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Variable interest entities and securitization activities (Tables) | 9 Months Ended
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Sep. 30, 2022
Consolidated VIEs |
Variable interest entities |
Summary of information on securitized debt obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 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 | ​ | $ | 55,221 | ​ | $ | 54,580 | ​ | 3.4 | % | ​ | $ | 79,294 | ​ | $ | 78,268 | ​ | 2.6 | %
Sutherland Commercial Mortgage Trust 2017-SBC6 | ​ | ​ | 9,722 | ​ | ​ | 9,581 | ​ | 4.3 | ​ | ​ | ​ | 16,729 | ​ | ​ | 16,471 | ​ | 3.8 | ​
Sutherland Commercial Mortgage Trust 2019-SBC8 | ​ | ​ | 127,529 | ​ | ​ | 125,589 | ​ | 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 | ​ | ​ | 115,881 | ​ | ​ | 114,086 | ​ | 1.6 | ​ | ​ | ​ | 159,745 | ​ | ​ | 157,483 | ​ | 1.6 | ​
ReadyCap Commercial Mortgage Trust 2014-1 | ​ |  | — | ​ | ​ | — | ​ | 5.7 | ​ | ​ |  | 6,770 | ​ | ​ | 6,756 | ​ | 5.7 | ​
ReadyCap Commercial Mortgage Trust 2015-2 | ​ |  | 2,873 | ​ | ​ | 2,462 | ​ | 5.1 | ​ | ​ |  | 17,598 | ​ | ​ | 15,960 | ​ | 5.1 | ​
ReadyCap Commercial Mortgage Trust 2016-3 | ​ |  | 12,602 | ​ | ​ | 11,965 | ​ | 5.1 | ​ | ​ |  | 19,106 | ​ | ​ | 18,285 | ​ | 4.9 | ​
ReadyCap Commercial Mortgage Trust 2018-4 | ​ | ​ | 62,811 | ​ | ​ | 60,572 | ​ | 4.3 | ​ | ​ | ​ | 81,379 | ​ | ​ | 78,751 | ​ | 4.1 | ​
ReadyCap Commercial Mortgage Trust 2019-5 | ​ | ​ | 117,304 | ​ | ​ | 110,939 | ​ | 4.5 | ​ | ​ | ​ | 150,547 | ​ | ​ | 143,204 | ​ | 4.3 | ​
ReadyCap Commercial Mortgage Trust 2019-6 | ​ | ​ | 216,964 | ​ | ​ | 212,054 | ​ | 3.3 | ​ | ​ | ​ | 269,315 | ​ | ​ | 263,752 | ​ | 3.2 | ​
ReadyCap Commercial Mortgage Trust 2022-7 | ​ | ​ | 203,257 | ​ | ​ | 194,932 | ​ | 4.2 | ​ | ​ | ​ | — | ​ | ​ | — | ​ | — | ​
Ready Capital Mortgage Financing 2019-FL3 | ​ | ​ | 59,556 | ​ | ​ | 59,556 | ​ | 3.0 | ​ | ​ | ​ | 92,930 | ​ | ​ | 92,921 | ​ | 1.6 | ​
Ready Capital Mortgage Financing 2020-FL4 | ​ | ​ | 236,085 | ​ | ​ | 234,384 | ​ | 4.1 | ​ | ​ | ​ | 304,157 | ​ | ​ | 300,832 | ​ | 3.1 | ​
Ready Capital Mortgage Financing 2021-FL5 | ​ | ​ | 444,208 | ​ | ​ | 441,474 | ​ | 2.4 | ​ | ​ | ​ | 506,721 | ​ | ​ | 501,697 | ​ | 1.5 | ​
Ready Capital Mortgage Financing 2021-FL6 | ​ | ​ | 542,990 | ​ | ​ | 538,070 | ​ | 2.2 | ​ | ​ | ​ | 543,223 | ​ | ​ | 536,270 | ​ | 1.3 | ​
Ready Capital Mortgage Financing 2021-FL7 | ​ | ​ | 752,104 | ​ | ​ | 745,738 | ​ | 2.5 | ​ | ​ | ​ | 753,314 | ​ | ​ | 744,449 | ​ | 1.6 | ​
Ready Capital Mortgage Financing 2022-FL8 | ​ | ​ | 913,675 | ​ | ​ | 906,004 | ​ | 3.0 | ​ | ​ | ​ | — | ​ | ​ | — | ​ | — | ​
Ready Capital Mortgage Financing 2022-FL9 | ​ | ​ | 612,055 | ​ | ​ | 599,117 | ​ | 5.1 | ​ | ​ | ​ | — | ​ | ​ | — | ​ | — | ​
Total | ​ | $ | 4,484,837 |  | $ | 4,421,103 | ​ | 3.2 | % |  | $ | 3,232,859 |  | $ | 3,183,711 | ​ | 2.2 | %
Schedule of assets and liabilities for VIEs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | September 30, 2022 |  | December 31, 2021
Assets: | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | $ | 1,247 |  | $ | 9,041
Restricted cash |  | ​ | 52,339 | ​ | ​ | 33,187
Loans, net | ​ | ​ | 5,683,307 | ​ | ​ | 4,081,848
Investments held to maturity | ​ | ​ | 108,423 | ​ | ​ | —
Other assets | ​ | ​ | 38,058 | ​ | ​ | 21,488
Total assets | ​ | $ | 5,883,374 | ​ | $ | 4,145,564
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Securitized debt obligations of consolidated VIEs, net | ​ | ​ | 4,429,846 | ​ | ​ | 3,214,303
Due to third parties | ​ | ​ | 4,120 | ​ | ​ | —
Accounts payable and other accrued liabilities | ​ | ​ | 9 | ​ | ​ | —
Total liabilities | ​ | $ | 4,433,975 | ​ | $ | 3,214,303
Unconsolidated VIEs |
Variable interest entities |
Schedule of assets and liabilities for VIEs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Carrying Amount |  | Maximum Exposure to Loss (1)
(in thousands) | ​ | September 30, 2022 | ​ | December 31, 2021 | ​ | September 30, 2022 | ​ | December 31, 2021
MBS, at fair value(2) |  | $ | 24,344 | ​ | $ | 80,756 |  | $ | 24,344 | ​ | $ | 80,756
Investment in unconsolidated joint ventures | ​ | ​ | 112,776 | ​ | ​ | 74,334 | ​ | ​ | 112,776 | ​ | ​ | 74,334
Total assets in unconsolidated VIEs | ​ | $ | 137,120 | ​ | $ | 155,090 | ​ | $ | 137,120 | ​ | $ | 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.

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