Ready Capital Corp [RC] Filings |
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Ready Capital Corp [RCB] Filings |
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Ready Capital Corp [RCA] Filings |
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Ready Capital Corp [RCC] Filings |
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Ready Capital Corp [RC-PC] Filings |
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Ready Capital Corp [RC-PE] Filings |
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10-Q | [2022-05-06] |
10-K | [2022-02-28] |
10-Q | [2021-11-05] |
10-Q | [2021-08-06] |
10-Q | [2021-05-07] |
10-K | [2021-03-15] |
10-Q | [2020-11-06] |
10-Q | [2020-08-07] |
10-Q | [2020-05-11] |
10-K | [2020-03-12] |
10-Q | [2019-11-07] |
10-Q | [2019-08-08] |
10-Q | [2019-05-09] |
10-K | [2019-03-13] |
10-Q | [2018-11-08] |
10-Q | [2018-08-08] |
10-Q | [2018-05-10] |
10-K | [2018-03-16] |
10-Q | [2017-11-09] |
10-Q | [2017-08-03] |
10-Q | [2017-05-10] |
10-K | [2017-03-15] |
10-Q | [2016-10-25] |
10-Q | [2016-08-09] |
10-Q | [2016-05-10] |
10-K | [2016-03-10] |
10-Q | [2015-11-05] |
10-Q | [2015-08-06] |
10-Q | [2015-05-11] |
10-K | [2015-03-16] |
10-Q | [2014-11-13] |
10-Q | [2014-08-12] |
10-Q | [2014-05-14] |
10-K | [2014-03-13] |
10-Q | [2013-11-12] |
10-Q | [2013-08-13] |
10-Q | [2013-05-15] |
10-K | [2013-03-28] |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
Commission File Number:
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
| |
(Address of Principal Executive Offices, Including Zip Code) | |
( | |
(Registrant's Telephone Number, Including Area Code) |
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | |
| | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:
The Company has
TABLE OF CONTENTS
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EXHIBIT 31.1 CERTIFICATIONS
EXHIBIT 31.2 CERTIFICATIONS
EXHIBIT 32.1 CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350
EXHIBIT 32.2 CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
| | | | | | |
(in thousands) |
| March 31, 2022 |
| December 31, 2021 | ||
Assets | | | | | | |
Cash and cash equivalents | | $ | | | $ | |
Restricted cash | |
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Loans, net (including $ | |
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Loans, held for sale, at fair value | |
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Paycheck Protection Program loans (including $ | |
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Mortgage-backed securities, at fair value | |
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Loans eligible for repurchase from Ginnie Mae | | | | | | |
Investment in unconsolidated joint ventures (including $ | | | | | | |
Investments held to maturity (including $ | | | | | | — |
Purchased future receivables, net | | | | | | |
Derivative instruments | |
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Servicing rights (including $ | |
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Real estate owned, held for sale | | | | | | |
Other assets | |
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Assets of consolidated VIEs | | | | | | |
Total Assets | | $ | | | $ | |
Liabilities | | | | | | |
Secured borrowings | |
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Paycheck Protection Program Liquidity Facility (PPPLF) borrowings | |
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Securitized debt obligations of consolidated VIEs, net | |
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Convertible notes, net | | | | | | |
Senior secured notes, net | |
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Corporate debt, net | | | | | | |
Guaranteed loan financing | |
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Contingent consideration | | | | | | |
Liabilities for loans eligible for repurchase from Ginnie Mae | | | | | | |
Derivative instruments | |
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Dividends payable | |
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Loan participations sold | | | | | | — |
Due to third parties | | | | | | |
Accounts payable and other accrued liabilities | |
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Total Liabilities | | $ | | | $ | |
Preferred stock Series C, liquidation preference $ | | | | | | |
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Commitments & contingencies (refer to Note 25) | | | | | | |
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Stockholders’ Equity | | | | | | |
Preferred stock Series E, liquidation preference $ | | | | | | |
Common stock, $ | |
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Additional paid-in capital | |
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Retained earnings | | | | | | |
Accumulated other comprehensive loss | |
| ( | |
| ( |
Total Ready Capital Corporation equity | |
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Non-controlling interests | |
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Total Stockholders’ Equity | | $ | | | $ | |
Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | | $ | | | $ | |
See Notes To Unaudited Consolidated Financial Statements
3
READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
| | | | | | |
| | Three Months Ended March 31, | ||||
(in thousands, except share data) |
| 2022 |
| 2021 | ||
Interest income | | $ | | | $ | |
Interest expense | |
| ( | |
| ( |
Net interest income before provision for loan losses | | $ | | | $ | |
Recovery of (provision for loan losses) | |
| ( | |
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Net interest income after (provision for) recovery of loan losses | | $ | | | $ | |
Non-interest income | | | | | | |
Residential mortgage banking activities | | | | | | |
Net realized gain on financial instruments and real estate owned | | | | | | |
Net unrealized gain on financial instruments | | | | | | |
Servicing income, net of amortization and impairment of $ | |
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Income on purchased future receivables, net of allowance for doubtful accounts of ($ | | | | | | |
Income (loss) on unconsolidated joint ventures | | | | | | ( |
Other income | |
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Total non-interest income | | $ | | | $ | |
Non-interest expense | | | | | | |
Employee compensation and benefits | |
| ( | |
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Allocated employee compensation and benefits from related party | |
| ( | |
| ( |
Variable expenses on residential mortgage banking activities | |
| ( | |
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Professional fees | |
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Management fees – related party | |
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Loan servicing expense | |
| ( | |
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Transaction related expenses | | | ( | | | ( |
Other operating expenses | |
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Total non-interest expense | | $ | ( | | $ | ( |
Income before provision for income taxes | | | | | | |
Income tax provision | |
| ( | | | ( |
Net income | | $ | | | $ | |
Less: Dividends on preferred stock | | | | | | |
Less: Net income attributable to non-controlling interest | |
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Net income attributable to Ready Capital Corporation | | $ | | | $ | |
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Earnings per common share - basic | | $ | | | $ | |
Earnings per common share - diluted | | $ | | | $ | |
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Weighted-average shares outstanding | |
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Basic | | | | | | |
Diluted | | | | | | |
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Dividends declared per share of common stock | | $ | | | $ | |
See Notes To Unaudited Consolidated Financial Statements
4
READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| | | | | | |
| | Three Months Ended March 31, | ||||
(in thousands) | | | 2022 | | | 2021 |
Net income | | $ | | | $ | |
Other comprehensive income - net change by component | | | | | | |
Net change in hedging derivatives (cash flow hedges) | | | | | | |
Foreign currency translation adjustment | | | | | | |
Other comprehensive income | | $ | | | $ | |
Comprehensive income | | $ | | | $ | |
Less: Comprehensive income attributable to non-controlling interests | | | | | | |
Comprehensive income attributable to Ready Capital Corporation | | $ | | | $ | |
See Notes To Unaudited Consolidated Financial Statements
5
READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
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| | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||
| | Preferred Stock Shares Outstanding | | Common Stock | | | Preferred Stock | | Common Stock | | | Additional Paid- | | Retained Earnings | | | Accumulated Other | | Total Ready Capital | | Non-controlling | | Total Stockholders' | ||||||||||||
(in thousands, except share data) | | Series B | | Series D | | Series E | | Shares Outstanding | | | Series B | | Series D | | Series E | | Par Value | | | In Capital | (Deficit) | | | Comprehensive Loss | | Corporation Equity | | Interests |
| Equity | |||||
Balance at January 1, 2022 | | — | | — | | | | | | $ | — | $ | — | $ | | $ | | | $ | | | $ | |