Ready Capital Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
RC$1.04+22.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
CONSOLIDATED BALANCE SHEETS
| | | | | | | |
|---|---|---|---|---|---|---|
| (in thousands) | December 31, 2023 | December 31, 2022 | ||||
| Assets | | | | | | |
| Cash and cash equivalents | | $138,532 | | $147,399 | ||
| Restricted cash | | 30,063 | | 48,146 | ||
| Loans, net (including $9,348 and $9,786 held at fair value) | | 4,020,160 | | 3,571,799 | ||
| Loans, held for sale, at fair value | | 81,599 | | 123,735 | ||
| Paycheck Protection Program loans (including $165 and $576 held at fair value) | | 34,597 | | 186,985 | ||
| Mortgage-backed securities | | 27,436 | | 32,041 | ||
| Investment in unconsolidated joint ventures (including $7,360 and $8,094 held at fair value) | | | 133,321 | | | 118,641 |
| Derivative instruments | | 2,404 | | 12,532 | ||
| Servicing rights | | 102,837 | | 87,117 | ||
| Real estate owned, held for sale | | | 252,949 | | | 117,098 |
| Other assets | | 265,578 | | 183,533 | ||
| Assets of consolidated VIEs | | | 6,897,145 | | | 6,552,760 |
| Assets held for sale (refer to Note 9) | | 454,596 | | 439,191 | ||
| Total Assets | | $12,441,217 | | $11,620,977 | ||
| Liabilities | | | | | | |
| Secured borrowings | | 2,102,075 | | 2,663,735 | ||
| Paycheck Protection Program Liquidity Facility (PPPLF) borrowings | | 36,036 | | 201,011 | ||
| Securitized debt obligations of consolidated VIEs, net | | 5,068,453 | | 4,903,350 | ||
| Convertible notes, net | | | — | | | 114,397 |
| Senior secured notes, net | | 345,127 | | 343,355 | ||
| Corporate debt, net | | | 764,908 | | | 662,665 |
| Guaranteed loan financing | | 844,540 | | 264,889 | ||
| Contingent consideration | | | 7,628 | | | 28,500 |
| Derivative instruments | | 212 | | 1,319 | ||
| Dividends payable | | 54,289 | | 47,177 | ||
| Loan participations sold | | | 62,944 | | | 54,641 |
| Due to third parties | | | 3,641 | | | 11,805 |
| Accounts payable and other accrued liabilities | | 171,445 | | 153,614 | ||
| Liabilities held for sale (refer to Note 9) | | 333,157 | | 271,924 | ||
| Total Liabilities | | $9,794,455 | | $9,722,382 | ||
| Preferred stock Series C, liquidation preference $25.00 per share (refer to Note 20) | | | 8,361 | | | 8,361 |
| | | | | | | |
| Commitments & contingencies (refer to Note 24) | | | | | | |
| | | | | | | |
| Stockholders’ Equity | | | | | | |
| Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 20) | | | 111,378 | | | 111,378 |
| Common stock, $0.0001 par value, 500,000,000 shares authorized, 172,276,105 and 110,523,641 shares issued and outstanding, respectively | | 17 | | 11 | ||
| Additional paid-in capital | | 2,321,989 | | 1,684,074 | ||
| Retained earnings | | | 124,413 | | | 4,994 |
| Accumulated other comprehensive loss | | (17,860) | | (9,369) | ||
| Total Ready Capital Corporation equity | | 2,539,937 | | 1,791,088 | ||
| Non-controlling interests | | 98,464 | | 99,146 | ||
| Total Stockholders’ Equity | | $2,638,401 | | $1,890,234 | ||
| Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | | $12,441,217 | | $11,620,977 | ||
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