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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, 2024

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 Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

RC

New York Stock Exchange

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

RC PRC

New York Stock Exchange

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

RC PRE

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 168,873,507 shares of common stock, par value $0.0001 per share, outstanding as of May 9, 2024.

TABLE OF CONTENTS

Page

PART I.

FINANCIAL INFORMATION

4

Item 1.

Financial Statements

4

Unaudited Consolidated Balance Sheets

4

Unaudited Consolidated Statements of Income

5

Unaudited Consolidated Statements of Comprehensive Income

6

Unaudited Consolidated Statements of Changes in Equity

7

Unaudited Consolidated Statements of Cash Flows

8

Notes to the Consolidated Financial Statements (Unaudited)

9

Note 1. Organization

9

Note 2. Basis of Presentation

10

Note 3. Summary of Significant Accounting Policies

10

Note 4. Recent accounting pronouncements

21

Note 5. Business Combinations

22

Note 6. Loans and allowance for credit losses

23

Note 7. Fair value measurements

28

Note 8. Servicing rights

31

Note 9. Discontinued operations and assets and liabilities held for sale

33

Note 10. Secured borrowings

34

Note 11. Senior secured notes and corporate debt, net

35

Note 12. Guaranteed loan financing

36

Note 13. Variable interest entities and securitization activities

36

Note 14. Interest income and interest expense

39

Note 15. Derivative instruments

39

Note 16. Real estate owned, held for sale

41

Note 17. Agreements and transactions with related parties

41

Note 18. Other assets and other liabilities

43

Note 19. Other income and operating expenses

44

Note 20. Redeemable Preferred Stock and Stockholders’ Equity

44

Note 21. Earnings per Share of Common Stock

48

Note 22. Offsetting assets and liabilities

48

Note 23. Financial instruments with off-balance sheet risk, credit risk, and certain other risks

49

Note 24. Commitments, contingencies and indemnifications

51

Note 25. Income Taxes

52

Note 26. Segment reporting

52

Note 27. Subsequent events

54

Item 2.

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

55

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

72

Item 4.

Controls and Procedures

75

2

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

3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands)

    

March 31, 2024

    

December 31, 2023

Assets

Cash and cash equivalents

$

166,004

$

138,532

Restricted cash

 

24,915

 

30,063

Loans, net (including $0 and $9,348 held at fair value)

 

3,400,481

 

4,020,160

Loans, held for sale (net of valuation allowance of $146,180 and $0)

 

584,072

 

81,599

Mortgage-backed securities

 

29,546

 

27,436

Investment in unconsolidated joint ventures (including $7,169 and $7,360 held at fair value)

132,730

133,321

Derivative instruments

 

15,448

 

2,404

Servicing rights

 

103,555

 

102,837

Real estate owned, held for sale

239,874

252,949

Other assets

 

315,772

 

300,175

Assets of consolidated VIEs

6,591,834

6,897,145

Assets held for sale (refer to Note 9)

 

439,301

 

454,596

Total Assets

$

12,043,532

$

12,441,217

Liabilities

Secured borrowings

 

2,198,272

 

2,102,075

Securitized debt obligations of consolidated VIEs, net

 

4,769,057

 

5,068,453

Senior secured notes, net

 

345,570

 

345,127

Corporate debt, net

766,084

764,908

Guaranteed loan financing

 

814,784

 

844,540

Contingent consideration

7,628

Derivative instruments

 

593

 

212

Dividends payable

 

53,908

 

54,289

Loan participations sold

73,749

62,944

Due to third parties

3,401

3,641

Accounts payable and other accrued liabilities

 

193,896

 

207,481

Liabilities held for sale (refer to Note 9)

 

315,975

 

333,157

Total Liabilities

$

9,535,289

$

9,794,455

Preferred stock Series C, liquidation preference $25.00 per share (refer to Note 20)

8,361

8,361

Commitments & contingencies (refer to Note 24)

Stockholders’ Equity

Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 20)

111,378

111,378

Common stock, $0.0001 par value, 500,000,000 shares authorized, 170,445,333 and 172,276,105 shares issued and outstanding, respectively

 

17

 

17

Additional paid-in capital

 

2,307,303

 

2,321,989

Retained earnings (deficit)

(3,546)

124,413

Accumulated other comprehensive loss

 

(12,335)

 

(17,860)

Total Ready Capital Corporation equity

 

2,402,817

 

2,539,937

Non-controlling interests

 

97,065

 

98,464

Total Stockholders’ Equity

$

2,499,882

$

2,638,401

Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity

$

12,043,532

$

12,441,217

See Notes To Unaudited Consolidated Financial Statements

4

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended March 31, 

(in thousands, except share data)

    

2024

    

2023

Interest income

$

232,354

$

215,968

Interest expense

 

(183,805)

 

(158,868)

Net interest income before recovery of loan losses

$

48,549

$

57,100

Recovery of loan losses

 

26,544

 

6,734

Net interest income after recovery of loan losses

$

75,093

$

63,834

Non-interest income

Net realized gain (loss) on financial instruments and real estate owned

18,868

11,575

Net unrealized gain (loss) on financial instruments

4,632

(5,635)

Valuation allowance, loans held for sale

(146,180)

Servicing income, net of amortization and impairment of $3,697 and $1,759

 

3,758

 

4,642

Income on purchased future receivables, net of allowance for credit losses of $1,206 and $1,594

446

540

Income on unconsolidated joint ventures

468

656

Other income

 

15,380

 

19,852

Total non-interest income

$

(102,628)

$

31,630

Non-interest expense

Employee compensation and benefits

 

(18,414)

 

(19,727)

Allocated employee compensation and benefits from related party

 

(2,500)

 

(2,326)

Professional fees

 

(7,065)

 

(5,543)

Management fees – related party

 

(6,648)

 

(5,081)

Incentive fees – related party

 

 

(1,720)

Loan servicing expense

 

(12,794)

 

(8,155)

Transaction related expenses

(650)

(893)

Other operating expenses

 

(30,187)

 

(12,609)

Total non-interest expense

$

(78,258)

$

(56,054)

Income (loss) from continuing operations before provision for income taxes

(105,793)

39,410

Income tax benefit (provision)

 

30,211

(901)

Net income (loss) from continuing operations

$

(75,582)

$

38,509

Discontinued operations (refer to Note 9)

Income (loss) from discontinued operations before benefit (provision) for income taxes

1,887

(2,041)

Income tax benefit (provision)

(472)

510

Net income (loss) from discontinued operations

1,415

(1,531)

Net income (loss)

(74,167)

36,978

Less: Dividends on preferred stock

1,999

1,999

Less: Net income attributable to non-controlling interest

 

117

1,835

Net income (loss) attributable to Ready Capital Corporation

$

(76,283)

$

33,144

Earnings per common share from continuing operations - basic

$

(0.45)

$

0.31

Earnings per common share from discontinued operations - basic

$

0.01

$

(0.01)

Total earnings per common share - basic

$

(0.44)

$

0.30

Earnings per common share from continuing operations - diluted

$

(0.45)

$

0.30

Earnings per common share from discontinued operations - diluted

$

0.01

$

(0.01)

Total earnings per common share - diluted

$

(0.44)

$

0.29

Weighted-average shares outstanding

 

 

Basic

172,032,866

110,672,939

Diluted

173,104,415

121,025,909

Dividends declared per share of common stock

$

0.30

$

0.40

See Notes To Unaudited Consolidated Financial Statements

5

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31, 

(in thousands)

2024

2023

Net income (loss)

$

(74,167)

$

36,978

Other comprehensive income (loss) - net change by component:

Derivative financial instruments (cash flow hedges)

6,245

(3,805)

Foreign currency translation

(607)

778

Other comprehensive income (loss)

$

5,638

$

(3,027)

Comprehensive income (loss)

$

(68,529)

$

33,951

Less: Comprehensive income attributable to non-controlling interests

158

1,794

Comprehensive income (loss) attributable to Ready Capital Corporation

$

(68,687)

$

32,157

See Notes To Unaudited Consolidated Financial Statements

6

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended March 31, 2024

Preferred Series E

Common Stock

Additional Paid-

Retained Earnings

Accumulated Other

Total Ready Capital

Non-controlling

Total Stockholders'

(in thousands, except share data)

Shares

Amount

Shares

Amount

In Capital

(Deficit)

Comprehensive Loss

Corporation Equity

Interests

    

Equity

Balance at December 31, 2023

4,600,000

$

111,378

172,276,105

$

17

$

2,321,989

$

124,413

$

(17,860)

$

2,539,937

$

98,464

$

2,638,401

Dividend declared:

Common stock ($0.30 per share)

(51,676)

(51,676)

(51,676)

OP units

(372)

(372)

$0.390625 per Series C preferred share

(131)

(131)

(131)

$0.406250 per Series E preferred share

(1,868)

(1,868)

(1,868)

Distributions, net

(1,981)

(18)

(18)

(18)

Stock-based compensation

325,918

4,110

4,110

4,110

Conversion of OP units into common stock

90,000

612

612

(612)

Share repurchases

(2,244,709)

(20,035)

(20,035)

(20,035)

Reallocation of non-controlling interest

645

(72)

573

(573)

Net income (loss)

(74,284)

(74,284)

117

(74,167)

Other comprehensive income

5,597

5,597

41

5,638

Balance at March 31, 2024

4,600,000

$

111,378

170,445,333

$

17

$

2,307,303

$

(3,546)

$

(12,335)

$

2,402,817

$

97,065

$

2,499,882

Three Months Ended March 31, 2023

Preferred Series E

Common Stock

Additional Paid-

Retained Earnings

Accumulated Other

Total Ready Capital

Non-controlling

Total Stockholders'

(in thousands, except share data)

Shares

Amount

Shares

Amount

In Capital

(Deficit)

Comprehensive Loss

Corporation Equity

Interests

    

Equity

Balance at December 31, 2022

4,600,000

$

111,378

110,523,641

$

11

$

1,684,074

$

4,994

$

(9,369)

$

1,791,088

$

99,146

$

1,890,234

Dividend declared: