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 STATEMENTS OF OPERATIONS
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (in thousands, except share data) | 2025 | 2024 | 2025 | 2024 |
| Interest income | $137,491 | $226,537 | $445,193 | $693,010 |
| Interest expense | (126,971) | (175,572) | (403,274) | (542,544) |
| Net interest income before (provision for) recovery of loan losses | $10,520 | $50,965 | $41,919 | $150,466 |
| (Provision for) recovery of loan losses | (37,977) | (53,166) | 62,951 | (7,751) |
| Net interest income after (provision for) recovery of loan losses | $(27,457) | $(2,201) | $104,870 | $142,715 |
| Non-interest income | ||||
| Net realized gain (loss) on financial instruments and real estate owned | (160,396) | (69,184) | (131,513) | (43,066) |
| Net unrealized gain (loss) on financial instruments | 2,914 | (1,241) | (450) | 2,034 |
| Valuation recovery (allowance), loans held for sale | 178,225 | 71,060 | 38,761 | (156,107) |
| Servicing income, net of amortization and impairment of $4,514 and $22,682 for the three and nine months ended September 30, 2025, and $5,841 and $14,216 for the three and nine months ended September 30, 2024, respectively | 7,509 | 5,415 | 13,661 | 12,444 |
| Gain on bargain purchase | 24,472 | 32,165 | 112,562 | 13,859 |
| Income (loss) on unconsolidated joint ventures | 7,417 | 3,214 | 3,291 | 4,821 |
| Other income | 14,773 | 14,823 | 37,667 | 37,246 |
| Total non-interest income (expense) | $74,914 | $56,252 | $73,979 | $(128,769) |
| Non-interest expense | ||||
| Employee compensation and benefits | (21,151) | (22,989) | (65,564) | (59,202) |
| Allocated employee compensation and benefits from related party | (3,602) | (2,537) | (10,478) | (8,037) |
| Professional fees | (6,008) | (6,232) | (17,864) | (19,330) |
| Management fees – related party | (5,156) | (6,498) | (15,805) | (19,344) |
| Loan servicing expense | (9,771) | (10,101) | (36,653) | (33,907) |
| Transaction related expenses | (1,910) | (2,998) | (5,243) | (5,240) |
| Impairment on real estate | (1,862) | (525) | (8,476) | (26,627) |
| Other operating expenses | (24,879) | (18,048) | (57,135) | (43,935) |
| Total non-interest expense | $(74,339) | $(69,928) | $(217,218) | $(215,622) |
| Loss from continuing operations before benefit for income taxes | (26,882) | (15,877) | (38,369) | (201,676) |
| Income tax benefit | 9,935 | 8,404 | 55,081 | 87,194 |
| Net income (loss) from continuing operations | $(16,947) | $(7,473) | $16,712 | $(114,482) |
| Discontinued operations (refer to Note 9) | ||||
| Income (loss) from discontinued operations before benefit (provision) for income taxes | 280 | 258 | (6,881) | (1,554) |
| Income tax benefit (provision) | (70) | (64) | 1,720 | 389 |
| Net income (loss) from discontinued operations | $210 | $194 | $(5,161) | $(1,165) |
| Net income (loss) | $(16,737) | $(7,279) | $11,551 | $(115,647) |
| Less: Dividends on preferred stock | 1,999 | 1,999 | 5,997 | 5,997 |
| Less: Net income attributable to non-controlling interest | 2,008 | 2,031 | 6,282 | 3,968 |
| Net loss attributable to Ready Capital Corporation | $(20,744) | $(11,309) | $(728) | $(125,612) |
| Earnings per common share from continuing operations - basic | $(0.13) | $(0.07) | $0.02 | $(0.74) |
| Earnings per common share from discontinued operations - basic | $0.00 | $0.00 | $(0.03) | $(0.01) |
| Total earnings per common share - basic | $(0.13) | $(0.07) | $(0.01) | $(0.75) |
| Earnings per common share from continuing operations - diluted | $(0.13) | $(0.07) | $0.02 | $(0.74) |
| Earnings per common share from discontinued operations - diluted | $0.00 | $0.00 | $(0.03) | $(0.01) |
| Total earnings per common share - diluted | $(0.13) | $(0.07) | $(0.01) | $(0.75) |
| Weighted-average shares outstanding | ||||
| Basic | 163,574,703 | 168,335,483 | 165,491,135 | 169,669,145 |
| Diluted | 165,873,807 | 169,509,208 | 167,790,240 | 170,815,080 |
| Dividends declared per share of common stock | $0.125 | $0.25 | $0.375 | $0.85 |
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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