Variable interest entities and securitization activities (Tables)

3 Months Ended

Mar. 31, 2024

Consolidated VIEs

Variable interest entities

Schedule of assets and liabilities for VIEs

(in thousands)	March 31, 2024		December 31, 2023
Assets:
Cash and cash equivalents	$	9	$	671
Restricted cash		44,607		93,240
Loans, net		6,342,684		6,611,325
Loans, held for sale		10,973		—
Preferred equity investment (1)		106,548		108,423
Other assets		87,013		83,486
Total assets	$	6,591,834	$	6,897,145
Liabilities:
Securitized debt obligations of consolidated VIEs, net		4,769,057		5,068,453
Due to third parties		2,780		2,944
Accounts payable and other accrued liabilities		1		34
Total liabilities	$	4,771,838	$	5,071,431
(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

	March 31, 2024						December 31, 2023
	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	$	27,846	$	27,846	8.0	%	$	32,175	$	32,175	7.6	%
ReadyCap Lending Small Business Trust 2023-3		118,157		116,059	8.6			121,527		119,308	8.5
Sutherland Commercial Mortgage Trust 2017-SBC6		931		928	5.0			1,550		1,532	5.0
Sutherland Commercial Mortgage Trust 2019-SBC8		101,410		99,936	2.9			105,281		103,733	2.9
Sutherland Commercial Mortgage Trust 2021-SBC10		74,951		73,784	1.6			81,214		79,952	1.6
ReadyCap Commercial Mortgage Trust 2015-2		1,830		1,724	5.1			1,902		1,753	5.1
ReadyCap Commercial Mortgage Trust 2016-3		9,038		8,765	5.3			9,038		8,723	5.2
ReadyCap Commercial Mortgage Trust 2018-4		52,568		50,942	4.6			53,052		51,309	4.5
ReadyCap Commercial Mortgage Trust 2019-5		86,938		82,218	4.9			88,520		83,529	4.7
ReadyCap Commercial Mortgage Trust 2019-6		198,331		194,675	3.4			199,379		195,496	3.4
ReadyCap Commercial Mortgage Trust 2022-7		195,150		188,593	4.2			195,866		188,995	4.2
Ready Capital Mortgage Financing 2021-FL5		223,027		223,027	7.3			273,681		273,623	6.6
Ready Capital Mortgage Financing 2021-FL6		304,519		304,045	6.8			417,782		416,467	6.4
Ready Capital Mortgage Financing 2021-FL7		586,037		584,645	7.1			586,117		583,771	6.7
Ready Capital Mortgage Financing 2022-FL8		791,220		788,790	7.5			808,671		805,220	7.0
Ready Capital Mortgage Financing 2022-FL9		501,751		497,559	8.5			511,622		505,917	8.1
Ready Capital Mortgage Financing 2022-FL10		640,903		634,495	8.2			654,116		646,141	7.8
Ready Capital Mortgage Financing 2023-FL11		456,990		453,033	8.2			473,481		468,307	8.2
Ready Capital Mortgage Financing 2023-FL12		441,496		436,688	8.1			507,646		500,882	8.0
Total	$	4,813,093	$	4,767,752	7.2	%	$	5,122,620	$	5,066,833	6.9	%

Unconsolidated VIEs

Variable interest entities

Schedule of assets and liabilities for VIEs

	Carrying Amount				Maximum Exposure to Loss (1)
(in thousands)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
MBS (2)	$	26,716	$	26,301	$	26,716	$	26,301
Investment in unconsolidated joint ventures		132,730		133,321		132,730		133,321
Total assets in unconsolidated VIEs	$	159,446	$	159,622	$	159,446	$	159,622
(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.