Variable interest entities and securitization activities (Tables)

12 Months Ended

Dec. 31, 2023

Consolidated VIEs

Variable interest entities

Schedule of assets and liabilities for VIEs

(in thousands)	December 31, 2023		December 31, 2022
Assets:
Cash and cash equivalents	$	671	$	997
Restricted cash		93,240		77,062
Loans, net		6,611,325		6,311,698
Preferred equity investment (1)		108,423		108,423
Other assets		83,486		54,580
Total assets	$	6,897,145	$	6,552,760
Liabilities:
Securitized debt obligations of consolidated VIEs, net		5,068,453		4,903,350
Due to third parties		2,944		3,727
Accounts payable and other accrued liabilities		34		—
Total liabilities	$	5,071,431	$	4,907,077
(1) Preferred equity investment held through consolidated VIEs are included in Assets of consolidated VIEs on the consolidated balance sheets.

Summary of information on securitized debt obligations

	December 31, 2023						December 31, 2022
	Current				Weighted		Current				Weighted
	Principal		Carrying		Average		Principal		Carrying		Average
(in thousands)	Balance		value		Interest Rate		Balance		value		Interest Rate
ReadyCap Lending Small Business Trust 2019-2	$	32,175	$	32,175	7.6	%	$	49,031	$	48,518	4.0	%
ReadyCap Lending Small Business Trust 2023-3		121,527		119,308	8.5			—		—	—
Sutherland Commercial Mortgage Trust 2017-SBC6		1,550		1,532	5.0			7,386		7,273	4.3
Sutherland Commercial Mortgage Trust 2019-SBC8		105,281		103,733	2.9			120,916		119,072	2.9
Sutherland Commercial Mortgage Trust 2021-SBC10		81,214		79,952	1.6			109,622		107,969	1.6
ReadyCap Commercial Mortgage Trust 2015-2		1,902		1,753	5.1			2,726		2,442	5.1
ReadyCap Commercial Mortgage Trust 2016-3		9,038		8,723	5.2			11,950		11,787	5.1
ReadyCap Commercial Mortgage Trust 2018-4		53,052		51,309	4.5			58,838		57,857	4.3
ReadyCap Commercial Mortgage Trust 2019-5		88,520		83,529	4.7			111,184		108,859	4.5
ReadyCap Commercial Mortgage Trust 2019-6		199,379		195,496	3.4			209,930		207,464	3.3
ReadyCap Commercial Mortgage Trust 2022-7		195,866		188,995	4.2			197,498		194,456	4.2
Ready Capital Mortgage Financing 2019-FL3		—		—	—			59,508		59,508	3.5
Ready Capital Mortgage Financing 2020-FL4		—		—	—			192,419		192,213	4.8
Ready Capital Mortgage Financing 2021-FL5		273,681		273,623	6.6			415,166		413,101	3.1
Ready Capital Mortgage Financing 2021-FL6		417,782		416,467	6.4			502,220		497,891	2.9
Ready Capital Mortgage Financing 2021-FL7		586,117		583,771	6.7			743,848		738,246	3.2
Ready Capital Mortgage Financing 2022-FL8		808,671		805,220	7.0			913,675		906,307	3.7
Ready Capital Mortgage Financing 2022-FL9		511,622		505,917	8.1			587,722		579,823	5.9
Ready Capital Mortgage Financing 2022-FL10		654,116		646,141	7.8			651,460		642,578	7.9
Ready Capital Mortgage Financing 2023-FL11		473,481		468,307	8.2			—		—	—
Ready Capital Mortgage Financing 2023-FL12		507,646		500,882	8.0			—		—	—
Total	$	5,122,620	$	5,066,833	6.9	%	$	4,945,099	$	4,895,364	4.3	%

Unconsolidated VIEs

Variable interest entities

Schedule of assets and liabilities for VIEs

	Carrying Amount				Maximum Exposure to Loss (1)
(in thousands)	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
MBS (2)	$	26,301	$	24,408	$	26,301	$	24,408
Investment in unconsolidated joint ventures		133,321		118,641		133,321		118,641
Total assets in unconsolidated VIEs	$	159,622	$	143,049	$	159,622	$	143,049
(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 other third party sponsored securitizations.