Ready Capital Corp
For the period ended Mar 31, 2024. Filed May 10, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
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| PART I. | FINANCIAL INFORMATION | 4 |
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| Item 1. | Financial Statements | 4 |
| | Unaudited Consolidated Balance Sheets | 4 |
| | Unaudited Consolidated Statements of Income | 5 |
| | Unaudited Consolidated Statements of Comprehensive Income | 6 |
| | Unaudited Consolidated Statements of Changes in Equity | 7 |
| | Unaudited Consolidated Statements of Cash Flows | 8 |
| | Notes to the Consolidated Financial Statements (Unaudited) | 9 |
| | Note 1. Organization | 9 |
| | Note 2. Basis of Presentation | 10 |
| | Note 3. Summary of Significant Accounting Policies | 10 |
| | Note 4. Recent accounting pronouncements | 21 |
| | Note 5. Business Combinations | 22 |
| | Note 6. Loans and allowance for credit losses | 23 |
| | Note 7. Fair value measurements | 28 |
| | Note 8. Servicing rights | 31 |
| | Note 9. Discontinued operations and assets and liabilities held for sale | 33 |
| | Note 10. Secured borrowings | 34 |
| | Note 11. Senior secured notes and corporate debt, net | 35 |
| | Note 12. Guaranteed loan financing | 36 |
| | Note 13. Variable interest entities and securitization activities | 36 |
| | Note 14. Interest income and interest expense | 39 |
| | Note 15. Derivative instruments | 39 |
| | Note 16. Real estate owned, held for sale | 41 |
| | Note 17. Agreements and transactions with related parties | 41 |
| | Note 18. Other assets and other liabilities | 43 |
| | Note 19. Other income and operating expenses | 44 |
| | Note 20. Redeemable Preferred Stock and Stockholders’ Equity | 44 |
| | Note 21. Earnings per Share of Common Stock | 48 |
| | Note 22. Offsetting assets and liabilities | 48 |
| | Note 23. Financial instruments with off-balance sheet risk, credit risk, and certain other risks | 49 |
| | Note 24. Commitments, contingencies and indemnifications | 51 |
| | Note 25. Income Taxes | 52 |
| | Note 26. Segment reporting | 52 |
| | Note 27. Subsequent events | 54 |
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| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 55 |
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| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 72 |
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| Item 4. | Controls and Procedures | 75 |
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| PART II. | OTHER INFORMATION | 76 |
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| Item 1. | Legal Proceedings | 76 |
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| Item 1A. | Risk Factors | 76 |
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| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 76 |
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| Item 3. | Default Upon Senior Securities | 76 |
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| Item 4. | Mine Safety Disclosures | 76 |
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| Item 5. | Other Information | 76 |
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| Item 6. | Exhibits | 77 |
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| SIGNATURES | | 81 |
EXHIBIT 31.1 CERTIFICATIONS
EXHIBIT 31.2 CERTIFICATIONS
EXHIBIT 32.1 CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350
EXHIBIT 32.2 CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.