Variable interest entities and securitization activities (Tables)

6 Months Ended

Jun. 30, 2020

Summary of information on securitized debt obligations

	June 30, 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	$	5,858	$	5,858	5.5	%	$	6,399	$	6,399	5.5	%
ReadyCap Lending Small Business Trust 2019-2		110,699		110,699	3.5			131,032		129,007	4.3
Sutherland Commercial Mortgage Trust 2017-SBC6		35,387		34,758	3.6			42,309		41,486	3.4
Sutherland Commercial Mortgage Trust 2018-SBC7		104,236		102,703	4.7			138,235		136,212	4.7
Sutherland Commercial Mortgage Trust 2019-SBC8		200,821		198,135	2.9			219,617		216,981	2.9
Sutherland Commercial Mortgage Trust 2020-SBC9		173,035		169,925	4.0			—		—	—
ReadyCap Commercial Mortgage Trust 2014-1		18,188		18,193	5.8			18,626		18,632	5.6
ReadyCap Commercial Mortgage Trust 2015-2		48,066		45,706	4.5			64,239		61,443	4.5
ReadyCap Commercial Mortgage Trust 2016-3		26,917		25,664	3.6			32,269		30,777	4.7
ReadyCap Commercial Mortgage Trust 2018-4		96,969		93,501	4.0			121,179		117,428	3.9
ReadyCap Commercial Mortgage Trust 2019-5		280,703		271,421	4.1			309,296		299,273	4.1
ReadyCap Commercial Mortgage Trust 2019-6		375,057		368,091	3.2			379,400		371,939	3.2
Ready Capital Mortgage Financing 2018-FL2		69,035		68,589	2.8			115,381		114,057	3.8
Ready Capital Mortgage Financing 2019-FL3		267,904		265,376	2.4			267,904		264,249	3.5
Ready Capital Mortgage Financing 2020-FL4		324,221		317,810	3.1			—		—	—
Total (1)	$	2,137,096	$	2,096,429	3.4	%	$	1,845,886	$	1,807,883	3.7	%

(1) Excludes non-company sponsored securitized debt obligations of $43.6 million and $7.3 million that are consolidated in the unaudited interim consolidated balance sheets as of June 30, 2020 and December 31, 2019, respectively.

Schedule of assets and liabilities for VIEs

(In Thousands)	June 30, 2020		December 31, 2019
Assets:
Cash and cash equivalents	$	20	$	23
Restricted cash		809		8,301
Loans, net		2,722,174		2,326,199
Loans, held for sale, at fair value		3,635		4,434
Real estate, held for sale		8,305		—
Due from servicers		11,248		27,964
Accrued interest		15,464		11,565
Total assets	$	2,761,655	$	2,378,486
Liabilities:
Securitized debt obligations of consolidated VIEs, net		2,140,009		1,815,154
Total liabilities	$	2,140,009	$	1,815,154

Unconsolidated VIEs

Schedule of assets and liabilities for VIEs

	Carrying Amount				Maximum Exposure to Loss (1)
(In Thousands)	June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Assets:
Mortgage backed securities, at fair value(2)	$	53,505	$	66,108	$	53,505	$	66,108
Investment in unconsolidated joint ventures		53,939		58,850		53,939		58,850
Total assets in unconsolidated VIEs	$	107,444	$	124,958	$	107,444	$	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.