Ready Capital Corp
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
RC$1.04+22.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
CONSOLIDATED BALANCE SHEETS
| (in thousands) | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $207,841 | $143,803 |
| Restricted cash | 39,746 | 30,560 |
| Loans, net (including $737 and $3,533 held at fair value) | 3,500,298 | 3,378,149 |
| Loans, held for sale (including $73,094 and $128,531 held at fair value and net of valuation allowance of $67,612 and $97,620) | 585,820 | 241,626 |
| Mortgage-backed securities | 34,501 | 31,006 |
| Investment in unconsolidated joint ventures (including $5,737 and $6,577 held at fair value) | 161,424 | 161,561 |
| Derivative instruments | 6,740 | 7,963 |
| Servicing rights | 126,279 | 128,440 |
| Real estate owned | 620,225 | 193,437 |
| Other assets | 508,238 | 362,486 |
| Assets of consolidated VIEs | 1,978,684 | 5,175,295 |
| Assets held for sale (refer to Note 9) | — | 287,595 |
| Total Assets | $7,769,796 | $10,141,921 |
| Liabilities | ||
| Secured borrowings | 2,788,926 | 2,035,176 |
| Securitized debt obligations of consolidated VIEs, net | 1,174,785 | 3,580,513 |
| Senior secured notes, net | 722,729 | 437,847 |
| Corporate debt, net | 652,487 | 895,265 |
| Guaranteed loan financing | 524,091 | 691,118 |
| Contingent consideration | 18,698 | 573 |
| Derivative instruments | 1,432 | 352 |
| Dividends payable | 3,633 | 43,168 |
| Loan participations sold | 56,616 | 95,578 |
| Due to third parties | 3,135 | 1,442 |
| Accounts payable and other accrued liabilities | 171,636 | 188,051 |
| Liabilities held for sale (refer to Note 9) | — | 228,735 |
| Total Liabilities | $6,118,168 | $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, 163,010,012 and 162,792,372 shares issued and outstanding, respectively | 17 | 17 |
| Additional paid-in capital | 2,264,355 | 2,250,291 |
| Retained deficit | (807,522) | (505,089) |
| Accumulated other comprehensive loss | (24,196) | (18,552) |
| Total Ready Capital Corporation equity | 1,544,032 | 1,838,045 |
| Non-controlling interests | 99,235 | 97,697 |
| Total Stockholders’ Equity | $1,643,267 | $1,935,742 |
| Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | $7,769,796 | $10,141,921 |
CONSOLIDATED STATEMENTS OF OPERATIONS
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