Ready Capital Corp 2025年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch31, 2025Commission File Number:001-35808 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles).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, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” 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 anynew 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 Rule12b-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 has170,507,227shares of common stock, par value $0.0001 per share, outstanding as ofMay8, 2025. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Note 17. Agreements and Transactions with Related Parties48Note 18. Other Assets and Other Liabilities50Note 19. Other Income and Operating Expenses51Note 20. Redeemable Preferred Stock and Stockholders’ Equity52Note 21. Earnings per Share of Common Stock56Note 22. Offsetting Assets and Liabilities57Note 23. Financial Instruments with Off-Balance Sheet Risk, Credit Risk, and Certain OtherRisks58Note 24. Commitments, Contingencies and Indemnifications60Note 25. Income Taxes61Note 26. Segment Reporting61Note 27. Subsequent Events64 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations65 Item 3. Quantitative and Qualitative Disclosures About Market Risk86 Item 4. Controls and Procedures90 PART II. OTHER INFORMATION90 Item 1. Legal Proceedings90 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds92 Item 3. Default Upon Senior Securities93 Item 5. Other Information93 Item 6. Exhibits93 SIGNATURES96 READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED BALANCE SHEETS READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY READY CAPITALCORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS READY CAPITAL CORPORATIONNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note1. Organization Ready Capital Corporation (the “Company” or “Ready Capital” and together with its subsidiaries “we,” “us” and “our”),is a Maryland corporation. The Company is a multi-strategy real estate finance company that originates, acquires,finances and services lower-to-middle-market commercial real estate (“LMM”) loans, Small Business Administration(“SBA”)loans,construction loans,USDA loans,and to a lesser extent,mortgage-backed securities(“MBS”)collateralized primarily by LMM loans, or other real estate-related investments.LMM loans represent a special categoryof commercial loans, sharing both commercial and residential loan characteristics.LMM loans are generally secured byfirst mortgages on commercial properties, but because LMM loans are also often accompanied by collateralization ofpersonal assets and subordinate lien positions, aspects of residential mortgage credit analysis are utilized in theunderwriting process. The Company is externally managed and advised by Waterfall Asset Management, LLC (“Waterfall” or the “Manager”),an investment advisor registered with the United States Securities and Exchange Commission (“SEC”) under theInvestment Advisors Act of 1940, as amended. Sutherland Partners, L.P. (the “operating partnership”) holds substantially all of the Company’s assets and conductssubstantially all of the Company’s business. As of bothMarch31, 2025andDecember31, 2024, the Company ownedapproximately99.5%of the operating part