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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

Ready Capital Corporation

Schedule IV – Mortgage Loans on Real Estate

There are no individual loans that exceed 3% of the total carrying amount of all mortgages. The table below presents the Company’s mortgage loans on real estate, categorized by product type.


Product Type · UPB Grouping · Loan Count · · Interest Rate · · Maturity Date · · Carrying Value · · UPB · · UPB of loans subject to delinquent principal or interest
Bridge
	0 - 500k	77	8.11 - 10.91%	2024 - 2026	$12,934	$12,969	$26
	500k - 1mm	34	8.49 - 11.61%	2023 - 2026	25,131	25,135	1,287
	1mm - 1.5mm	10	8.91 - 10.29%	2024 - 2025	12,590	12,624	—
	1.5mm - 2mm	13	8.71 - 12.36%	2023 - 2026	22,865	22,920	1,864
	2mm - 2.5mm	10	8.81 - 10.71%	2022 - 2026	22,874	22,978	2,280
	> 2.5mm	367	5.00 - 14.25%	2021 - 2027	6,699,688	6,741,190	623,483
Total		511			$6,796,082	$6,837,816	$628,940
Fixed Rate
	0 - 500k	8	4.69 - 9.20%	2024 - 2043	2,082	2,061	—
	500k - 1mm	27	4.50 - 8.67%	2024 - 2030	22,053	21,878	—
	1mm - 1.5mm	36	4.59 - 10.00%	2019 - 2032	44,256	44,771	3,222
	1.5mm - 2mm	21	4.25 - 6.34%	2024 - 2031	37,028	37,136	1,662
	2mm - 2.5mm	27	4.48 - 8.00%	2023 - 2032	59,299	59,959	2,224
	> 2.5mm	115	3.39 - 8.32%	2019 - 2034	867,112	866,836	42,016
Total		234			$1,031,830	$1,032,641	$49,124
Construction
	0 - 500k	9	10.00 - 18.00%	2022 - 2024	2,568	2,676	1,160
	500k - 1mm	11	8.00 - 12.62%	2022 - 2024	9,335	9,558	3,345
	1mm - 1.5mm	13	5.96 - 12.00%	2021 - 2025	14,656	15,785	10,999
	1.5mm - 2mm	11	9.75 - 12.00%	2020 - 2024	18,911	20,098	16,546
	2mm - 2.5mm	10	10.00 - 12.00%	2021 - 2024	22,177	22,334	11,157
	> 2.5mm	69	0.00 - 18.00%	2022 - 2025	1,112,988	1,142,075	385,358
Total		123			$1,180,635	$1,212,526	$428,565
Freddie Mac
	> 2.5mm	7	3.28 - 6.64%	2026 - 2041	30,455	30,448	—
Total		7			$30,455	$30,448	$—
SBA - 7(a)
	0 - 500k	2,690	0.00 - 15.00%	2016 - 2049	241,252	252,460	18,438
	500k - 1mm	336	5.00 - 11.50%	2014 - 2049	236,970	242,092	6,806
	1mm - 1.5mm	128	9.50 - 11.50%	2029 - 2048	154,308	156,094	2,375
	1.5mm - 2mm	75	7.25 - 11.25%	2030 - 2048	127,473	128,858	1,562
	2mm - 2.5mm	42	6.00 - 11.25%	2032 - 2049	94,510	95,133	2,108
	> 2.5mm	114	9.25 - 11.25%	2032 - 2048	409,586	412,091	—
Total		3,385			$1,264,099	$1,286,728	$31,289
Other
	0 - 500k	1,010	1.00 - 12.13%	2004 - 2052	192,653	195,519	6,129
	500k - 1mm	126	3.00 - 11.00%	2023 - 2050	86,918	87,149	2,667
	1mm - 1.5mm	29	1.00 - 11.50%	2023 - 2048	33,207	33,446	1,073
	1.5mm - 2mm	16	3.50 - 10.00%	2025 - 2047	27,475	27,442	—
	2mm - 2.5mm	7	3.88 - 8.56%	2024 - 2037	15,698	15,559	—
	> 2.5mm	13	3.65 - 12.00%	2023 - 2028	98,505	98,710	—
Total		1,201			$454,456	$457,825	$9,869
General Allowance for Loan Losses					(44,473)
Total Loans		5,461			$10,713,084	$10,857,984	$1,147,787

The table below presents activity for mortgage loans on real estate, including loans in consolidated VIEs.


(in thousands) · · Loans, net · · Loans, held for sale · · Total Loan Receivables
Balance as of December 31, 2020	$4,020,223	$79,841	$4,100,064
Origination of loan receivables	3,826,182	989,422	4,815,604
Purchases of loan receivables	137,182	75,666	212,848
Proceeds from disposition and principal payment of loan receivables	(973,111)	(981,456)	(1,954,567)
Loans acquired as part of merger transactions	—	102,798	102,798
Net realized gain (loss) on sale of loan receivables	(7,317)	47,897	40,580
Net unrealized gain (loss) on loan receivables	170	2,844	3,014
Accretion/amortization of discount, premium and other fees	13,232	—	13,232
Foreign currency gain (loss), net	(4,091)	—	(4,091)
Transfers to real estate owned, held for sale	(9,015)	—	(9,015)
Provision for loan losses	(8,727)	—	(8,727)
Balance as of December 31, 2021	$6,994,728	$317,012	$7,311,740
Origination of loan receivables	3,303,318	722,280	4,025,598
Purchases of loan receivables	669,137	—	669,137
Proceeds from disposition and principal payment of loan receivables	(1,471,118)	(914,374)	(2,385,492)
Loans acquired as part of merger transactions	412,745	—	412,745
Net realized gain (loss) on sale of loan receivables	(9,281)	21,499	12,218
Net unrealized gain (loss) on loan receivables	(980)	(18,695)	(19,675)
Accretion/amortization of discount, premium and other fees	14,618	—	14,618
Foreign currency gain (loss), net	(1,165)	—	(1,165)
Transfers	3,987	(3,987)	—
Transfers to real estate owned, held for sale	(1,598)	—	(1,598)
Provision for loan losses	(30,894)	—	(30,894)
Balance as of December 31, 2022	$9,883,497	$123,735	$10,007,232
Origination of loan receivables	1,005,137	561,997	1,567,134
Payments in kind	42,148	—	42,148
Proceeds from disposition and principal payment of loan receivables	(1,779,990)	(579,309)	(2,359,299)
Loans acquired as part of merger transactions	764,367	—	764,367
Loan receivables from issuance of securitized debt obligation	689,079	—	689,079
Net realized gain (loss) on sale of loan receivables	(9,661)	34,991	25,330
Net unrealized gain (loss) on loan receivables	(437)	8,846	8,409
Accretion/amortization of discount, premium and other fees	34,245	—	34,245
Foreign currency gain (loss), net	2,645	—	2,645
Transfers	68,661	(68,661)	—
Transfers to real estate owned, held for sale	(56,900)	—	(56,900)
Provision for loan losses	(11,306)	—	(11,306)
Balance as of December 31, 2023	$10,631,485	$81,599	$10,713,084

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.