v3.26.1
Variable Interest Entities and Securitization Activities (Tables)
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Assets And Liabilities of Consolidated VIEs and Variable Interests In VIEs For Which The Company Is Not The Primary Beneficiary The table below presents assets and liabilities of consolidated VIEs.
(in thousands)
March 31, 2026
December 31, 2025
Assets:
Cash and cash equivalents
$803
$3
Restricted cash
1,064
1,944
Loans, net
817,315
1,694,079
Loans, held for sale
125,107
Preferred equity investment (1)
72,651
79,887
Receivable from third parties (1)
2,240
8,346
Accrued interest (1)
51,514
54,030
Real estate owned
15,288
15,288
Total assets
$960,875
$1,978,684
Liabilities:
Securitized debt obligations of consolidated VIEs, net
526,535
1,174,785
Due to third parties (2)
3,313
2,517
Accounts payable and other accrued liabilities
4
Total liabilities
$529,852
$1,177,302
(1)Assets are included in Assets of consolidated VIEs on the consolidated balance sheets.
(2)Due to third parties held through consolidated VIEs are included in Accounts payable and other accrued liabilities on the consolidated balance sheets.
The table below reflects variable interests in identified VIEs for which the Company is not the primary beneficiary.
Carrying Amount
Maximum Exposure to Loss (1)
(in thousands)
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
MBS (2)
$31,649
$31,161
$31,649
$31,161
Investment in unconsolidated joint ventures
167,251
161,424
167,251
161,424
Total assets in unconsolidated VIEs
$198,900
$192,585
$198,900
$192,585
(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
Schedule of Information on the Company’s Securitized Debt Obligations The table below presents additional information on the Company’s securitized debt obligations.
March 31, 2026
December 31, 2025
(in thousands)
Current
Principal
Balance
Carrying
Value
Weighted
Average
Interest Rate
Current
Principal
Balance
Carrying
Value
Weighted
Average
Interest Rate
ReadyCap Lending Small Business Trust 2019-2
$6,446
$5,368
6.8%
$6,446
$6,446
6.9%
ReadyCap Lending Small Business Trust 2023-3
63,505
60,196
7.4
63,505
62,534
7.4
Sutherland Commercial Mortgage Trust 2019-SBC8
69,145
68,201
2.9
73,286
72,280
2.9
Sutherland Commercial Mortgage Trust 2021-SBC10
43,753
43,207
1.7
45,769
45,157
1.7
ReadyCap Commercial Mortgage Trust 2018-4
41,081
40,407
4.8
42,907
42,112
4.8
ReadyCap Commercial Mortgage Trust 2019-5
41,223
38,573
5.2
42,233
39,341
5.1
ReadyCap Commercial Mortgage Trust 2019-6
112,145
110,066
3.8
133,104
130,847
3.6
ReadyCap Commercial Mortgage Trust 2022-7
164,285
160,517
4.0
165,203
161,139
4.1
Ready Capital Mortgage Financing 2021-FL7
270,204
270,204
6.3
Ready Capital Mortgage Financing 2023-FL11
136,698
136,698
7.6
Ready Capital Mortgage Financing 2023-FL12
208,060
208,027
7.9
Total
$541,583
$526,535
4.2%
$1,187,415
$1,174,785
5.7%