Ready Capital Corp
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
RC$1.01-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule IV – Mortgage Loans on Real Estate
The table below presents the Company’s mortgage loans on real estate, categorized by product type.
| ($ in thousands) | December 31, 2025 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Product Type · Property Type · Loan Count · Interest Rate · Maturity Date · Prior Liens · Payment Terms · Carrying Value · UPB · UPB of loans subject to delinquent principal or interest | |||||||||||||||
| First Mortgages individually <3% | |||||||||||||||
| Bridge | Industrial, Lodging, Mixed Use, Multi-Family, Office, Retail | 156 | — | - | 12.8% | 2021 | - | 2029 | N/A | N/A | 3,440,902 | 3,592,010 | 824,320 | ||
| Fixed Rate | Industrial, Lodging, Mixed Use, Multi-Family, Office, Retail, Storage | 137 | 3.4 | - | 8.7% | 2026 | - | 2034 | N/A | N/A | 706,511 | 712,058 | 30,880 | ||
| Construction | Industrial, Land, Lodging, Multi-Family, Residential, Retail | 43 | 3.0 | - | 13.6% | 2021 | - | 2028 | N/A | N/A | 330,920 | 433,341 | 32,565 | ||
| Freddie Mac | Multi-Family | 10 | 4.7 | - | 6.3% | 2029 | - | 2036 | N/A | N/A | 20,500 | 20,181 | 3,756 | ||
| SBA - 7(a) | SBA | 2,194 | 1.0 | - | 10.5% | 2024 | - | 2051 | N/A | N/A | 932,111 | 967,426 | 77,325 | ||
| Other | Health Care, Hotel, Industrial, Land, Lodging, Mixed Use, Multi-Family, Office, Residential, Retail | 743 | 2.0 | - | 11.5% | 2025 | - | 2056 | N/A | N/A | 252,099 | 256,358 | 9,002 | ||
| Total First Mortgages | 3,283 | $5,683,043 | $5,981,374 | $977,848 | |||||||||||
| Subordinated Mortgages individually <3% | |||||||||||||||
| Construction | Hotel, Land, Multi-Family | 6 | 7.0 | - | 13.9% | 2023 | - | 2028 | N/A | N/A | 57,122 | 75,744 | 29,427 | ||
| SBA - 7(a) | SBA | 5,475 | 0.0 | - | 14.0% | 2014 | - | 2051 | N/A | N/A | 163,962 | 185,717 | 24,692 | ||
| Other | Mixed Use | 167 | 1.0 | - | 29.0% | 2021 | - | 2030 | N/A | N/A | 1,177 | 26,649 | 25,784 | ||
| Total Subordinated Mortgages (1) | 5,648 | $222,261 | $288,110 | $79,903 | |||||||||||
| Total Loans, net and Loans, held for sale | 8,931 | $5,905,304 | $6,269,484 | $1,057,751 | |||||||||||
(1) Total subordinated mortgages includes unsecured loans.
The table below presents activity for mortgage loans on real estate, including loans in consolidated VIEs.
| (in thousands) | Loans, net | Loans, held for sale | Total Loan Receivables |
|---|---|---|---|
| Balance as of December 31, 2022 | 9,883,497 | 123,735 | 10,007,232 |
| Origination of loan receivables | 1,005,137 | 561,997 | 1,567,134 |
| Payments in kind | 42,148 | — | 42,148 |
| Proceeds from disposition and principal payment of loan receivables | (1,779,990) | (579,309) | (2,359,299) |
| Loans acquired as part of merger transactions | 764,367 | — | 764,367 |
| Loan receivables from issuance of securitized debt obligation | 689,079 | — | 689,079 |
| Net realized gain (loss) on sale of loan receivables | (9,661) | 34,991 | 25,330 |
| Net unrealized gain (loss) on loan receivables | (437) | 8,846 | 8,409 |
| Accretion/amortization of discount, premium and other fees | 34,245 | — | 34,245 |
| Foreign currency gain (loss), net | 2,645 | — | 2,645 |
| Transfers | 68,661 | (68,661) | — |
| Transfers to real estate owned, held for sale | (56,900) | — | (56,900) |
| Provision for loan losses | (11,306) | — | (11,306) |
| Balance as of December 31, 2023 | 10,631,485 | 81,599 | 10,713,084 |
| Origination of loan receivables | 826,095 | 1,052,926 | 1,879,021 |
| Payments in kind | 73,518 | 4,055 | 77,573 |
| Non-cash participations | 39,855 | — | 39,855 |
| Proceeds from disposition and principal payment of loan receivables | (2,254,757) | (1,378,961) | (3,633,718) |
| Loans acquired as part of merger transactions | 8,167 | — | 8,167 |
| Net realized gain (loss) on sale of loan receivables | (9,166) | (145,622) | (154,788) |
| Net unrealized gain (loss) on loan receivables | 3,631 | (3,265) | 366 |
| Gain on sale of agency loans | (20,507) | 85,518 | 65,011 |
| Accretion/amortization of discount, premium and other fees | 23,360 | — | 23,360 |
| Foreign currency gain (loss), net | (4,086) | — | (4,086) |
| Transfers | (715,843) | 715,843 | — |
| Transfers to real estate, held for sale | (41,401) | (45,589) | (86,990) |
| Provision for loan losses | (252,141) | — | (252,141) |
| Valuation allowance | — | (124,878) | (124,878) |
| Balance as of December 31, 2024 | 8,308,210 | 241,626 | 8,549,836 |
| Origination of loan receivables | 592,564 | 769,422 | 1,361,986 |
| Payments in kind | 9,354 | 343 | 9,697 |
| Non-cash participations | 8,262 | — | 8,262 |
| Proceeds from disposition and principal payment of loan receivables | (2,124,329) | (1,405,020) | (3,529,349) |
| Loans acquired as part of merger transactions | 169,305 | — | 169,305 |
| Net realized gain (loss) on sale of loan receivables | (30,056) | (195,928) | (225,984) |
| Net unrealized gain (loss) on loan receivables | 1,451 | 10 | 1,461 |
| Gain on sale of agency loans | (18,163) | 69,373 | 51,210 |
| Accretion/amortization of discount, premium and other fees | 40,347 | (108) | 40,239 |
| Foreign currency gain (loss), net | 4,744 | — | 4,744 |
| Transfers | (1,226,442) | 1,226,442 | — |
| Transfers to real estate, held for sale | (523,042) | (17,494) | (540,536) |
| Provision for loan losses | (17,828) | — | (17,828) |
| Valuation recovery | — | 22,261 | 22,261 |
| Balance as of December 31, 2025 | 5,194,377 | 710,927 | 5,905,304 |
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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