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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

Commission File Number: 001-35808

READY CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland

90-0729143

(State or Other Jurisdiction of Incorporation or Organization)

(IRS Employer Identification No.)

1251 Avenue of the Americas, 50th Floor, New York, NY 10020

(Address of Principal Executive Offices, Including Zip Code)

(212) 257-4600

(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

Common Stock, $0.0001 par value per share

Preferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share

Preferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share

7.00% Convertible Senior Notes due 2023

RC

RC PRC

RC PRE

RCA

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

6.20% Senior Notes due 2026

RCB

New York Stock Exchange

5.75% Senior Notes due 2026

RCC

New York Stock Exchange

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. Yes    No 

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).  Yes    No 

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

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    No 

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 84,107,749 shares of common stock, par value $0.0001 per share, 7,563,191 shares of Class B-1 common stock, par value $0.0001 per share, 7,563,191 shares of Class B-2 common stock, par value $0.0001 per share, 7,563,191 shares of Class B-3 common stock, par value $0.0001 per share and 7,563,191 shares of Class B-4 common stock, par value $0.0001 per share, outstanding as of May 5, 2022.

TABLE OF CONTENTS

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

$

211,369

$

229,531

Restricted cash

 

56,963

 

51,569

Loans, net (including $10,722 and $10,766 held at fair value)

 

4,062,335

 

2,915,446

Loans, held for sale, at fair value

 

523,214

 

552,935

Paycheck Protection Program loans (including $1,843 and $3,243 held at fair value)

 

554,656

 

870,352

Mortgage-backed securities, at fair value

 

93,259

 

99,496

Loans eligible for repurchase from Ginnie Mae

82,975

94,111

Investment in unconsolidated joint ventures (including $8,610 and $8,894 held at fair value)

149,475

141,148

Investments held to maturity (including $17,053 held at fair value)

57,285

Purchased future receivables, net

8,753

7,872

Derivative instruments

 

36,852

 

7,022

Servicing rights (including $159,834 and $120,142 held at fair value)

 

244,143

 

204,599

Real estate owned, held for sale

119,207

42,288

Other assets

 

186,089

 

172,098

Assets of consolidated VIEs

5,089,669

4,145,564

Total Assets

$

11,476,244

$

9,534,031

Liabilities

Secured borrowings

 

3,274,324

 

2,517,600

Paycheck Protection Program Liquidity Facility (PPPLF) borrowings

 

627,445

 

941,505

Securitized debt obligations of consolidated VIEs, net

 

3,864,150

 

3,214,303

Convertible notes, net

113,531

113,247

Senior secured notes, net

 

342,454

 

342,035

Corporate debt, net

446,118

441,817

Guaranteed loan financing

 

332,398

 

345,217

Contingent consideration

92,148

16,400

Liabilities for loans eligible for repurchase from Ginnie Mae

82,975

94,111

Derivative instruments

 

2,620

 

410

Dividends payable

 

51,161

 

34,348

Loan participations sold

56,386

Due to third parties

38,846

668

Accounts payable and other accrued liabilities

 

184,592

 

183,411

Total Liabilities

$

9,509,148

$

8,245,072

Preferred stock Series C, liquidation preference $25.00 per share (refer to Note 21)

8,361

8,361

Commitments & contingencies (refer to Note 25)

Stockholders’ Equity

Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 21)

111,378

111,378

Common stock, $0.0001 par value, 500,000,000 shares authorized, 114,335,948 and 75,838,050 shares issued and outstanding, respectively

 

11

 

8

Additional paid-in capital

 

1,723,099

 

1,161,853

Retained earnings

21,661

8,598

Accumulated other comprehensive loss

 

(4,704)

 

(5,733)

Total Ready Capital Corporation equity

 

1,851,445

 

1,276,104

Non-controlling interests

 

107,290

 

4,494

Total Stockholders’ Equity

$

1,958,735

$

1,280,598

Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity

$

11,476,244

$

9,534,031

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

$

124,405

$

73,371

Interest expense

 

(61,017)

 

(50,761)

Net interest income before provision for loan losses

$

63,388

$

22,610

Recovery of (provision for loan losses)

 

(1,542)

 

8

Net interest income after (provision for) recovery of loan losses

$

61,846

$

22,618

Non-interest income

Residential mortgage banking activities

8,424

41,409

Net realized gain on financial instruments and real estate owned

8,007

8,846

Net unrealized gain on financial instruments

45,315

20,996

Servicing income, net of amortization and impairment of $3,345 and $1,942

 

10,528

 

15,635

Income on purchased future receivables, net of allowance for doubtful accounts of ($125) and $995

2,469

2,317

Income (loss) on unconsolidated joint ventures

6,563

(809)

Other income

 

6,501

 

571

Total non-interest income

$

87,807

$

88,965

Non-interest expense

Employee compensation and benefits

 

(27,968)

 

(22,777)

Allocated employee compensation and benefits from related party

 

(3,000)

 

(2,123)

Variable expenses on residential mortgage banking activities

 

(979)

 

(15,485)

Professional fees

 

(5,126)

 

(2,982)

Management fees – related party

 

(3,196)

 

(2,693)

Loan servicing expense

 

(8,920)

 

(6,104)

Transaction related expenses

(5,699)

(6,307)

Other operating expenses

 

(12,653)

 

(15,484)

Total non-interest expense

$

(67,541)

$

(73,955)

Income before provision for income taxes

82,112

37,628

Income tax provision

 

(17,849)

(8,681)

Net income

$

64,263

$

28,947

Less: Dividends on preferred stock

1,999

281

Less: Net income attributable to non-controlling interest

 

775

659

Net income attributable to Ready Capital Corporation

$

61,489

$

28,007

Earnings per common share - basic

$

0.70

$

0.49

Earnings per common share - diluted

$

0.66

$

0.49

Weighted-average shares outstanding

 

 

Basic

87,707,281

56,817,632

Diluted

95,402,494

56,843,448

Dividends declared per share of common stock

$

0.42

$

0.40

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

$

64,263

$

28,947

Other comprehensive income - net change by component

Net change in hedging derivatives (cash flow hedges)

213

1,978

Foreign currency translation adjustment

766

991

Other comprehensive income

$

979

$

2,969

Comprehensive income

$

65,242

$

31,916

Less: Comprehensive income attributable to non-controlling interests

780

723

Comprehensive income attributable to Ready Capital Corporation

$

64,462

$

31,193

See Notes To Unaudited Consolidated Financial Statements

5

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

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

4,600,000

75,838,050

$

$

$

111,378

$

8

$

1,161,853

$