Ready Capital Corp 2026年季度报告

For the quarterly period ended March31, 2026Commission 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 has 165,219,071 shares of common stock, par value $0.0001 per share, outstanding as of May7, 2026. TABLE OF CONTENTS UNAUDITED CONSOLIDATED BALANCE SHEETSUNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONSUNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITYUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS Item 1. Financial Statements (Unaudited)4Note 16. Real Estate Owned46Note 17. Agreements and Transactions with Related Parties47 Note 18. Other Assets and Other Liabilities49Note 19. Other Income and Operating Expenses50Note 20. Redeemable Preferred Stock and Stockholders’ Equity51Note 21. Earnings per Share of Common Stock55Note 22. Offsetting Assets and Liabilities55Note 23. Financial Instruments with Off-Balance Sheet Risk, Credit Risk, and Certain OtherRisks57Note 24. Commitments, Contingencies and Indemnifications59Note 25. Income Taxes60Note 26. Segment Reporting60Note 27. Subsequent Events62 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations63 Item 3. Quantitative and Qualitative Disclosures About Market Risk84 Item 4. Controls and Procedures88 PART II. OTHER INFORMATION88 Item 1. Legal Proceedings88 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds91 Item 3. Default Upon Senior Securities91 Item 4. Mine Safety Disclosures92 Item 5. Other Information92 SIGNATURES95 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 CAPITAL CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS READY CAPITAL CORPORATIONNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1. 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, and to a lesser extent, mortgage-backed securities (“MBS”) collateralized primarilyby LMM loans, or other real estate-related investments. LMM loans represent a special category of commercial loans,sharing both commercial and residential loan characteristics. LMM loans are generally secured by first mortgages oncommercial properties, but because LMM loans are also often accompanied by collateralization of personal assets andsubordinate lien positions, aspects of residential mortgage credit analysis are utilized in the underwriting 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 “operati