Ready Capital Corp

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

RC$1.01-2.9%Stored close · as of Nov 10, 2026

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Contents

CONSOLIDATED STATEMENTS OF INCOME


· · For the Year Ended December 31,
(in thousands, except share data) · 2023 · 2022 · 2021
Interest income	$945,814	$663,217	$395,196
Interest expense	(716,468)	(392,360)	(204,368)
Net interest income before provision for loan losses	$229,346	$270,857	$190,828
Provision for loan losses	(7,230)	(34,442)	(8,049)
Net interest income after provision for loan losses	$222,116	$236,415	$182,779
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	65,008	53,764	68,881
Net unrealized gain (loss) on financial instruments	9,718	21,890	22,457
Servicing income, net of amortization and impairment of $7,911, $19,653 and $10,588	21,161	11,428	17,623
Income on purchased future receivables, net of allowance for credit losses of $8,989, $3,357 and $1,296	2,387	5,490	10,257
Gain on bargain purchase	207,972	—	—
Income (loss) on unconsolidated joint ventures	(905)	11,661	6,916
Other income	103,127	50,718	6,856
Total non-interest income	$408,468	$154,951	$132,990
Non-interest expense
Employee compensation and benefits	(81,530)	(74,989)	(57,092)
Allocated employee compensation and benefits from related party	(10,837)	(9,549)	(12,031)
Professional fees	(34,738)	(17,302)	(13,388)
Management fees – related party	(25,103)	(19,295)	(10,928)
Incentive fees – related party	(1,791)	(3,105)	(5,419)
Loan servicing expense	(40,811)	(30,814)	(20,566)
Transaction related expenses	(17,764)	(13,633)	(14,282)
Other operating expenses	(59,591)	(47,653)	(49,903)
Total non-interest expense	$(272,165)	$(216,340)	$(183,609)
Income from continuing operations before provision for income taxes	358,419	175,026	132,160
Income tax provision	(7,174)	(15,475)	(14,859)
Net income from continuing operations	$351,245	$159,551	$117,301
Discontinued operations (refer to Note 9)
Income (loss) from discontinued operations before benefit (provision) for income taxes	(3,779)	57,870	56,897
Income tax benefit (provision)	945	(14,258)	(14,224)
Net income (loss) from discontinued operations	(2,834)	43,612	42,673
Net income	348,411	203,163	159,974
Less: Dividends on preferred stock	7,997	7,996	7,503
Less: Net income attributable to non-controlling interest	8,960	8,900	2,230
Net income attributable to Ready Capital Corporation	$331,454	$186,267	$150,241

Earnings per common share from continuing operations - basic	$2.27	$1.32	$1.55
Earnings per common share from discontinued operations - basic	$(0.02)	$0.41	$0.62
Total earnings per common share - basic	$2.25	$1.73	$2.17

Earnings per common share from continuing operations - diluted	$2.24	$1.28	$1.54
Earnings per common share from discontinued operations - diluted	$(0.02)	$0.37	$0.62
Total earnings per common share - diluted	$2.22	$1.65	$2.16

Weighted-average shares outstanding
Basic	146,841,594	106,878,139	68,511,578
Diluted	148,567,026	117,193,958	68,660,906

Dividends declared per share of common stock	$1.46	$1.66	$1.66

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.