Ready Capital Corp
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
RC$1.01-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Cash Flows From Operating Activities: | |||
| Net income (loss) | $(430,398) | $348,411 | $203,163 |
| Net income (loss) from discontinued operations, net of tax | (18,399) | (2,834) | 43,612 |
| Net income (loss) from continuing operations | (411,999) | 351,245 | 159,551 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Amortization of premiums, discounts, and debt issuance costs, net | 52,541 | 66,526 | 2,433 |
| Stock-based compensation | 8,119 | 7,550 | 7,495 |
| Provision for loan losses | 292,759 | 7,230 | 34,442 |
| Impairment loss on real estate owned, held for sale | 56,503 | 8,638 | 4,033 |
| Repair and denial reserve (recovery) | 385 | (3,872) | (8,879) |
| Paid-in-kind accrued interest | (77,573) | (42,148) | — |
| Provision for loan losses on purchased future receivables | 2,118 | 8,989 | 3,357 |
| Loans, held for sale, net | 326,035 | 18,062 | 192,094 |
| Valuation allowance, loans held for sale | 124,878 | — | — |
| Net income (loss) of unconsolidated joint ventures, net of distributions | (7,702) | 2,933 | (9,328) |
| Realized (gains) losses, net | 53,900 | (66,357) | (52,283) |
| Unrealized (gains) losses, net | 15,086 | (8,867) | (23,484) |
| Bargain purchase gain | (13,859) | (207,972) | — |
| Changes in operating assets and liabilities: | |||
| Derivative instruments | 5,234 | 12,369 | 56,898 |
| Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers | (60,828) | (28,027) | (32,056) |
| Receivable from third parties | 1,948 | (21,313) | 14,106 |
| Other assets | (58,932) | (59,969) | (7,140) |
| Accounts payable and other accrued liabilities | (22,214) | 13,978 | (67,504) |
| Net cash provided by operating activities from continuing operations | $286,399 | $58,995 | $273,735 |
| Net cash provided by (used for) operating activities from discontinued operations | (11,584) | (7,865) | 85,413 |
| Net cash provided by operating activities | $274,815 | $51,130 | $359,148 |
| Cash Flows From Investing Activities: | |||
| Origination of loans | (826,430) | (1,005,137) | (3,303,318) |
| Purchase of loans | — | — | (669,137) |
| Proceeds from disposition and principal payment of loans | 2,274,117 | 1,940,986 | 2,205,329 |
| Funding of investments held to maturity | — | (140) | (5,848) |
| Proceeds from principal payments of investments held to maturity | — | — | 27,006 |
| Proceeds from sale and principal payment of mortgage-backed securities | — | 8,059 | 61,504 |
| Funding of real estate, held for sale | (1,408) | (12,463) | (10,972) |
| Proceeds from sale of real estate, held for sale | 67,240 | 78,001 | 7,519 |
| Investment in unconsolidated joint ventures | (33,239) | (25,186) | (122,391) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures | 13,593 | 7,573 | 154,226 |
| Payment of liabilities under participation agreements | (14,535) | (9,051) | (19,015) |
| Net cash provided by (used for) business acquisitions | (44,366) | 38,710 | 123,566 |
| Net cash provided by (used for) investing activities from continuing operations | $1,434,972 | $1,021,352 | $(1,551,531) |
| Net cash provided by (used for) investing activities from discontinued operations | 100,045 | (1,908) | (4,897) |
| Net cash provided by (used for) investing activities | $1,535,017 | $1,019,444 | $(1,556,428) |
| Cash Flows From Financing Activities: | |||
| Proceeds from secured borrowings | 2,102,388 | 4,127,416 | 7,770,435 |
| Repayment of secured borrowings | (2,166,562) | (4,692,079) | (7,413,701) |
| Repayment of the Paycheck Protection Program Liquidity Facility borrowings | (17,166) | (164,975) | (740,494) |
| Proceeds from issuance of securitized debt obligations of consolidated VIEs | — | 1,120,815 | 2,387,288 |
| Repayment of securitized debt obligations of consolidated VIEs | (1,520,669) | (976,790) | (675,843) |
| Proceeds from corporate debt | 125,905 | — | 220,146 |
| Proceeds from senior secured note | 92,119 | — | — |
| Repayment of convertible note | — | (115,000) | — |
| Repayment of guaranteed loan financing | (153,422) | (154,441) | (109,279) |
| Payment of deferred financing costs | (12,178) | (32,210) | (43,937) |
| Payment of contingent consideration | — | (9,000) | (9,000) |
| Proceeds from issuance of equity, net of issuance costs | — | 108 | 123,490 |
| Common stock repurchased | (82,250) | (18,108) | (36,969) |
| Settlement of share-based awards in satisfaction of withholding tax requirements | (1,238) | (3,948) | (5,817) |
| Dividend payments | (206,057) | (215,089) | (187,832) |
| Distributions, net | (18) | (6) | (14,317) |
| Net cash provided by (used for) financing activities from continuing operations | $(1,839,148) | $(1,133,307) | $1,264,170 |
| Net cash provided by (used for) financing activities from discontinued operations | (40,632) | 48,220 | (93,191) |
| Net cash provided by (used for) financing activities | $(1,879,780) | $(1,085,087) | $1,170,979 |
| Net decrease in cash, cash equivalents, and restricted cash including cash classified within assets held for sale | (69,948) | (14,513) | (26,301) |
| Less: Net increase (decrease) in cash and cash equivalents within assets held for sale | 9,784 | (3,415) | (23,675) |
| Net decrease in cash, cash equivalents, and restricted cash | (79,732) | (11,098) | (2,626) |
| Cash, cash equivalents, and restricted cash beginning balance | 262,506 | 273,604 | 276,230 |
| Cash, cash equivalents, and restricted cash ending balance | $182,774 | $262,506 | $273,604 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Supplemental disclosures: | |||
| Cash paid for interest | $659,264 | $661,169 | $355,230 |
| Cash paid (received) for income taxes | $(11,928) | $2,008 | $29,164 |
| Non-cash investing activities | |||
| Loans transferred from loans, held for sale to loans, net | $13,173 | $68,661 | $3,987 |
| Loans transferred from loans, net to loans, held for sale | $729,016 | $3,641 | $3,093 |
| Consolidation of assets in securitization trusts | $— | $689,079 | $— |
| Loans transferred to real estate owned, held for sale | $86,990 | $56,900 | $1,598 |
| Investments held to maturity transferred to real estate owned | $— | $— | $29,904 |
| Contingent consideration in connection with acquisitions | $573 | $— | $25,000 |
| Non-cash financing activities | |||
| Shares and OP units issued in connection with merger transactions | $— | $637,229 | $458,056 |
| Retirement of OP units | $— | $— | $2,000 |
| Consolidation of borrowings in securitization trusts | $— | $689,079 | $— |
| Conversion of OP units to common stock | $3,812 | $2,842 | $— |
| Cash, cash equivalents, and restricted cash reconciliation | |||
| Cash and cash equivalents | $143,803 | $138,532 | $147,399 |
| Restricted cash | 30,560 | 30,063 | 48,146 |
| Cash, cash equivalents, and restricted cash in assets of consolidated VIEs | 8,411 | 93,911 | 78,059 |
| Cash, cash equivalents, and restricted cash ending balance | $182,774 | $262,506 | $273,604 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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