Ready Capital Corp 2025年季度报告

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549FORM10-Q QUARTERLYREPORTPURSUANTTOSECTION13OR15(D)OFTHESECURITIESEXCHANGEACTOF1934 ForthequarterlyperiodendedMarch31,2025CommissionFileNumber:001-35808 READYCAPITALCORPORATION (ExactNameofRegistrantasSpecifiedinitsCharter) Maryland90-0729143 (StateorOtherJurisdictionofIncorporationorOrganization)(IRSEmployerIdentificationNo.) 1251AvenueoftheAmericas,50thFloor,NewYork,NY10020 (AddressofPrincipalExecutiveOffices,IncludingZipCode) (212)257-4600 (Registrant'sTelephoneNumber,IncludingAreaCode)SecuritiesregisteredpursuanttoSection12(b)oftheAct: Titleofeachclass TradingSymbol(s) Nameofeachexchangeonwhichregistered CommonStock,$0.0001parvaluepershare RC NewYorkStockExchange PreferredStock,6.25%SeriesCCumulativeConvertible,parvalue$0.0001pershare RCPRC NewYorkStockExchange PreferredStock,6.50%SeriesECumulativeRedeemable,parvalue$0.0001pershare RCPRE NewYorkStockExchange 6.20%SeniorNotesdue2026 RCB NewYorkStockExchange 5.75%SeniorNotesdue2026 RCC NewYorkStockExchange 9.00%SeniorNotesdue2029 RCD NewYorkStockExchange Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof 1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuch filingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405of RegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuch files).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,or anemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowth company”inRule12b-2oftheExchangeAct. Largeacceleratedfiler☒Acceleratedfiler☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerginggrowthcompany☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithany neworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐No☒Indicatethenumberofsharesoutstandingofeachoftheregistrant'sclassesofcommonstock,asofthelatestpracticabledate:TheCompanyhas170,507,227sharesofcommonstock,parvalue$0.0001pershare,outstandingasofMay8,2025. 2 TABLEOFCONTENTS Page PARTI.FINANCIALINFORMATION4 Item1.FinancialStatements(Unaudited)4 UNAUDITEDCONSOLIDATEDBALANCESHEETS4 UNAUDITEDCONSOLIDATEDSTATEMENTSOFOPERATIONS5 UNAUDITEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME(LOSS)6 UNAUDITEDCONSOLIDATEDSTATEMENTSOFCHANGESINEQUITY7 UNAUDITEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS8 NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS(UNAUDITED)10 Note1.Organization10 Note2.BasisofPresentation11 Note3.SummaryofSignificantAccountingPolicies11 Note4.RecentAccountingPronouncements22 Note5.BusinessCombinations23 Note6.LoansandAllowanceforCreditLosses26 Note7.FairValueMeasurements31 Note8.ServicingRights36 Note9.DiscontinuedOperationsandAssetsandLiabilitiesHeldforSale38 Note10.SecuredBorrowings39 Note11.SeniorSecuredNotesandCorporateDebt,net40 Note12.GuaranteedLoanFinancing43 Note13.VariableInterestEntitiesandSecuritizationActivities44 Note14.InterestIncomeandInterestExpense46 Note15.DerivativeInstruments46 Note16.RealEstateOwned,HeldforSale48 Note17.AgreementsandTransactionswithRelatedParties48 Note18.OtherAssetsandOtherLiabilities50 Note19.OtherIncomeandOperatingExpenses51 Note20.RedeemablePreferredStockandStockholders’Equity52 Note21.EarningsperShareofCommonStock56 Note22.OffsettingAssetsandLiabilities57 Note23.FinancialInstrumentswithOff-BalanceSheetRisk,CreditRisk,andCertainOther58 Risks Note24.Commitments,ContingenciesandIndemnifications60 Note25.IncomeTaxes61 Note26.SegmentReporting61 Note27.SubsequentEvents64 Item2.Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations65 Item3.QuantitativeandQualitativeDisclosuresAboutMarketRisk86 Item4.ControlsandProcedures90 3 PARTII.OTHERINFORMATION90 Item1.LegalProceedings 90 Item1A.RiskFactors 92 Item2.UnregisteredSalesofEquitySecuritiesandUseofProceeds 92 Item3.DefaultUponSeniorSecurities 93 Item4.MineSafetyDisclosures 93 Item5.OtherInformation 93 Item6.Exhibits 93 SIGNATURES 96 4PARTI.FINANCIALINFORMATIONItem1.FinancialStatements(Unaudited)READYCAPITALCORPORATIONUNAUDITEDCONSOLIDATEDBALANCESHEETS (inthousands) March31,2025 December31,2024 AssetsCashandcashequivalents $205,917 $143,803 Restrictedcash 39,603 30,560 Loans,net(including$2,018and$3,533heldatfairvalue) 4,354,017 3,378,149 Loans,heldforsale(including$81,789and$128,531heldatfairvalueandnetofvaluationallowanceof$158,068and$97,620) 528,726 241,626 Mortgage-backedsecurities 31,415 31,006 Investmentinunconsolidatedjointventur