January 31, 2019

Frederick Herbst
Chief Financial Officer
Ready Capital Corporation
1140 Avenue of the Americas, 7th Floor
New York, NY 10036

       Re: Sutherland Asset Management Corporation
           Form 10-K for the year ended December 31, 2017
           Filed March 16, 2018
           File No. 001-35808

Dear Mr. Herbst:

       We have reviewed your January 4, 2019 response to our comment letter and
have the
following comments. In some of our comments, we may ask you to provide us with
information
so we may better understand your disclosure.

       Please respond to these comments within ten business days by providing
the requested
information or advise us as soon as possible when you will respond. If you do
not believe our
comments apply to your facts and circumstances, please tell us why in your
response.

     After reviewing your response to these comments, we may have additional
comments. Unless we note otherwise, our references to prior comments are to
comments in our
December 21, 2018 letter.

Form 10-K for the year ended December 31, 2017

Return Information, page 80

1.    We note your response to comment 1. The reconciliation of Net Income to
Core Earnings
      on page 97 is for the years ended December 31, 2017, 2016 and 2015. The
non-GAAP
      measures based on Core Earnings on page 80 are for the quarter ended
December 31,
      2017. As previously requested, please include a reconciliation of Net
Income to Core
      Earnings for any period for which you present a non-GAAP measure based on
Core
      Earnings.
Non-GAAP Financial Measures, page 96

2.    We note your response to comment 2 and your explanation related to the
adjustment for
      unrealized gains and losses on MBS. As previously requested, please also
tell us and
 Frederick Herbst
Ready Capital Corporation
January 31, 2019
Page 2
         expand your definition in future filings to clarify why the realized
gain or loss on a
         particular category of MBS and the unrealized gain or loss on MSRs are
excluded from
         Core Earnings. Reference is made to Item 10(e) of Regulation S-K.
Consolidated Statements of Income, page 115

3.       We note your response to comment 4. Please tell us specifically why
you have 1)
         included realized and unrealized gains and losses of residential
mortgage loans held for
         sale, at fair value and unrealized gains (loss) on IRLCs and other
derivatives with non-
         interest income rather than with realized and unrealized gains below
non-interest expense,
         2) characterized loan origination fee income on residential mortgage
loans as non-interest
         income rather than as interest income (see Rule 9-04.1 of Regulation
S-X) and 3)
         characterized correspondent fees and other direct loan expenses,
including provision for
         loan indemnification as a reduction of non-interest income rather than
as non-interest
         expense. Please refer to Rule 9-04 of Regulation S-X.
        You may contact Kristi Marrone at (202) 551-3429 or Jennifer Monick at
(202) 551-3295
if you have questions regarding comments on the financial statements and
related matters.



                                                              Sincerely,
FirstName LastNameFrederick Herbst
                                                              Division of
Corporation Finance
Comapany NameReady Capital Corporation
                                                              Office of Real
Estate and
January 31, 2019 Page 2                                       Commodities
FirstName LastName