Ready Capital Corp

For the period ended Dec 31, 2024. Filed Mar 3, 2025.

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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.

FY2024 · Filed Mar 3, 2025

RC$1.04+22.1%Stored close · as of Nov 9, 2026

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Contents

CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Year Ended December 31,
(in thousands, except share data)	2024	2023	2022
Interest income	$896,975	$945,814	$663,217
Interest expense	(696,455)	(716,468)	(392,360)
Net interest income before provision for loan losses	$200,520	$229,346	$270,857
Provision for loan losses	(292,759)	(7,230)	(34,442)
Net interest income after provision for loan losses	$(92,239)	$222,116	$236,415
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned	(54,000)	65,008	53,764
Net unrealized gain (loss) on financial instruments	(14,991)	9,718	21,890
Valuation allowance, loans held for sale	(124,878)	—	—
Servicing income, net of amortization and impairment of $21,972, $7,911, and $19,653	16,556	21,161	11,428
Gain on bargain purchase	13,859	207,972	—
Income (loss) on unconsolidated joint ventures	10,886	(905)	11,661
Other income	50,803	105,514	56,208
Total non-interest income (expense)	$(101,765)	$408,468	$154,951
Non-interest expense
Employee compensation and benefits	(82,522)	(81,530)	(74,989)
Allocated employee compensation and benefits from related party	(11,387)	(10,837)	(9,549)
Professional fees	(26,887)	(34,738)	(17,302)
Management fees – related party	(24,862)	(25,103)	(19,295)
Incentive fees – related party	—	(1,791)	(3,105)
Loan servicing expense	(46,656)	(40,811)	(30,814)
Transaction related expenses	(10,118)	(17,764)	(13,633)
Impairment on real estate	(56,503)	(8,638)	(4,033)
Other operating expenses	(63,572)	(50,953)	(43,620)
Total non-interest expense	$(322,507)	$(272,165)	$(216,340)
Income (loss) from continuing operations before benefit (provision) for income taxes	(516,511)	358,419	175,026
Income tax benefit (provision)	104,512	(7,174)	(15,475)
Net income (loss) from continuing operations	$(411,999)	$351,245	$159,551
Discontinued operations (refer to Note 9)
Income (loss) from discontinued operations before benefit (provision) for income taxes	(24,532)	(3,779)	57,870
Income tax benefit (provision)	6,133	945	(14,258)
Net income (loss) from discontinued operations	$(18,399)	$(2,834)	$43,612
Net income (loss)	$(430,398)	$348,411	$203,163
Less: Dividends on preferred stock	7,996	7,997	7,996
Less: Net income attributable to non-controlling interest	5,357	8,960	8,900
Net income (loss) attributable to Ready Capital Corporation	$(443,751)	$331,454	$186,267
Earnings per common share from continuing operations - basic	$(2.52)	$2.27	$1.32
Earnings per common share from discontinued operations - basic	$(0.11)	$(0.02)	$0.41
Total earnings per common share - basic	$(2.63)	$2.25	$1.73
Earnings per common share from continuing operations - diluted	$(2.52)	$2.24	$1.28
Earnings per common share from discontinued operations - diluted	$(0.11)	$(0.02)	$0.37
Total earnings per common share - diluted	$(2.63)	$2.22	$1.65
Weighted-average shares outstanding
Basic	169,107,477	146,841,594	106,878,139
Diluted	170,472,273	148,567,026	117,193,958
Dividends declared per share of common stock	$1.10	$1.46	$1.66

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.