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$1.01-2.9%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 exhibitsContents
Unaudited Consolidated Statements of Income
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three Months Ended March 31, | ||||||
| (in thousands, except share data) · 2024 · 2023 | ||||||
| Interest income | | $232,354 | | $215,968 | ||
| Interest expense | | (183,805) | | (158,868) | ||
| Net interest income before recovery of loan losses | | $48,549 | | $57,100 | ||
| Recovery of loan losses | | 26,544 | | 6,734 | ||
| Net interest income after recovery of loan losses | | $75,093 | | $63,834 | ||
| Non-interest income | | | | | | |
| Net realized gain (loss) on financial instruments and real estate owned | | | 18,868 | | | 11,575 |
| Net unrealized gain (loss) on financial instruments | | | 4,632 | | | (5,635) |
| Valuation allowance, loans held for sale | | | (146,180) | | | — |
| Servicing income, net of amortization and impairment of $3,697 and $1,759 | | 3,758 | | 4,642 | ||
| Income on purchased future receivables, net of allowance for credit losses of $1,206 and $1,594 | | | 446 | | | 540 |
| Income on unconsolidated joint ventures | | | 468 | | | 656 |
| Other income | | 15,380 | | 19,852 | ||
| Total non-interest income | | $(102,628) | | $31,630 | ||
| Non-interest expense | | | | | | |
| Employee compensation and benefits | | (18,414) | | (19,727) | ||
| Allocated employee compensation and benefits from related party | | (2,500) | | (2,326) | ||
| Professional fees | | (7,065) | | (5,543) | ||
| Management fees – related party | | (6,648) | | (5,081) | ||
| Incentive fees – related party | | — | | (1,720) | ||
| Loan servicing expense | | (12,794) | | (8,155) | ||
| Transaction related expenses | | | (650) | | | (893) |
| Other operating expenses | | (30,187) | | (12,609) | ||
| Total non-interest expense | | $(78,258) | | $(56,054) | ||
| Income (loss) from continuing operations before provision for income taxes | | | (105,793) | | | 39,410 |
| Income tax benefit (provision) | | 30,211 | | | (901) | |
| Net income (loss) from continuing operations | | $(75,582) | | $38,509 | ||
| Discontinued operations (refer to Note 9) | | | | | | |
| Income (loss) from discontinued operations before benefit (provision) for income taxes | | | 1,887 | | | (2,041) |
| Income tax benefit (provision) | | | (472) | | | 510 |
| Net income (loss) from discontinued operations | | | 1,415 | | | (1,531) |
| Net income (loss) | | | (74,167) | | | 36,978 |
| Less: Dividends on preferred stock | | | 1,999 | | | 1,999 |
| Less: Net income attributable to non-controlling interest | | 117 | | | 1,835 | |
| Net income (loss) attributable to Ready Capital Corporation | | $(76,283) | | $33,144 | ||
| | | | | | | |
| Earnings per common share from continuing operations - basic | | $(0.45) | | $0.31 | ||
| Earnings per common share from discontinued operations - basic | | $0.01 | | $(0.01) | ||
| Total earnings per common share - basic | | $(0.44) | | $0.30 | ||
| | | | | | | |
| Earnings per common share from continuing operations - diluted | | $(0.45) | | $0.30 | ||
| Earnings per common share from discontinued operations - diluted | | $0.01 | | $(0.01) | ||
| Total earnings per common share - diluted | | $(0.44) | | $0.29 | ||
| | | | | | | |
| Weighted-average shares outstanding | | | | | ||
| Basic | | | 172,032,866 | | | 110,672,939 |
| Diluted | | | 173,104,415 | | | 121,025,909 |
| | | | | | | |
| Dividends declared per share of common stock | | $0.30 | | $0.40 | ||
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