| Price | 15.92 | EPS | 2 | |
| Shares | 44 | P/E | 8 | |
| MCap | 708 | P/FCF | -11 | |
| Net Debt | 289 | EBIT | 186 | |
| TEV | 997 | TEV/EBIT | 5 | TTM 2019-09-30, in MM, except price, ratios |
| 10-Q | 2020-06-30 | Filed 2020-08-10 |
| 10-Q | 2020-03-31 | Filed 2020-05-11 |
| 10-K | 2019-12-31 | Filed 2020-03-12 |
| 10-Q | 2019-09-30 | Filed 2019-11-07 |
| 10-Q | 2019-06-30 | Filed 2019-08-08 |
| 10-Q | 2019-03-31 | Filed 2019-05-09 |
| 10-K | 2018-12-31 | Filed 2019-03-13 |
| 10-Q | 2018-09-30 | Filed 2018-11-08 |
| 10-Q | 2018-06-30 | Filed 2018-08-08 |
| 10-Q | 2018-03-31 | Filed 2018-05-10 |
| 10-K | 2017-12-31 | Filed 2018-03-16 |
| 10-Q | 2017-09-30 | Filed 2017-11-09 |
| 10-Q | 2017-06-30 | Filed 2017-08-03 |
| 10-Q | 2017-03-31 | Filed 2017-05-10 |
| 10-K | 2016-12-31 | Filed 2017-03-15 |
| 10-Q | 2016-09-30 | Filed 2016-10-25 |
| 10-Q | 2016-06-30 | Filed 2016-08-09 |
| 10-Q | 2016-03-31 | Filed 2016-05-10 |
| 10-K | 2015-12-31 | Filed 2016-03-10 |
| 10-Q | 2015-09-30 | Filed 2015-11-05 |
| 10-Q | 2015-06-30 | Filed 2015-08-06 |
| 10-Q | 2015-03-31 | Filed 2015-05-11 |
| 10-K | 2014-12-31 | Filed 2015-03-16 |
| 10-Q | 2014-09-30 | Filed 2014-11-13 |
| 10-Q | 2014-06-30 | Filed 2014-08-12 |
| 10-Q | 2014-03-31 | Filed 2014-05-14 |
| 10-K | 2013-12-31 | Filed 2014-03-13 |
| 10-Q | 2013-09-30 | Filed 2013-11-12 |
| 10-Q | 2013-06-30 | Filed 2013-08-13 |
| 10-Q | 2013-03-31 | Filed 2013-05-15 |
| 8-K | 2020-08-06 | Earnings, Exhibits |
| 8-K | 2020-07-15 | Shareholder Vote |
| 8-K | 2020-06-24 | |
| 8-K | 2020-05-11 | |
| 8-K | 2020-03-11 | |
| 8-K | 2020-01-07 | |
| 8-K | 2019-12-04 | |
| 8-K | 2019-11-25 | |
| 8-K | 2019-11-06 | |
| 8-K | 2019-10-25 | |
| 8-K | 2019-09-03 | |
| 8-K | 2019-08-07 | |
| 8-K | 2019-07-18 | |
| 8-K | 2019-07-10 | |
| 8-K | 2019-05-08 | |
| 8-K | 2019-04-03 | |
| 8-K | 2019-03-29 | |
| 8-K | 2019-03-21 | |
| 8-K | 2019-03-12 | |
| 8-K | 2019-03-11 | |
| 8-K | 2019-02-22 | |
| 8-K | 2019-02-15 | |
| 8-K | 2019-02-11 | |
| 8-K | 2019-02-08 | |
| 8-K | 2019-01-04 | |
| 8-K | 2018-11-09 | |
| 8-K | 2018-11-07 | |
| 8-K | 2018-11-07 | |
| 8-K | 2018-09-25 | |
| 8-K | 2018-08-31 | |
| 8-K | 2018-08-07 | |
| 8-K | 2018-06-13 | |
| 8-K | 2018-05-08 | |
| 8-K | 2018-04-25 | |
| 8-K | 2018-03-14 | |
| 8-K | 2018-01-30 |
| Part I. Financial Information |
| Item 1. Financial Statements |
| Note 1 - Organization |
| Note 2 - Basis of Presentation |
| Note 3 - Summary of Significant Accounting Policies |
| Note 4 - Recently Issued Accounting Pronouncements |
| Note 5 - Business Combinations |
| Note 6 - Loans and Allowance for Loan Losses |
| Note 7 - Fair Value Measurements |
| Note 8 - Mortgage Backed Securities |
| Note 9 - Servicing Rights |
| Note 10 - Residential Mortgage Banking Activities and Variable Expenses on Residential Mortgage Banking Activities |
| Note 11 - Secured Borrowings |
| Note 12 - Senior Secured Notes, Convertible Notes, and Corporate Debt, Net |
| Note 13 - Guaranteed Loan Financing |
| Note 14 - Variable Interest Entities and Securitization Activities |
| Note 15 - Interest Income and Interest Expense |
| Note 16 - Derivative Instruments |
| Note 17 - Real Estate, Held for Sale |
| Note 18 - Agreements and Transactions with Related Parties |
| Note 19 - Other Assets and Other Liabilities |
| Note 20 - Other Income and Operating Expenses |
| Note 21 - Stockholders' Equity |
| Note 22 - Earnings per Share of Common Stock |
| Note 23 - Offsetting Assets and Liabilities |
| Note 24 - Financial Instruments with Off - Balance Sheet Risk, Credit Risk, and Certain Other Risks |
| Note 25 - Commitments, Contingencies and Indemnifications |
| Note 26 - Income Taxes |
| Note 27 - Segment Reporting |
| Note 28 - Supplemental Financial Data |
| Note 29 - Subsequent Events |
| Item 1A. Forward - Looking Statements |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk |
| Item 4. Controls and Procedures |
| Part II. Other Information |
| Item 1. Legal Proceedings |
| Item 1A. Risk Factors |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
| Item 3. Defaults Upon Senior Securities |
| Item 4. Mine Safety Disclosures |
| Item 5. Other Information |
| Item 6. Exhibits |
| EX-31.1 | rc-20200630ex311408e2e.htm |
| EX-31.2 | rc-20200630ex312770fe9.htm |
| EX-32.1 | rc-20200630ex321a27dc8.htm |
| EX-32.2 | rc-20200630ex3220f8bd0.htm |
| Balance Sheet | Income Statement | Cash Flow |
|---|---|---|
|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
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.
Large accelerated filer ◻ | Non-accelerated filer ◻ | Smaller reporting company | |
Emerging growth 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
3 | ||
3 | ||
66 | ||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 68 | |
101 | ||
105 | ||
105 | ||
105 | ||
105 | ||
108 | ||
108 | ||
108 | ||
108 | ||
108 | ||
SIGNATURES | 111 | |
EXHIBIT 31.1 CERTIFICATIONS | ||
EXHIBIT 31.2 CERTIFICATIONS | ||
EXHIBIT 32.1 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350 | ||
EXHIBIT 32.2 CERTIFICATION 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) |
| June 30, 2020 |
| December 31, 2019 | ||
Assets | ||||||
Cash and cash equivalents | $ | | $ | | ||
Restricted cash |
| |
| | ||
Loans, net (including $ |
| |
| | ||
Loans, held for sale, at fair value |
| |
| | ||
Mortgage backed securities, at fair value |
| |
| | ||
Loans eligible for repurchase from Ginnie Mae | | | ||||
Investment in unconsolidated joint ventures | | | ||||
Purchased future receivables, net | | | ||||
Derivative instruments |
| |
| | ||
Servicing rights (including $ |
| |
| | ||
Real estate, held for sale | | | ||||
Other assets |
| |
| | ||
Assets of consolidated VIEs | | | ||||
Total Assets | $ | | $ | | ||
Liabilities | ||||||
Secured borrowings |
| |
| | ||
Securitized debt obligations of consolidated VIEs, net |
| |
| | ||
Convertible notes, net | | | ||||
Senior secured notes, net |
| |
| | ||
Corporate debt, net | | | ||||
Guaranteed loan financing |
| |
| | ||
Liabilities for loans eligible for repurchase from Ginnie Mae | | | ||||
Derivative instruments |
| |
| | ||
Dividends payable |
| |
| | ||
Accounts payable and other accrued liabilities |
| |
| | ||
Total Liabilities | $ | | $ | | ||
Stockholders’ Equity | ||||||
Common stock, $ |
| |
| | ||
Additional paid-in capital |
| |
| | ||
Retained earnings | ( | | ||||
Accumulated other comprehensive loss |
| ( |
| ( | ||
Total Ready Capital Corporation equity |
| |
| | ||
Non-controlling interests |
| |
| | ||
Total Stockholders’ Equity | $ | | $ | | ||
Total Liabilities and Stockholders’ Equity | $ | | $ | | ||
See Notes To Unaudited Consolidated Financial Statements
3
READY CAPITAL CORPORATION
Unaudited CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In Thousands, except share data) |
| 2020 |
| 2019 |
| 2020 |
| 2019 | ||||
Interest income | $ | | $ | | $ | | $ | | ||||
Interest expense |
| ( |
| ( |
| ( |
| ( | ||||
Net interest income before provision for loan losses | $ | | $ | | $ | | $ | | ||||
Provision for loan losses |
| |
| ( |
| ( | ( | |||||
Net interest income after provision for loan losses | $ | | $ | | $ | | $ | | ||||
Non-interest income | ||||||||||||
Residential mortgage banking activities | | | ||||||||||