Variable interest entities and securitization activities (Tables)

12 Months Ended

Dec. 31, 2020

Consolidated VIEs

Variable interest entities

Summary of information on securitized debt obligations

	December 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	$	4,055	$	4,055	5.5	%	$	6,399	$	6,399	5.5	%
ReadyCap Lending Small Business Trust 2019-2		103,030		101,468	3.1			131,032		129,007	4.3
Sutherland Commercial Mortgage Trust 2017-SBC6		27,035		26,555	3.6			42,309		41,486	3.4
Sutherland Commercial Mortgage Trust 2018-SBC7		79,302		78,168	4.7			138,235		136,212	4.7
Sutherland Commercial Mortgage Trust 2019-SBC8		178,911		176,307	2.9			219,617		216,981	2.9
Sutherland Commercial Mortgage Trust 2020-SBC9		131,729		129,014	3.8			—		—	—
ReadyCap Commercial Mortgage Trust 2014-1		10,880		10,858	5.8			18,626		18,632	5.6
ReadyCap Commercial Mortgage Trust 2015-2		45,075		35,183	4.8			64,239		61,443	4.5
ReadyCap Commercial Mortgage Trust 2016-3		26,371		25,286	4.7			32,269		30,777	4.7
ReadyCap Commercial Mortgage Trust 2018-4		94,273		91,098	4.0			121,179		117,428	3.9
ReadyCap Commercial Mortgage Trust 2019-5		229,232		220,605	4.2			309,296		299,273	4.1
ReadyCap Commercial Mortgage Trust 2019-6		359,266		348,773	3.2			379,400		371,939	3.2
Ready Capital Mortgage Financing 2018-FL2		48,979		48,975	2.4			115,381		114,057	3.8
Ready Capital Mortgage Financing 2019-FL3		229,440		227,950	2.0			267,904		264,249	3.5
Ready Capital Mortgage Financing 2020-FL4		324,219		318,385	3.1			—		—	—
Total (1)	$	1,891,797	$	1,842,680	3.3	%	$	1,845,886	$	1,807,883	3.7	%

(1) Excludes non-company sponsored securitized debt obligations of $63.1 million and $7.3 million that are consolidated in the consolidated balance sheets as of December 31, 2020 and December 31, 2019, respectively.

Schedule of assets and liabilities for VIEs

(In Thousands)	December 31, 2020		December 31, 2019
Assets:
Cash and cash equivalents	$	20	$	23
Restricted cash		13,790		8,301
Loans, net		2,472,807		2,326,199
Loans, held for sale, at fair value		—		4,434
Real estate, held for sale		4,456		—
Due from servicers		10,995		27,964
Accrued interest		16,675		11,565
Total assets	$	2,518,743	$	2,378,486
Liabilities:
Securitized debt obligations of consolidated VIEs, net		1,905,749		1,815,154
Total liabilities	$	1,905,749	$	1,815,154

Unconsolidated VIEs

Variable interest entities

Schedule of assets and liabilities for VIEs

	Carrying Amount				Maximum Exposure to Loss (1)
(In Thousands)	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Mortgage backed securities, at fair value(2)	$	80,690	$	66,108	$	80,690	$	66,108
Investment in unconsolidated joint ventures		28,290		58,850		28,290		58,850
Total assets in unconsolidated VIEs	$	108,980	$	124,958	$	108,980	$	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.