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Variable interest entities and securitization activities (Tables)

9 Months Ended

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.