,840 $ 3,884 $ 7,956 Customer relationships 6,800 865 5,935 Other 2,080 1,722 358 Unamortized intangible assets: Trade name 2,500 — 2,500 SBA license 1,000 — 1,000 Total intangible assets $ 24,220 $ 6,471 $ 17,749
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years. (in thousands) December 31, 2024 2025 $ 5,971 2026 5,296 2027 5,151 2028 4,125 2029 2,756 Thereafter 10,207 Total $ 33,506

Other Income and Operating Ex_2

Other Income and Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other Operating Cost and Expense, by Component	The table below presents the composition of other income and operating expenses. For the Year Ended December 31, (in thousands) 2024 2023 2022 Other income: Origination income $ 20,544 $ 20,866 $ 15,672 Change in repair and denial reserve (2,183) 3,229 6,977 ERC consulting income 3,887 53,622 9,410 Other 28,555 27,797 24,149 Total other income $ 50,803 $ 105,514 $ 56,208 Other operating expenses: Origination costs 16,975 7,345 12,906 Technology expense 11,478 7,430 6,164 Rent and property tax expense 7,613 5,001 4,519 Recruiting, training and travel expense 2,826 2,782 2,618 Marketing expense 2,005 1,120 706 Bad debt expense - ERC 4,190 8,447 — Other 18,485 18,828 16,707 Total other operating expenses $ 63,572 $ 50,953 $ 43,620

Redeemable Preferred Stock an_2

Redeemable Preferred Stock and Stockholders’ Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Dividends Declared	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 December 14, 2023 December 29, 2023 January 31, 2024 $ 0.30 March 15, 2024 March 28, 2024 April 30, 2024 $ 0.30 June 14, 2024 June 28, 2024 July 31, 2024 $ 0.30 September 13, 2024 September 30, 2024 October 31, 2024 $ 0.25 December 13, 2024 December 31, 2024 January 31, 2025 $ 0.25
Schedule of Nonvested Restricted Stock Units Activity	The table below summarizes RSU and RSA activity, excluding performance-based equity awards. See below for further details on performance-based equity awards. 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 Granted 2,760 25 9.06 Vested (60,154) (592) 9.84 Forfeited (65,872) (699) 10.61 Outstanding, June 30, 2024 1,008,094 $ 10,896 $ 10.81 Granted 34,994 330 9.43 Vested (48,980) (450) 9.19 Forfeited (24,161) (245) 10.14 Outstanding, September 30, 2024 969,947 $ 10,531 $ 10.86 Granted 124,081 1,015 8.18 Vested (80,131) (1,115) 13.91 Forfeited (17,348) (183) 10.55 Outstanding, December 31, 2024 996,549 $ 10,248 $ 10.28
Schedule of Stock by Class	The table below presents details on preferred equity by series. Preferential Cash Dividends Carrying Value (in thousands) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference Rate per Annum Annual Dividend (per share) December 31, 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)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	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. Year Ended December 31, (in thousands, except for share and per share amounts) 2024 2023 2022 Basic Earnings Net income (loss) from continuing operations $ (411,999) $ 351,245 $ 159,551 Less: Income attributable to non-controlling interest 5,357 8,960 8,900 Less: Income attributable to participating shares 9,125 9,284 9,561 Basic earnings - continuing operations $ (426,481) $ 333,001 $ 141,090 Basic earnings - discontinued operations $ (18,399) $ (2,834) $ 43,612 Diluted Earnings Net income (loss) from continuing operations (411,999) 351,245 159,551 Less: Income attributable to non-controlling interest 5,357 8,960 8,900 Less: Income attributable to participating shares 9,125 9,284 9,561 Add: Expenses attributable to dilutive instruments 524 524 9,276 Diluted earnings - continuing operations $ (425,957) $ 333,525 $ 150,366 Diluted earnings - discontinued operations $ (18,399) $ (2,834) $ 43,612 Number of Shares Basic — Average shares outstanding 169,107,477 146,841,594 106,878,139 Effect of dilutive securities — Unvested participating shares 1,364,796 1,725,432 10,315,819 Diluted — Average shares outstanding 170,472,273 148,567,026 117,193,958 EPS Attributable to RC Common Stockholders: Basic - continuing operations $ (2.52) $ 2.27 $ 1.32 Basic - discontinued operations $ (0.11) $ (0.02) $ 0.41 Basic - total $ (2.63) $ 2.25 $ 1.73 Diluted - continuing operations $ (2.52) $ 2.24 $ 1.28 Diluted - discontinued operations $ (0.11) $ (0.02) $ 0.37 Diluted - total $ (2.63) $ 2.22 $ 1.65

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Offsetting [Abstract]
Schedule of Offsetting Assets	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 December 31, 2024 Assets FX forwards $ 851 $ — $ 851 $ — $ — $ 851 Interest rate swaps 32,536 25,424 7,112 — — 7,112 Total $ 33,387 $ 25,424 $ 7,963 $ — $ — $ 7,963 Liabilities Interest rate swaps — — — — — — FX forwards 352 — 352 — — 352 Secured borrowings 2,035,176 — 2,035,176 2,035,176 — — PPPLF 20,892 — 20,892 18,362 — 2,530 Total $ 2,056,420 $ — $ 2,056,420 $ 2,053,538 $ — $ 2,882 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.
Schedule of Offsetting 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 December 31, 2024 Assets FX forwards $ 851 $ — $ 851 $ — $ — $ 851 Interest rate swaps 32,536 25,424 7,112 — — 7,112 Total $ 33,387 $ 25,424 $ 7,963 $ — $ — $ 7,963 Liabilities Interest rate swaps — — — — — — FX forwards 352 — 352 — — 352 Secured borrowings 2,035,176 — 2,035,176 2,035,176 — — PPPLF 20,892 — 20,892 18,362 — 2,530 Total $ 2,056,420 $ — $ 2,056,420 $ 2,053,538 $ — $ 2,882 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)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Loan Commitments	The table below presents unfunded loan commitments. (in thousands) December 31, 2024 December 31, 2023 Loans, net $ 444,838 $ 745,782 Loans, held for sale $ 28,566 $ 19,327 Preferred equity investment $ — $ 436

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The table below presents the composition of income tax provision. Year Ended December 31, (in thousands) 2024 2023 2022 Current Federal income tax $ 101 $ 1,605 $ 6,878 State and local income tax (78) 214 1,588 Net current tax provision $ 23 $ 1,819 $ 8,466 Deferred Federal income tax (89,584) 4,314 6,976 State and local income tax (14,951) 1,041 33 Net deferred tax provision (benefit) $ (104,535) $ 5,355 $ 7,009 Total income tax provision (benefit) $ (104,512) $ 7,174 $ 15,475
Schedule of Effective Income Tax Rate Reconciliation	The table below is a reconciliation of federal income tax determined using the statutory federal tax rate to the reported income tax provision. Year Ended December 31, (in thousands) 2024 2023 U.S. statutory tax $ (108,467) 21.0 % $ 75,268 21.0 % State and local income tax (11,487) 2.2 929 0.3 Income attributable to REIT 69,971 (13.5) (69,019) (19.3) Income attributable to non-controlling interests (718) 0.1 (1,789) (0.5) Permanent items (29,508) 5.7 863 0.2 Valuation allowance (21,085) 4.1 — — Other (3,218) 0.6 922 0.3 Effective income tax (benefit) $ (104,512) 20.2 % $ 7,174 2.0 %
Schedule of Deferred Tax Assets and Liabilities	The table below presents the tax effects of temporary differences on their respective net deferred tax assets and liabilities. Year Ended December 31, (in thousands) 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 81,883 $ 22,153 Accruals 5,349 6,593 Depreciation and amortization — 2,913 Goodwill 16,868 17,647 Compensation 599 119 Right of use asset 1,641 — Stock Compensation 997 — Loan / servicing rights balance 9,543 — Other 642 45 Total deferred tax assets $ 117,522 $ 49,470 Deferred tax liabilities: Loan / servicing rights balance — 50,844 Derivative instruments — 56 Other taxable temporary difference 3,932 5,642 Depreciation and amortization 1,541 — Unrealized gains 724 4,820 Total deferred tax liabilities $ 6,197 $ 61,362 Valuation allowance — (21,085) Net deferred tax assets (liabilities) $ 111,325 $ (32,977)

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Year Ended December 31, 2024 (in thousands) LMM Commercial Real Estate Small Business Lending Total Interest income $ 766,354 $ 130,621 $ 896,975 Interest expense (598,846) (97,609) (696,455) Net interest income before provision for loan losses $ 167,508 $ 33,012 $ 200,520 Provision for loan losses (283,800) (8,959) (292,759) Net interest income after provision for loan losses $ (116,292) $ 24,053 $ (92,239) Non-interest income Net realized gain (loss) on financial instruments and real estate owned (132,746) 78,746 (54,000) Net unrealized gain (loss) on financial instruments (20,588) 5,597 (14,991) Valuation allowance, loans held for sale (124,878) — (124,878) Servicing income, net 5,759 10,797 16,556 Income on unconsolidated joint ventures 10,876 10 10,886 Other income 22,605 23,424 46,029 Total non-interest income (loss) $ (238,972) $ 118,574 $ (120,398) Non-interest expense Employee compensation and benefits (25,821) (46,036) (71,857) Allocated employee compensation and benefits from related party (1,139) — (1,139) Professional fees (4,963) (12,681) (17,644) Loan servicing expense (44,667) (1,989) (46,656) Impairment on real estate (56,428) (75) (56,503) Other operating expenses (15,212) (36,108) (51,320) Total non-interest expense $ (148,230) $ (96,889) $ (245,119) Income (loss) before unallocated expenses and provision for income taxes $ (503,494) $ 45,738 $ (457,756) Unallocated corporate income (expenses) Gain on bargain purchase 13,859 Employee compensation and benefits (20,913) Professional fees (9,243) Management fees – related party (24,862) Transaction related expenses (10,118) Other operating expenses - net (7,478) Total unallocated corporate expenses $ (58,755) Loss before provision for income taxes $ (516,511) Total assets $ 8,058,707 $ 1,427,281 $ 9,485,988 Year Ended December 31, 2023 (in thousands) LMM Commercial Real Estate Small Business Lending Total Interest income $ 847,253 $ 98,561 $ 945,814 Interest expense (650,624) (65,844) (716,468) Net interest income before provision for loan losses $ 196,629 $ 32,717 $ 229,346 Provision for loan losses (1,413) (5,817) (7,230) Net interest income after provision for loan losses $ 195,216 $ 26,900 $ 222,116 Non-interest income Net realized gain (loss) on financial instruments and real estate owned 34,072 30,936 65,008 Net unrealized gain (loss) on financial instruments 8,427 1,291 9,718 Servicing income, net 5,819 15,342 21,161 Loss on unconsolidated joint ventures (905) — (905) Other income 38,552 64,499 103,051 Total non-interest income $ 85,965 $ 112,068 $ 198,033 Non-interest expense Employee compensation and benefits (33,012) (40,289) (73,301) Allocated employee compensation and benefits from related party (882) — (882) Professional fees (5,369) (19,535) (24,904) Loan servicing expense (40,070) (741) (40,811) Impairment on real estate (8,638) — (8,638) Other operating expenses (15,805) (27,763) (43,568) Total non-interest expense $ (103,776) $ (88,328) $ (192,104) Income before unallocated expenses and provision for income taxes $ 177,405 $ 50,640 $ 228,045 Unallocated corporate income (expenses) Gain on bargain purchase 207,972 Employee compensation and benefits (18,184) Professional fees (9,834) Management fees – related party (25,103) Incentive fees – related party (1,791) Transaction related expenses (17,764) Other operating expenses - net (4,922) Total unallocated corporate income $ 130,374 Income before provision for income taxes $ 358,419 Total assets $ 10,282,531 $ 1,395,687 $ 11,678,218 Year Ended December 31, 2022 (in thousands) LMM Commercial Real Estate Small Business Lending Total Interest income $ 565,128 $ 98,089 $ 663,217 Interest expense (364,343) (27,382) (391,725) Net interest income before provision for loan losses $ 200,785 $ 70,707 $ 271,492 Provision for loan losses (31,471) (2,971) (34,442) Net interest income after provision for loan losses $ 169,314 $ 67,736 $ 237,050 Non-interest income Net realized gain (loss) on financial instruments and real estate owned 21,813 31,951 53,764 Net unrealized gain (loss) on financial instruments 23,321 (1,431) 21,890 Servicing income, net 4,623 6,805 11,428 Income on unconsolidated joint ventures 11,661 — 11,661 Other income 29,506 25,872 55,378 Total non-interest income $ 90,924 $ 63,197 $ 154,121 Non-interest expense Employee compensation and benefits (29,417) (40,546) (69,963) Allocated employee compensation and benefits from related party (955) — (955) Professional fees (7,030) (5,361) (12,391) Loan servicing expense (30,107) (707) (30,814) Impairment on real estate (4,033) — (4,033) Other operating expenses (19,728) (17,776) (37,504) Total non-interest expense $ (91,270) $ (64,390) $ (155,660) Income before unallocated expenses and provision for income taxes $ 168,968 $ 66,543 $ 235,511 Unallocated corporate expenses Interest expense (635) Employee compensation and benefits (13,620) Professional fees (4,911) Management fees – related party (19,295) Incentive fees – related party (3,105) Transaction related expenses (13,633) Other operating expenses - net (5,286) Total unallocated corporate expenses $ (60,485) Income before provision for income taxes $ 175,026 Total assets $ 10,197,876 $ 835,836 $ 11,033,712

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands, shares in Millions						12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares	Nov. 29, 2024 USD ($) $ / shares shares	Jul. 01, 2024 USD ($)	Jun. 05, 2024 USD ($)	May 31, 2023 $ / shares shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001					$ 0.0001	$ 0.0001
Minimum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Qualifying Distributions of Taxable Income, Percentage						90%
Broadmark Realty Capital, Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value (in dollars per share) | $ / shares					$ 0.001
United Development Funding IV
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Business acquisition, pro forma equity capital base		$ 2,200,000
Pre-closing distribution threshold		$ 75,000
Pre-closing distribution threshold, value per share (in dollars per share) | $ / shares		$ 2.44
Expected contingent value rights (in dollars per share)		0.416
Common stock issued in acquisition (in shares) | shares		12.8
Business acquisition, shares issued (in shares)		$ 94,000
Shares issued, value assigned (in dollars per share) | $ / shares		$ 3.07
Expected ownership (in percent)		0.07
Funding Circle USA, Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Cash paid			$ 41,200
Madison One
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Cash paid	$ 32,868			$ 32,868
Cash payments for bonuses for certain key personnel				$ 3,600
Period over which additional purchase price payments may be made if certain performance metrics are achieved (in years)				4 years
Broadmark Realty Capital, Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Expected contingent value rights (in dollars per share)					0.47233
Common stock issued in acquisition (in shares) | shares					62.2
Common stock, par value (in dollars per share) | $ / shares					$ 0.0001
Operating Partnership
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership in operating partnership (in percent)						99.50%	99.20%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Amount of cash collateral payable against gross derivative asset positions offset	$ 25,424,000	$ 34,408,000
Debt Instrument [Line Items]
Unrecognized accrued taxes, interest and penalties	$ 0
Maximum | Total borrowings under credit facilities and other financing agreements
Debt Instrument [Line Items]
Term (in years)	2 years

Business Combinations - Fair Va

Business Combinations - Fair Value Of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	6 Months Ended	7 Months Ended	12 Months Ended	19 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	May 31, 2024	Dec. 31, 2024	Jul. 01, 2024	Jun. 05, 2024	May 31, 2023
Funding Circle USA, Inc.
Assets
Cash and cash equivalents	$ 29,209	$ 29,209		$ 29,209	$ 29,209
Loans, net	8,167	8,167		8,167	8,167
Investment in unconsolidated joint ventures	891	891		891	891
Servicing rights	5,388	5,388		5,388	5,388
Deferred tax asset	32,186	32,186		32,186	32,186
Intangible assets	10,052	10,052		10,052	10,052
Other	4,558	4,558		4,558	4,558
Total assets acquired	90,451	90,451		90,451	90,451
Measurement Period Adjustments, Total assets acquired	0
Liabilities
Secured borrowings	2,022	2,022		2,022	2,022
Accounts payable and other accrued liabilities	14,952	14,952		14,952	14,952
Total liabilities assumed	16,974	16,974		16,974	16,974
Measurement Period Adjustments, Liabilities	0
Net assets acquired	73,477	73,477		73,477	$ 73,477
Measurement Period Adjustments, Net assets acquired	0
Madison One
Assets
Cash and cash equivalents	83	83		83		$ 83
Restricted cash	521	521		521		721
Measurement Period Adjustments, Restricted cash		(200)
Servicing rights	16,916	16,916		16,916		16,304
Measurement Period Adjustments, Servicing rights		612
Intangible assets	11,300	11,300		11,300		10,400
Measurement Period Adjustments, Intangible assets		900
Other	303	303		303		303
Total assets acquired	29,123	29,123		29,123		27,811
Measurement Period Adjustments, Total assets acquired		1,312
Liabilities
Accounts payable and other accrued liabilities	2,700	2,700		2,700		978
Measurement Period Adjustments, Accounts payable and other accrued liabilities		1,722
Total liabilities assumed	2,700	2,700		2,700		978
Measurement Period Adjustments, Liabilities		1,722
Non-controlling interests	(600)	(600)		(600)		(600)
Net assets acquired, net of non-controlling interests	$ 25,823	25,823		25,823		$ 26,233
Measurement Period Adjustments, Net assets acquired, net of non-controlling interests		$ (410)
Measurement Period Adjustments, Net assets acquired				(410)
Measurement Period Adjustments, Fair value of net assets acquired				$ 0
Broadmark Realty Capital, Inc.
Assets
Cash and cash equivalents			$ 38,710				$ 38,710
Loans, net			764,367				772,954
Measurement Period Adjustments, Loans, net			(8,587)
Real estate owned, held for sale			135,240				158,911
Measurement period adjustments, real estate owned, held for sale			(23,671)
Other			9,956				17,107
Measurement Period Adjustments, Other			(7,151)
Total assets acquired			948,273				987,682
Measurement Period Adjustments, Total assets acquired			(39,409)
Liabilities
Corporate debt, net			98,028				98,028
Accounts payable and other accrued liabilities			23,350				22,531
Measurement Period Adjustments, Accounts payable and other accrued liabilities			819
Total liabilities assumed			121,378				120,559
Measurement Period Adjustments, Liabilities			819
Net assets acquired			826,895				$ 867,123
Measurement Period Adjustments, Net assets acquired			$ (40,228)

Business Combinations - Aggrega

Business Combinations - Aggregate Consideration Transferred, Net Assets Acquired, Goodwill, And Bargain Purchase Gain (Details) - USD ($) $ in Thousands						6 Months Ended	12 Months Ended				19 Months Ended
	Dec. 31, 2024	Jul. 01, 2024	Jun. 05, 2024	May 31, 2024	May 31, 2023	Dec. 31, 2024	Dec. 31, 2024	May 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Business Acquisition [Line Items]
Contingent consideration	$ 573					$ 573	$ 573		$ 7,628		$ 573
Bargain purchase gain							13,859		207,972	$ 0
Goodwill	49,501					49,501	49,501		$ 38,530		49,501
Funding Circle USA, Inc.
Business Acquisition [Line Items]
Measurement Period Adjustments, Fair value of net assets acquired						0
Fair value of net assets acquired	73,477	$ 73,477				73,477	73,477				73,477
Consideration transferred based on the value of common stock issued	41,312	41,312
Cash paid		41,200
Bargain purchase gain	32,165	$ 32,165
Measurement Period Adjustments, Bargain purchase gain						0
Madison One
Business Acquisition [Line Items]
Fair value of net assets acquired	25,823		$ 26,233			25,823	25,823				25,823
Measurement Period Adjustments, Fair value of net assets acquired											(410)
Cash paid	32,868		32,868
Contingent consideration	3,926		3,926			3,926	3,926				3,926
Total consideration transferred	36,794		36,794
Measurement Period Adjustments, Fair value of net assets acquired											0
Goodwill	$ 10,971		$ 10,561			$ 10,971	$ 10,971				10,971
Measurement Period Adjustments, Goodwill											$ 410
Broadmark Realty Capital, Inc.
Business Acquisition [Line Items]
Measurement Period Adjustments, Fair value of net assets acquired								$ (40,228)
Fair value of net assets acquired				$ 826,895	$ 867,123			826,895
Consideration transferred based on the value of common stock issued				637,229	637,229
Bargain purchase gain				$ 189,666	$ 229,894
Measurement Period Adjustments, Bargain purchase gain								$ (40,228)

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		12 Months Ended	19 Months Ended
	May 31, 2023	May 31, 2024	Dec. 31, 2024
Madison One
Business Acquisition [Line Items]
Measurement period adjustments, goodwill			$ 410
Measurement Period Adjustments, Fair value of net assets acquired			$ (410)
Broadmark Realty Capital, Inc.
Business Acquisition [Line Items]
Measurement Period Adjustments, Fair value of net assets acquired		$ (40,228)
Common stock issued in acquisition (in shares)	62.2
Common stock issued in acquisition (in dollars per share)	$ 10.24

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses - Classification, Unpaid Principal Balance ("UPB"), and Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Loans, Carrying Value
Total Loans, net	$ 8,308,210	$ 10,631,485
Loans, UPB
Total Loans, net	8,694,701	10,780,189
Loans Held For Sale, Carrying Value
Loans, held for sale	241,626	81,599
Loans Held For Sale, Unpaid Principal Balance
Total Loans, held for sale	336,880	77,795
Total, Carrying Value	8,549,836	10,713,084
Total, Unpaid Principal Balance	9,031,581	10,857,984
Bridge
Loans, Carrying Value
Total Loans, net	5,101,707	6,778,780
Loans, UPB
Total Loans, net	5,279,767	6,837,816
Loans Held For Sale, Carrying Value
Loans, held for sale	58,703	0
Loans Held For Sale, Unpaid Principal Balance
Total Loans, held for sale	134,065	0
Fixed rate
Loans, Carrying Value
Total Loans, net	882,667	1,023,946
Loans, UPB
Total Loans, net	885,619	1,032,641
Loans Held For Sale, Carrying Value
Loans, held for sale	2,750	0
Loans Held For Sale, Unpaid Principal Balance
Total Loans, held for sale	6,056	0
Construction
Loans, Carrying Value
Total Loans, net	733,276	1,176,913
Loans, UPB
Total Loans, net	874,558	1,212,526
Loans Held For Sale, Carrying Value
Loans, held for sale	54,392	0
Loans Held For Sale, Unpaid Principal Balance
Total Loans, held for sale	77,487	0
Freddie Mac
Loans, Carrying Value
Total Loans, net		9,500
Loans, UPB
Total Loans, net		9,719
Loans Held For Sale, Carrying Value
Loans, held for sale	36,248	20,955
Loans Held For Sale, Unpaid Principal Balance
Total Loans, held for sale	35,931	20,729
SBA - 7(a)
Loans, Carrying Value
Total Loans, net	1,221,618	1,191,999
Loans, UPB
Total Loans, net	1,265,582	1,230,959
Loans Held For Sale, Carrying Value
Loans, held for sale	87,825	59,421
Loans Held For Sale, Unpaid Principal Balance
Total Loans, held for sale	81,524	55,769
Other
Loans, Carrying Value
Total Loans, net	368,942	450,347
Loans, UPB
Total Loans, net	389,175	456,528
Loans Held For Sale, Carrying Value
Loans, held for sale	1,708	1,223
Loans Held For Sale, Unpaid Principal Balance
Total Loans, held for sale	1,817	1,297
Consolidated Excluding VIEs
Loans, Carrying Value
Total Loans, net	3,378,149	4,020,160
Loans, UPB
Total Loans, net	3,634,513	4,114,022
Consolidated Excluding VIEs | Bridge
Loans, Carrying Value
Total Loans, net	1,246,725	1,422,091
Loans, UPB
Total Loans, net	1,309,683	1,448,281
Consolidated Excluding VIEs | Fixed rate
Loans, Carrying Value
Total Loans, net	197,162	239,586
Loans, UPB
Total Loans, net	197,272	241,674
Consolidated Excluding VIEs | Construction
Loans, Carrying Value
Total Loans, net	733,276	1,176,913
Loans, UPB
Total Loans, net	874,558	1,212,526
Consolidated Excluding VIEs | Freddie Mac
Loans, Carrying Value
Total Loans, net	0	9,500
Loans, UPB
Total Loans, net	0	9,719
Consolidated Excluding VIEs | SBA - 7(a)
Loans, Carrying Value
Total Loans, net	1,043,120	978,543
Loans, UPB
Total Loans, net	1,075,845	1,003,323
Consolidated Excluding VIEs | Other
Loans, Carrying Value
Total Loans, net	157,866	193,527
Loans, UPB
Total Loans, net	177,155	198,499
Consolidated VIEs
Loans, Carrying Value
Total Loans, net	4,930,061	6,611,325
Loans, UPB
Total Loans, net	5,060,188	6,666,167
Consolidated VIEs | Bridge
Loans, Carrying Value
Total Loans, net	3,854,982	5,356,689
Loans, UPB
Total Loans, net	3,970,084	5,389,535
Consolidated VIEs | Fixed rate
Loans, Carrying Value
Total Loans, net	685,505	784,360
Loans, UPB
Total Loans, net	688,347	790,967
Consolidated VIEs | SBA - 7(a)
Loans, Carrying Value
Total Loans, net	178,498	213,456
Loans, UPB
Total Loans, net	189,737	227,636
Consolidated VIEs | Other
Loans, Carrying Value
Total Loans, net	211,076	256,820
Loans, UPB
Total Loans, net	$ 212,020	$ 258,029

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses - Classification, UPB, Carrying Value, And Write-Offs By Year Of Origination (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
UPB	$ 8,694,701	$ 10,780,189
Current fiscal year	580,815	581,345
Year before current fiscal year	412,759	3,668,353
Two years before current fiscal year	2,681,997	3,671,061
Three years before current fiscal year	2,771,790	575,300
Four years before current fiscal year	295,371	1,033,538
Five or more years before current fiscal year	1,565,478	1,101,888
Total Loans, net	8,308,210	10,631,485
Gross write-offs
Current fiscal year	28	100
Year before current fiscal year	1,440	950
Two years before current fiscal year	1,710	3,236
Three years before current fiscal year	3,022	258
Four years before current fiscal year	617	360
Five or more years before current fiscal year	7,776	25,731
Total	14,593	30,635
Bridge
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
UPB	5,279,767	6,837,816
Current fiscal year	321,439	322,762
Year before current fiscal year	244,283	2,951,573
Two years before current fiscal year	2,083,723	2,943,874
Three years before current fiscal year	2,270,504	284,485
Four years before current fiscal year	105,279	164,800
Five or more years before current fiscal year	76,479	111,286
Total Loans, net	5,101,707	6,778,780
Fixed rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
UPB	885,619	1,032,641
Current fiscal year	0	4,004
Year before current fiscal year	0	109,741
Two years before current fiscal year	109,733	205,895
Three years before current fiscal year	180,209	88,709
Four years before current fiscal year	86,013	315,905
Five or more years before current fiscal year	506,712	299,692
Total Loans, net	882,667	1,023,946
Construction
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
UPB	874,558	1,212,526
Current fiscal year	9,233	105,865
Year before current fiscal year	26,925	252,910
Two years before current fiscal year	162,309	182,618
Three years before current fiscal year	83,287	73,353
Four years before current fiscal year	144	433,425
Five or more years before current fiscal year	451,378	128,742
Total Loans, net	733,276	1,176,913
Freddie Mac
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
UPB		9,719
Current fiscal year		0
Year before current fiscal year		0
Two years before current fiscal year		3,833
Three years before current fiscal year		5,667
Four years before current fiscal year		0
Five or more years before current fiscal year		0
Total Loans, net		9,500
SBA - 7(a)
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
UPB	1,265,582	1,230,959
Current fiscal year	235,374	146,158
Year before current fiscal year	138,670	349,628
Two years before current fiscal year	322,007	316,711
Three years before current fiscal year	237,105	114,383
Four years before current fiscal year	94,730	75,725
Five or more years before current fiscal year	193,732	189,394
Total Loans, net	1,221,618	1,191,999
Other
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
UPB	389,175	456,528
Current fiscal year	14,769	2,556
Year before current fiscal year	2,881	4,501
Two years before current fiscal year	4,225	18,130
Three years before current fiscal year	685	8,703
Four years before current fiscal year	9,205	43,683
Five or more years before current fiscal year	337,177	372,774
Total Loans, net	$ 368,942	$ 450,347

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses - Delinquency Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
UPB	$ 8,694,701	$ 10,780,189
Current fiscal year	580,815	581,345
Year before current fiscal year	412,759	3,668,353
Two years before current fiscal year	2,681,997	3,671,061
Three years before current fiscal year	2,771,790	575,300
Four years before current fiscal year	295,371	1,033,538
Five or more years before current fiscal year	1,565,478	1,101,888
Total Loans, net	8,308,210	10,631,485
Current
Financing Receivable, Credit Quality Indicator [Line Items]
UPB	8,094,859	9,632,399
Current fiscal year	575,781	565,544
Year before current fiscal year	392,201	3,340,903
Two years before current fiscal year	2,488,252	3,400,336
Three years before current fiscal year	2,566,736	488,508
Four years before current fiscal year	289,352	877,362
Five or more years before current fiscal year	1,475,325	872,070
Total Loans, net	7,787,647	9,544,723
30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
UPB	148,612	172,355
Current fiscal year	3,666	551
Year before current fiscal year	1,676	59,879
Two years before current fiscal year	92,516	80,545
Three years before current fiscal year	26,385	507
Four years before current fiscal year	734	22,557
Five or more years before current fiscal year	6,311	7,101
Total Loans, net	131,288	171,140
60+ days past due
Financing Receivable, Credit Quality Indicator [Line Items]
UPB	451,230	975,435
Current fiscal year	1,368	15,250
Year before current fiscal year	18,882	267,571
Two years before current fiscal year	101,229	190,180
Three years before current fiscal year	178,669	86,285
Four years before current fiscal year	5,285	133,619
Five or more years before current fiscal year	83,842	222,717
Total Loans, net	$ 389,275	$ 915,622

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses - Delinquency Information By Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 8,308,210	$ 10,631,485
Non-Accrual Loans	526,761	633,889
90+ days past due and Accruing	$ 89,369	$ 82,821
Past Due, Percentage of loans outstanding (in percent)	100%	100%
Non-Accrual Loans, Percentage of loans outstanding (in percent)	6.30%	6%
Current
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 7,787,647	$ 9,544,723
Past Due, Percentage of loans outstanding (in percent)	93.70%	89.80%
30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 131,288	$ 171,140
Past Due, Percentage of loans outstanding (in percent)	1.60%	1.60%
60+ days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 389,275	$ 915,622
Past Due, Percentage of loans outstanding (in percent)	4.70%	8.60%
90+ days past due and Accruing
Financing Receivable, Credit Quality Indicator [Line Items]
Past Due, Percentage of loans outstanding (in percent)	1.10%	0.80%
Bridge
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 5,101,707	$ 6,778,780
Non-Accrual Loans	366,890	338,982
90+ days past due and Accruing	88,396	0
Bridge | Current
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	4,732,393	6,169,893
Bridge | 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	93,078	87,047
Bridge | 60+ days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	276,236	521,840
Fixed rate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	882,667	1,023,946
Non-Accrual Loans	33,295	13,928
90+ days past due and Accruing	0	0
Fixed rate | Current
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	840,951	978,897
Fixed rate | 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	8,421	21,772
Fixed rate | 60+ days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	33,295	23,277
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	733,276	1,176,913
Non-Accrual Loans	60,018	241,751
90+ days past due and Accruing	0	82,781
Construction | Current
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	691,655	778,708
Construction | 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	0	49,626
Construction | 60+ days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	41,621	348,579
Freddie Mac
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		9,500
Non-Accrual Loans		2,674
90+ days past due and Accruing		0
Freddie Mac | Current
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		9,500
Freddie Mac | 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		0
Freddie Mac | 60+ days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		0
SBA - 7(a)
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	1,221,618	1,191,999
Non-Accrual Loans	64,687	30,549
90+ days past due and Accruing	0	40
SBA - 7(a) | Current
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	1,160,844	1,166,695
SBA - 7(a) | 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	27,124	8,518
SBA - 7(a) | 60+ days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	33,650	16,786
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	368,942	450,347
Non-Accrual Loans	1,871	6,005
90+ days past due and Accruing	973	0
Other | Current
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	361,804	441,030
Other | 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	2,665	4,177
Other | 60+ days past due
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 4,473	$ 5,140

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses - Quantitative Information On Credit Quality (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 8,308,210	$ 10,631,485
Percentage of loans outstanding (in percent)	100%	100%
0.0 – 20.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 148,960	$ 170,528
Percentage of loans outstanding (in percent)	1.80%	1.60%
20.1 – 40.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 320,015	$ 443,189
Percentage of loans outstanding (in percent)	3.90%	4.20%
40.1 – 60.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 1,270,365	$ 1,990,718
Percentage of loans outstanding (in percent)	15.30%	18.70%
60.1 – 80.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 4,254,841	$ 7,106,720
Percentage of loans outstanding (in percent)	51.20%	66.80%
80.1 – 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 751,292	$ 456,653
Percentage of loans outstanding (in percent)	9%	4.30%
Greater than 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 1,562,737	$ 463,677
Percentage of loans outstanding (in percent)	18.80%	4.40%
Bridge
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 5,101,707	$ 6,778,780
Bridge | 0.0 – 20.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	0	2,308
Bridge | 20.1 – 40.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	103,364	97,307
Bridge | 40.1 – 60.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	553,768	754,311
Bridge | 60.1 – 80.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	3,230,535	5,766,847
Bridge | 80.1 – 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	471,137	82,063
Bridge | Greater than 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	742,903	75,944
Fixed rate
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	882,667	1,023,946
Fixed rate | 0.0 – 20.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	1,348	5,222
Fixed rate | 20.1 – 40.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	29,799	36,019
Fixed rate | 40.1 – 60.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	379,043	448,847
Fixed rate | 60.1 – 80.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	446,246	512,325
Fixed rate | 80.1 – 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	26,231	18,343
Fixed rate | Greater than 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	0	3,190
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	733,276	1,176,913
Construction | 0.0 – 20.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	27,973	25,173
Construction | 20.1 – 40.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	4,725	94,850
Construction | 40.1 – 60.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	90,615	532,207
Construction | 60.1 – 80.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	160,507	352,894
Construction | 80.1 – 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	17,892	118,959
Construction | Greater than 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	431,564	52,830
Freddie Mac
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		9,500
Freddie Mac | 0.0 – 20.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		0
Freddie Mac | 20.1 – 40.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		0
Freddie Mac | 40.1 – 60.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		2,993
Freddie Mac | 60.1 – 80.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		6,507
Freddie Mac | 80.1 – 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		0
Freddie Mac | Greater than 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net		0
SBA - 7(a)
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	1,221,618	1,191,999
SBA - 7(a) | 0.0 – 20.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	14,222	10,522
SBA - 7(a) | 20.1 – 40.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	65,279	55,635
SBA - 7(a) | 40.1 – 60.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	184,965	171,188
SBA - 7(a) | 60.1 – 80.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	354,891	400,884
SBA - 7(a) | 80.1 – 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	219,371	223,882
SBA - 7(a) | Greater than 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	382,890	329,888
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	368,942	450,347
Other | 0.0 – 20.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	105,417	127,303
Other | 20.1 – 40.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	116,848	159,378
Other | 40.1 – 60.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	61,974	81,172
Other | 60.1 – 80.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	62,662	67,263
Other | 80.1 – 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	16,661	13,406
Other | Greater than 100.0%
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans, net	$ 5,380	$ 1,825

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses - Geographic And Collateral Type Concentration (Details) - Financing Receivable	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	100%	100%
Collateral Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	100%	100%
Collateral Concentration Risk | Multi-family
Concentration Risk [Line Items]
Concentration risk (in percent)	60.10%	60.90%
Collateral Concentration Risk | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	14.60%	11.40%
Collateral Concentration Risk | Mixed Use
Concentration Risk [Line Items]
Concentration risk (in percent)	9.50%	8.40%
Collateral Concentration Risk | Industrial
Concentration Risk [Line Items]
Concentration risk (in percent)	4.80%	4.30%
Collateral Concentration Risk | Retail
Concentration Risk [Line Items]
Concentration risk (in percent)	4.10%	4.30%
Collateral Concentration Risk | Office
Concentration Risk [Line Items]
Concentration risk (in percent)	3.20%	4.40%
Collateral Concentration Risk | Lodging
Concentration Risk [Line Items]
Concentration risk (in percent)	2%	1.60%
Collateral Concentration Risk | Other
Concentration Risk [Line Items]
Concentration risk (in percent)	1.70%	4.70%
Texas | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	19.30%	18.60%
California | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	10.80%	11.40%
Florida | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	7.90%	6.40%
Arizona | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	7.70%	6.10%
Oregon | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	7.30%	5.90%
Georgia | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	6.70%	7.10%
New York | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	4.80%	4.80%
North Carolina | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	4%	4.10%
Illinois | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	3.10%	3.70%
Washington | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	3.10%	3.40%
Other | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	25.30%	28.50%

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses - Collateral Type Concentration of SBA Loans (Details) - Financing Receivable - Collateral Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Concentration risk (in percent)	100%	100%
SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	100%	100%
Lodging | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	20.90%	23.40%
Gasoline Service Stations | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	12%	12.80%
Eating Places | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	6.50%	6.20%
Child Day Care Services | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	5.70%	5.60%
Offices of Physicians | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	3.70%	4.10%
General Freight Trucking, Local | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	3%	3.50%
Grocery Stores | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	2.30%	2.30%
Coin-Operated Laundries and Drycleaners | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	1.40%	1.90%
Car Washes | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	1.10%	1%
Funeral Service & Crematories | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	1%	1.40%
Other | SBA loans
Concentration Risk [Line Items]
Concentration risk (in percent)	42.40%	37.80%

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses - Allowance For Loan Losses By Loan Product And Impairment Methodology (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	$ 339,939	$ 101,605	$ 90,519
General
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	150,468	44,473
Specific
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	187,637	35,710
PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	1,834	21,422
Bridge
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	170,445	36,241	49,905
Bridge | General
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	126,471	17,302
Bridge | Specific
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	43,974	18,939
Bridge | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	0	0
Fixed rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	5,114	13,598	6,531
Fixed rate | General
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	3,156	7,884
Fixed rate | Specific
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	1,958	5,714
Fixed rate | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	0	0
Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	140,139	30,870	17,334
Construction | General
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	493	3,722
Construction | Specific
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	137,812	5,726
Construction | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	1,834	21,422
SBA - 7(a)
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	22,087	17,867	14,299
SBA - 7(a) | General
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	18,825	12,679
SBA - 7(a) | Specific
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	3,262	5,188
SBA - 7(a) | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	0	0
Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	2,154	3,029	$ 2,450
Other | General
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	1,523	2,886
Other | Specific
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	631	143
Other | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit loss	$ 0	$ 0

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses - Changes In Allowance For Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 101,605	$ 90,519
Provision for (recoveries of) loan losses	252,155	8,672
Measurement period adjustment - PCD		32,862
Charge-offs and sales	(14,593)	(30,635)
Recoveries	772	187
Ending balance	339,939	101,605
Bridge
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	36,241	49,905
Provision for (recoveries of) loan losses	134,300	(13,045)
Measurement period adjustment - PCD		0
Charge-offs and sales	(96)	(619)
Recoveries		0
Ending balance	170,445	36,241
Fixed rate
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	13,598	6,531
Provision for (recoveries of) loan losses	(4,364)	8,571
Measurement period adjustment - PCD		0
Charge-offs and sales	(4,120)	(1,504)
Recoveries		0
Ending balance	5,114	13,598
Construction
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	30,870	17,334
Provision for (recoveries of) loan losses	114,069	6,363
Measurement period adjustment - PCD		32,862
Charge-offs and sales	(4,800)	(25,689)
Recoveries		0
Ending balance	140,139	30,870
SBA - 7(a)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	17,867	14,299
Provision for (recoveries of) loan losses	8,959	5,598
Measurement period adjustment - PCD		0
Charge-offs and sales	(5,511)	(2,217)
Recoveries	772	187
Ending balance	22,087	17,867
Other
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,029	2,450
Provision for (recoveries of) loan losses	(809)	1,185
Measurement period adjustment - PCD		0
Charge-offs and sales	(66)	(606)
Recoveries		0
Ending balance	$ 2,154	$ 3,029

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses - Narrative (Details)	1 Months Ended	3 Months Ended			12 Months Ended
	May 31, 2023 USD ($)	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit loss		$ 339,939,000	$ 101,605,000		$ 339,939,000	$ 101,605,000	$ 90,519,000
Number of loan modifications | loan					65	21
Post-modification recorded balance (less than for SBA loans)					$ 1,000,000,000	$ 468,600,000
Modified loans (in percent)					12.40%	4.40%
Amount of cash inflow from capital investment					$ 12,200,000
Number of loans that did not make payments in accordance with their modified terms | loan		12			12
Carrying value of loans that did not make payments in accordance with their modified terms		$ 43,700,000
Carrying amount of loan foreclosure in process		8,400,000	95,000,000		$ 8,400,000	$ 95,000,000
PCD loans acquired during the period		$ 0	$ 0
Broadmark Realty Capital, Inc.
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit loss				$ 32,862,000
Measurement Period Adjustments | Broadmark Realty Capital, Inc.
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit loss				$ 5,245,000
Term extension and interest payment deferral
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loan modifications | loan					30	3
Post-modification recorded balance (less than for SBA loans)					$ 688,800,000	$ 36,600,000
Modified loans (in percent)					8.20%	0.30%
Term extension and interest payment deferral | Minimum
Financing Receivable, Credit Quality Indicator [Line Items]
Term extension period (in months)					3 months	10 months
Modified in period, payment deferrals (in months)					7 months
Interest payment deferral period			10 months			10 months
Term extension and interest payment deferral | Maximum
Financing Receivable, Credit Quality Indicator [Line Items]
Term extension period (in months)					125 months	18 months
Modified in period, payment deferrals (in months)					38 months
Interest payment deferral period			12 months			12 months
Term extension and interest payment deferral | Weighted Average
Financing Receivable, Credit Quality Indicator [Line Items]
Term extension period (in months)					16 months	17 months
Modified in period, payment deferrals (in months)					19 months
Interest payment deferral period			12 months			12 months
Interest payment deferral
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loan modifications | loan					8	3
Post-modification recorded balance (less than for SBA loans)					$ 137,000,000	$ 500,000
Modified loans (in percent)					1.70%	0.10%
Interest payment deferral | Minimum
Financing Receivable, Credit Quality Indicator [Line Items]
Interest payment deferral period		7 months	6 months		7 months	6 months
Interest payment deferral | Maximum
Financing Receivable, Credit Quality Indicator [Line Items]
Interest payment deferral period		25 months	9 months		25 months	9 months
Interest payment deferral | Weighted Average
Financing Receivable, Credit Quality Indicator [Line Items]
Interest payment deferral period		15 months	7 months		15 months	7 months
Term Extension and Interest Rate Reduction
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loan modifications | loan					1
Post-modification recorded balance (less than for SBA loans)					$ 73,900,000
Modified loans (in percent)					0.90%
Term extension period (in months)					18 months
Basis spread on variable rate before modification (in percent)		3.25%			3.25%
Term Extension and Interest Rate Reduction | Period from June 2024 to December 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Fixed interest rate after modification (in percent)		6%			6%
Term Extension and Interest Rate Reduction | Period from January 2025 to July 2025
Financing Receivable, Credit Quality Indicator [Line Items]
Fixed interest rate after modification (in percent)		6.50%			6.50%
Extended Maturity, Payment Deferral, And Interest Rate Reduction
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loan modifications | loan					1
Post-modification recorded balance (less than for SBA loans)					$ 62,700,000
Modified loans (in percent)					0.80%
Term extension period (in months)					18 months
Interest payment deferral period		22 months			22 months
Basis spread on variable rate before modification (in percent)		3.30%			3.30%
Extended Maturity, Payment Deferral, And Interest Rate Reduction | Period From October 2024 to August 2025
Financing Receivable, Credit Quality Indicator [Line Items]
Fixed interest rate after modification (in percent)		0.50%			0.50%
Extended Maturity, Payment Deferral, And Interest Rate Reduction | Period From September 2025 to August 2026
Financing Receivable, Credit Quality Indicator [Line Items]
Fixed interest rate after modification (in percent)		1%			1%
Extended Maturity
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loan modifications | loan					24	15
Post-modification recorded balance (less than for SBA loans)	$ 380,100,000				$ 58,400,000	$ 431,500,000
Modified loans (in percent)					0.70%	4.10%
Term extension period (in months)	18 months
Contribution receivable from borrower	$ 17,000,000
Contribution receivable (in percent)	4.50%
Extended Maturity | Minimum
Financing Receivable, Credit Quality Indicator [Line Items]
Term extension period (in months)					2 months	9 months
Extended Maturity | Maximum
Financing Receivable, Credit Quality Indicator [Line Items]
Term extension period (in months)					120 months	120 months
Extended Maturity | Weighted Average
Financing Receivable, Credit Quality Indicator [Line Items]
Term extension period (in months)					13 months	18 months
Principal Forgiveness | Entity Loan Modification Program
Financing Receivable, Credit Quality Indicator [Line Items]
Post-modification recorded balance (less than for SBA loans)					$ 20,900,000	$ 0
Contractual Interest Rate Reduction
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loan modifications | loan					1
Post-modification recorded balance (less than for SBA loans)					$ 10,400,000
Modified loans (in percent)					0.10%
Basis spread on variable rate before modification (in percent)		5%			5%
Fixed interest rate after modification (in percent)		6%			6%
Unfunded Loan Commitment
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit loss		$ 800,000	$ 700,000		$ 800,000	$ 700,000
SBA loans | Term extension and interest payment deferral
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loan modifications | loan					1
Post-modification recorded balance (less than for SBA loans)					$ 100,000
Term extension period (in months)					125 months
SBA loans | Extended Maturity
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loan modifications | loan					1	1
Post-modification recorded balance (less than for SBA loans)					$ 100,000	$ 100,000
Term extension period (in months)					120 months	10 years
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit loss		$ 140,139,000	$ 30,870,000		$ 140,139,000	$ 30,870,000	$ 17,334,000

Loans and Allowance for Cred_13

Loans and Allowance for Credit Losses - Non-Accrual Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Non-accrual loans with an allowance	$ 509,752	$ 607,180
Non-accrual loans without an allowance	17,009	26,709
Non-Accrual Loans	526,761	633,889
Allowance for loan losses related to non-accrual loans	(125,218)	(50,796)
UPB of non-accrual loans	654,526	688,282
Interest income on non-accrual loans for the year ended	$ 47,192	$ 12,282

Loans and Allowance for Cred_14

Loans and Allowance for Credit Losses - Reconciliation Of Purchase Price With Par Value Of Purchased Loans (Details) - Broadmark Realty Capital, Inc. $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
UPB	$ 283,682
Allowance for credit losses	(32,862)
Non-credit discount	(9,377)
Purchase price of loans classified as PCD	241,443
Preliminary Purchase Price Allocation
Financing Receivable, Allowance for Credit Loss [Line Items]
UPB	244,932
Allowance for credit losses	(27,617)
Non-credit discount	(6,035)
Purchase price of loans classified as PCD	211,280
Measurement Period Adjustments
Financing Receivable, Allowance for Credit Loss [Line Items]
UPB	38,750
Allowance for credit losses	(5,245)
Non-credit discount	(3,342)
Purchase price of loans classified as PCD	$ 30,163

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)		12 Months Ended
	Mar. 16, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares issued, lesser of valuation excess and discount amount (in percent)		90%
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed		$ 105,670,000	$ 125,131,000	$ 187,227,000
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		358,397,000	336,973,000
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		105,670,000	125,131,000
Assets valued using quoted or transaction prices in which quantitative unobservable inputs are not developed		6,300,000	$ 9,300,000
Mosaic
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CERs issued	$ 25,000,000	$ 0
Value per CER unit (in dollars per share)	$ 0.83
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Return of capital assumption used in PWERM (in percent)		65%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Return of capital assumption used in PWERM (in percent)		100%

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Loans, net	$ 3,533	$ 9,348
Loans, held for sale	128,531	81,599
Derivative instruments	7,963	2,404
Investment in unconsolidated joint ventures	6,577	7,360
Liabilities:
Derivative instruments	352	212
Contingent consideration	573	7,628
Fair Value, Recurring
Assets:
Money market funds	86,637	100,238
Loans, net	3,533	9,348
Loans, held for sale	128,531	81,599
PPP loans	1,340	165
MBS	31,006	27,436
Derivative instruments	7,963	2,404
Investment in unconsolidated joint ventures	6,577	7,360
Preferred equity investment	92,810	108,423
Total assets	358,397	336,973
Liabilities:
Derivative instruments	352	212
Contingent consideration	573	7,628
Total liabilities	925	7,840
Level 1 | Fair Value, Recurring
Assets:
Money market funds	86,637	100,238
Loans, net	0	0
Loans, held for sale	0	0
PPP loans	0	0
MBS	0	0
Derivative instruments	0	0
Investment in unconsolidated joint ventures	0	0
Preferred equity investment	0	0
Total assets	86,637	100,238
Liabilities:
Derivative instruments	0	0
Contingent consideration	0	0
Total liabilities	0	0
Level 2 | Fair Value, Recurring
Assets:
Money market funds	0	0
Loans, net	0	0
Loans, held for sale	125,781	81,599
PPP loans	1,340	165
MBS	31,006	27,436
Derivative instruments	7,963	2,404
Investment in unconsolidated joint ventures	0	0
Preferred equity investment	0	0
Total assets	166,090	111,604
Liabilities:
Derivative instruments	352	212
Contingent consideration	0	0
Total liabilities	352	212
Level 3 | Fair Value, Recurring
Assets:
Money market funds	0	0
Loans, net	3,533	9,348
Loans, held for sale	2,750	0
PPP loans	0	0
MBS	0	0
Derivative instruments	0	0
Investment in unconsolidated joint ventures	6,577	7,360
Preferred equity investment	92,810	108,423
Total assets	105,670	125,131
Liabilities:
Derivative instruments	0	0
Contingent consideration	573	7,628
Total liabilities	$ 573	$ 7,628

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques And Significant Unobservable Inputs (Details) - Level 3 - Fair Value, Recurring $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 99,387	$ 115,783
Liabilities, fair value	573	7,628
Madison One | Contingent consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 573
Mosaic | CER dividends
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value		1,591
Mosaic | CER units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value		$ 6,037
Discount rate | Monte Carlo Simulation Model | Mosaic | CER dividends
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.115
Discount rate | Monte Carlo Simulation Model | Weighted Average | Mosaic | CER dividends
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.115
Discount rate | Income approach and PWERM Model | Mosaic | CER units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.115
Discount rate | Income approach and PWERM Model | Weighted Average | Mosaic | CER units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.115
Net income volatility | Monte Carlo Simulation Model | Madison One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.660
Net income volatility | Monte Carlo Simulation Model | Weighted Average | Madison One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.660
Risk-adjusted discount rate | Monte Carlo Simulation Model | Madison One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.443
Risk-adjusted discount rate | Monte Carlo Simulation Model | Weighted Average | Madison One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.443
Equity volatility | Monte Carlo Simulation Model | Mosaic | CER dividends
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.300
Equity volatility | Monte Carlo Simulation Model | Weighted Average | Mosaic | CER dividends
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.300
Risk-free rate of return | Monte Carlo Simulation Model | Mosaic | CER dividends
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.047
Risk-free rate of return | Monte Carlo Simulation Model | Weighted Average | Mosaic | CER dividends
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.047
Revaluation discount rate | Income approach and PWERM Model | Mosaic | CER units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.120
Revaluation discount rate | Income approach and PWERM Model | Weighted Average | Mosaic | CER units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input		0.120
Investment in unconsolidated joint ventures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 6,577	$ 7,360
Investment in unconsolidated joint ventures | Discount rate | Income Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value, measurement input	0.090	0.090
Investment in unconsolidated joint ventures | Discount rate | Income Approach | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value, measurement input	0.090	0.090
Preferred equity investment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 92,810	$ 108,423
Preferred equity investment | Discount rate | Income Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value, measurement input	0.120	0.100
Preferred equity investment | Discount rate | Income Approach | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value, measurement input	0.120	0.100

Fair Value Measurements - Summa

Fair Value Measurements - Summary Of Changes In Fair Value For Level 3 Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 125,131	$ 187,227
Purchases or Originations	383	0
Sales / Principal payments	(4,009)	(22)
Unrealized gains (losses), net	(19,803)	(5,042)
Mergers and acquisitions	4,851	0
Transfer to loans, held for investment	0	(57,032)
Transfer to (from) Level 3	(883)	0
Ending balance	105,670	125,131
Loans, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	9,348	9,786
Purchases or Originations	383	0
Unrealized gains (losses), net	(1,021)	(438)
Mergers and acquisitions	4,851	0
Transfer to (from) Level 3	(10,028)	0
Ending balance	3,533	9,348
Loans, held for sale
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0	60,924
Sales / Principal payments	(4,009)	(22)
Unrealized gains (losses), net	(2,386)	(3,870)
Transfer to loans, held for investment	0	(57,032)
Transfer to (from) Level 3	9,145	0
Ending balance	2,750	0
Investment in unconsolidated joint ventures
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	7,360	8,094
Unrealized gains (losses), net	(783)	(734)
Ending balance	6,577	7,360
Preferred equity investment
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	108,423	108,423
Unrealized gains (losses), net	(15,613)	0
Ending balance	92,810	108,423
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,628	28,500
Sales / Principal payments	0	(9,000)
Realized (gains) losses, net	(9,109)	0
Unrealized (gains) losses, net	(1,872)	(11,872)
Mergers and acquisitions	3,926	0
Ending balance	$ 573	$ 7,628

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value And Estimated Fair Value of Financial Instruments Not Carried At Fair Value, Classified As Level 3 (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Senior secured notes, net	$ 437,847	$ 345,127
Level 3 | Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans, net	8,304,677	10,622,137
Loans, held for sale	113,095	0
Servicing rights	128,440	102,837
Total assets	8,546,212	10,724,974
Secured borrowings	2,035,176	2,102,075
Securitized debt obligations of consolidated VIEs, net	3,580,513	5,068,453
Senior secured notes, net	437,847	345,127
Guaranteed loan financing	691,118	844,540
Corporate debt, net	895,265	764,908
Total liabilities	7,639,919	9,125,103
Level 3 | Estimated Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans, net	8,426,700	10,380,893
Loans, held for sale	113,095	0
Servicing rights	141,513	113,715
Total assets	8,681,308	10,494,608
Secured borrowings	2,035,176	2,102,075
Securitized debt obligations of consolidated VIEs, net	3,532,765	5,022,057
Senior secured notes, net	421,427	317,239
Guaranteed loan financing	724,747	889,744
Corporate debt, net	865,380	731,104
Total liabilities	$ 7,579,495	$ 9,062,219

Servicing Rights - Schedule of

Servicing Rights - Schedule of Servicing Asset at Amortized Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning net carrying amount	$ 102,837
Ending net carrying amount	128,440	$ 102,837
SBA
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning net carrying amount	29,536	19,756
Additions	16,889	6,976
Amortization	(5,103)	(3,450)
Recovery (impairment)	(2,095)	6,254
Ending net carrying amount	39,227	29,536
Multi-family
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning net carrying amount	73,301	67,361
Additions	6,277	16,655
Amortization	(11,582)	(10,715)
Ending net carrying amount	67,996	73,301
USDA
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning net carrying amount	0	0
Additions	17,987	0
Amortization	(1,419)	0
Recovery (impairment)	(103)	0
Ending net carrying amount	16,465	0
Small business loans
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning net carrying amount	0	0
Additions	6,422	0
Amortization	(1,670)	0
Ending net carrying amount	$ 4,752	$ 0

Servicing Rights - Schedule o_2

Servicing Rights - Schedule of Servicing Assets at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Servicing Asset at Amortized Cost [Line Items]
UPB	$ 9,033,690	$ 6,898,073
Carrying Value	128,440	102,837
SBA
Servicing Asset at Amortized Cost [Line Items]
UPB	1,779,233	1,208,201
Carrying Value	39,227	29,536	$ 19,756
Multi-family
Servicing Asset at Amortized Cost [Line Items]
UPB	6,160,486	5,689,872
Carrying Value	67,996	73,301	67,361
USDA
Servicing Asset at Amortized Cost [Line Items]
UPB	599,362	0
Carrying Value	16,465	0	0
Small business loans
Servicing Asset at Amortized Cost [Line Items]
UPB	494,609	0
Carrying Value	$ 4,752	$ 0	$ 0

Servicing Rights - Schedule o_3

Servicing Rights - Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Minimum | SBA
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	9.90%	0%
Forward default rate (in percent)	0%	0%
Discount rate (in percent)	11.90%	14.40%
Servicing expense (in percent)	0.40%	0.40%
Minimum | Multi-family
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	0%	0%
Forward default rate (in percent)	0%	0%
Discount rate (in percent)	5.50%	6%
Servicing expense (in percent)	0%	0%
Minimum | USDA
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	12.20%
Discount rate (in percent)	4.90%
Servicing expense (in percent)	0.10%
Minimum | Small business loans
Servicing Asset at Amortized Cost [Line Items]
Discount rate (in percent)	6%
Servicing expense (in percent)	0.50%
Maximum | SBA
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	21.60%	4.50%
Forward default rate (in percent)	6.80%	7.30%
Discount rate (in percent)	21.80%	22.90%
Servicing expense (in percent)	0.40%	0.40%
Maximum | Multi-family
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	7.30%	6.50%
Forward default rate (in percent)	1%	0.90%
Discount rate (in percent)	6%	6%
Servicing expense (in percent)	0.80%	0.80%
Maximum | USDA
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	12.20%
Discount rate (in percent)	5.20%
Servicing expense (in percent)	0.30%
Maximum | Small business loans
Servicing Asset at Amortized Cost [Line Items]
Discount rate (in percent)	6%
Servicing expense (in percent)	0.50%
Weighted Average | SBA
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	10.60%	4.40%
Forward default rate (in percent)	6.60%	7%
Discount rate (in percent)	12.20%	14.60%
Servicing expense (in percent)	0.40%	0.40%
Weighted Average | Multi-family
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	6.70%	5.40%
Forward default rate (in percent)	0.60%	0.60%
Discount rate (in percent)	5.80%	6%
Servicing expense (in percent)	0.10%	0.10%
Weighted Average | USDA
Servicing Asset at Amortized Cost [Line Items]
Forward prepayment rate (in percent)	12.20%
Discount rate (in percent)	5.10%
Servicing expense (in percent)	0.20%
Weighted Average | Small business loans
Servicing Asset at Amortized Cost [Line Items]
Discount rate (in percent)	6%
Servicing expense (in percent)	0.50%

Servicing Rights - Schedule o_4

Servicing Rights - Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
SBA
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Forward prepayment rate, Impact of 10% adverse change	$ (1,273)	$ (543)
Forward prepayment rate, Impact of 20% adverse change	(2,473)	(1,069)
Forward default rate, Impact of 10% adverse change	(192)	(165)
Forward default rate, Impact of 20% adverse change	(382)	(328)
Discount rate, Impact of 10% adverse change	(1,349)	(1,530)
Discount rate, Impact of 20% adverse change	(2,605)	(2,922)
Servicing expense, Impact of 10% adverse change	(2,545)	(2,047)
Servicing expense, Impact of 20% adverse change	(5,091)	(4,095)
Multi-family
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Forward prepayment rate, Impact of 10% adverse change	(530)	(491)
Forward prepayment rate, Impact of 20% adverse change	(1,041)	(965)
Forward default rate, Impact of 10% adverse change	(14)	(14)
Forward default rate, Impact of 20% adverse change	(28)	(29)
Discount rate, Impact of 10% adverse change	(2,132)	(2,320)
Discount rate, Impact of 20% adverse change	(4,161)	(4,524)
Servicing expense, Impact of 10% adverse change	(2,519)	(2,587)
Servicing expense, Impact of 20% adverse change	(5,037)	(5,173)
USDA
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Forward prepayment rate, Impact of 10% adverse change	(958)	0
Forward prepayment rate, Impact of 20% adverse change	(1,829)	0
Discount rate, Impact of 10% adverse change	(399)	0
Discount rate, Impact of 20% adverse change	(782)	0
Servicing expense, Impact of 10% adverse change	(681)	0
Servicing expense, Impact of 20% adverse change	(1,362)	0
Small business loans
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Discount rate, Impact of 10% adverse change	(28)	0
Discount rate, Impact of 20% adverse change	(58)	0
Servicing expense, Impact of 10% adverse change	(300)	0
Servicing expense, Impact of 20% adverse change	$ (600)	$ 0

Servicing Rights - Schedule o_5

Servicing Rights - Schedule of Servicing Rights, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Transfers and Servicing [Abstract]
2025	$ 22,809
2026	19,256
2027	16,202
2028	13,865
2029	11,997
Thereafter	44,311
Total	$ 128,440	$ 102,837

Discontinued Operations and A_3

Discontinued Operations and Assets and Liabilities Held for Sale - Narrative (Details) - Discontinued Operations, Disposed of by Sale - Residential Mortgage Banking - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage servicing rights sold	$ 2,900	$ 4,700
Net proceeds	$ 47.4	$ 61.8

Discontinued Operations and A_4

Discontinued Operations and Assets and Liabilities Held for Sale - Schedule of Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Total Assets	$ 287,595	$ 454,596
Liabilities
Total Liabilities	228,735	333,157
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income (loss) from discontinued operations before benefit (provision) for income taxes	(24,532)	(3,779)	$ 57,870
Income tax (provision) benefit	6,133	945	(14,258)
Discontinued Operations, Held-for-Sale | Residential Mortgage Banking
Assets
Cash and cash equivalents	24,328	13,694
Restricted cash	5,464	6,314
Loans, net	222	2,778
Loans, held for sale	158,152	133,204
Loans eligible for repurchase from Ginnie Mae	14,107	86,872
Derivative instruments	0	847
Servicing rights	55,582	188,855
Other assets	29,740	22,032
Total Assets	287,595	454,596
Liabilities
Secured borrowings	190,333	230,965
Liabilities for loans eligible for repurchase from Ginnie Mae	14,107	86,872
Derivative instruments	1,443	1,321
Accounts payable and other accrued liabilities	22,852	13,999
Total Liabilities	228,735	333,157
Discontinued Operations | Residential Mortgage Banking
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Interest income	9,432	7,148	7,953
Interest expense	(11,502)	(7,655)	(8,414)
Net interest expense	(2,070)	(507)	(461)
Residential mortgage banking activities	35,966	33,439	23,973
Net realized gain (loss) on financial instruments	24,602	0	0
Net unrealized gain (loss) on financial instruments	(40,394)	(15,426)	46,063
Servicing income, net of amortization and impairment	30,411	37,181	34,497
Other income	15	47	38
Total non-interest income	50,600	55,241	104,571
Employee compensation and benefits	(20,531)	(19,177)	(24,237)
Variable expenses on residential mortgage banking activities	(32,139)	(21,822)	(4,340)
Professional fees	(1,588)	(641)	(791)
Loan servicing expense	(9,567)	(10,130)	(9,222)
Other operating expenses	(9,237)	(6,743)	(7,650)
Total non-interest expense	(73,062)	(58,513)	(46,240)
Income (loss) from discontinued operations before benefit (provision) for income taxes	(24,532)	(3,779)	57,870
Income tax (provision) benefit	6,133	945	(14,258)
Net income (loss) from discontinued operations	$ (18,399)	$ (2,834)	$ 43,612

Secured Borrowings - Certain Ch

Secured Borrowings - Certain Characteristics (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Facility Size	$ 4,615,358
Consolidated Excluding VIEs
Line of Credit Facility [Line Items]
Securitized debt obligations of consolidated VIEs, net	2,035,176	$ 2,102,075
Asset pledged as collateral without right
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	3,091,885
Total borrowings under credit facilities and other financing agreements
Line of Credit Facility [Line Items]
Facility Size	573,312
Securitized debt obligations of consolidated VIEs, net	317,045	149,923
Total borrowings under credit facilities and other financing agreements | Loans and finance receivables
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	387,692	212,512
Total borrowings under credit facilities and other financing agreements | Asset pledged as collateral without right | Loans and finance receivables
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	387,692
Total borrowings under credit facilities and other financing agreements | SBA loans
Line of Credit Facility [Line Items]
Facility Size	285,000
Securitized debt obligations of consolidated VIEs, net	250,601	117,115
Total borrowings under credit facilities and other financing agreements | SBA loans | Asset pledged as collateral without right | Loans and finance receivables
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	$ 315,507
Total borrowings under credit facilities and other financing agreements | SBA loans | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	0.82%
Total borrowings under credit facilities and other financing agreements | SBA loans | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	2.84%
Total borrowings under credit facilities and other financing agreements | LMM loans - USD
Line of Credit Facility [Line Items]
Facility Size	$ 80,000
Securitized debt obligations of consolidated VIEs, net	35,931	20,729
Total borrowings under credit facilities and other financing agreements | LMM loans - USD | Asset pledged as collateral without right | Loans and finance receivables
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	$ 36,249
Total borrowings under credit facilities and other financing agreements | LMM loans - USD | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	1.35%
Total borrowings under credit facilities and other financing agreements | LMM loans - Non-USD
Line of Credit Facility [Line Items]
Facility Size	$ 208,312
Securitized debt obligations of consolidated VIEs, net	30,513	12,079
Total borrowings under credit facilities and other financing agreements | LMM loans - Non-USD | Asset pledged as collateral without right | Loans and finance receivables
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	$ 35,936
Total borrowings under credit facilities and other financing agreements | LMM loans - Non-USD | Euro Interbank Offered Rate (EURIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	3%
Total borrowings under repurchase agreements
Line of Credit Facility [Line Items]
Facility Size	$ 4,042,046
Securitized debt obligations of consolidated VIEs, net	1,718,131	1,952,152
Total borrowings under repurchase agreements | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	2,704,193	3,108,071
Total borrowings under repurchase agreements | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	2,704,193
Total borrowings under repurchase agreements | LMM loans - Non-USD
Line of Credit Facility [Line Items]
Facility Size	0
Securitized debt obligations of consolidated VIEs, net	0	45,031
Total borrowings under repurchase agreements | LMM loans - Non-USD | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	$ 0
Total borrowings under repurchase agreements | LMM loans - Non-USD | Euro Interbank Offered Rate (EURIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	3%
Total borrowings under repurchase agreements | LMM loans
Line of Credit Facility [Line Items]
Facility Size	$ 3,806,000
Securitized debt obligations of consolidated VIEs, net	1,482,085	1,677,885
Total borrowings under repurchase agreements | LMM loans | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	$ 2,245,847
Total borrowings under repurchase agreements | LMM loans | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	3.17%
Total borrowings under repurchase agreements | MBS
Line of Credit Facility [Line Items]
Interest rate (in percent)	7.59%
Facility Size	$ 236,046
Securitized debt obligations of consolidated VIEs, net	236,046	229,236
Total borrowings under repurchase agreements | MBS | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	21,729	$ 20,770
Total borrowings under repurchase agreements | MBS | Asset pledged as collateral without right | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	$ 458,346

Secured Borrowings - Collateral

Secured Borrowings - Collateral Pledged (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Secured borrowings
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	$ 3,091,885	$ 3,320,583
Total borrowings under credit facilities and other financing agreements | Loans and finance receivables
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	387,692	212,512
Total borrowings under credit facilities and other financing agreements | Loans, held for sale | Loans and finance receivables
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	36,249	43,365
Total borrowings under credit facilities and other financing agreements | Loans, net | Loans and finance receivables
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	351,443	169,147
Total borrowings under repurchase agreements | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	2,704,193	3,108,071
Total borrowings under repurchase agreements | Securities sold under agreements to repurchase | Real estate acquired in settlement of loans
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	127,828	160,455
Total borrowings under repurchase agreements | Loans, held for sale | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	81,708	9,349
Total borrowings under repurchase agreements | Loans, net | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	2,036,311	2,560,725
Total borrowings under repurchase agreements | MBS | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	21,729	20,770
Total borrowings under repurchase agreements | Retained Interest | Securities sold under agreements to repurchase
Line of Credit Facility [Line Items]
Carrying value, Pledged assets	$ 436,617	$ 356,772

Senior Secured Notes and Corp_3

Senior Secured Notes and Corporate Debt, net - Narrative (Details) - USD ($) $ in Thousands				12 Months Ended
	Aug. 19, 2024	Apr. 12, 2024	Oct. 20, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 20, 2021
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 4,615,358
Proceeds from secured borrowings				$ 2,102,388	$ 4,127,416	$ 7,770,435
4.50% Senior Secured Notes Due 2026
Debt Instrument [Line Items]
Interest rate (in percent)				4.50%
Debt instrument, face value				$ 350,000
4.50% Senior Secured Notes Due 2026 | ReadyCap Holdings LLC
Debt Instrument [Line Items]
Interest rate (in percent)			4.50%
Debt instrument, face value			$ 350,000
Repurchase price in the event of change of control (in percent)			101%
Term loan due 2029 | Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face value				$ 95,000
Maximum borrowing capacity		$ 115,250
Proceeds from secured borrowings	$ 20,000	$ 75,000
Basis spread on variable rate (in percent)		5.50%		5.50%
Basis spread on variable rate, loan rated below investment grade (in percent)		6.50%
Commitment fee (in percent)		1%
Term loan due 2029 | Credit Agreement | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		4.50%
Basis spread on variable rate, loan rated below investment grade (in percent)		5.50%
Corporate Debt
Debt Instrument [Line Items]
Repurchase price in the event of change of control (in percent)				101%
6.20% and 5.75% Senior Notes due 2026 | Maximum
Debt Instrument [Line Items]
Debt notes available for sale under at market issuance Sales agreement							$ 100,000
6.20% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate (in percent)				6.20%			6.20%
Debt instrument, face value				$ 104,614
5.75% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate (in percent)				5.75%			5.75%
Debt instrument, face value				$ 206,270

Senior Secured Notes and Corp_4

Senior Secured Notes and Corporate Debt, net - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 12, 2024	Dec. 31, 2024	Dec. 31, 2023	May 20, 2021
Debt Instrument [Line Items]
Total senior secured notes, net		$ 437,847	$ 345,127
Corporate debt, net		895,265	$ 764,908
Total carrying amount of debt		1,333,112
Senior Secured Notes
Debt Instrument [Line Items]
Total senior secured notes, net		$ 437,847
4.50% Senior Secured Notes Due 2026
Debt Instrument [Line Items]
Coupon Rate (in percent)		4.50%
Debt instrument, face value		$ 350,000
Unamortized discount		$ (2,456)
Term loan due 2029 | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	5.50%	5.50%
Debt instrument, face value		$ 95,000
Unamortized discount		(4,697)
Corporate Debt
Debt Instrument [Line Items]
Unamortized discount		(8,318)
Unamortized deferred financing costs		(3,551)
Corporate debt, net		$ 895,265
5.50% Senior Notes due 2028
Debt Instrument [Line Items]
Coupon Rate (in percent)		5.50%
Debt instrument, face value		$ 110,000
6.20% Senior Notes due 2026
Debt Instrument [Line Items]
Coupon Rate (in percent)		6.20%		6.20%
Debt instrument, face value		$ 104,614
5.75% Senior Notes due 2026
Debt Instrument [Line Items]
Coupon Rate (in percent)		5.75%		5.75%
Debt instrument, face value		$ 206,270
6.125% Senior Notes due 2025
Debt Instrument [Line Items]
Coupon Rate (in percent)		6.125%
Debt instrument, face value		$ 120,000
7.375% Senior Notes due in 2027
Debt Instrument [Line Items]
Coupon Rate (in percent)		7.375%
Debt instrument, face value		$ 100,000
5.00% Senior Notes due in 2026
Debt Instrument [Line Items]
Coupon Rate (in percent)		5%
Debt instrument, face value		$ 100,000
9.00% Senior Notes due 2029
Debt Instrument [Line Items]
Coupon Rate (in percent)		9%
Debt instrument, face value		$ 130,000
Junior Subordinated I-A Notes
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		3.10%
Debt instrument, face value		$ 15,000
Junior Subordinated I-B Notes
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		3.10%
Debt instrument, face value		$ 21,250

Senior Secured Notes and Corp_5

Senior Secured Notes and Corporate Debt, net - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 120,000
2026	760,884
2027	100,000
2028	110,000
2029	225,000
Thereafter	36,250
Total contractual amounts	1,352,134
Unamortized deferred financing costs, discounts, and premiums, net	(19,022)
Total carrying amount of debt	$ 1,333,112

Guaranteed Loan Financing - Nar

Guaranteed Loan Financing - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Guaranteed Investment Contract
Guaranteed Loan Financing [Line Items]
Loans held-for-investment pledged as security against guaranteed loan financing	$ 691	$ 845

Guaranteed Loan Financing - Sch

Guaranteed Loan Financing - Schedule of Guaranteed Loan Financing, Interest Rates And Maturity Dates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Guaranteed Loan Financing [Line Items]
Ending Balance	$ 691,118	$ 844,540
Guaranteed Investment Contract
Guaranteed Loan Financing [Line Items]
Ending Balance	$ 691,118	$ 844,540
Guaranteed Investment Contract | Weighted Average
Guaranteed Loan Financing [Line Items]
Interest rates (in percent)	8.69%	9.17%
Guaranteed Investment Contract | Minimum
Guaranteed Loan Financing [Line Items]
Interest rates (in percent)	1.45%	1.45%
Guaranteed Investment Contract | Maximum
Guaranteed Loan Financing [Line Items]
Interest rates (in percent)	10%	10.50%

Guaranteed Loan Financing - S_2

Guaranteed Loan Financing - Schedule of Contractual Maturities of Total Guaranteed Loan Financing Outstanding (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Guaranteed Loan Financing [Abstract]
2025	$ 226
2026	1,325
2027	5,857
2028	6,601
2029	10,964
Thereafter	666,145
Total	$ 691,118

Variable Interest Entities an_3

Variable Interest Entities and Securitization Activities - Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 143,803	$ 138,532	$ 147,399
Restricted cash	30,560	30,063	$ 48,146
Loans, net	8,308,210	10,631,485
Accrued interest	45,416	64,504
Other	11,416	27,144
Total Assets	5,175,295	6,897,145
Due to third parties	1,442	3,641
Accounts payable and other accrued liabilities	188,051	207,481
Total Liabilities	8,197,818	9,794,455
Consolidated VIEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	0	671
Restricted cash	8,411	93,240
Loans, net	4,930,061	6,611,325
Preferred equity investments	92,810	108,423
Accrued interest	140,607	80,098
Other	3,406	3,388
Total Assets	5,175,295	6,897,145
Securitized debt obligations of consolidated VIEs, net	3,580,513	5,068,453
Due to third parties	4,116	2,944
Accounts payable and other accrued liabilities	93	34
Total Liabilities	$ 3,584,722	$ 5,071,431

Variable Interest Entities an_4

Variable Interest Entities and Securitization Activities - Securitized Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Current Principal Balance	$ 9,033,690	$ 6,898,073
Consolidated VIEs
Variable Interest Entity [Line Items]
Current Principal Balance	3,603,451	5,122,620
Carrying value	$ 3,580,411	$ 5,066,833
Weighted Average Rate (in percent)	7.10%	6.90%
ReadyCap Lending Small Business Trust 2019-2
Variable Interest Entity [Line Items]
Current Principal Balance	$ 18,189	$ 32,175
Carrying value	$ 18,189	$ 32,175
Weighted Average Rate (in percent)	7.90%	7.60%
ReadyCap Lending Small Business Trust 2023-3
Variable Interest Entity [Line Items]
Current Principal Balance	$ 101,004	$ 121,527
Carrying value	$ 99,390	$ 119,308
Weighted Average Rate (in percent)	8.40%	8.50%
Sutherland Commercial Mortgage Trust 2017-SBC6
Variable Interest Entity [Line Items]
Current Principal Balance	$ 0	$ 1,550
Carrying value	$ 0	$ 1,532
Weighted Average Rate (in percent)	0%	5%
Sutherland Commercial Mortgage Trust 2019-SBC8
Variable Interest Entity [Line Items]
Current Principal Balance	$ 89,496	$ 105,281
Carrying value	$ 88,231	$ 103,733
Weighted Average Rate (in percent)	2.90%	2.90%
Sutherland Commercial Mortgage Trust 2021-SBC10
Variable Interest Entity [Line Items]
Current Principal Balance	$ 60,816	$ 81,214
Carrying value	$ 59,907	$ 79,952
Weighted Average Rate (in percent)	1.60%	1.60%
ReadyCap Commercial Mortgage Trust 2015-2
Variable Interest Entity [Line Items]
Current Principal Balance	$ 0	$ 1,902
Carrying value	$ 0	$ 1,753
Weighted Average Rate (in percent)	0%	5.10%
ReadyCap Commercial Mortgage Trust 2016-3
Variable Interest Entity [Line Items]
Current Principal Balance	$ 6,401	$ 9,038
Carrying value	$ 6,289	$ 8,723
Weighted Average Rate (in percent)	5.30%	5.20%
ReadyCap Commercial Mortgage Trust 2018-4
Variable Interest Entity [Line Items]
Current Principal Balance	$ 46,980	$ 53,052
Carrying value	$ 45,707	$ 51,309
Weighted Average Rate (in percent)	4.60%	4.50%
ReadyCap Commercial Mortgage Trust 2019-5
Variable Interest Entity [Line Items]
Current Principal Balance	$ 68,125	$ 88,520
Carrying value	$ 64,209	$ 83,529
Weighted Average Rate (in percent)	5%	4.70%
ReadyCap Commercial Mortgage Trust 2019-6
Variable Interest Entity [Line Items]
Current Principal Balance	$ 168,946	$ 199,379
Carrying value	$ 165,943	$ 195,496
Weighted Average Rate (in percent)	3.50%	3.40%
ReadyCap Commercial Mortgage Trust 2022-7
Variable Interest Entity [Line Items]
Current Principal Balance	$ 190,426	$ 195,866
Carrying value	$ 184,852	$ 188,995
Weighted Average Rate (in percent)	4.10%	4.20%
Ready Capital Mortgage Financing 2021-FL5
Variable Interest Entity [Line Items]
Current Principal Balance	$ 75,970	$ 273,681
Carrying value	$ 75,970	$ 273,623
Weighted Average Rate (in percent)	7.30%	6.60%
Ready Capital Mortgage Financing 2021-FL6
Variable Interest Entity [Line Items]
Current Principal Balance	$ 206,377	$ 417,782
Carrying value	$ 206,377	$ 416,467
Weighted Average Rate (in percent)	6.70%	6.40%
Ready Capital Mortgage Financing 2021-FL7
Variable Interest Entity [Line Items]
Current Principal Balance	$ 423,529	$ 586,117
Carrying value	$ 423,529	$ 583,771
Weighted Average Rate (in percent)	7%	6.70%
Ready Capital Mortgage Financing 2022-FL8
Variable Interest Entity [Line Items]
Current Principal Balance	$ 587,693	$ 808,671
Carrying value	$ 587,625	$ 805,220
Weighted Average Rate (in percent)	7.50%	7%
Ready Capital Mortgage Financing 2022-FL9
Variable Interest Entity [Line Items]
Current Principal Balance	$ 328,522	$ 511,622
Carrying value	$ 328,090	$ 505,917
Weighted Average Rate (in percent)	8.50%	8.10%
Ready Capital Mortgage Financing 2022-FL10
Variable Interest Entity [Line Items]
Current Principal Balance	$ 576,655	$ 654,116
Carrying value	$ 573,924	$ 646,141
Weighted Average Rate (in percent)	8.20%	7.80%
Ready Capital Mortgage Financing 2023-FL11
Variable Interest Entity [Line Items]
Current Principal Balance	$ 322,630	$ 473,481
Carrying value	$ 321,742	$ 468,307
Weighted Average Rate (in percent)	8.20%	8.20%
Ready Capital Mortgage Financing 2023-FL12
Variable Interest Entity [Line Items]
Current Principal Balance	$ 331,692	$ 507,646
Carrying value	$ 330,437	$ 500,882
Weighted Average Rate (in percent)	8.20%	8%

Variable Interest Entities an_5

Variable Interest Entities and Securitization Activities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current principal balance of non-company sponsored securitized loans	$ 0.1	$ 1.6

Variable Interest Entities an_6

Variable Interest Entities and Securitization Activities - Variable Interests In VIEs For Which The Company Is Not The Primary Beneficiary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Carrying Amount, MBS	$ 31,006	$ 27,436
Carrying Amount, Investment in unconsolidated joint ventures	161,561	133,321
Total Assets	10,141,921	12,441,217
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying Amount, MBS	28,233	26,301
Carrying Amount, Investment in unconsolidated joint ventures	161,561	133,321
Total Assets	189,794	159,622
Maximum Exposure to Loss, MBS	28,233	26,301
Maximum Exposure to Loss, Investment in unconsolidated joint venture	161,561	133,321
Maximum Exposure to Loss, Total assets in unconsolidated VIEs	$ 189,794	$ 159,622

Interest Income and Interest _3

Interest Income and Interest Expense - Schedule of Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income
Loans, net	$ 860,813	$ 930,572	$ 634,426
Loans, held for sale	18,404	2,899	8,590
Loans, held at fair value	753	0	0
Investments held to maturity	197	48	4,386
Preferred equity investments	12,817	7,854	10,445
MBS	3,991	4,441	5,370
Total interest income	896,975	945,814	663,217
Interest expense
Secured borrowings	(197,042)	(194,423)	(127,388)
PPPLF borrowings	(91)	(413)	(1,699)
Securitized debt obligations of consolidated VIEs	(353,483)	(405,013)	(185,047)
Guaranteed loan financing	(68,061)	(44,263)	(14,644)
Senior secured notes	(24,941)	(17,539)	(17,503)
Convertible note	0	(5,418)	(8,752)
Corporate debt	(52,837)	(49,399)	(37,327)
Total interest expense	(696,455)	(716,468)	(392,360)
Net interest income before provision for loan losses	200,520	229,346	270,857
Bridge
Interest income
Loans, net	554,723	654,670	414,308
Fixed rate
Interest income
Loans, net	46,894	50,706	54,998
Loans, held for sale	517	2,279	7,581
Construction
Interest income
Loans, net	106,383	93,483	28,234
Loans, held for sale	8,285	0	0
SBA - 7(a)
Interest income
Loans, net	121,108	88,205	43,571
Loans, held for sale	8,504	0	0
PPP
Interest income
Loans, net	635	10,350	54,518
Other
Interest income
Loans, net	31,070	33,158	38,797
Loans, held for sale	1,098	620	1,009
Loans, held at fair value	$ 753	$ 0	$ 0

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 457,376	$ 638,667
Derivative Asset	33,387	36,812
Derivative Liability	(352)	(212)
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	32,536	36,812
Derivative Liability	0
Interest rate swaps | Not Designated as Hedging Instrument | Interest rate risk
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	26,300	183,081
Derivative Asset	3,506	12,349
Derivative Liability	0	0
Interest rate swaps | Designated as Hedging Instrument | Interest rate risk
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	396,943	416,139
Derivative Asset	29,030	24,463
Derivative Liability	0	0
FX forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	851
Derivative Liability	(352)	(212)
FX forwards | Foreign exchange rate risk
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	34,133	39,447
Derivative Asset	851	0
Derivative Liability	$ (352)	$ (212)

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss)	$ 19,794	$ 20,847
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized gain (loss) on financial instruments and real estate owned	Net realized gain (loss) on financial instruments and real estate owned
Net Unrealized Gain (Loss)	$ (4,760)	$ (17,498)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net unrealized gain (loss) on financial instruments	Net unrealized gain (loss) on financial instruments
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss)	$ 18,882	$ 20,116
Net Unrealized Gain (Loss)	(4,760)	(17,482)
FX forwards
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss)	912	731
Net Unrealized Gain (Loss)	$ 0	$ (16)

Derivative Instruments - Sche_3

Derivative Instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total change in OCI for period	$ 871	$ (10,533)	$ (2,133)
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives - effective portion reclassified from AOCI to income	(1,094)	(1,168)
Derivatives - effective portion recorded in OCI	(223)	(11,701)
Total change in OCI for period	$ 871	$ (10,533)

Real Estate Owned, Held for S_3

Real Estate Owned, Held for Sale - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Total Acquired REO	$ 142,731	$ 212,630
Total Other REO	50,706	40,319
Total real estate owned, held for sale	193,437	252,949
Mixed Use
Real Estate [Line Items]
Total Acquired REO	13,159	8,535
Total Other REO	15,210	4,247
Multi-family
Real Estate [Line Items]
Total Acquired REO	18,000	73,745
Total Other REO	30,000	28,139
Lodging
Real Estate [Line Items]
Total Acquired REO	16,461	14,010
Residential
Real Estate [Line Items]
Total Acquired REO	250	23,064
Office
Real Estate [Line Items]
Total Acquired REO	3,750	6,901
Total Other REO	4,365	5,983
Land
Real Estate [Line Items]
Total Acquired REO	91,111	86,375
Other
Real Estate [Line Items]
Total Other REO	$ 1,131	$ 1,950

Real Estate Owned, Held for S_4

Real Estate Owned, Held for Sale - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Line Items]
Total Other REO		$ 50,706	$ 40,319
Broadmark Realty Capital, Inc.
Real Estate [Line Items]
Measurement period adjustments, real estate owned, held for sale	$ (23,671)
Consolidated VIEs
Real Estate [Line Items]
Total Other REO		$ 1,600	$ 1,900

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narrative (Details) - USD ($)		12 Months Ended
	Jul. 15, 2022	Dec. 31, 2024
Management agreement
Related-party transactions
Minimum vote for termination of agreement		66.70%
Minimum notice period for termination (in days)		180 days
Termination fee multiplier		3
Period immediately preceding the termination used as basis for determination of the termination fee due (in months)		24 months
Automatically renewal period (in years)		1 year
Waterfall Asset Management, LLC | Management fee | Related Party
Related-party transactions
Fee for results up to threshold (in percent)		1.50%
Fee threshold		$ 500,000,000
Fee for results in excess of threshold (in percent)		1%
Waterfall Asset Management, LLC | Inventive fee distribution | Related Party
Related-party transactions
Incentive multiplier (in percent)		15%
Percentage of Incentive fee multiplied by the weighted average of issue price (in percent)		8%
Minimum core earnings threshold		$ 0
Waterfall Atlas Fund, LP | Related Party
Related-party transactions
Commitment to invest into a parallel vehicle	$ 125,000,000
Distributions due as a percentage of carried interest distributions received by the General Partner (in percent)	15%
Incremental percentage by which the entity's internal rate of return is to exceed the investment internal rate of return (in percent)	1.50%
Cash contributions		92,000,000
Amount of investment contributions committed but not yet funded		$ 33,000,000

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Management Fee, Incentive Fee, And Reimbursable Expenses Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related-party transactions
Payable to related parties	$ 5,566	$ 7,038
Waterfall Asset Management, LLC | Management fee | Related Party
Related-party transactions
Total	24,900	25,100
Payable to related parties	5,500	7,000
Waterfall Asset Management, LLC | Inventive fee distribution | Related Party
Related-party transactions
Total	0	1,800
Payable to related parties	0	0
Waterfall Asset Management, LLC | Reimbursable expenses payable | Related Party
Related-party transactions
Total	12,300	12,400
Payable to related parties	$ 6,500	$ 6,200

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Composition Of Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other assets:
Goodwill	$ 49,501	$ 38,530
Deferred loan exit fees	27,811	32,271
Accrued interest	45,416	64,504
Due from servicers	7,039	20,780
Intangible assets	37,006	17,749
Receivable from third party	34,540	36,519
Deferred financing costs	8,053	9,544
Deferred tax asset	111,325	0
Tax receivable	1,654	3,069
Right-of-use lease asset	$ 7,362	$ 2,539
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
PPP receivables	$ 18,363	$ 34,597
Investments held to maturity	3,000	3,446
Purchased future receivables, net	0	9,483
Other	11,416	27,144
Other assets	362,486	300,175
Accounts payable and other accrued liabilities:
Accrued salaries, wages and commissions	39,565	33,961
Accrued interest payable	39,723	35,373
Servicing principal and interest payable	13,609	6,249
Deferred tax liability	0	32,977
Repair and denial reserve	7,359	6,974
Payable to related parties	5,566	7,038
PPP liabilities	20,892	36,182
Accrued professional fees	5,538	5,354
Lease payable	17,806	8,205
Liabilities of consolidated VIEs	4,209	12,698
Other	33,784	22,470
Total accounts payable and other accrued liabilities	$ 188,051	$ 207,481

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Investments held to maturity	$ 3,000	$ 3,446
Maturity term of held to maturity investments (in years) (less than as of September 30, 2024)	1 year
Weighted average interest rate of held to maturity investments (in percent)	10%	10%
Amortization expense	$ 4,600	$ 1,600
Minimum
Schedule of Held-to-Maturity Securities [Line Items]
Maturity term of held to maturity investments (in years) (less than as of September 30, 2024)		1 year
Maximum
Schedule of Held-to-Maturity Securities [Line Items]
Maturity term of held to maturity investments (in years) (less than as of September 30, 2024)		5 years

Other Assets and Other Liabil_5

Other Assets and Other Liabilities - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 49,501	$ 38,530
LMM Commercial Real Estate
Goodwill [Line Items]
Goodwill	27,324	27,324
Small Business Lending
Goodwill [Line Items]
Goodwill	$ 22,177	$ 11,206

Other Assets and Other Liabil_6

Other Assets and Other Liabilities - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ 11,043	$ 6,471
Net Carrying Value	33,506
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	48,049	24,220
Accumulated Amortization	11,043	6,471
Net Carrying Value	37,006	17,749
Trade name
Indefinite-Lived Intangible Assets [Line Items]
Unamortized intangible assets	2,500	2,500
SBA license
Indefinite-Lived Intangible Assets [Line Items]
Unamortized intangible assets	1,000	1,000
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,518	11,840
Accumulated Amortization	7,051	3,884
Net Carrying Value	13,467	7,956
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	7,051	3,884
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,332	6,800
Accumulated Amortization	1,474	865
Net Carrying Value	8,858	5,935
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	1,474	865
Broker network
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,200
Accumulated Amortization	1,700
Net Carrying Value	8,500
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	1,700
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,499	2,080
Accumulated Amortization	818	1,722
Net Carrying Value	2,681	358
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 818	$ 1,722

Other Assets and Other Liabil_7

Other Assets and Other Liabilities - Amortization Expense For Finite-Lived Intangible Assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 5,971
2026	5,296
2027	5,151
2028	4,125
2029	2,756
Thereafter	10,207
Net Carrying Value	$ 33,506

Other Income and Operating Ex_3

Other Income and Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Origination income	$ 20,544	$ 20,866	$ 15,672
Change in repair and denial reserve	(2,183)	3,229	6,977
ERC consulting income	3,887	53,622	9,410
Other	28,555	27,797	24,149
Total other income	50,803	105,514	56,208
Origination costs	16,975	7,345	12,906
Technology expense	11,478	7,430	6,164
Rent and property tax expense	7,613	5,001	4,519
Recruiting, training and travel expense	2,826	2,782	2,618
Marketing expense	2,005	1,120	706
Bad debt expense - ERC	4,190	8,447	0
Other	18,485	18,828	16,707
Total other operating expenses	$ 63,572	$ 50,953	$ 43,620

Redeemable Preferred Stock an_3

Redeemable Preferred Stock and Stockholders’ Equity - Dividends Declared (Details) - $ / shares	3 Months Ended					12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Dividends declared, common stock (in dollars per share)	$ 0.25	$ 0.25	$ 0.30	$ 0.30	$ 0.30	$ 1.10	$ 1.46	$ 1.66

Redeemable Preferred Stock an_4

Redeemable Preferred Stock and Stockholders’ Equity - Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Feb. 22, 2025 shares

Feb. 03, 2025 shares

Jan. 09, 2024 shares

Apr. 30, 2024 shares

Feb. 29, 2024 $ / shares shares

Jun. 30, 2023 $ / shares shares

Feb. 28, 2023 $ / shares shares

Feb. 28, 2022 $ / shares shares

Oct. 31, 2021 shares

Feb. 28, 2021 $ / shares shares

Dec. 31, 2024 USD ($) $ / shares shares

Sep. 30, 2024 USD ($) $ / shares shares

Jun. 30, 2024 USD ($) $ / shares shares

Mar. 31, 2024 USD ($) $ / shares shares

Dec. 31, 2024 USD ($) $ / shares shares

Dec. 31, 2023 USD ($) $ / shares shares

Dec. 31, 2022 USD ($) shares

Jan. 16, 2025 $ / shares

Nov. 19, 2024 shares

Aug. 22, 2023 shares

May 31, 2023 $ / shares

Jul. 09, 2021 USD ($) $ / shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Stock-based compensation | $

$ 8,119,000

$ 7,550,000

$ 7,495,000

Preferred stock, liquidation preference (in dollars per share) | $ / shares

$ 25

$ 25

$ 25

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

$ 0.0001

$ 0.0001

Subsequent Event

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

Equity ATM Program

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

Common stock, issued (in shares)

0

0

Value of remaining shares available for sale under the Equity ATM Program | $

$ 78,400,000

$ 78,400,000

Private Placement Warrants

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Warrants outstanding (in shares)

5,200,000

5,200,000

Number of securities called by each warrant or right (in shares)

0.47233

0.47233

Warrants

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of securities called by warrants or rights (in shares)

2,500,000

2,500,000

Price per whole share if all warrants redeemed (in dollars per share) | $ / shares

$ 24.34

$ 24.34

Public Warrants

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Warrants outstanding (in shares)

41,700,000

Number of expired securities called by warrants or rights (in shares)

0.1180825

Series C Preferred Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Preferred stock conversion ratio

1.6421

1.6421

Preferred stock principal amount used as basis for application of conversion ratio | $

$ 25

$ 25

Conversion price (in dollars per share) | $ / shares

$ 15.22

$ 15.22

Preferred stock dividends | $

$ 100,000

Preferred stock, liquidation preference (in dollars per share) | $ / shares

$ 25

$ 25

Series E Preferred Stock

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Preferred stock dividends | $

$ 1,900,000

Percentage of the liquidation preference at which the Company can choose to redeem

100%

Preferred stock, liquidation preference (in dollars per share) | $ / shares

$ 25

$ 25

Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

Time-Based Restricted Stock Awards (RSA) And Restricted Stock Units (RSUs) | Directors

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

126,930

75,639

45,162

Time-Based Restricted Stock Awards (RSA) | Employees

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

774,097

413,852

327,692

Vesting period (in years)

3 years

Time-Based Restricted Stock Awards (RSA) | Directors

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period (in years)

1 year

Restricted Stock Units (RSUs) | Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

736,666

Outstanding (in shares)

1,230

1,230

Restricted Stock Units (RSUs) And Restricted Stock Awards (RSAs)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

124,081

34,994

2,760

768,407

Outstanding (in shares)

996,549

969,947

1,008,094

1,131,360

996,549

747,808

Non-cash expense related to unvested awards not yet charged to net income | $

$ 10,248,000

$ 10,531,000

$ 10,896,000

$ 12,162,000

$ 10,248,000

$ 9,888,000

Granted (in dollars per share) | $ / shares

$ 8.18

$ 9.43

$ 9.06

$ 9.10

Forfeited (in shares)

17,348

24,161

65,872

58,937

Vested (in shares)

80,131

48,980

60,154

325,918

Performance Shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Forfeited (in shares)

18,568

2013 Equity Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Available for grant (in shares)

0

2013 Equity Incentive Plan | Performance Shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

92,451

84,566

61,895

Vesting period (in years)

3 years

3 years

Granted (in dollars per share) | $ / shares

$ 12.98

$ 14.19

$ 12.82

Forfeited (in shares)

8,809

Vested (in shares)

29,215

2013 Equity Incentive Plan | Performance Shares | Subsequent Event

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vested (in shares)

57,029

2013 Equity Incentive Plan | Performance Shares | Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

222,552

Granted (in dollars per share) | $ / shares

$ 10.11

2013 Equity Incentive Plan | Performance Shares | Broadmark Realty Capital, Inc. | Subsequent Event

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vested (in shares)

333,828

2013 Equity Incentive Plan | Performance Shares | Broadmark Realty Capital, Inc. | Share-Based Payment Arrangement, Tranche Two

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting percentage allocation (in percent)

33.30%

2013 Equity Incentive Plan | Performance Shares | Broadmark Realty Capital, Inc. | Share-Based Payment Arrangement, Tranche One

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting percentage allocation (in percent)

66.70%

2013 Equity Incentive Plan | Performance Shares, Percentage-Based | Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Allocation of award (in percent)

30%

2013 Equity Incentive Plan | Performance Shares, Volume-Based | Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Allocation of award (in percent)

15%

2013 Equity Incentive Plan | Performance Shares, Liquidity-Based | Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Allocation of award (in percent)

30%

2013 Equity Incentive Plan | Performance Shares, Return On Equity-Based

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period (in years)

3 years

3 years

Allocation of award (in percent)

50%

50%

2013 Equity Incentive Plan | Performance Shares, Return On Equity-Based | Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Allocation of award (in percent)

25%

2013 Equity Incentive Plan | Performance Shares, TSR-Based

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period (in years)

3 years

3 years

3 years

Allocation of award (in percent)

50%

50%

Vesting percentage allocation (in percent)

50%

2013 Equity Incentive Plan | Performance Shares, TSR-Based, Absolute

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period (in years)

3 years

Allocation of award (in percent)

50%

2023 Equity Incentive Plan | Performance Shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Granted (in shares)

132,450

Vesting period (in years)

3 years

Granted (in dollars per share) | $ / shares

$ 9.06

2023 Equity Incentive Plan | Performance Shares, Return On Equity-Based

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period (in years)

3 years

Allocation of award (in percent)

50%

2023 Equity Incentive Plan | Performance Shares, TSR-Based

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting period (in years)

3 years

Allocation of award (in percent)

50%

Minimum | 2013 Equity Incentive Plan | Performance Shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Target awards that may be achieved (in percent)

0%

0%

0%

Minimum | 2013 Equity Incentive Plan | Performance Shares | Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Target awards that may be achieved (in percent)

0%

Minimum | 2023 Equity Incentive Plan | Performance Shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Target awards that may be achieved (in percent)

0%

Maximum | Equity ATM Program

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common stock authorized to be sold under an Equity ATM Program | $

$ 150,000,000

Maximum | Private Placement Warrants

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Liability for warrants (less than) | $

$ 100,000

$ 100,000

Maximum | 2013 Equity Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Shares of common stock issued and outstanding on a fully diluted basis (in percent)

5%

Authorized (in shares)

5,500,000

Maximum | 2013 Equity Incentive Plan | Performance Shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Target awards that may be achieved (in percent)

200%

200%

300%

Maximum | 2013 Equity Incentive Plan | Performance Shares | Broadmark Realty Capital, Inc.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Target awards that may be achieved (in percent)

200%

Maximum | 2023 Equity Incentive Plan | Performance Shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Target awards that may be achieved (in percent)

200%

Redeemable Preferred Stock an_5

Redeemable Preferred Stock and Stockholders’ Equity - RSU and RSA Activity (Details) - Restricted Stock Units (RSUs) And Restricted Stock Awards (RSAs) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024
Number of shares
Beginning balance (in shares)	969,947	1,008,094	1,131,360	747,808	747,808
Granted (in shares)	124,081	34,994	2,760	768,407
Vested (in shares)	(80,131)	(48,980)	(60,154)	(325,918)
Forfeited (in shares)	(17,348)	(24,161)	(65,872)	(58,937)
Ending balance (in shares)	996,549	969,947	1,008,094	1,131,360	996,549
Grant date fair value
Beginning balance	$ 10,531	$ 10,896	$ 12,162	$ 9,888	$ 9,888
Granted	1,015	330	25	6,993
Vested	(1,115)	(450)	(592)	(4,110)
Forfeited	(183)	(245)	(699)	(609)
Ending balance	$ 10,248	$ 10,531	$ 10,896	$ 12,162	$ 10,248
Weighted-average grant date fair value (per share)
Beginning balance (in dollars per share)	$ 10.86	$ 10.81	$ 10.75	$ 13.22	$ 13.22
Granted (in dollars per share)	8.18	9.43	9.06	9.10
Vested (in dollars per share)	13.91	9.19	9.84	12.61
Forfeited (in dollars per share)	10.55	10.14	10.61	10.33
Ending balance (in dollars per share)	$ 10.28	$ 10.86	$ 10.81	$ 10.75	$ 10.28

Redeemable Preferred Stock an_6

Redeemable Preferred Stock and Stockholders’ Equity - Preferred Equity By Series (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Liquidation Preference (in dollars per share)	$ 25	$ 25
Carrying Value	$ 111,378	$ 111,378
Series C Preferred Stock
Class of Stock [Line Items]
Outstanding (in shares)	335
Issued (in shares)	335
Par Value (in dollars per share)	$ 0.0001
Liquidation Preference (in dollars per share)	$ 25
Rate per Annum (in percent)	6.25%
Annual Dividend (in dollars per share)	$ 1.56
Carrying Value	$ 8,361
Series E Preferred Stock
Class of Stock [Line Items]
Outstanding (in shares)	4,600,000
Issued (in shares)	4,600,000
Par Value (in dollars per share)	$ 0.0001
Liquidation Preference (in dollars per share)	$ 25
Rate per Annum (in percent)	6.50%
Annual Dividend (in dollars per share)	$ 1.63
Carrying Value	$ 111,378

Earnings per Share of Common _3

Earnings per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic Earnings
Net income (loss) from continuing operations	$ (411,999)	$ 351,245	$ 159,551
Less: Income attributable to non-controlling interest	5,357	8,960	8,900
Less: Income attributable to participating shares	9,125	9,284	9,561
Basic earnings - continuing operations	(426,481)	333,001	141,090
Basic earnings - discontinued operations	(18,399)	(2,834)	43,612
Diluted Earnings
Net income (loss) from continuing operations	(411,999)	351,245	159,551
Less: Net income attributable to non-controlling interest	5,357	8,960	8,900
Less: Income attributable to participating shares	9,125	9,284	9,561
Add: Expenses attributable to dilutive instruments	524	524	9,276
Diluted earnings - continuing operations	(425,957)	333,525	150,366
Diluted earnings - discontinued operations	$ (18,399)	$ (2,834)	$ 43,612
Number of Shares
Basic — Average shares outstanding	169,107,477	146,841,594	106,878,139
Effect of dilutive securities — Unvested participating shares	1,364,796	1,725,432	10,315,819
Diluted — Average shares outstanding	170,472,273	148,567,026	117,193,958
EPS Attributable to RC Common Stockholders:
Basic - Continuing operations (in dollars per share)	$ (2.52)	$ 2.27	$ 1.32
Basic - Discontinued operations (in dollars per share)	(0.11)	(0.02)	0.41
Total earnings per common share - basic (in dollars per share)	(2.63)	2.25	1.73
Diluted - Continuing operations (in dollars per share)	(2.52)	2.24	1.28
Diluted - Discontinued operations (in dollars per share)	(0.11)	(0.02)	0.37
Total earnings per common share - diluted (in dollars per share)	$ (2.63)	$ 2.22	$ 1.65

Earnings per Share of Common _4

Earnings per Share of Common Stock - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	885,582	1,330,582
Non-controlling Interests | Operating Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common shares issued for OP unit redeemed by a noncontrolling interest unit holder	1

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative asset, Balance in Consolidated Balance Sheets
Gross amounts Of Asset	$ 33,387	$ 36,812
Gross amounts offset	25,424	34,408
Balance in Consolidated Balance Sheets	7,963	2,404
Derivative asset, Gross amounts not offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received / Paid	0	0
Net Amount	7,963	2,404
Derivative liability, Balance in Consolidated Balance Sheets
Gross amounts of Liabilities	352	212
Balance in Consolidated Balance Sheets	352	212
Securities loaned, Balance in Consolidated Balance Sheets
Total, Gross amounts	2,056,420	2,138,323
Total, Gross amounts offset	0	0
Total, Balance in Consolidated Balance Sheets	2,056,420	2,138,323
Securities loaned, Gross amounts not offset in the Consolidated Balance Sheets
Total, Gross amounts not offset in the Consolidated Balance Sheets, Financial Instruments	2,053,538	2,136,671
Total, Gross amounts not offset in the Consolidated Balance Sheets, Cash Collateral Received / Paid	0	0
Total, Gross amounts not offset in the Consolidated Balance Sheets, Net Amount	2,882	1,652
Secured borrowings
Securities loaned, Balance in Consolidated Balance Sheets
Gross amounts of Liabilities	2,035,176	2,102,075
Gross amounts offset	0	0
Balance in Consolidated Balance Sheets	2,035,176	2,102,075
Securities loaned, Gross amounts not offset in the Consolidated Balance Sheets
Financial Instruments	2,035,176	2,102,075
Cash Collateral Received / Paid	0	0
Net Amount	0	0
PPPLF
Securities loaned, Balance in Consolidated Balance Sheets
Gross amounts of Liabilities	20,892	36,036
Gross amounts offset	0	0
Balance in Consolidated Balance Sheets	20,892	36,036
Securities loaned, Gross amounts not offset in the Consolidated Balance Sheets
Financial Instruments	18,362	34,596
Cash Collateral Received / Paid	0	0
Net Amount	2,530	1,440
FX forwards
Derivative asset, Balance in Consolidated Balance Sheets
Gross amounts Of Asset	851
Gross amounts offset	0
Balance in Consolidated Balance Sheets	851
Derivative asset, Gross amounts not offset in the Consolidated Balance Sheet
Financial Instruments	0
Cash Collateral Received / Paid	0
Net Amount	851
Derivative liability, Balance in Consolidated Balance Sheets
Gross amounts of Liabilities	352	212
Gross amounts offset	0	0
Balance in Consolidated Balance Sheets	352	212
Derivative liability, Gross amounts not offset in the Consolidated Balance Sheets
Financial Instruments	0	0
Cash Collateral Received / Paid	0	0
Net Amount	352	212
Interest rate swaps
Derivative asset, Balance in Consolidated Balance Sheets
Gross amounts Of Asset	32,536	36,812
Gross amounts offset	25,424	34,408
Balance in Consolidated Balance Sheets	7,112	2,404
Derivative asset, Gross amounts not offset in the Consolidated Balance Sheet
Financial Instruments	0	0
Cash Collateral Received / Paid	0	0
Net Amount	7,112	$ 2,404
Derivative liability, Balance in Consolidated Balance Sheets
Gross amounts of Liabilities	0
Gross amounts offset	0
Balance in Consolidated Balance Sheets	0
Derivative liability, Gross amounts not offset in the Consolidated Balance Sheets
Financial Instruments	0
Cash Collateral Received / Paid	0
Net Amount	$ 0

Commitments, Contingencies an_3

Commitments, Contingencies and Indemnifications (Details) - Commitments to Extend Credit - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments, contingencies and indemnifications
Loans, net	$ 444,838	$ 745,782
Loans, held for sale	28,566	19,327
Preferred equity investment	$ 0	$ 436

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Nondeductible excise tax the entity would be subject to if they fail to meet the minimum distributions requirement (in percent)	4%
Taxable term an entity would not be able to qualify as a REIT if qualification lapses (in years)	4 years
Net deferred tax assets	$ 111,325,000
Uncertain tax positions	0	$ 0
Domestic Tax Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards subject to expiration	300,700,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards subject to expiration	276,000,000
Broadmark Realty Capital, Inc.
Income Tax Contingency [Line Items]
Net deferred tax assets		$ 21,100,000
Broadmark Realty Capital, Inc. | Domestic Tax Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	33,500,000
Broadmark Realty Capital, Inc. | State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 93,800,000
Minimum
Income Tax Contingency [Line Items]
Taxable income distributed in the form of qualifying distributions (in percent)	90%
Maximum
Income Tax Contingency [Line Items]
Taxable income distributed in the form of qualifying distributions (in percent)	100%

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal income tax	$ 101	$ 1,605	$ 6,878
State and local income tax	(78)	214	1,588
Net current tax provision	23	1,819	8,466
Deferred
Federal income tax	(89,584)	4,314	6,976
State and local income tax	(14,951)	1,041	33
Net deferred tax provision (benefit)	(104,535)	5,355	7,009
Total income tax provision (benefit)	$ (104,512)	$ 7,174	$ 15,475

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. statutory tax	$ (108,467)	$ 75,268
State and local income tax	(11,487)	929
Income attributable to REIT	69,971	(69,019)
Income attributable to non-controlling interests	(718)	(1,789)
Permanent items	(29,508)	863
Valuation allowance	(21,085)	0
Other	(3,218)	922
Total income tax provision (benefit)	$ (104,512)	$ 7,174	$ 15,475
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. statutory tax (in percent)	21%	21%
State and local income tax (in percent)	2.20%	0.30%
Income attributable to REIT (in percent)	(13.50%)	(19.30%)
Income attributable to Non-controlling interests (in percent)	0.10%	(0.50%)
Permanent items (in percent)	5.70%	0.20%
Valuation allowance (in percent)	4.10%	0%
Other (in percent)	0.60%	0.30%
Effective income tax (benefit) (in percent)	20.20%	2%

Income Taxes - Schedule Of Defe

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 81,883	$ 22,153
Accruals	5,349	6,593
Depreciation and amortization	0	2,913
Goodwill	16,868	17,647
Compensation	599	119
Right of use asset	1,641	0
Stock Compensation	997	0
Loan / servicing rights balance	9,543	0
Other	642	45
Total deferred tax assets	117,522	49,470
Deferred tax liabilities:
Loan / servicing rights balance	0	50,844
Derivative instruments	0	56
Other taxable temporary difference	3,932	5,642
Depreciation and amortization	1,541	0
Unrealized gains	724	4,820
Total deferred tax liabilities	6,197	61,362
Valuation allowance	0	(21,085)
Net deferred tax assets	$ 111,325
Net deferred tax liabilities		$ (32,977)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segement	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments	2
Number of operating segments	2
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Unallocated assets | $	$ 368.3	$ 308.4	$ 148.1

Segment Reporting - Schedule Of

Segment Reporting - Schedule Of Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Interest income	$ 896,975	$ 945,814	$ 663,217
Interest expense	(696,455)	(716,468)	(392,360)
Net interest income before provision for loan losses	200,520	229,346	270,857
Provision for loan losses	(292,759)	(7,230)	(34,442)
Net interest income after provision for loan losses	(92,239)	222,116	236,415
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	(54,000)	65,008	53,764
Net unrealized gain (loss) on financial instruments	(14,991)	9,718	21,890
Valuation allowance, loans held for sale	(124,878)	0	0
Servicing income, net	16,556	21,161	11,428
Income (loss) on unconsolidated joint ventures	10,886	(905)	11,661
Other income	50,803	105,514	56,208
Total non-interest income (expense)	(101,765)	408,468	154,951
Non-interest expense
Professional fees	(26,887)	(34,738)	(17,302)
Loan servicing expense	(46,656)	(40,811)	(30,814)
Impairment loss on real estate owned, held for sale	(56,503)	(8,638)	(4,033)
Other operating expenses	(63,572)	(50,953)	(43,620)
Total non-interest expense	(322,507)	(272,165)	(216,340)
Income (loss) from continuing operations before benefit (provision) for income taxes	(516,511)	358,419	175,026
Gain on bargain purchase	13,859	207,972	0
Transaction related expenses	(10,118)	(17,764)	(13,633)
Total Assets	10,141,921	12,441,217
Nonrelated party
Non-interest expense
Employee compensation and benefits	(82,522)	(81,530)	(74,989)
Related Party
Non-interest expense
Employee compensation and benefits	(11,387)	(10,837)	(9,549)
Management fees – related party	(24,862)	(25,103)	(19,295)
Incentive fees – related party	0	(1,791)	(3,105)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Interest expense			(635)
Non-interest expense
Professional fees	(9,243)	(9,834)	(4,911)
Other operating expenses	(7,478)	(4,922)	(5,286)
Income (loss) from continuing operations before benefit (provision) for income taxes	(58,755)	130,374	(60,485)
Gain on bargain purchase	13,859	207,972
Transaction related expenses	(10,118)	(17,764)	(13,633)
Corporate, Non-Segment | Nonrelated party
Non-interest expense
Employee compensation and benefits	(20,913)	(18,184)	(13,620)
Corporate, Non-Segment | Related Party
Non-interest expense
Management fees – related party	(24,862)	(25,103)	(19,295)
Incentive fees – related party		(1,791)	(3,105)
Operating Segments
Segment Reporting Information [Line Items]
Interest income	896,975	945,814	663,217
Interest expense	(696,455)	(716,468)	(391,725)
Net interest income before provision for loan losses	200,520	229,346	271,492
Provision for loan losses	(292,759)	(7,230)	(34,442)
Net interest income after provision for loan losses	(92,239)	222,116	237,050
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	(54,000)	65,008	53,764
Net unrealized gain (loss) on financial instruments	(14,991)	9,718	21,890
Valuation allowance, loans held for sale	(124,878)
Servicing income, net	16,556	21,161	11,428
Income (loss) on unconsolidated joint ventures	10,886	(905)	11,661
Other income	46,029	103,051	55,378
Total non-interest income (expense)	(120,398)	198,033	154,121
Non-interest expense
Professional fees	(17,644)	(24,904)	(12,391)
Loan servicing expense	(46,656)	(40,811)	(30,814)
Impairment loss on real estate owned, held for sale	(56,503)	(8,638)	(4,033)
Other operating expenses	(51,320)	(43,568)	(37,504)
Total non-interest expense	(245,119)	(192,104)	(155,660)
Income (loss) from continuing operations before benefit (provision) for income taxes	(457,756)	228,045	235,511
Total Assets	9,485,988	11,678,218	11,033,712
Operating Segments | LMM Commercial Real Estate
Segment Reporting Information [Line Items]
Interest income	766,354	847,253	565,128
Interest expense	(598,846)	(650,624)	(364,343)
Net interest income before provision for loan losses	167,508	196,629	200,785
Provision for loan losses	(283,800)	(1,413)	(31,471)
Net interest income after provision for loan losses	(116,292)	195,216	169,314
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	(132,746)	34,072	21,813
Net unrealized gain (loss) on financial instruments	(20,588)	8,427	23,321
Valuation allowance, loans held for sale	(124,878)
Servicing income, net	5,759	5,819	4,623
Income (loss) on unconsolidated joint ventures	10,876	(905)	11,661
Other income	22,605	38,552	29,506
Total non-interest income (expense)	(238,972)	85,965	90,924
Non-interest expense
Professional fees	(4,963)	(5,369)	(7,030)
Loan servicing expense	(44,667)	(40,070)	(30,107)
Impairment loss on real estate owned, held for sale	(56,428)	(8,638)	(4,033)
Other operating expenses	(15,212)	(15,805)	(19,728)
Total non-interest expense	(148,230)	(103,776)	(91,270)
Income (loss) from continuing operations before benefit (provision) for income taxes	(503,494)	177,405	168,968
Total Assets	8,058,707	10,282,531	10,197,876
Operating Segments | Small Business Lending
Segment Reporting Information [Line Items]
Interest income	130,621	98,561	98,089
Interest expense	(97,609)	(65,844)	(27,382)
Net interest income before provision for loan losses	33,012	32,717	70,707
Provision for loan losses	(8,959)	(5,817)	(2,971)
Net interest income after provision for loan losses	24,053	26,900	67,736
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	78,746	30,936	31,951
Net unrealized gain (loss) on financial instruments	5,597	1,291	(1,431)
Valuation allowance, loans held for sale	0
Servicing income, net	10,797	15,342	6,805
Income (loss) on unconsolidated joint ventures	10	0	0
Other income	23,424	64,499	25,872
Total non-interest income (expense)	118,574	112,068	63,197
Non-interest expense
Professional fees	(12,681)	(19,535)	(5,361)
Loan servicing expense	(1,989)	(741)	(707)
Impairment loss on real estate owned, held for sale	(75)	0	0
Other operating expenses	(36,108)	(27,763)	(17,776)
Total non-interest expense	(96,889)	(88,328)	(64,390)
Income (loss) from continuing operations before benefit (provision) for income taxes	45,738	50,640	66,543
Total Assets	1,427,281	1,395,687	835,836
Operating Segments | Nonrelated party
Non-interest expense
Employee compensation and benefits	(71,857)	(73,301)	(69,963)
Operating Segments | Nonrelated party | LMM Commercial Real Estate
Non-interest expense
Employee compensation and benefits	(25,821)	(33,012)	(29,417)
Operating Segments | Nonrelated party | Small Business Lending
Non-interest expense
Employee compensation and benefits	(46,036)	(40,289)	(40,546)
Operating Segments | Related Party
Non-interest expense
Employee compensation and benefits	(1,139)	(882)	(955)
Operating Segments | Related Party | LMM Commercial Real Estate
Non-interest expense
Employee compensation and benefits	(1,139)	(882)	(955)
Operating Segments | Related Party | Small Business Lending
Non-interest expense
Employee compensation and benefits	$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 21, 2025	Jan. 16, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent event
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Subsequent Event
Subsequent event
Share repurchase program authorized amount		$ 150
Common stock, par value (in dollars per share)		$ 0.0001
Subsequent Event | Private Placement
Subsequent event
Aggregate principal amount	$ 220
Interest rate (in percent)	9.375%

Schedule IV - Schedule Of Mortg

Schedule IV - Schedule Of Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	8,422
Carrying Value	$ 8,549,836
UPB	9,031,581
UPB of loans subject to delinquent principal or interest	$ 757,557
First Mortgages
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	3,720
Carrying Value	$ 8,313,401
UPB	8,693,236
UPB of loans subject to delinquent principal or interest	$ 698,374
Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	4,702
Carrying Value	$ 236,435
UPB	338,345
UPB of loans subject to delinquent principal or interest	$ 59,183
Construction Loans, Mixed Use | First Mortgages individually More Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1
Interest Rate	13.10%
Carrying Value	$ 426,100
UPB	494,404
UPB of loans subject to delinquent principal or interest	$ 0
Bridge | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	255
Carrying Value	$ 5,160,410
UPB	5,413,832
UPB of loans subject to delinquent principal or interest	$ 503,348
Bridge | Minimum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5%
Bridge | Maximum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	13.80%
Fixed rate | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	182
Carrying Value	$ 885,417
UPB	891,675
UPB of loans subject to delinquent principal or interest	$ 49,640
Fixed rate | Minimum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	3.40%
Fixed rate | Maximum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	8.70%
Construction | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	48
Carrying Value	$ 329,484
UPB	351,820
UPB of loans subject to delinquent principal or interest	$ 80,853
Construction | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	3
Carrying Value	$ 32,084
UPB	105,821
UPB of loans subject to delinquent principal or interest	$ 29,427
Construction | Minimum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	9%
Construction | Minimum | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	9%
Construction | Maximum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	13%
Construction | Maximum | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	16%
Freddie Mac | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	10
Carrying Value	$ 36,248
UPB	35,931
UPB of loans subject to delinquent principal or interest	$ 0
Freddie Mac | Minimum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.30%
Freddie Mac | Maximum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	6.60%
SBA - 7(a) | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	2,204
Carrying Value	$ 1,127,727
UPB	1,153,555
UPB of loans subject to delinquent principal or interest	$ 59,295
SBA - 7(a) | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	4,252
Carrying Value	$ 181,716
UPB	193,551
UPB of loans subject to delinquent principal or interest	$ 12,322
SBA - 7(a) | Minimum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1%
SBA - 7(a) | Minimum | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	0%
SBA - 7(a) | Maximum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	11.30%
SBA - 7(a) | Maximum | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	15%
Other | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	1,020
Carrying Value	$ 348,015
UPB	352,019
UPB of loans subject to delinquent principal or interest	$ 5,238
Other | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Loan Count | loan	447
Carrying Value	$ 22,635
UPB	38,973
UPB of loans subject to delinquent principal or interest	$ 17,434
Other | Minimum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1%
Other | Minimum | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	1%
Other | Maximum | First Mortgages Individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	12%
Other | Maximum | Subordinated Mortgages individually Less Than 3%
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	29%

Schedule IV - Rollforward (Deta

Schedule IV - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 10,713,084	$ 10,007,232	$ 7,311,740
Origination of loan receivables	1,879,021	1,567,134	4,025,598
Purchases of loan receivables	77,573	42,148	669,137
Non-cash participations	39,855
Proceeds from disposition and principal payment of loan receivables	(3,633,718)	(2,359,299)	(2,385,492)
Loans acquired as part of merger transactions	8,167	764,367	412,745
Loan receivables from issuance of securitized debt obligation		689,079
Net realized gain (loss) on sale of loan receivables	(154,788)	25,330	12,218
Net unrealized gain (loss) on loan receivables	366	8,409	(19,675)
Gain on sale of agency loans	65,011
Accretion/amortization of discount, premium and other fees	23,360	34,245	14,618
Foreign currency gain (loss), net	(4,086)	2,645	(1,165)
Transfers	0	0	0
Transfers to real estate owned, held for sale	(86,990)	(56,900)	(1,598)
Provision for loan losses	(252,141)	(11,306)	(30,894)
Valuation allowance	(124,878)
Ending balance	8,549,836	10,713,084	10,007,232
Loans, net
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	10,631,485	9,883,497	6,994,728
Origination of loan receivables	826,095	1,005,137	3,303,318
Purchases of loan receivables	73,518	42,148	669,137
Non-cash participations	39,855
Proceeds from disposition and principal payment of loan receivables	(2,254,757)	(1,779,990)	(1,471,118)
Loans acquired as part of merger transactions	8,167	764,367	412,745
Loan receivables from issuance of securitized debt obligation		689,079
Net realized gain (loss) on sale of loan receivables	(9,166)	(9,661)	(9,281)
Net unrealized gain (loss) on loan receivables	3,631	(437)	(980)
Gain on sale of agency loans	(20,507)
Accretion/amortization of discount, premium and other fees	23,360	34,245	14,618
Foreign currency gain (loss), net	(4,086)	2,645	(1,165)
Transfers	(715,843)	68,661	3,987
Transfers to real estate owned, held for sale	(41,401)	(56,900)	(1,598)
Provision for loan losses	(252,141)	(11,306)	(30,894)
Valuation allowance	0
Ending balance	8,308,210	10,631,485	9,883,497
Loans, held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	81,599	123,735	317,012
Origination of loan receivables	1,052,926	561,997	722,280
Purchases of loan receivables	4,055	0	0
Non-cash participations	0
Proceeds from disposition and principal payment of loan receivables	(1,378,961)	(579,309)	(914,374)
Loans acquired as part of merger transactions	0	0	0
Loan receivables from issuance of securitized debt obligation		0
Net realized gain (loss) on sale of loan receivables	(145,622)	34,991	21,499
Net unrealized gain (loss) on loan receivables	(3,265)	8,846	(18,695)
Gain on sale of agency loans	85,518
Accretion/amortization of discount, premium and other fees	0	0	0
Foreign currency gain (loss), net	0	0	0
Transfers	715,843	(68,661)	(3,987)
Transfers to real estate owned, held for sale	(45,589)	0	0
Provision for loan losses	0	0	0
Valuation allowance	(124,878)
Ending balance	$ 241,626	$ 81,599	$ 123,735