Company Quick10K Filing
Ready Capital
Price15.92 EPS2
Shares44 P/E8
MCap708 P/FCF-11
Net Debt289 EBIT186
TEV997 TEV/EBIT5
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

RC 10Q Quarterly Report

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

Ready Capital Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.23.42.51.70.80.02012201420172020
Assets, Equity
0.10.10.10.00.00.02014201420152016
Rev, G Profit, Net Income
0.60.40.1-0.1-0.4-0.62012201420172020
Ops, Inv, Fin

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Table of Contents

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 June 30, 2020

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

7.00% Convertible Senior Notes due 2023

6.50% Senior Notes due 2021

6.20% Senior Notes due 2026

RC

RCA

RCP

RCB

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

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 54,872,789 shares of common stock, par value $0.0001 per share, outstanding as of July 31, 2020.

Table of Contents

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION

3

Item 1.

Financial Statements

3

Item 1A.

Forward-Looking Statements

66

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

68

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

101

Item 4.

Controls and Procedures

105

PART II.

OTHER INFORMATION

105

Item 1.

Legal Proceedings

105

Item 1A.

Risk Factors

105

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

108

Item 3.

Defaults Upon Senior Securities

108

Item 4.

Mine Safety Disclosures

108

Item 5.

Other Information

108

Item 6.

Exhibits

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

Table of Contents

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

$

257,017

$

67,928

Restricted cash

 

91,539

 

51,728

Loans, net (including $124,298 and $20,212 held at fair value)

 

1,432,807

 

1,727,984

Loans, held for sale, at fair value

 

297,669

 

188,077

Mortgage backed securities, at fair value

 

75,411

 

92,466

Loans eligible for repurchase from Ginnie Mae

186,197

77,953

Investment in unconsolidated joint ventures

53,939

58,850

Purchased future receivables, net

27,190

43,265

Derivative instruments

 

19,037

 

2,814

Servicing rights (including $73,645 and $91,174 held at fair value)

 

107,761

 

121,969

Real estate, held for sale

47,009

58,573

Other assets

 

103,701

 

106,925

Assets of consolidated VIEs

2,761,655

2,378,486

Total Assets

$

5,460,932

$

4,977,018

Liabilities

Secured borrowings

 

1,253,895

 

1,189,392

Securitized debt obligations of consolidated VIEs, net

 

2,140,009

 

1,815,154

Convertible notes, net

111,581

111,040

Senior secured notes, net

 

179,481

 

179,289

Corporate debt, net

150,387

149,986

Guaranteed loan financing

 

436,532

 

485,461

Liabilities for loans eligible for repurchase from Ginnie Mae

186,197

77,953

Derivative instruments

 

9,106

 

5,250

Dividends payable

 

14,524

 

21,302

Accounts payable and other accrued liabilities

 

166,174

 

97,407

Total Liabilities

$

4,647,886

$

4,132,234

Stockholders’ Equity

Common stock, $0.0001 par value, 500,000,000 shares authorized, 54,872,789 and 51,127,326 shares issued and outstanding, respectively

 

5

 

5

Additional paid-in capital

 

854,222

 

822,837

Retained earnings

(49,755)

8,746

Accumulated other comprehensive loss

 

(9,876)

 

(6,176)

Total Ready Capital Corporation equity

 

794,596

 

825,412

Non-controlling interests

 

18,450

 

19,372

Total Stockholders’ Equity

$

813,046

$

844,784

Total Liabilities and Stockholders’ Equity

$

5,460,932

$

4,977,018

See Notes To Unaudited Consolidated Financial Statements

3

Table of Contents

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

$

63,211

$

57,034

$

132,762

$

105,787

Interest expense

 

(43,408)

 

(35,753)

 

(90,338)

 

(71,529)

Net interest income before provision for loan losses

$

19,803

$

21,281

$

42,424

$

34,258

Provision for loan losses

 

591

 

(1,348)

 

(39,214)

(1,866)

Net interest income after provision for loan losses

$

20,394

$

19,933

$

3,210

$

32,392

Non-interest income

Residential mortgage banking activities

80,564

21,021