Variable interest entities and securitization activities (Tables)

3 Months Ended

Mar. 31, 2021

Consolidated VIEs

Variable interest entities

Summary of information on securitized debt obligations

	March 31, 2021						December 31, 2020
	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	$	2,869	$	2,869	5.5	%	$	4,055	$	4,055	5.5	%
ReadyCap Lending Small Business Trust 2019-2		103,030		97,078	2.6			103,030		101,468	3.1
Sutherland Commercial Mortgage Trust 2017-SBC6		24,747		24,334	3.7			27,035		26,555	3.6
Sutherland Commercial Mortgage Trust 2018-SBC7		—		—	—			79,302		78,168	4.7
Sutherland Commercial Mortgage Trust 2019-SBC8		170,678		168,180	2.9			178,911		176,307	2.9
Sutherland Commercial Mortgage Trust 2020-SBC9		124,621		122,129	3.9			131,729		129,014	3.8
ReadyCap Commercial Mortgage Trust 2014-1		10,703		10,681	5.7			10,880		10,858	5.8
ReadyCap Commercial Mortgage Trust 2015-2		35,894		33,864	5.1			45,075		35,183	4.8
ReadyCap Commercial Mortgage Trust 2016-3		26,083		25,068	4.8			26,371		25,286	4.7
ReadyCap Commercial Mortgage Trust 2018-4		89,739		86,702	4.1			94,273		91,098	4.0
ReadyCap Commercial Mortgage Trust 2019-5		225,934		217,636	4.2			229,232		220,605	4.2
ReadyCap Commercial Mortgage Trust 2019-6		348,901		342,606	3.2			359,266		348,773	3.2
Ready Capital Mortgage Financing 2018-FL2		—		—	—			48,979		48,975	2.4
Ready Capital Mortgage Financing 2019-FL3		202,993		202,043	1.5			229,440		227,950	2.0
Ready Capital Mortgage Financing 2020-FL4		324,215		319,075	3.0			324,219		318,385	3.1
Ready Capital Mortgage Financing 2021-FL5		461,432		503,583	1.5			—		—	—
Total (1)	$	2,151,839	$	2,155,848	2.9	%	$	1,891,797	$	1,842,680	3.3	%
(1) Excludes non-company sponsored securitized debt obligations of $56.1 million and $63.1 million that are consolidated in the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively.

Schedule of assets and liabilities for VIEs

(In Thousands)	March 31, 2021		December 31, 2020
Assets:
Cash and cash equivalents	$	14	$	20
Restricted cash		631		13,790
Loans, net		2,877,837		2,472,807
Real estate, held for sale		2,778		4,456
Other assets		17,467		27,670
Total assets	$	2,898,727	$	2,518,743
Liabilities:
Securitized debt obligations of consolidated VIEs, net		2,211,923		1,905,749
Total liabilities	$	2,211,923	$	1,905,749

Unconsolidated VIEs

Variable interest entities

Schedule of assets and liabilities for VIEs

	Carrying Amount				Maximum Exposure to Loss (1)
(In Thousands)	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Mortgage backed securities, at fair value(2)	$	82,158	$	80,690	$	82,158	$	80,690
Investment in unconsolidated joint ventures		26,298		28,290		26,298		28,290
Total assets in unconsolidated VIEs	$	108,456	$	108,980	$	108,456	$	108,980
(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 and other third party sponsored securitizations.