Variable interest entities and securitization activities (Tables)

3 Months Ended

Mar. 31, 2020

Summary of information on securitized debt obligations

	March 31, 2020						December 31, 2019
	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	$	6,131	$	6,131	5.5	%	$	6,399	$	6,399	5.5	%
ReadyCap Lending Small Business Trust 2019-2		117,876		117,876	4.3			131,032		129,007	4.3
Sutherland Commercial Mortgage Trust 2017-SBC6		38,679		37,958	3.5			42,309		41,486	3.4
Sutherland Commercial Mortgage Trust 2018-SBC7		114,938		113,166	4.7			138,235		136,212	4.7
Sutherland Commercial Mortgage Trust 2019-SBC8		210,516		207,679	2.9			219,617		216,981	2.9
ReadyCap Commercial Mortgage Trust 2014-1		18,406		18,411	5.8			18,626		18,632	5.6
ReadyCap Commercial Mortgage Trust 2015-2		60,344		57,772	4.5			64,239		61,443	4.5
ReadyCap Commercial Mortgage Trust 2016-3		27,295		25,927	3.6			32,269		30,777	4.7
ReadyCap Commercial Mortgage Trust 2018-4		114,670		111,058	3.9			121,179		117,428	3.9
ReadyCap Commercial Mortgage Trust 2019-5		282,994		273,342	4.1			309,296		299,273	4.1
ReadyCap Commercial Mortgage Trust 2019-6		378,765		371,539	3.2			379,400		371,939	3.2
Ready Capital Mortgage Financing 2018-FL2		80,042		79,202	3.3			115,381		114,057	3.8
Ready Capital Mortgage Financing 2019-FL3		267,904		264,837	3.0			267,904		264,249	3.5
Total (1)	$	1,718,560	$	1,684,898	3.6	%	$	1,845,886	$	1,807,883	3.7	%

(1) Excludes non-company sponsored securitized debt obligations of $7.2 million and $7.3 million that are consolidated in the unaudited interim consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively.

Schedule of assets and liabilities for VIEs

(In Thousands)	March 31, 2020		December 31, 2019
Assets:
Cash and cash equivalents	$	20	$	23
Restricted cash		8,538		8,301
Loans, net		2,195,177		2,326,199
Loans, held for sale, at fair value		4,017		4,434
Due from servicers		10,279		27,964
Accrued interest		11,486		11,565
Total assets	$	2,229,517	$	2,378,486
Liabilities:
Securitized debt obligations of consolidated VIEs, net		1,692,074		1,815,154
Total liabilities	$	1,692,074	$	1,815,154

Unconsolidated VIEs

Schedule of assets and liabilities for VIEs

	Carrying Amount				Maximum Exposure to Loss (1)
(In Thousands)	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Assets:
Mortgage backed securities, at fair value(2)	$	55,685	$	66,108	$	55,685	$	66,108
Investment in unconsolidated joint ventures		53,379		58,850		53,379		58,850
Total assets in unconsolidated VIEs	$	109,064	$	124,958	$	109,064	$	124,958
(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.