Variable interest entities and securitization activities (Tables)

9 Months Ended

Sep. 30, 2019

Summary of information on securitized debt obligations

	September 30, 2019						December 31, 2018
	Current				Weighted		Current				Weighted
	Principal		Carrying		Average		Principal		Carrying		Average
(In Thousands)	Balance		value		Interest Rate		Balance		value		Interest Rate
Waterfall Victoria Mortgage Trust 2011-SBC2	$	8,368	$	8,368	5.5	%	$	12,226	$	12,226	5.4	%
ReadyCap Lending Small Business Trust 2015-1		—		—	—			3,397		1,180	3.4
Sutherland Commercial Mortgage Trust 2017-SBC6		48,706		47,800	3.4			69,764		68,574	3.3
Sutherland Commercial Mortgage Trust 2018-SBC7		158,891		156,651	4.7			205,451		202,491	4.7
Sutherland Commercial Mortgage Trust 2019-SBC8		231,121		228,373	2.9			—		—	—
ReadyCap Commercial Mortgage Trust 2014-1		24,857		24,863	5.6			36,108		36,129	4.5
ReadyCap Commercial Mortgage Trust 2015-2		83,138		80,139	4.4			110,497		106,755	4.2
ReadyCap Commercial Mortgage Trust 2016-3		39,211		37,616	4.2			63,945		62,053	3.7
ReadyCap Commercial Mortgage Trust 2018-4		135,693		131,799	3.9			144,701		140,314	3.9
ReadyCap Commercial Mortgage Trust 2019-5		346,882		336,516	4.1			—		—	—
Ready Capital Mortgage Financing 2017-FL1		—		—	—			63,615		61,902	3.7
Ready Capital Mortgage Financing 2018-FL2		142,018		140,128	3.8			217,057		213,743	3.4
Ready Capital Mortgage Financing 2019-FL3		267,904		263,739	3.8			—		—	—
Bear Stearns Commercial Mortgage 2005-TOP20		9,337		9,547	5.7			—		—	—
Total	$	1,496,126	$	1,465,539	3.9	%	$	926,761	$	905,367	4.0	%

Schedule of assets and liabilities for VIEs

(In Thousands)	September 30, 2019		December 31, 2018
Assets:
Cash and cash equivalents	$	96	$	—
Restricted cash		7,012		11,643
Loans, net		1,928,533		1,220,974
Loans, held for sale, at fair value		3,075		—
Real estate acquired in settlement of loans		—		176
Accrued interest		10,423		6,750
Due from servicers		11,988		11,514
Total assets	$	1,961,127	$	1,251,057
Liabilities:
Securitized debt obligations of consolidated VIEs, net		1,465,539		905,367
Total liabilities	$	1,465,539	$	905,367

Unconsolidated VIEs

Schedule of assets and liabilities for VIEs

	Carrying Amount				Maximum Exposure to Loss (1)
(In Thousands)	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
Assets:
Mortgage backed securities, at fair value(2)	$	69,481	$	75,591	$	69,481	$	75,591
Investment in unconsolidated joint ventures		55,663		33,438		55,663		33,438
Total assets in unconsolidated VIEs	$	125,144	$	109,029	$	125,144	$	109,029
(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 Freddie Mac sponsored securitizations.