Variable interest entities and securitization activities (Tables)

6 Months Ended

Jun. 30, 2024

Consolidated VIEs

Variable interest entities

Schedule of assets and liabilities for VIEs

(in thousands)	June 30, 2024		December 31, 2023
Assets:
Cash and cash equivalents	$	4	$	671
Restricted cash		22,778		93,240
Loans, net		6,001,409		6,611,325
Loans, held for sale		9,725		—
Preferred equity investment (1)		108,423		108,423
Other assets		108,231		83,486
Total assets	$	6,250,570	$	6,897,145
Liabilities:
Securitized debt obligations of consolidated VIEs, net		4,407,241		5,068,453
Due to third parties		2,773		2,944
Accounts payable and other accrued liabilities		1		34
Total liabilities	$	4,410,015	$	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

	June 30, 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	$	25,512	$	25,512	8.0	%	$	32,175	$	32,175	7.6	%
ReadyCap Lending Small Business Trust 2023-3		114,485		112,549	8.6			121,527		119,308	8.5
Sutherland Commercial Mortgage Trust 2017-SBC6		277		277	5.0			1,550		1,532	5.0
Sutherland Commercial Mortgage Trust 2019-SBC8		97,659		96,256	2.9			105,281		103,733	2.9
Sutherland Commercial Mortgage Trust 2021-SBC10		69,979		68,902	1.6			81,214		79,952	1.6
ReadyCap Commercial Mortgage Trust 2015-2		1,758		1,688	5.1			1,902		1,753	5.1
ReadyCap Commercial Mortgage Trust 2016-3		8,901		8,670	5.3			9,038		8,723	5.2
ReadyCap Commercial Mortgage Trust 2018-4		52,078		50,569	4.6			53,052		51,309	4.5
ReadyCap Commercial Mortgage Trust 2019-5		84,579		80,128	4.9			88,520		83,529	4.7
ReadyCap Commercial Mortgage Trust 2019-6		192,110		188,680	3.4			199,379		195,496	3.4
ReadyCap Commercial Mortgage Trust 2022-7		194,429		188,188	4.2			195,866		188,995	4.2
Ready Capital Mortgage Financing 2021-FL5		113,339		113,339	7.4			273,681		273,623	6.6
Ready Capital Mortgage Financing 2021-FL6		242,920		242,920	6.9			417,782		416,467	6.4
Ready Capital Mortgage Financing 2021-FL7		552,629		552,131	7.1			586,117		583,771	6.7
Ready Capital Mortgage Financing 2022-FL8		789,968		788,547	7.5			808,671		805,220	7.0
Ready Capital Mortgage Financing 2022-FL9		453,978		451,260	8.5			511,622		505,917	8.1
Ready Capital Mortgage Financing 2022-FL10		577,204		572,469	8.2			654,116		646,141	7.8
Ready Capital Mortgage Financing 2023-FL11		429,849		427,051	8.2			473,481		468,307	8.2
Ready Capital Mortgage Financing 2023-FL12		440,609		437,381	8.1			507,646		500,882	8.0
Total	$	4,442,263	$	4,406,517	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)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
MBS (2)	$	27,364	$	26,301	$	27,364	$	26,301
Investment in unconsolidated joint ventures		134,602		133,321		134,602		133,321
Total assets in unconsolidated VIEs	$	161,966	$	159,622	$	161,966	$	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.