Ready Capital Corp
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
View on SEC.govAbout this filing
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.
FY2025 · Filed Mar 2, 2026
RC$1.01-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash Flows From Operating Activities: | |||
| Net income (loss) | $(221,061) | $(430,398) | $348,411 |
| Net loss from discontinued operations, net of tax | (5,208) | (18,399) | (2,834) |
| Net income (loss) from continuing operations | (215,853) | (411,999) | 351,245 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Amortization of premiums, discounts, and debt issuance costs, net | 45,611 | 52,541 | 66,526 |
| Stock-based compensation | 5,807 | 8,119 | 7,550 |
| Provision for loan losses | 87,038 | 292,759 | 7,230 |
| Impairment loss on real estate owned, held for sale | 23,503 | 56,503 | 8,638 |
| Depreciation and amortization on real estate owned | 2,812 | — | — |
| Repair and denial reserve (recovery) | 4,969 | 385 | (3,872) |
| Paid-in-kind accrued interest | (6,022) | (77,573) | (42,148) |
| Provision for loan losses on purchased future receivables | — | 2,118 | 8,989 |
| Valuation allowance (recovery), loans held for sale | (15,443) | 124,878 | — |
| Net (income) loss of unconsolidated joint ventures, net of distributions | (2,271) | (7,702) | 2,933 |
| Realized (gains) losses, net | 143,544 | 53,900 | (66,357) |
| Unrealized (gains) losses, net | 12,083 | 15,086 | (8,867) |
| Bargain purchase gain | (109,549) | (13,859) | (207,972) |
| Loans, held for sale, net | 635,599 | 326,035 | 18,062 |
| Changes in operating assets and liabilities: | |||
| Derivative instruments | (1,384) | 5,234 | 12,369 |
| Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers | 80,054 | (60,828) | (28,027) |
| Receivable from third parties | (2,973) | 1,948 | (21,313) |
| Other assets | (217,211) | (58,932) | (59,969) |
| Accounts payable and other accrued liabilities | (14,413) | (22,214) | 13,978 |
| Net cash provided by operating activities from continuing operations | $455,901 | $286,399 | $58,995 |
| Net cash used for operating activities from discontinued operations | (23,784) | (11,584) | (7,865) |
| Net cash provided by operating activities | $432,117 | $274,815 | $51,130 |
| Cash Flows From Investing Activities: | |||
| Origination of loans | (592,564) | (826,430) | (1,005,137) |
| Proceeds from disposition and principal payment of loans | 2,139,819 | 2,274,117 | 1,940,986 |
| Funding of investments held to maturity | (2,385) | — | (140) |
| Proceeds from sale and principal payment of mortgage-backed securities | 776 | — | 8,059 |
| Funding of real estate, held for sale | (2,366) | (1,408) | (12,463) |
| Proceeds from sale of real estate, held for sale | 72,565 | 67,240 | 78,001 |
| Investment in unconsolidated joint ventures | (25,535) | (33,239) | (25,186) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures | 33,233 | 13,593 | 7,573 |
| Payment of liabilities under participation agreements | (48,110) | (14,535) | (9,051) |
| Net cash provided by disposal of discontinued operations | 3,521 | — | — |
| Net cash provided by asset acquisitions | 4,249 | — | — |
| Net cash provided by (used for) business acquisitions | 16,020 | (44,366) | 38,710 |
| Net cash provided by investing activities from continuing operations | $1,599,223 | $1,434,972 | $1,021,352 |
| Net cash provided by investing activities from discontinued operations | 43,316 | 100,045 | (1,908) |
| Net cash provided by investing activities | $1,642,539 | $1,535,017 | $1,019,444 |
| Cash Flows From Financing Activities: | |||
| Proceeds from secured borrowings | 3,035,413 | 2,102,388 | 4,127,416 |
| Repayment of secured borrowings | (2,285,215) | (2,166,562) | (4,692,079) |
| Repayment of the Paycheck Protection Program Liquidity Facility borrowings | (12,300) | (17,166) | (164,975) |
| Proceeds from issuance of securitized debt obligations of consolidated VIEs | — | — | 1,120,815 |
| Repayment of securitized debt obligations of consolidated VIEs | (2,416,143) | (1,520,669) | (976,790) |
| Proceeds from corporate debt | — | 125,905 | — |
| Repayment of corporate debt | (247,434) | — | — |
| Proceeds from senior secured note | 290,250 | 92,119 | — |
| Repayment of convertible note | — | — | (115,000) |
| Repayment of guaranteed loan financing | (185,089) | (153,422) | (154,441) |
| Payment of deferred financing costs | (29,827) | (12,178) | (32,210) |
| Payment of contingent consideration | — | — | (9,000) |
| Proceeds from issuance of equity, net of issuance costs | — | — | 108 |
| Common stock repurchased | (67,596) | (82,250) | (18,108) |
| Settlement of share-based awards in satisfaction of withholding tax requirements | (2,106) | (1,238) | (3,948) |
| Dividend payments | (113,317) | (206,057) | (215,089) |
| Distributions, net | — | (18) | (6) |
| Net cash used for financing activities from continuing operations | $(2,033,364) | $(1,839,148) | $(1,133,307) |
| Net cash provided by (used for) financing activities from discontinued operations | (4,324) | (40,632) | 48,220 |
| Net cash used for financing activities | $(2,037,688) | $(1,879,780) | $(1,085,087) |
| Net decrease in cash, cash equivalents, and restricted cash including cash classified within assets held for sale | 36,968 | (69,948) | (14,513) |
| Less: Net increase (decrease) in cash and cash equivalents within assets held for sale | (29,792) | 9,784 | (3,415) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 66,760 | (79,732) | (11,098) |
| Cash, cash equivalents, and restricted cash beginning balance | 182,774 | 262,506 | 273,604 |
| Cash, cash equivalents, and restricted cash ending balance | $249,534 | $182,774 | $262,506 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Supplemental disclosures: | |||
| Cash paid for interest | $489,249 | $659,264 | $661,169 |
| Cash paid (received) for income taxes | $(34) | $(11,928) | $2,008 |
| Non-cash investing activities | |||
| Loans transferred from loans, held for sale to loans, net | $158,804 | $13,173 | $68,661 |
| Loans transferred from loans, net to loans, held for sale | $1,387,044 | $729,016 | $3,641 |
| Consolidation of assets in securitization trusts | $— | $— | $689,079 |
| Loans transferred to real estate owned, held for sale | $540,536 | $86,990 | $56,900 |
| Contingent consideration in connection with acquisitions | $15,242 | $573 | $— |
| Non-cash financing activities | |||
| Shares and OP units issued in connection with merger transactions | $64,600 | $— | $637,229 |
| Consolidation of borrowings in securitization trusts | $— | $— | $689,079 |
| Conversion of OP units to common stock | $2,264 | $3,812 | $2,842 |
| Cash, cash equivalents, and restricted cash reconciliation | |||
| Cash and cash equivalents | $207,841 | $143,803 | $138,532 |
| Restricted cash | 39,746 | 30,560 | 30,063 |
| Cash, cash equivalents, and restricted cash in assets of consolidated VIEs | 1,947 | 8,411 | 93,911 |
| Cash, cash equivalents, and restricted cash ending balance | $249,534 | $182,774 | $262,506 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.