Ready Capital Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ready Capital Corp. has filed its Q1 2024 10-Q report, detailing financial performance and corporate events.</b>

AI Summary

Ready Capital Corp (RC-PE) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Ready Capital Corp. filed its 10-Q report for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024. Key dates related to equity incentive plans and stock awards are noted. The company's address is 1251 Avenue of the Americas, 50th Floor, New York, NY 10020. Ready Capital Corp. was formerly known as Sutherland Asset Management Corp and ZAIS Financial Corp.

Why It Matters

For investors and stakeholders tracking Ready Capital Corp, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Ready Capital Corp., crucial for understanding its current operational health and investment portfolio. The inclusion of historical company names and dates of name changes offers context on the company's evolution and potential strategic shifts over time.

Risk Assessment

Risk Level: low — Ready Capital Corp shows low risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting without immediate red flags.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess Ready Capital Corp.'s performance and identify any significant trends or changes.

Key Numbers

• 2024-03-31 — Conformed Period of Report (10-Q Filing)
• 2024-05-10 — Filed As Of Date (10-Q Filing)
• 0001558370-24-007797 — Accession Number (10-Q Filing)
• 6798 — Standard Industrial Classification (Company Data)
• 2016-11-10 — Date of Name Change (Former Company Sutherland Asset Management Corp)
• 2011-08-08 — Date of Name Change (Former Company ZAIS Financial Corp.)

Key Players & Entities

• Ready Capital Corp. (company) — FILER
• Sutherland Asset Management Corp (company) — FORMER COMPANY
• ZAIS Financial Corp. (company) — FORMER COMPANY
• 1251 AVENUE OF THE AMERICAS (company) — BUSINESS ADDRESS
• New York (company) — BUSINESS ADDRESS CITY
• MD (company) — STATE OF INCORPORATION

FAQ

Industry Context

Ready Capital Corp. operates within the Real Estate Investment Trusts (REITs) sector, focusing on real estate and construction.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosed executive compensation details or equity awards.
3. Examine the company's historical name changes for strategic context.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous fiscal year's reporting.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share RC New York Sto

Filing Documents

• rc-20240331x10q.htm (10-Q) — 5756KB
• rc-20240331xex31d1.htm (EX-31.1) — 16KB
• rc-20240331xex31d2.htm (EX-31.2) — 16KB
• rc-20240331xex32d1.htm (EX-32.1) — 7KB
• rc-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-007797.txt (&nbsp;) — 27459KB
• rc-20240331.xsd (EX-101.SCH) — 160KB
• rc-20240331_cal.xml (EX-101.CAL) — 202KB
• rc-20240331_def.xml (EX-101.DEF) — 716KB
• rc-20240331_lab.xml (EX-101.LAB) — 1290KB
• rc-20240331_pre.xml (EX-101.PRE) — 992KB
• rc-20240331x10q_htm.xml (XML) — 7069KB

Financial Statements

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 72 Item 4.

Controls and Procedures

Controls and Procedures 75 2 Table of Contents PART II. OTHER INFORMATION 76 Item 1.

Legal Proceedings

Legal Proceedings 76 Item 1A.

Risk Factors

Risk Factors 76 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76 Item 3. Default Upon Senior Securities 76 Item 4. Mine Safety Disclosures 76 Item 5. Other Information 76 Item 6. Exhibits 77

SIGNATURES

SIGNATURES 81 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 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements READY CAPITAL CORPORATION UNAUDITED CONS OLIDATED 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 A

View Full Filing

View this 10-Q filing on SEC EDGAR