Ready Capital Corp
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 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 CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash Flows From Operating Activities: | ||
| Net income (loss) | $(115,647) | $337,530 |
| Net income (loss) from discontinued operations, net of tax | (1,165) | 10,968 |
| Net income (loss) from continuing operations | (114,482) | 326,562 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Amortization of premiums, discounts, and debt issuance costs, net | 38,484 | 43,325 |
| Stock-based compensation | 5,642 | 6,189 |
| Provision for (recovery of) loan losses | 7,751 | 542 |
| Impairment loss on real estate owned, held for sale | 26,627 | 5,287 |
| Repair and denial reserve (recovery) | 282 | (3,042) |
| Paid-in-kind accrued interest | (56,995) | — |
| Provision for loan losses on purchased future receivables | 2,118 | 6,890 |
| Loans, held for sale, net | 270,411 | 14,727 |
| Valuation allowance, loans held for sale | 156,107 | — |
| Net income (loss) of unconsolidated joint ventures, net of distributions | (2,912) | 862 |
| Realized (gains) losses, net | 46,863 | (46,828) |
| Unrealized (gains) losses, net | (3,594) | (9,521) |
| Bargain purchase gain (loss) | (13,859) | (215,032) |
| Changes in operating assets and liabilities: | ||
| Derivative instruments | (4,720) | 22,809 |
| Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers | (70,315) | (18,426) |
| Receivable from third parties | 1,587 | (11,724) |
| Other assets | (59,795) | (41,372) |
| Accounts payable and other accrued liabilities | 59,080 | (14,459) |
| Net cash provided by operating activities from continuing operations | $288,280 | $66,789 |
| Net cash provided by (used for) operating activities from discontinued operations | (42,625) | 13,992 |
| Net cash provided by operating activities | $245,655 | $80,781 |
| Cash Flows From Investing Activities: | ||
| Origination of loans | (674,770) | (868,989) |
| Proceeds from disposition and principal payment of loans | 1,614,847 | 1,408,022 |
| Funding of real estate, held for sale | (1,308) | (7,808) |
| Proceeds from sale of real estate, held for sale | 56,766 | 47,881 |
| Investment in unconsolidated joint ventures | (17,657) | (25,138) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures | 8,384 | 6,804 |
| Payment of liabilities under participation agreements | (4,009) | (7,922) |
| Net cash provided by (used for) business acquisitions | $(44,166) | $38,710 |
| Net cash provided by investing activities from continuing operations | $938,087 | $591,560 |
| Net cash provided by (used for) investing activities from discontinued operations | 59,955 | (1,299) |
| Net cash provided by investing activities | $998,042 | $590,261 |
| Cash Flows From Financing Activities: | ||
| Proceeds from secured borrowings | 1,714,585 | 3,709,763 |
| Repayment of secured borrowings | (1,633,621) | (4,201,297) |
| Repayment of the Paycheck Protection Program Liquidity Facility borrowings | (13,885) | (124,678) |
| Proceeds from issuance of securitized debt obligations of consolidated VIEs | — | 1,120,815 |
| Repayment of securitized debt obligations of consolidated VIEs | (1,136,024) | (770,555) |
| Proceeds from senior secured note | 92,119 | — |
| Repayment of convertible note | — | (115,000) |
| Repayment of guaranteed loan financing | (101,909) | (92,333) |
| Payment of deferred financing costs | (10,851) | (29,404) |
| Payment of contingent consideration | — | (9,000) |
| Proceeds from issuance of equity, net of issuance costs | — | 108 |
| Common stock repurchased | (39,190) | (18,108) |
| Settlement of share-based awards in satisfaction of withholding tax requirements | (1,086) | (3,076) |
| Dividend payments | (161,456) | (150,313) |
| Distributions, net | (18) | (6) |
| Net cash used for financing activities from continuing operations | $(1,291,336) | $(683,084) |
| Net cash provided by financing activities from discontinued operations | 19,474 | 27,004 |
| Net cash used for financing activities | $(1,271,862) | $(656,080) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash including cash classified within assets held for sale | (28,165) | 14,962 |
| Less: Net decrease in cash and cash equivalents within assets held for sale | (1,241) | (2,163) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (26,924) | 17,125 |
| Cash, cash equivalents, and restricted cash beginning balance | 262,506 | 273,604 |
| Cash, cash equivalents, and restricted cash ending balance | $235,582 | $290,729 |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Supplemental disclosures: | ||
| Cash paid for interest | $520,795 | $472,044 |
| Cash paid (received) for income taxes | $(11,942) | $535 |
| Non-cash investing activities | ||
| Loans transferred from loans, held for sale to loans, net | $— | $64,524 |
| Loans transferred from loans, net to loans, held for sale | $719,623 | $— |
| Consolidation of assets in securitization trusts | $— | $689,079 |
| Loans transferred to real estate owned, held for sale | $18,711 | $56,711 |
| Contingent consideration in connection with acquisitions | $2,007 | $— |
| Non-cash financing activities | ||
| Shares and OP units issued in connection with merger transactions | $— | $637,229 |
| Consolidation of borrowings in securitization trusts | $— | $689,079 |
| Conversion of OP units to common stock | $3,632 | $1,821 |
| Cash, cash equivalents, and restricted cash reconciliation | ||
| Cash and cash equivalents | $181,315 | $165,731 |
| Restricted cash | 31,331 | 31,498 |
| Cash, cash equivalents, and restricted cash in assets of consolidated VIEs | 22,936 | 93,500 |
| Cash, cash equivalents, and restricted cash ending balance | $235,582 | $290,729 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.