Ready Capital Corp
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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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.
Sep 30, 2025 · Filed Nov 7, 2025
RC$1.04+22.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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UNAUDITED CONSOLIDATED BALANCE SHEETS
| (in thousands) | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $147,505 | $143,803 |
| Restricted cash | 44,491 | 30,560 |
| Loans, net (including $1,088 and $3,533 held at fair value) | 4,360,501 | 3,378,149 |
| Loans, held for sale (including $143,819 and $128,531 held at fair value and net of valuation allowance of $53,937 and $97,620) | 163,792 | 241,626 |
| Mortgage-backed securities | 33,105 | 31,006 |
| Investment in unconsolidated joint ventures (including $5,952 and $6,577 held at fair value) | 178,840 | 161,561 |
| Derivative instruments | 5,295 | 7,963 |
| Servicing rights | 126,966 | 128,440 |
| Real estate owned | 632,985 | 193,437 |
| Other assets | 472,516 | 362,486 |
| Assets of consolidated VIEs | 2,166,105 | 5,175,295 |
| Assets held for sale (refer to Note 9) | — | 287,595 |
| Total Assets | $8,332,101 | $10,141,921 |
| Liabilities | ||
| Secured borrowings | 2,879,172 | 2,035,176 |
| Securitized debt obligations of consolidated VIEs, net | 1,293,778 | 3,580,513 |
| Senior secured notes, net | 721,151 | 437,847 |
| Corporate debt, net | 666,624 | 895,265 |
| Guaranteed loan financing | 565,883 | 691,118 |
| Contingent consideration | 18,385 | 573 |
| Derivative instruments | 1,627 | 352 |
| Dividends payable | 22,602 | 43,168 |
| Loan participations sold | 102,987 | 95,578 |
| Due to third parties | 9,927 | 1,442 |
| Accounts payable and other accrued liabilities | 166,406 | 188,051 |
| Liabilities held for sale (refer to Note 9) | — | 228,735 |
| Total Liabilities | $6,448,542 | $8,197,818 |
| 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, 161,834,837 and 162,792,372 shares issued and outstanding, respectively | 17 | 17 |
| Additional paid-in capital | 2,257,078 | 2,250,291 |
| Retained earnings (deficit) | (569,709) | (505,089) |
| Accumulated other comprehensive loss | (24,096) | (18,552) |
| Total Ready Capital Corporation equity | 1,774,668 | 1,838,045 |
| Non-controlling interests | 100,530 | 97,697 |
| Total Stockholders’ Equity | $1,875,198 | $1,935,742 |
| Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | $8,332,101 | $10,141,921 |
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
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