Ready Capital Corp
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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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, 2026 · Filed Nov 6, 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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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Cash Flows From Operating Activities: | ||
| Net income (loss) | $(361,962) | $11,551 |
| Net loss from discontinued operations, net of tax | — | (5,161) |
| Net income (loss) from continuing operations | (361,962) | 16,712 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Amortization of premiums, discounts, and debt issuance costs, net | 40,461 | 33,208 |
| Stock-based compensation | 5,824 | 5,010 |
| Provision for (recovery of) loan losses | 105,120 | (62,951) |
| Impairment on real estate owned, held for sale | 5,164 | 8,476 |
| Depreciation and amortization on real estate owned | 4,731 | 1,100 |
| Repair and denial reserve | 2,334 | 1,627 |
| Paid-in-kind accrued interest | (857) | (4,061) |
| Valuation recovery, loans held for sale | (8,767) | (38,761) |
| Net income in unconsolidated joint ventures, net of distributions | (1,464) | (1,509) |
| Realized (gains) losses, net | 99,400 | 132,945 |
| Unrealized (gains) losses, net | 8,672 | (626) |
| Loss on deconsolidation of securitization trust | 2,840 | — |
| Bargain purchase gain | — | (112,562) |
| Loans, held for sale, net | 745,136 | 556,246 |
| Changes in operating assets and liabilities: | ||
| Derivative instruments | 8,580 | (457) |
| Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers | (22,997) | 41,127 |
| Receivable from third parties | (4,407) | (6,209) |
| Other assets | 16,625 | (111,574) |
| Accounts payable and other accrued liabilities | (4,236) | 8,922 |
| Net cash provided by operating activities from continuing operations | $640,197 | $466,663 |
| Net cash used for operating activities from discontinued operations | — | (23,784) |
| Net cash provided by operating activities | $640,197 | $442,879 |
| Cash Flows From Investing Activities: | ||
| Origination of loans | (230,945) | (420,697) |
| Proceeds from disposition and principal payment of loans | 1,543,768 | 1,593,480 |
| Funding of investments held to maturity | — | (2,385) |
| Proceeds from sale and principal payment of mortgage-backed securities | 3,747 | — |
| Funding of real estate, held for sale | (1,194) | (964) |
| Proceeds from sale of real estate, held for sale | 102,172 | 57,743 |
| Investment in unconsolidated joint ventures | (10,252) | (20,280) |
| Distributions in excess of cumulative earnings from unconsolidated joint ventures | 18,054 | 9,800 |
| Payment of liabilities under participation agreements | — | (1,335) |
| Net cash provided by disposal of discontinued operations | — | 3,521 |
| Net cash provided by asset acquisitions | — | 4,249 |
| Net cash provided by business acquisitions | — | 16,020 |
| Net cash provided by investing activities from continuing operations | $1,425,350 | $1,239,152 |
| Net cash provided by investing activities from discontinued operations | — | 43,316 |
| Net cash provided by investing activities | $1,425,350 | $1,282,468 |
| Cash Flows From Financing Activities: | ||
| Proceeds from secured borrowings | 1,749,988 | 2,710,938 |
| Repayment of secured borrowings | (2,846,492) | (1,870,521) |
| Repayment of the Paycheck Protection Program Liquidity Facility borrowings | (8,592) | (10,451) |
| Proceeds from issuance of securitized debt obligations of consolidated VIEs | 145,211 | — |
| Repayment of securitized debt obligations of consolidated VIEs | (718,053) | (2,295,827) |
| Proceeds from sale of retained beneficial interests | 24,065 | — |
| Repayment of corporate debt | (208,994) | (232,140) |
| Proceeds from senior secured note | 223,875 | 290,250 |
| Repayment of senior secured note | (350,000) | — |
| Repayment of guaranteed loan financing | (88,711) | (147,002) |
| Payment of deferred financing costs | (14,708) | (25,940) |
| Common stock repurchased | — | (65,721) |
| Settlement of share-based awards in satisfaction of withholding tax requirements | (541) | (1,964) |
| Dividend payments | (10,857) | (90,716) |
| Net cash used for financing activities from continuing operations | $(2,103,809) | $(1,739,094) |
| Net cash used for financing activities from discontinued operations | — | (4,324) |
| Net cash used for financing activities | $(2,103,809) | $(1,743,418) |
| Net decrease in cash, cash equivalents, and restricted cash including cash classified within assets held for sale | (38,262) | (18,071) |
| Less: Net decrease in cash and cash equivalents within assets held for sale | — | (29,792) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (38,262) | 11,721 |
| Cash, cash equivalents, and restricted cash beginning balance | 249,534 | 182,774 |
| Cash, cash equivalents, and restricted cash ending balance | $211,272 | $194,495 |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Supplemental disclosures: | ||
| Cash paid for interest | $219,481 | $385,608 |
| Cash received for income taxes | $(285) | $(228) |
| Non-cash investing activities | ||
| Loans transferred from loans, held for sale to loans, net | $198,555 | $130,126 |
| Loans transferred from loans, net to loans, held for sale | $349,952 | $722,797 |
| Loans transferred to real estate owned, held for sale | $58,593 | $519,824 |
| Deconsolidation of assets in securitization trusts | $26,300 | $— |
| Consolidation of assets in securitization trusts | $475,919 | $— |
| Contingent consideration in connection with acquisitions | $— | $15,242 |
| Non-cash financing activities | ||
| Deconsolidation of borrowings in securitization trusts | $22,973 | $— |
| Consolidation of borrowings in securitization trusts | $475,919 | $— |
| Shares and OP units issued in connection with merger transactions | $— | $64,600 |
| Conversion of OP units to common stock | $— | $1,197 |
| Cash, cash equivalents, and restricted cash reconciliation | ||
| Cash and cash equivalents | $157,130 | $147,505 |
| Restricted cash | 50,775 | 44,491 |
| Cash, cash equivalents, and restricted cash in assets of consolidated VIEs | 3,367 | 2,499 |
| Cash, cash equivalents, and restricted cash ending balance | $211,272 | $194,495 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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