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Variable interest entities and securitization activities (Tables)

6 Months Ended

Jun. 30, 2022

Consolidated VIEs

Variable interest entities

Summary of information on securitized debt obligations


		June 30, 2022									December 31, 2021
		Current						Weighted			Current						Weighted
		Principal			Carrying			Average			Principal			Carrying			Average
(in thousands)		Balance			value			Interest Rate			Balance			value			Interest Rate
ReadyCap Lending Small Business Trust 2019-2		$	61,955		$	61,186		2.9	%		$	79,294		$	78,268		2.6	%
Sutherland Commercial Mortgage Trust 2017-SBC6			12,118			11,942		4.2				16,729			16,471		3.8
Sutherland Commercial Mortgage Trust 2019-SBC8			132,514			130,490		2.9				145,351			143,153		2.9
Sutherland Commercial Mortgage Trust 2020-SBC9			—			—		4.2				86,680			85,459		4.1
Sutherland Commercial Mortgage Trust 2021-SBC10			126,622			124,681		1.6				159,745			157,483		1.6
ReadyCap Commercial Mortgage Trust 2014-1			4,490			4,481		5.7				6,770			6,756		5.7
ReadyCap Commercial Mortgage Trust 2015-2			8,219			7,353		5.1				17,598			15,960		5.1
ReadyCap Commercial Mortgage Trust 2016-3			14,639			13,940		5.1				19,106			18,285		4.9
ReadyCap Commercial Mortgage Trust 2018-4			66,422			64,057		4.3				81,379			78,751		4.1
ReadyCap Commercial Mortgage Trust 2019-5			131,205			124,521		4.5				150,547			143,204		4.3
ReadyCap Commercial Mortgage Trust 2019-6			226,638			221,514		3.3				269,315			263,752		3.2
ReadyCap Commercial Mortgage Trust 2022-7			203,848			195,354		4.2				—			—		—
Ready Capital Mortgage Financing 2019-FL3			67,982			67,982		2.4				92,930			92,921		1.6
Ready Capital Mortgage Financing 2020-FL4			242,860			240,679		3.5				304,157			300,832		3.1
Ready Capital Mortgage Financing 2021-FL5			468,871			465,426		1.8				506,721			501,697		1.5
Ready Capital Mortgage Financing 2021-FL6			543,133			537,542		1.7				543,223			536,270		1.3
Ready Capital Mortgage Financing 2021-FL7			752,598			745,361		2.0				753,314			744,449		1.6
Ready Capital Mortgage Financing 2022-FL8			913,675			905,124		2.4				—			—		—
Ready Capital Mortgage Financing 2022-FL9			612,809			598,908		4.7				—			—		—
Total		$	4,590,598		$	4,520,541		2.8	%		$	3,232,859		$	3,183,711		2.2	%

Schedule of assets and liabilities for VIEs


(in thousands)		June 30, 2022			December 31, 2021
Assets:
Cash and cash equivalents		$	4,195		$	9,041
Restricted cash			48,177			33,187
Loans, net			5,804,288			4,081,848
Investments held to maturity			108,423			—
Other assets			31,136			21,488
Total assets		$	5,996,219		$	4,145,564
Liabilities:
Securitized debt obligations of consolidated VIEs, net			4,533,789			3,214,303
Due to third parties			4,963			—
Accounts payable and other accrued liabilities			9			—
Total liabilities		$	4,538,761		$	3,214,303

Unconsolidated VIEs

Variable interest entities

Schedule of assets and liabilities for VIEs


		Carrying Amount						Maximum Exposure to Loss⁽¹⁾
(in thousands)		June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
MBS, at fair value⁽²⁾		$	25,632		$	80,756		$	25,632		$	80,756
Investment in unconsolidated joint ventures			223,316			74,334			223,316			74,334
Total assets in unconsolidated VIEs		$	248,948		$	155,090		$	248,948		$	155,090
(1) Maximum exposure to loss is limited to the greater of the fair value or carrying value of the assets as of the consolidated balance sheet date.
(2) Retained interest in other third party sponsored securitizations.