Ready Capital Corp
For the period ended Mar 31, 2024. Filed May 10, 2024.
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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
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
Unaudited Consolidated Balance Sheets
| | | | | | | |
|---|---|---|---|---|---|---|
| (in thousands) | March 31, 2024 | December 31, 2023 | ||||
| Assets | | | | | | |
| Cash and cash equivalents | | $166,004 | | $138,532 | ||
| Restricted cash | | 24,915 | | 30,063 | ||
| Loans, net (including $0 and $9,348 held at fair value) | | 3,400,481 | | 4,020,160 | ||
| Loans, held for sale (net of valuation allowance of $146,180 and $0) | | 584,072 | | 81,599 | ||
| Mortgage-backed securities | | 29,546 | | 27,436 | ||
| Investment in unconsolidated joint ventures (including $7,169 and $7,360 held at fair value) | | | 132,730 | | | 133,321 |
| Derivative instruments | | 15,448 | | 2,404 | ||
| Servicing rights | | 103,555 | | 102,837 | ||
| Real estate owned, held for sale | | | 239,874 | | | 252,949 |
| Other assets | | 315,772 | | 300,175 | ||
| Assets of consolidated VIEs | | | 6,591,834 | | | 6,897,145 |
| Assets held for sale (refer to Note 9) | | 439,301 | | 454,596 | ||
| Total Assets | | $12,043,532 | | $12,441,217 | ||
| Liabilities | | | | | | |
| Secured borrowings | | 2,198,272 | | 2,102,075 | ||
| Securitized debt obligations of consolidated VIEs, net | | 4,769,057 | | 5,068,453 | ||
| Senior secured notes, net | | 345,570 | | 345,127 | ||
| Corporate debt, net | | | 766,084 | | | 764,908 |
| Guaranteed loan financing | | 814,784 | | 844,540 | ||
| Contingent consideration | | | — | | | 7,628 |
| Derivative instruments | | 593 | | 212 | ||
| Dividends payable | | 53,908 | | 54,289 | ||
| Loan participations sold | | | 73,749 | | | 62,944 |
| Due to third parties | | | 3,401 | | | 3,641 |
| Accounts payable and other accrued liabilities | | 193,896 | | 207,481 | ||
| Liabilities held for sale (refer to Note 9) | | 315,975 | | 333,157 | ||
| Total Liabilities | | $9,535,289 | | $9,794,455 | ||
| 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, 170,445,333 and 172,276,105 shares issued and outstanding, respectively | | 17 | | 17 | ||
| Additional paid-in capital | | 2,307,303 | | 2,321,989 | ||
| Retained earnings (deficit) | | | (3,546) | | | 124,413 |
| Accumulated other comprehensive loss | | (12,335) | | (17,860) | ||
| Total Ready Capital Corporation equity | | 2,402,817 | | 2,539,937 | ||
| Non-controlling interests | | 97,065 | | 98,464 | ||
| Total Stockholders’ Equity | | $2,499,882 | | $2,638,401 | ||
| Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | | $12,043,532 | | $12,441,217 | ||
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