Ready Capital Corporation
(NYSE:RC)

Ready Capital Corporation, together with its subsidiaries, operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small balance commercial (SBC) loans, small business administration (SBA) loans, and residential mortgage loans, as well...

Website: http://www.readycapital.com

Full Time Employees: 500

Sector: Real Estate

Industry: REIT-Mortgage

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2020-06-30	2019-06-30	2018-09-30	2016-03-31	2015-12-31	2015-03-31	2014-12-31	2014-09-30	2014-03-31	2013-12-31	2013-06-30

interest income	81,730,000	123,973,000	137,491,000	152,735,000	154,967,000		234,119,000	232,354,000	244,767,000	250,590,000	217,573,000	207,068,000	186,026,000	153,671,000	124,405,000	63,211,000	57,034	44,287
interest expense	-96,834,000	-110,851,000	-126,971,000	-135,837,000	-140,466,000		-183,167,000	-183,805,000	-191,928,000	-191,612,000	-160,394,000	-143,435,000	-115,495,000	-80,827,000	-61,017,000	-43,408,000	-35,753	-28,925
net interest income before (provision for) recovery of loan losses	-15,104,000	10,479,750	10,520,000	16,898,000
(provision for) recovery of loan losses	-70,907,000	15,737,750	-37,977,000	-8,640,000
net interest income after (provision for) recovery of loan losses	-86,011,000	26,217,500	-27,457,000	8,258,000											61,846,000
non-interest income
net realized gain on financial instruments and real estate owned	-60,085,000	-10,599,000	-160,396,000	18,214,000	10,669,000		7,250,000	18,868,000	15,153,000	14,402,000	11,575,000	3,526,000	21,117,000	21,114,000	8,007,000		6,255
net unrealized gain on financial instruments	-6,920,000	-12,703,000	2,914,000	-1,614,000	-1,750,000		-1,357,000	4,632,000	-3,645,000	17,684,000	-11,728,000	9,430,000	16,460,000	-3,253,000	45,315,000		-7,006	8,500
valuation allowance, loans held for sale	-6,557,000			-39,746,000	-99,718,000		-80,987,000	-146,180,000
servicing income, net of amortization and impairment of 6,587 and 5,294	5,421,000
gain on bargain purchase		-3,013,000	24,472,000	-14,381,000	102,471,000		-18,306,000		-7,060,000	-14,862,000
income on unconsolidated joint ventures	2,059,000	1,271,000	7,417,000	-144,000	-3,982,000		1,139,000	468,000	-1,650,000	56,000	656,000	501,000	-603,000	5,200,000	6,563,000	507,000	2,083
other income	18,065,000	16,049,000	14,773,000	11,304,000	11,590,000		6,597,000	15,380,000	46,360,000	18,315,000	19,883,000	19,771,000	16,150,000	8,334,000	6,501,000	31,594,000	2,792	1,204	12,460		11,856
total non-interest income	-48,017,000	-27,271,000	74,914,000	-26,671,000	25,736,000		-82,393,000	-102,628,000	596,000	59,591,000	44,098,000	42,420,000	78,528,000	50,766,000	87,807,000	120,927,000	32,956	18,978	5,664,864		9,376,430
non-interest expense
employee compensation and benefits	-23,848,000	-23,923,000	-21,151,000	-23,159,000	-21,254,000		-17,799,000	-18,414,000	-3,814,000	-24,868,000	-25,139,000	-19,228,000	-25,941,000	-26,089,000	-27,968,000	-27,288,000	-12,509	-14,163
allocated employee compensation and benefits from related party	-3,600,000	-4,350,000	-3,602,000	-3,600,000	-3,276,000		-3,000,000	-2,500,000	-3,010,000	-3,001,000	-2,326,000	-3,000,000	-1,745,000	-1,804,000	-3,000,000	-1,250,000	-1,250	-1,200
professional fees	-6,655,000	-12,973,000	-6,008,000	-6,368,000	-5,488,000		-6,033,000	-7,065,000	-15,555,000	-7,810,000	-5,717,000	-5,251,000	-3,865,000	-3,851,000	-5,126,000	-1,919,000	-1,586	-2,294				945,781	1,031,529	1,811,851		231,389
management fees – related party	-4,076,000	-4,543,000	-5,156,000	-5,072,000	-5,577,000		-6,198,000	-6,648,000	-7,033,000	-7,229,000	-5,081,000	-5,224,000	-5,410,000	-5,465,000	-3,196,000	-2,666,000	-2,495	-2,070
loan servicing expense	-15,674,000	-4,605,000	-9,771,000	-11,038,000	-15,844,000		-11,012,000	-12,794,000	-1,915,000	-15,818,000	-9,963,000	-10,123,000	-10,697,000	-10,296,000	-8,920,000	-10,327,000	-4,571	-4,247
transaction related expenses	-335,000	-807,000	-1,910,000	-639,000	-2,694,000		-1,592,000	-650,000	-576,000	-2,329,000	-893,000	-5,027,000	-1,535,000	-1,372,000	-5,699,000
impairment on real estate	469,000	-15,027,000	-1,862,000	-4,268,000	-2,346,000
other operating expenses	-29,014,000	-33,821,000	-24,879,000	-16,133,000	-16,123,000		-21,802,000	-30,187,000	-19,664,000	-14,368,000	-14,318,000	-12,881,000	-15,396,000	-14,372,000	-12,653,000	-17,745,000	-8,085	-6,548
total non-interest expense	-82,733,000	-100,049,000	-74,339,000	-70,277,000	-72,602,000		-67,436,000	-78,258,000	-35,417,000	-79,514,000	-70,642,000	-61,722,000	-74,599,000	-58,717,000	-67,541,000	-101,158,000	-44,600	-30,522
income from continuing operations before benefit for income taxes	-216,761,000				77,203,000		-80,006,000
income tax benefit	16,674,000	31,622,000	9,935,000	39,939,000	5,207,000		48,579,000	30,211,000								-5,500,000			-1,603,235		-145,529
net income from continuing operations	-200,087,000	-232,565,000	-16,947,000	-48,751,000	82,410,000		-31,427,000	-75,582,000
discontinued operations
loss from discontinued operations before income tax benefit
net loss from discontinued operations				-4,926,000
net income	-200,087,000	-232,612,000	-16,737,000	-53,677,000	81,965,000		-34,201,000	-74,167,000	10,881,000	47,179,000	36,978,000	13,682,000	66,253,000	58,965,000	64,263,000	34,663,000	11,245	17,569	-3,376,194		417,246	7,408,698	1,279,798	2,482,859		-7,568,877
yoy	-344.11%		-51.06%	-27.63%	653.29%		-192.49%	-642.08%	-83.58%	-19.99%	-42.46%	-60.53%	589077.41%	335519.56%	-2003.42%		-97.30%	-99.76%	-363.81%			-197.88%
qoq	-13.98%	1289.81%	-68.82%	-165.49%			-53.89%	-781.62%	-76.94%	27.59%	170.27%	-79.35%	12.36%	-8.24%	85.39%	308152.56%	-36.00%	-100.52%			-94.37%	478.90%	-48.45%
less: dividends on preferred stock	1,999,000	1,999,000	1,999,000	1,999,000	1,999,000		1,999,000	1,999,000	1,999,000	1,999,000	1,999,000	1,999,000	1,999,000	1,999,000	1,999,000
less: net income attributable to non-controlling interest	1,642,000	1,572,000	2,008,000	1,814,000	2,460,000		1,820,000	117,000	1,118,000	1,517,000	1,835,000	2,228,000	3,023,000	2,874,000	775,000	810,000	276	638
net income attributable to ready capital corporation	-203,728,000			-57,490,000	77,506,000		-38,020,000	-76,283,000	7,764,000	43,663,000	33,144,000	9,455,000	61,231,000	54,092,000	61,489,000	33,853,000	10,969	16,931
earnings per common share from continuing operations - basic	-1,250	-1,430	-130	-310	470		-210	-450
earnings per common share from discontinued operations - basic				-30			-20	10
total earnings per common share - basic	-1,250	-1,430	-130	-340	470		-230	-440
earnings per common share from continuing operations - diluted	-1,250	-1,430	-130	-310	460		-210	-450
earnings per common share from discontinued operations - diluted				-30			-20	10
total earnings per common share - diluted	-1,250	-1,430	-130	-340	460		-230	-440
weighted-average shares outstanding
basic	163,674,011,000	164,544,350,000	163,574,703,000	167,749,917,000	165,166,276,000	169,107,477,000	168,653,741,000	172,032,866,000	146,841,594,000	171,973,933,000	110,672,939,000	106,878,139,000	114,371,160,000	114,359,026,000	87,707,281,000	53,980,451,000	44,425,598	32,109,642	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	7,273,366	7,970,886
diluted	167,650,149,000	167,259,712,000	165,873,807,000	170,673,088,000	167,723,519,000	170,472,273,000	169,863,975,000	173,104,415,000	148,567,026,000	174,440,869,000	121,025,909,000	117,193,958,000	125,666,609,000	125,065,492,000	95,402,494,000	54,013,958,000	44,431,263	32,130,262	8,897,800	8,897,800	8,897,800	10,677,360	8,897,800	8,897,800	8,200,280	8,897,800
dividends declared per share of common stock	0.01	0.01	0.125	0.125	0.125		0.3	0.3	0.3	0.36	0.4	0.4	0.42	0.42	0.42	0.25	0.4	0.4
valuation recovery (allowance), loans held for sale		-23,318,000	178,225,000
servicing income, net of amortization and impairment of 4,514 and 22,682 for the three and nine months ended september 30, 2025, and 5,841 and 14,216 for the three and nine months ended september 30, 2024, respectively		3,415,250	7,509,000
loss from continuing operations before benefit for income taxes		-9,592,250	-26,882,000	-88,690,000
income from discontinued operations before benefit for income taxes		-1,720,250	280,000		-594,000		-3,699,000	1,887,000
net income from discontinued operations		-1,290,250	210,000		-445,000		-2,774,000	1,415,000
net loss attributable to ready capital corporation		-182,000	-20,744,000
servicing income, net of amortization and impairment of 12,874 and 18,168 for the three and six months ended june 30, 2025, 4,678 and 8,375 for the three and six months ended june 30, 2024, respectively				-304,000
loss from discontinued operations before benefit for income taxes				-6,567,000
net interest income before recovery of loan losses					14,501,000		50,952,000	48,549,000
recovery of loan losses					109,568,000		18,871,000	26,544,000
net interest income after recovery of loan losses					124,069,000		69,823,000	75,093,000
servicing income, net of amortization and impairment of 5,294 and 3,697					6,456,000
servicing income, net of amortization and impairment of 4,678 and 8,375 for the three and six months ended june 30, 2024, and 2,412 and 4,171 for the three and six months ended june 30, 2023, respectively							3,271,000
incentive fees – related party											-1,720,000	-2,156,000	-949,000			-3,506,000

servicing income, net of amortization and impairment of 3,697 and 1,759								3,758,000
income on purchased future receivables, net of allowance for credit losses of 1,206 and 1,594								446,000
income from continuing operations before provision for income taxes								-105,793,000
net interest income before recovery of (provision for) loan losses									44,126,750	58,978,000	57,179,000			72,844,000
recovery of (provision for) loan losses									-135,500	12,151,000	6,734,000			4,390,000
net interest income after recovery of (provision for) loan losses									43,991,250	71,129,000	63,913,000			77,234,000
residential mortgage banking activities									6,528,000	7,059,000	9,169,000	549,000	12,053,000	2,947,000	8,424,000	80,564,000	21,021
servicing income, net of amortization and impairment of 324 and 4,495 for the three and nine months ended september 30, 2023, and 4,123 and 13,128 for the three and nine months ended september 30, 2022, respectively									11,117,000	16,033,000
income on purchased future receivables, net of allowance for (recovery of) credit losses of 2,658 and 6,890 for the three and nine months ended september 30, 2023, and (941) and (1,381) for the three and nine months ended september 30, 2022, respectively									382,500	904,000
variable expenses on residential mortgage banking activities									-4,037,500	-4,091,000	-5,485,000	1,168,000	-9,061,000		-979,000	-36,446,000	-13,501
income before provision for income taxes									86,772,250	51,206,000	37,369,000	10,472,000	71,029,000	69,283,000	82,112,000	40,163,000	8,289	18,464
income tax provision									2,385,000	-4,027,000	-391,000	3,210,000	-4,776,000	-10,318,000	-17,849,000
earnings per common share - basic									582.5	250	300	70	530	470	700	620	0.25	0.53
earnings per common share - diluted									575	250	290	100	500	450	660	620	0.25	0.53
servicing income, net of amortization and impairment of 1,759 and 3,345											14,003,000
income on purchased future receivables, net of allowance for											540,000
net interest income before provision for loan losses												63,633,000	70,531,000		63,388,000	19,803,000	21,281	15,362
provision for loan losses												-33,859,000	-3,431,000			591,000	-1,348	-800
net interest income after provision for loan losses												29,774,000	67,100,000			20,394,000	19,933	14,562
servicing income, net of amortization and impairment of 4,123 and 13,128 for the three and nine months ended september 30, 2022, and 2,798 and 7,344 for three and nine months ended september 30, 2021, respectively												9,320,500	12,189,000
income on purchased future receivables, net of allowance for (recovery of) doubtful accounts of (941) and (1,381) for the three and nine months ended september 30, 2022, and (279) and 1,260 for three and nine months ended september 30, 2021, respectively												1,372,500	1,162,000
servicing income, net of amortization and impairment of 5,660 and 9,005 for the three and six months ended june 30, 2022, and 2,604 and 4,546 for three and six months ended june 30, 2021, respectively														14,565,000
income on purchased future receivables, net of allowance for (recovery of) doubtful accounts of (565) and (440) for the three and six months ended june 30, 2022, and 587 and 1,540 for three and six months ended june 30, 2021, respectively														1,859,000
variable income (expenses) on residential mortgage banking activities														4,532,000
recovery of															-1,542,000
servicing income, net of amortization and impairment of 3,345 and 1,942															10,528,000
income on purchased future receivables, net of allowance for doubtful accounts of (125) and 995															2,469,000
net realized gains on financial instruments and real estate owned																7,438,000
net unrealized losses on financial instruments																-13,744,000
servicing income, net of amortization and impairment of 1,277 and 3,001 for the three and six months ended june 30, 2020, and 853 and 2,616 for the three and six months ended june 30, 2019, respectively																8,982,000
income on purchased future receivables, net of allowance for doubtful accounts of 1,771 and 8,688 for the three and six months ended june 30, 2020, and 0 and 0 for the three and six months ended june 30, 2019, respectively																5,586,000
merger related expenses																-11,000	-603
servicing income, net of amortization and impairment of 853 and 2,616 for the three and six months ended june 30, 2019, and 1,229 and 2,580 for the three and six months ended june 30, 2018, respectively																	7,811
provision for income (taxes) benefit																	2,956	-895
gains on residential mortgage banking activities, net of variable loan expenses																		8,674
income on unconsolidated joint venture																		2,178
servicing income, net of amortization and impairment of 1,425 and 4,005 for the three and nine months ended september 30, 2018, and 976 and 5,252 for the three and nine months ended september 30, 2017, respectively																		6,922
net realized gain on financial instruments																		6,946
mortgage loans held for investment																			294,519		6,625,989
mortgage loans held for sale previously held for investment																			6,081,850
mortgage loans held for sale																			773,963		608,232
real estate securities																			1,343,237		2,420,633	2,763,787	3,976,315	3,740,615		5,031,558
other investment securities																			211,347		32,543	76,017	186,986	102,865
total interest income																			8,704,916		9,687,397	10,267,875	11,000,619	9,493,033		5,935,511
warehouse lines of credit																			551,820		553,359
treasury securities repurchase agreement																			1,275
loan repurchase facilities																			2,459,274		2,352,936	2,425,840	2,390,022
securities repurchase agreements																			321,972		402,509	469,987	677,159	660,402
exchangeable senior notes																			1,462,936		1,436,673	1,430,509	1,424,497	1,412,643
total interest expense																			4,797,277		4,745,477	4,447,530	4,491,678	3,903,952		1,156,780
net interest income																			3,907,639		4,941,920	5,820,345	6,508,941	5,589,081		4,778,731
mortgage banking activities																			11,652,914		11,152,389
loan servicing fee income, net of direct costs																			2,053,796		1,637,099
change in fair value of mortgage servicing rights																			-8,054,306		-3,424,914
other gains
change in unrealized gain or loss on mortgage loans held for investment and sale																			2,517,993
change in unrealized gain or loss on real estate securities																			-1,793,101		-177,771	-4,958,606	-2,319,287	2,736,058
change in unrealized gain or loss on other investment securities																			24,622		136,320	-610,514	-892,336	370,764
change in unrealized gain or loss on real estate owned																			-66,766		101,780	-500,787	-3,169
change in unrealized gain or loss on treasury securities																			5,941
realized gain on mortgage loans held for investment and sale																			536,344
realized loss on real estate securities																			-724,607
realized gain on real estate owned																			2,229
loss on derivative instruments related to investment portfolio																			-676,268
total other gains																			-173,613		-1,881,728	-2,944,631	-1,805,117	992,101
expenses
advisory fee - related party																			767,478		710,800			702,755		704,687
salaries, commissions and benefits																			7,966,092		7,399,258
operating expenses																			3,040,884		2,919,648
other expenses																			2,603,865		1,135,199
total expenses																			14,378,319		12,164,905	8,239,984	3,424,026	4,098,323		1,819,733
net income before income taxes																			-4,979,429		271,717
net income allocated to non-controlling interests																			-337,446		43,466	22,601	130,301	258,654
net income attributable to zais financial corp. common stockholders																			-3,038,748		373,780			2,224,205
net income per share																								0.28
basic																			-0.38		0.05	0.833	0.14
diluted																			-0.38		0.05	0.748	0.14
weighted-average number of shares of common stock:
basic	163,674,011,000	164,544,350,000	163,574,703,000	167,749,917,000	165,166,276,000	169,107,477,000	168,653,741,000	172,032,866,000	146,841,594,000	171,973,933,000	110,672,939,000	106,878,139,000	114,371,160,000	114,359,026,000	87,707,281,000	53,980,451,000	44,425,598	32,109,642	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	7,970,886	7,273,366	7,970,886
diluted	167,650,149,000	167,259,712,000	165,873,807,000	170,673,088,000	167,723,519,000	170,472,273,000	169,863,975,000	173,104,415,000	148,567,026,000	174,440,869,000	121,025,909,000	117,193,958,000	125,666,609,000	125,065,492,000	95,402,494,000	54,013,958,000	44,431,263	32,130,262	8,897,800	8,897,800	8,897,800	10,677,360	8,897,800	8,897,800	8,200,280	8,897,800
change in unrealized gain or loss on mortgage loans held for investment																					-1,199,755
realized gain on mortgage loans held for investment																					144,111
realized gain on real estate securities																						3,174,484	446,153	73,619		-246,055
realized gain/(loss) on real estate owned																					20,677
gain on derivative instruments related to investment portfolio																					-907,090
mortgage loans																						4,826,706.25	6,837,318	5,649,553		903,953
change in unrealized gain or loss on mortgage loans																						5,891,580.5	915,797	689,604
realized gain on mortgage loans																						243,061.5	564,842	230,737		66,244
gain on derivative instruments																						-1,382,186.75	-517,117	-3,108,681		3,698,381
advisory fee – related party																						532,922.5	718,372
transaction costs																						421,051.25	435,200
loan servicing fees																						394,291	604,285	372,132		114,534
general and administrative expenses																						394,390.5	634,640	1,211,585		769,123
preferred dividends
net income attributable to zais financial corp common
stockholders																						6,636,908.25	1,149,497
loan repurchase facility																								1,830,907		289,296
net income per share																								0.28
repurchase agreements																										867,484
change in unrealized gain on real estate
securities																										-15,642,642
change in unrealized gain on mortgage loans																										1,596,197
total other gains /																										-10,527,875
net income allocated to non-controlling
interests																										-788,476
net income attributable to zais
financial corp. common stockholders																										-6,780,401
stockholders - basic and diluted																										-0.85

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2020-06-30	2019-06-30	2018-09-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-03-31	2013-06-30

assets
cash and cash equivalents	200,430,000	207,841,000	147,505,000	162,935,000	205,917,000	143,803,000	181,315,000	226,286,000	166,004,000	138,532,000	181,913,000	227,504,000	111,192,000	163,041,000	208,037,000	127,939,000	211,369,000	257,017,000	41,925,000	47,845,000	66,604,813
restricted cash	38,906,000	39,746,000	44,491,000	56,769,000	39,603,000	30,560,000	31,331,000	29,971,000	24,915,000	30,063,000	36,576,000	34,534,000	49,632,000	55,927,000	57,675,000	64,746,000	56,963,000	91,539,000	38,019,000	18,864,000	4,160,074	4,371,725	4,026,267	2,281,129	3,030,379	7,037,018	5,850,364	12,545,944
loans	3,350,560,000	3,500,298,000	4,360,501,000	5,066,694,000	4,354,017,000	3,378,149,000	3,555,928,000	3,444,879,000	3,400,481,000	4,020,160,000	4,151,923,000	3,571,520,000	3,128,197,000	3,576,310,000	4,158,807,000	3,907,321,000	4,062,335,000	1,432,807,000	1,002,676,000	1,256,177,000
loans, held for sale	360,228,000	585,820,000	163,792,000	632,784,000	528,726,000	241,626,000	320,082,000	532,511,000	584,072,000
mortgage-backed securities	31,649,000	34,501,000	33,105,000	32,310,000	31,415,000	31,006,000	30,780,000	30,174,000	29,546,000	27,436,000
investment in unconsolidated joint ventures	167,251,000	161,424,000	178,840,000	169,369,000	170,920,000	161,561,000	146,397,000	134,602,000	132,730,000	133,321,000	136,113,000	122,504,000	114,169,000	118,641,000	119,272,000	224,220,000	149,475,000	53,939,000	47,551,000
derivative instruments	4,104,000	6,740,000	5,295,000	5,754,000	6,907,000	7,963,000	11,032,000	14,382,000	15,448,000	2,404,000	8,620,000	8,755,000	13,773,000	12,963,000	26,212,000	46,530,000	36,852,000	19,037,000	3,670,000	5,846,000
servicing rights	123,687,000	126,279,000	126,966,000	124,283,000	129,814,000	128,440,000	127,989,000	119,768,000	103,555,000	102,837,000	307,779,000	296,364,000	278,936,000	279,320,000	277,692,000	253,511,000	244,143,000	107,761,000	114,761,000	118,221,000
real estate owned	610,215,000	620,225,000	632,985,000
other assets	466,383,000	508,238,000	472,516,000	462,711,000	399,702,000	362,486,000	412,238,000	379,413,000	315,772,000	265,578,000	265,428,000	220,691,000	202,690,000	189,769,000	213,030,000	183,887,000	186,089,000	103,701,000	68,399,000	59,160,000	12,858,366	7,928,878	7,013,304	8,030,469	7,570,972	1,129,159	1,473,826	1,648,040
assets of consolidated vies	960,875,000	1,978,684,000	2,166,105,000	2,395,398,000	3,723,738,000	5,175,295,000	5,794,720,000	6,250,570,000	6,591,834,000	6,897,145,000	7,080,266,000	7,207,426,000	7,054,861,000	6,552,760,000	5,883,374,000	5,996,219,000	5,089,669,000	2,761,655,000	2,108,710,000	1,053,274,000
total assets	6,314,288,000	7,769,796,000	8,332,101,000	9,308,797,000	9,976,451,000	10,141,921,000	11,253,044,000	11,774,333,000	12,043,532,000	12,441,217,000	12,799,433,000	12,383,046,000	11,537,463,000	11,620,977,000	11,858,211,000	11,937,315,000	11,476,244,000	5,460,932,000	3,840,323,000	2,900,759,000	802,670,568	775,138,921	779,100,280	782,645,192	813,388,363	721,621,407	698,216,777	607,858,180
liabilities
secured borrowings	2,321,443,000	2,788,926,000	2,879,172,000	3,506,670,000	2,713,415,000	2,035,176,000	2,184,280,000	2,311,969,000	2,198,272,000	2,102,075,000	2,385,070,000	2,395,687,000	2,484,902,000	2,846,293,000	3,348,249,000	3,212,383,000	3,274,324,000	1,253,895,000	988,868,000	817,051,000
securitized debt obligations of consolidated vies	526,535,000	1,174,785,000	1,293,778,000	1,513,297,000	2,574,139,000	3,580,513,000	3,960,185,000	4,407,241,000	4,769,057,000	5,068,453,000	5,264,037,000	5,395,361,000	5,300,967,000	4,903,350,000	4,429,846,000	4,533,789,000	3,864,150,000	2,140,009,000	1,567,113,000	752,432,000
senior secured notes	723,707,000	722,729,000	721,151,000	720,893,000	671,510,000	437,847,000	437,689,000	417,040,000	345,570,000	345,127,000	344,684,000	344,241,000	343,798,000	343,355,000	342,912,000	342,469,000	342,454,000	179,481,000	179,086,000	178,757,000
corporate debt	536,972,000	652,487,000	666,624,000	666,136,000	817,156,000	895,265,000	768,470,000	767,271,000	766,084,000	764,908,000	763,828,000	762,668,000	663,623,000	662,665,000	662,247,000	565,230,000	446,118,000	150,387,000	48,795,000	48,301,000
guaranteed loan financing	501,736,000	524,091,000	565,883,000	629,380,000	668,847,000	691,118,000	742,631,000	782,345,000	814,784,000	844,540,000	886,916,000	226,084,000	238,948,000	264,889,000	283,822,000	304,158,000	332,398,000	436,532,000	28,445,000	246,229,000
contingent consideration	20,441,000	18,698,000	18,385,000	17,189,000	15,982,000	573,000	2,007,000	3,926,000		7,628,000	13,408,000	15,566,000	16,636,000	28,500,000	33,200,000	92,548,000	92,148,000			1,773,000	11,483,100	11,285,100	12,612,664	12,279,645	11,953,838
dividends payable	3,685,000	3,633,000	22,602,000	22,917,000	23,929,000	43,168,000	44,602,000	53,119,000	53,908,000	54,289,000	64,777,000	26,381,000	47,308,000	47,177,000	51,136,000	51,185,000	51,161,000	14,524,000	18,292,000	13,346,000
loan participations sold	56,616,000	56,616,000	102,987,000	101,863,000	98,128,000	95,578,000	99,737,000	89,532,000	73,749,000	62,944,000	57,465,000	54,461,000	55,967,000	54,641,000	54,104,000	53,544,000	56,386,000
due to third parties	12,304,000	3,135,000	9,927,000	9,791,000	1,071,000	1,442,000	1,239,000	1,995,000	3,401,000	3,641,000	2,436,000	4,467,000	12,881,000	11,805,000	14,881,000	24,737,000	38,846,000
accounts payable and other accrued liabilities	161,201,000	171,636,000	166,406,000	184,652,000	185,533,000	188,051,000	279,014,000	204,766,000	193,896,000	171,445,000	168,298,000	159,651,000	132,523,000	176,520,000	171,152,000	189,182,000	184,592,000	166,174,000	73,679,000	79,089,000
total liabilities	4,865,588,000	6,118,168,000	6,448,542,000	7,374,774,000	7,926,899,000	8,197,818,000	8,914,636,000	9,374,107,000	9,535,289,000	9,794,455,000	10,099,653,000	9,671,623,000	9,648,770,000	9,722,382,000	9,880,987,000	9,966,889,000	9,509,148,000	4,647,886,000	3,092,917,000	2,331,723,000	631,827,827	597,360,866	595,928,484	589,202,858	623,146,425	524,895,413	521,524,476	430,336,455
preferred stock series c, liquidation preference 25.00 per share	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000	8,361,000
commitments & contingencies
stockholders’ equity
preferred stock series e, liquidation preference 25.00 per share	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000	111,378,000
common stock, 0.0001 par value...	17,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	17,000	11,000	11,000	11,000	11,000	11,000	5,000	4,000	3,000	798	798	798	798
additional paid-in capital	2,265,534,000	2,264,355,000	2,257,078,000	2,267,540,000	2,302,101,000	2,250,291,000	2,292,229,000	2,287,684,000	2,307,303,000	2,321,989,000	2,318,109,000	2,313,849,000	1,687,631,000	1,684,074,000	1,720,019,000	1,723,580,000	1,723,099,000	854,222,000	720,812,000	540,573,000	164,207,617	164,207,617	164,207,617	164,207,617	164,207,617	164,207,617	164,207,617	164,207,617
retained deficit	-1,012,927,000	-807,522,000
accumulated other comprehensive loss	-24,476,000	-24,196,000	-24,096,000	-23,293,000	-21,673,000	-18,552,000	-24,232,000	-13,880,000	-12,335,000	-17,860,000	-5,928,000	-9,281,000	-12,353,000	-9,369,000	-4,505,000	-2,815,000		-9,876,000	-7,703,000
total ready capital corporation equity	1,339,526,000	1,544,032,000	1,774,668,000	1,827,118,000	1,941,547,000	1,838,045,000	2,233,389,000	2,292,880,000	2,402,817,000	2,539,937,000	2,592,115,000	2,603,102,000	1,780,135,000	1,791,088,000	1,866,982,000	1,859,452,000	1,851,445,000	794,596,000	728,027,000	549,570,000
non-controlling interests	100,813,000	99,235,000	100,530,000	98,544,000	99,644,000	97,697,000	96,658,000	98,985,000	97,065,000	98,464,000	99,304,000	99,960,000	100,197,000	99,146,000	101,881,000	102,613,000	107,290,000	18,450,000	19,379,000	19,466,000	17,845,606		19,111,651	20,153,089
total stockholders’ equity	1,440,339,000	1,643,267,000	1,875,198,000	1,925,662,000	2,041,191,000	1,935,742,000	2,330,047,000	2,391,865,000	2,499,882,000	2,638,401,000	2,691,419,000	2,703,062,000	1,880,332,000	1,890,234,000	1,968,863,000	1,962,065,000	1,958,735,000	813,046,000	747,406,000	569,036,000
total liabilities, redeemable preferred stock, and stockholders’ equity	6,314,288,000	7,769,796,000	8,332,101,000	9,308,797,000	9,976,451,000	10,141,921,000	11,253,044,000	11,774,333,000	12,043,532,000	12,441,217,000	12,799,433,000	12,383,046,000	11,537,463,000	11,620,977,000	11,858,211,000	11,937,315,000	11,476,244,000
assets held for sale					185,782,000	287,595,000	474,535,000	423,894,000	439,301,000	454,596,000
liabilities held for sale					156,614,000	228,735,000	392,697,000	332,265,000	315,975,000	333,157,000
retained earnings			-569,709,000	-528,524,000	-450,276,000	-505,089,000	-146,003,000	-92,319,000	-3,546,000	124,413,000	168,539,000	187,139,000	-6,532,000	4,994,000	40,079,000	27,298,000	21,661,000	-49,755,000	14,914,000	8,994,000				9,080,830	6,215,373	12,023,964
real estate owned, held for sale				199,790,000	199,910,000	193,437,000	166,697,000	187,883,000	239,874,000	252,949,000	281,941,000	251,325,000	90,104,000	117,098,000	82,977,000	119,557,000	119,207,000

loans, held for sale, at fair value										81,599,000	184,989,000	238,664,000	236,578,000	258,377,000	403,609,000	469,442,000	523,214,000	297,669,000	177,507,000	124,988,000
paycheck protection program loans										34,597,000	58,145,000	94,611,000	146,557,000	186,985,000	275,761,000	389,189,000	554,656,000
paycheck protection program liquidity facility (ppplf) borrowings										36,036,000	76,333,000	110,838,000	169,596,000	201,011,000	305,797,000	427,759,000	627,445,000
convertible notes												114,942,000	114,689,000	114,397,000	114,108,000	113,818,000	113,531,000	111,581,000	110,506,000	109,743,000
mortgage-backed securities, at fair value											33,339,000	33,770,000	32,607,000	32,041,000	37,895,000	40,648,000	93,259,000
loans eligible for repurchase from ginnie mae											72,401,000	59,015,000	64,293,000	66,193,000	65,188,000	54,784,000	82,975,000	186,197,000	69,101,000	79,600,000	37,480,440	34,745,103	28,479,596	23,435,492	19,343,641
liabilities for loans eligible for repurchase from ginnie mae											72,401,000	59,015,000	64,293,000	66,193,000	65,188,000	54,784,000	82,975,000	186,197,000	69,101,000	79,600,000
investments held to maturity												3,446,000	3,306,000	3,306,000	40,089,000	50,618,000	57,285,000
purchased future receivables												12,917,000	10,568,000	8,246,000	8,593,000	8,704,000	8,753,000	27,190,000
preferred stock series e liquidation preference 25.00 per share																	111,378,000
accumulated other comprehensive income																	-4,704,000
mortgage backed securities, at fair value																		75,411,000	99,407,000	94,341,000
real estate, held for sale																		47,009,000
total liabilities and stockholders’ equity																		5,460,932,000	3,840,323,000	2,900,759,000
receivable from third parties																			2,763,000	1,529,000
real estate acquired in settlement of loans, held for sale																			65,834,000
investment in unconsolidated joint venture																				40,914,000
promissory note																				5,363,000
mortgage loans held for investment, at fair value – 32,114,039 and 394,942,512 pledged as collateral, respectively																					32,114,043
mortgage loans held for sale previously held for investment, at fair value – 368,071,942 pledged as collateral																					368,956,195
mortgage loans held for investment, at cost																					1,879,254	1,886,642	1,074,313	925,109	991,092
mortgage loans held for sale, at fair value – 110,859,815 and 115,942,230 pledged as collateral, respectively																					110,859,815
real estate securities, at fair value – 78,795,777 and 95,627,850 pledged as collateral, respectively																					87,120,006
other investment securities, at fair value – 2,033,403 and 1,989,174 pledged as collateral, respectively																					12,878,022
mortgage servicing rights, at fair value																					44,852,686	48,209,016	42,044,651	42,692,180	33,363,963
derivative assets, at fair value																					4,040,132	2,376,187	3,528,739	2,505,107	4,445,436	69,659	2,261,459	7,169,531
goodwill																					14,183,537	14,183,537	14,183,537	14,183,537	16,127,070
intangible assets																					4,683,185	4,880,270	5,077,355	5,274,440	5,471,525
warehouse lines of credit																					101,478,055	100,768,428	104,216,594	96,092,944	116,886,558
treasury security repurchase agreement																					39,574,000
loan repurchase facilities																					297,392,137	296,789,330	295,315,030	296,150,716	299,847,778	293,178,268
securities repurchase agreements																					60,800,779	73,300,159	74,520,999	86,192,540	99,625,837	165,603,461	159,180,562
exchangeable senior notes																					56,784,242	56,509,046	56,240,664	55,978,929	55,723,675	55,231,973	54,763,990
derivative liabilities, at fair value																					3,735,023	1,831,967	2,593,972	1,172,251	4,007,458	1,621,305	1,606,416	5,069,472
dividends and distributions payable																					3,559,120	3,559,120	3,559,120	3,559,120	3,559,120	3,559,120	3,559,120	4,004,010
accounts payable and other liabilities																					19,540,931	18,572,613	18,389,845	14,341,221	12,198,520	3,731,226	3,084,241	2,609,191
liability for loans eligible for repurchase from ginnie mae																					37,480,440	34,745,103	28,479,596	23,435,492	19,343,641
commitments and contingencies
equity
12.5% series a cumulative non-voting preferred stock, 0.0001 par value...
accumulated deficit																					-11,211,280						-5,922,756
total zais financial corp. stockholders’ equity																					152,997,135	159,224,237
total equity																					170,842,741	177,778,055	183,171,796	193,442,334
total liabilities and equity																					802,670,568	775,138,921	779,100,280	782,645,192
cash																						20,793,716	29,366,231	28,635,539	38,022,318	25,777,158	30,085,010	21,174,544
mortgage loans held for investment, at fair value – 394,942,512 and 415,814,067 pledged as collateral, respectively																						397,678,140
mortgage loans held for sale, at fair value - 115,942,230 and 97,690,960 pledged as collateral, respectively																						115,942,230
real estate securities, at fair value – 95,627,850 and 135,779,193 pledged as collateral, respectively																						109,339,281
other investment securities, at fair value – 1,989,174 and 2,040,532 pledged as collateral, respectively																						12,804,196
(accumulated deficit)/retained earnings																						-4,984,178						-5,179,730
non-controlling interests in operating partnership																						18,553,818			19,818,150	20,493,615	18,406,642	18,493,040
mortgage loans held for investment, at fair value – 399,301,401 and 415,814,067 pledged as collateral, respectively																							401,206,350
mortgage loans held for sale, at fair value – 114,303,003 and 97,690,960 pledged as collateral																							114,670,811
real estate securities, at fair value – 99,239,271 and 135,779,193 pledged as collateral, respectively																							113,220,076
other investment securities, at fair value – 0 and 2,040,532 pledged as collateral, respectively																							15,209,050	12,368,030
(accumulated deficit) / retained earnings																							-148,270
total stockholders' equity, zais financial corp.																							164,060,145	173,289,245
mortgage loans held for investment, at fair value – 405,438,355 and 415,814,067 pledged as collateral, respectively																								406,139,379
mortgage loans held for sale, at fair value – 103,080,539 and 97,690,960 pledged as collateral																								104,785,025
real estate securities, at fair value – 117,472,624 and 135,779,193 pledged as collateral, respectively																								131,389,756
mortgage loans held for investment, at fair value – 410,224,841 and 415,814,067
pledged as collateral, respectively																									411,091,360
mortgage loans held for sale, at fair value - 126,028,843 and 97,690,960 pledged as
collateral																									126,028,843
real estate securities, at fair value – 133,064,497 and 135,779,193 pledged as collateral,
respectively																									145,714,172	430,096,984	415,613,711	444,536,696
other investment securities, at fair value – 2,187,592 and 2,040,532 pledged as
collateral, respectively																									2,187,592		231,844,899
stockholders' equity
50,000,000 shares authorized; zero shares issued and outstanding
and outstanding																									798
total zais financial corp. stockholders' equity																									170,423,788	176,232,379	158,285,659	159,028,685
total stockholders' equity																									190,241,938	196,725,994	176,692,301	177,521,725
total liabilities and stockholders' equity																									813,388,363	721,621,407	698,216,777	607,858,180
mortgage loans, at fair value – 429,950,015 and 331,522,165 pledged as collateral,
real estate securities, at fair value – 209,788,341 and 183,722,511 pledged as collateral,
other investment securities, at fair value – 11,232,008 and 0 pledged as collateral,
real estate owned, at fair value																										166,427
accrued interest payable																										1,970,060	1,928,256	436,893
authorized; zero shares issued and outstanding
outstanding																										798
mortgage loans, at fair value - 415,348,056 and 331,522,165 pledged as collateral,
real estate securities, at fair value - 201,451,523 and 183,722,511 pledged as
other investment securities, at fair value, 11,087,508 and 0 pledged as collateral,
loan repurchase facility																											297,401,891	89,112,325
shares authorized; zero shares issued and outstanding
issued and outstanding																											798
real estate securities, at fair value - 364,386,699 and 133,538,998 pledged as collateral,
mortgage loans, at fair value - 120,517,248 and - pledged as collateral, respectively																												120,783,425
receivable for real estate securities sold
repurchase agreements																												308,497,415
payable for real estate securities purchased																												20,607,149
common stock repurchase liability
authorized; zero shares and 133 shares issued and outstanding, respectively
common stock 0.0001 par value...
and 7,970,886 shares outstanding, and 2,586,131 shares issued and 2,071,096 shares
outstanding, respectively																												798

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-06-30	2022-03-31	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-03-31

cash flows from operating activities:
net income	-16,737,000	-53,677,000	81,965,000	-314,751,000	-7,279,000	-34,201,000	-74,167,000	10,881,000	47,179,000	253,373,000	36,978,000	58,965,000	64,263,000	-3,376,194	-1,834,621	-6,711,418	6,709,516	417,246	216,938	2,482,859
net income from discontinued operations, net of tax	210,000	-4,926,000	-445,000	-17,234,000	194,000	-2,774,000	1,415,000
net income from continuing operations	-16,947,000	-48,751,000	82,410,000	-297,517,000	-7,473,000	-31,427,000	-75,582,000
adjustments to reconcile net income to net cash from operating activities:
amortization of premiums, discounts, and debt issuance costs	6,168,000	15,775,000	11,265,000	14,057,000	14,936,000	-6,774,000	30,322,000	23,055,000	25,489,000	8,215,000	9,767,000	-4,559,000	-5,739,000
stock-based compensation	1,591,000	1,634,000	1,785,000	2,477,000	1,874,000	1,874,000	1,894,000	1,361,000	2,274,000	2,062,000	1,853,000	2,147,000	1,963,000
benefit from (recovery of) loan losses					53,166,000					19,427,000	-6,734,000	-4,390,000	1,542,000
impairment loss on real estate owned, held for sale	1,862,000	4,268,000	2,346,000	29,876,000	525,000	9,130,000	16,972,000	3,351,000	1,869,000	0	3,418,000	840,000	1,827,000
depreciation and amortization on real estate owned
repair and denial reserve	469,000	335,000	823,000	103,000	-324,000	-461,000	1,067,000	-830,000	-2,098,000	-1,143,000	199,000	-1,421,000	-2,193,000
paid-in-kind accrued interest	-3,013,000	-807,000	-241,000	-20,578,000	-28,448,000	-58,529,000	29,982,000
benefit from loan losses on purchased future receivables				0	0	912,000	1,206,000	2,099,000
valuation allowance (recovery), loans held for sale
net (income) loss of unconsolidated joint ventures, net of distributions	-7,960,000	669,000	5,782,000										-4,779,000
realized (gains) losses	160,451,000	-17,264,000	-10,242,000	7,037,000	72,354,000	-7,384,000	-18,107,000	1,247,000	-18,053,000	-29,851,000	-19,700,000	-17,267,000	-11,689,000
unrealized (gains) losses	-3,125,000	577,000	1,922,000	18,680,000	-276,000	1,321,000	-4,639,000	1,434,000	-14,182,000	-8,600,000	12,481,000	190,000	-46,912,000
bargain purchase gain			-102,471,000	0	-32,165,000
loans, held for sale	506,072,000	-38,932,000	89,106,000	55,624,000	221,500,000	37,358,000	11,553,000
changes in operating assets and liabilities:
derivative instruments	539,000	986,000	-1,982,000	9,954,000	-9,119,000	5,782,000	-1,383,000	-10,440,000	9,144,000	17,780,000	-4,115,000	1,067,000	495,000
assets of consolidated vies (excluding loans, net), accrued interest and due from servicers	-9,755,000	17,918,000	32,964,000	9,487,000	-47,066,000	-20,956,000	-2,293,000	-9,601,000	-5,284,000	-3,224,000	-9,918,000	-9,533,000	-115,000
receivable from third parties	-8,865,000	3,518,000	-862,000	361,000	-2,037,000	1,292,000	2,332,000	-9,105,000	-4,158,000	-2,151,000	-5,899,000	-178,000	21,979,000
other assets	-6,558,000	-58,552,000	-46,464,000	863,000	11,175,000	-12,426,000	-58,544,000	-63,973,000	-20,259,000	2,408,000	-10,067,000	3,118,000	-9,329,000
accounts payable and other accrued liabilities	-22,632,000	7,428,000	24,126,000	-81,294,000	62,761,000	9,285,000	-12,966,000	78,261,000	12,475,000	2,115,000	-37,011,000	-9,437,000	-19,193,000
net cash from operating activities from continuing operations	434,677,000	-48,431,000	80,417,000	-1,881,000	238,219,000	34,118,000	15,943,000
net cash from operating activities from discontinued operations	0	-51,836,000	28,052,000	31,041,000	-17,071,000	-33,061,000	7,507,000
net cash from operating activities	434,677,000	-100,267,000	108,469,000	29,160,000	221,148,000	1,057,000	23,450,000	-29,651,000	43,542,000	38,146,000	-907,000	64,441,000	14,742,000	572,541	-7,704,937	-3,953,331	18,661,636	-30,084,496	-7,074,591	1,666,975
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	434,677,000	-100,267,000	108,469,000	29,160,000	221,148,000	1,057,000	23,450,000	-29,651,000	43,542,000	38,146,000	-907,000	64,441,000	14,742,000	572,541	-7,704,937	-3,953,331	18,661,636	-30,084,496	-7,074,591	1,666,975
cash flows from investing activities:
origination of loans	-120,005,000	-126,362,000	-174,330,000	-151,660,000	-169,546,000	-299,161,000	-206,063,000	-136,288,000	-252,123,000	-333,358,000	-283,368,000	-1,012,725,000	-1,289,329,000
proceeds from disposition and principal payment of loans	558,512,000	620,138,000	414,830,000	659,270,000	570,726,000	544,753,000	499,368,000	508,115,000	477,725,000	541,541,000	252,609,000	301,185,000	371,142,000
funding of investments held to maturity	0							0	0			-785,000	-406,000
funding of real estate, held for sale	-749,000	-210,000	-5,000	-100,000	-327,000	-390,000	-591,000	-4,655,000	-3,840,000	-2,290,000	-1,678,000	-1,258,000	-902,000
proceeds from sale of real estate, held for sale	49,431,000	1,216,000	7,096,000	10,474,000	22,082,000	33,374,000	1,310,000	30,120,000	13,099,000	1,021,000	33,761,000	102,000	1,416,000
investment in unconsolidated joint ventures	-8,383,000	-389,000	-11,508,000	-15,582,000	-15,412,000	-2,204,000	-41,000	-48,000	-15,751,000	-9,322,000	-65,000	-76,934,000	-8,700,000
distributions in excess of cumulative earnings from unconsolidated joint ventures	6,872,000	1,271,000	1,657,000	5,209,000	6,612,000	1,055,000	717,000	769,000	1,752,000	455,000	4,597,000	6,165,000	5,152,000
payment of liabilities under participation agreements	0	0	-1,335,000	-10,526,000	-2,535,000
net cash from disposal of discontinued operations
net cash from asset acquisitions
net cash from business acquisitions	0	0	16,020,000	-200,000	-12,103,000			0	0
net cash from investing activities from continuing operations	493,448,000	493,279,000	252,425,000	496,885,000	373,800,000	259,271,000	305,016,000
net cash from investing activities from discontinued operations	0	-11,527,000	54,843,000	40,090,000	-754,000	60,901,000	-192,000
net cash from investing activities	493,448,000	481,752,000	307,268,000	536,975,000	373,046,000	320,172,000	304,824,000	429,183,000	256,642,000	285,723,000	47,896,000	-551,226,000	-1,122,962,000	20,410,622	5,886,248	12,626,720	13,384,678	14,038,710	70,746,038	-102,121,660
cash flows from financing activities:
proceeds from secured borrowings	325,642,000	1,149,763,000	1,235,533,000	387,803,000	94,085,000	695,604,000	924,896,000	-852,761,000	771,341,000	2,269,825,000	1,939,011,000	1,809,458,000	4,208,161,000
repayment of secured borrowings	-953,225,000	-358,821,000	-558,475,000	-532,941,000	-224,428,000	-581,584,000	-827,609,000	752,465,000	-781,746,000	-2,360,404,000	-2,302,394,000	-1,869,415,000	-3,516,612,000
repayment of the paycheck protection program liquidity facility borrowings	-2,317,000	-2,495,000	-5,639,000	-3,281,000	-2,679,000	-3,518,000	-7,688,000	-40,297,000	-34,505,000	-58,758,000	-31,415,000	-199,686,000	-314,060,000
repayment of securitized debt obligations of consolidated vies	-220,815,000	-1,064,327,000	-1,010,685,000	-384,645,000	-454,688,000	-371,461,000	-309,875,000	-206,235,000	-270,294,000	-413,916,000	-86,345,000	-130,870,000	-259,705,000
proceeds from senior secured note	0	50,000,000	240,250,000	0	20,001,000
repayment of corporate debt	-629,000	-152,034,000	-79,477,000
repayment of guaranteed loan financing	-63,510,000	-41,960,000	-41,532,000	-51,513,000	-39,714,000	-13,931,000	-48,264,000	-62,108,000	-43,213,000	-17,557,000	-31,563,000	-31,426,000	-30,486,000
payment of deferred financing costs	-7,841,000	-5,249,000	-12,850,000	-1,327,000	-3,804,000	-2,138,000	-4,909,000	-2,806,000	-8,277,000	-11,806,000	-9,321,000	-14,185,000	-11,477,000
common stock repurchased	-10,570,000	-37,746,000	-17,405,000	-43,060,000	0	-20,140,000	-19,050,000	0	-6,000
settlement of share-based awards in satisfaction of withholding tax requirements	-16,000	-33,000	-1,915,000	-152,000	-5,000	-96,000	-985,000	-872,000	-972,000	-722,000	-1,382,000	-33,000	-1,261,000
dividend payments	-22,830,000	-23,844,000	-44,042,000	-44,601,000	-54,289,000	-52,739,000	-54,428,000	-64,776,000	-26,381,000	-76,756,000	-47,176,000	-51,165,000	-34,347,000
distributions				0	0	0	-18,000
net cash from financing activities from continuing operations	-956,111,000	-486,746,000	-296,237,000	-547,812,000	-665,521,000	-277,885,000	-347,930,000
net cash from financing activities from discontinued operations	0	54,429,000	-58,753,000	-60,106,000	20,533,000	10,739,000	-11,798,000
net cash from financing activities	-956,111,000	-432,317,000	-354,990,000	-607,918,000	-644,988,000	-267,146,000	-359,728,000	-429,007,000	-377,144,000	-181,624,000	-97,312,000	431,758,000	1,084,976,000	24,827,934	-6,753,826				-55,657,592	73,478,889
net decrease in cash, cash equivalents, and restricted cash including cash classified within assets held for sale
less: net decrease in cash and cash equivalents within assets held for sale			-4,858,000
net increase in cash, cash equivalents, and restricted cash	-27,986,000	-25,898,000	65,605,000		-43,457,000			-26,060,000				-55,027,000	-23,244,000
cash, cash equivalents, and restricted cash beginning balance	0	0	182,774,000	0	0	0	262,506,000	-23,423,000	0	0	297,027,000	0	323,328,000
cash, cash equivalents, and restricted cash ending balance	-27,986,000	-25,898,000	248,379,000	-52,808,000	-43,457,000	43,504,000	235,535,000	-49,483,000	-76,960,000	142,245,000	246,704,000	-55,027,000	300,084,000
recovery of loan losses		8,640,000	-109,568,000				-26,544,000
valuation allowance, loans held for sale		39,746,000	99,718,000	-31,229,000	-71,060,000	80,987,000	146,180,000
bargain purchase (gain) loss
proceeds from liabilities under participation agreements						15,381,000	10,316,000
net increase in cash, cash equivalents, and restricted cash including cash classified within assets held for sale		-50,832,000	60,747,000		-50,794,000
less: net increase in cash and cash equivalents within assets held for sale
benefit from loan losses								6,688,000
net income of unconsolidated joint ventures, net of distributions				-4,790,000	-2,104,000	-723,000	-85,000	2,071,000	390,000	532,000	-60,000
purchase of loans									-455,000	-751,000	-519,000	-6,090,000	-643,744,000
proceeds from principal payments of investments held to maturity
proceeds from sale and principal payment of mortgage-backed securities
proceeds from issuance of securitized debt obligations of consolidated vies								0	131,978,000	506,570,000	482,267,000	807,087,000	928,257,000
proceeds from corporate debt												118,606,000	4,040,000
repayment of convertible note								0
payment of contingent consideration								0	0	0	-9,000,000	0	-9,000,000
proceeds from issuance of equity, net of issuance costs								0	0	2,000	106,000	224,000	123,382,000
net decrease in cash, cash equivalents, and restricted cash							-26,971,000			142,245,000	-50,323,000
supplemental disclosures:
cash paid for interest						177,394,000	177,618,000	189,125,000	160,377,000	166,697,000	144,970,000	75,557,000	49,854,000
cash paid (received) for income taxes
non-cash investing activities
loans transferred from loans, net to loans, held for sale						64,497,000	655,126,000
loans transferred to real estate owned, held for sale						12,809,000	5,902,000	189,000
contingent consideration in connection with acquisitions												0	84,348,000
non-cash financing activities
shares and op units issued in connection with merger transactions								0	0
conversion of op units to common stock						371,000	612,000	1,021,000
cash, cash equivalents, and restricted cash reconciliation
cash and cash equivalents						60,282,000	166,004,000	-43,381,000	-45,591,000	116,312,000	111,192,000	-83,430,000	211,369,000
restricted cash						5,056,000	24,915,000	-6,513,000	2,042,000	-15,098,000	49,632,000	7,783,000	56,963,000
cash, cash equivalents, and restricted cash in assets of consolidated vies						-21,834,000	44,616,000	411,000	-33,411,000	41,031,000	85,880,000	20,620,000	31,752,000
purchased future receivables							4,560,000	4,366,000	-5,689,000	-4,987,000	-3,916,000	-516,000	-756,000
payment of liabilities under participation agreements, net of proceeds received								-1,129,000	-1,680,000	-5,460,000	-782,000	-2,842,000	-17,270,000
cash paid for income taxes							215,000	1,473,000	-113,000	514,000	134,000	13,756,000	102,000
loans transferred from loans, held for sale to loans
gain on bargain purchase								7,060,000	14,862,000
origination of paycheck protection program loans
purchase of paycheck protection program loans
proceeds from disposition and principal payment of paycheck protection program loans								24,423,000	37,915,000	55,317,000	43,341,000	183,662,000	330,945,000
proceeds from the paycheck protection program liquidity facility borrowings
repayment of senior secured note
preferred stock redemption
tender offer of preferred shares
distributions to non-controlling interests								163,000	-69,000	0	-100,000	-6,837,000	-1,916,000
consolidation of assets in securitization trusts								0
investments held to maturity transferred to real estate owned
retirement of op units
consolidation of borrowings in securitization trusts								0
share-based component of incentive fees
loans, held for sale, at fair value									9,076,000	9,446,000	30,223,000
proceeds from sale and principal payment of mortgage-backed securities, at fair value												50,999,000	5,168,000
proceeds from sale of investment in joint venture
sale of a subsidiary
loans transferred from loans, held for sale, at fair value to loans											344,000
loans transferred from loans, net to loans, held for sale, at fair value									2,503,000			1,522,000	1,507,000
allowance for doubtful accounts on purchased future receivables												565,000	-125,000
loans transferred to real estate owned										1,995,000	22,393,000	0	496,000
conversion of operating partnership units to common stock
allowance for (recovery of) doubtful accounts on purchased future receivables											1,594,000
origination of loans, held for sale, at fair value												-1,007,434,000	-990,563,000
proceeds from disposition and principal payments of loans, held for sale, at fair value												1,056,260,000	1,014,066,000
shares issued in connection with merger transactions												0	458,056,000
changes in operating assets and liabilities
net of cash from business acquisitions													123,566,000
see notes to unaudited consolidated financial statements
discount accretion and premium amortization of financial instruments
amortization of guaranteed loan financing, deferred financing costs, and intangible assets
provision for loan losses
charge off of real estate acquired in settlement of loans
increase in repair and denial reserve
net settlement of derivative instruments
purchase of loans, held for sale, at fair value
equity in net income of unconsolidated joint ventures, net of distributions
gain on sale of mortgages held for sale included in residential mortgage banking activities
gain on derivatives included in residential mortgage banking activities
creation of servicing rights, net of payoffs
net realized gains on financial instruments and real estate owned
net unrealized losses on financial instruments
net changes in operating assets and liabilities
cash flow from investing activities:
purchase of mortgage backed securities, at fair value
purchase of real estate
funding of unconsolidated joint venture
purchase of servicing rights
proceeds on unconsolidated joint venture in excess of earnings recognized
payment of liability under participation agreements, net of proceeds received
proceeds from sale and principal payment of mortgage backed securities, at fair value
proceeds from sale of real estate
cash acquired in connection with the orm merger
proceeds from senior secured note offering
payment of secured borrowings
payment of securitized debt obligations of consolidated vies
payment of guaranteed loan financing
payment of promissory note
payment of offering costs
contributions
cash, cash equivalents, and restricted cash at beginning of period
cash, cash equivalents, and restricted cash at end of period
supplemental disclosure of operating cash flow
supplemental disclosure of non-cash investing activities
deconsolidation of assets in securitization trusts
supplemental disclosure of non-cash financing activities
common stock issued in connection with orm merger
deconsolidation of borrowings in securitization trusts
incentive shares issued to investment manager pursuant to management agreement
cash and restricted cash reconciliation
adjustments to reconcile net income to net cash provided (used in) operating activities:
decrease in repair and denial reserve
purchase of short-term investments
proceeds from sale or maturity of short-term investments
income on unconsolidated joint venture
gain on sale of mortgages held for sale included in gains on residential mortgage banking activities, net of variable loan expenses
gain on derivatives included in gains on residential mortgage banking activities, net of variable loan expenses
net realized gains on financial instruments
net unrealized gains on financial instruments
proceeds from convertible note issuance
equity issuance
shares issued in exchange of litigation settlement
cash flows from operating activities
adjustments to reconcile net income to net cash from operating activities
net accretion of discounts related to mortgage loans held for investment														-1,769,937
net accretion of discounts related to real estate securities														-571,063
net accretion of discounts related to other investment securities														-49,204
change in unrealized gain or loss on mortgage loans														-2,517,993				1,199,755	751,982	-689,604
change in unrealized gain or loss on real estate securities														1,793,101	588,250	2,119,917	1,965,302	177,771	4,958,606	-2,736,058
change in unrealized gain or loss on other investment securities														-24,622	57,898	420,796	-8,207	-136,320	610,514	-370,764
change in unrealized gain or loss on real estate owned														66,766	541,767	-97,917	93,212	-101,780	500,787
change in fair value of mortgage servicing rights														8,054,306	-1,529,804	5,881,088	-3,647,722	3,424,914
realized gain on mortgage loans held for investment														-536,344	-361,327	-500,967
realized loss on real estate securities														724,607
realized gain on real estate owned														-2,229
change in unrealized gain or loss on derivative instruments														239,111			-894,878	-538,062	138,598	2,961,554
amortization of exchangeable senior notes discount														275,196	268,382	261,735	255,254	248,934	242,768	224,939
depreciation and amortization expense														232,430	278,765	197,085	230,538	227,424
proceeds from sale and principal payments on mortgage loans held for sale														456,891,268				431,251,708
originations and purchases of mortgage loans held for sale														-435,225,414				-451,669,250
gain on sale of mortgage loans held for sale														-16,583,439		-16,324,151
capitalization of originated mortgage servicing rights														-4,697,976	-4,634,561	-5,233,559	-5,680,495	-3,409,899
increase in other assets														-3,516,147
increase in accounts payable and other liabilities														968,318	182,769	4,048,624	2,401,971	467,431	916,081	1,255,294
increase in contingent consideration														198,000		333,019	325,807	523,425
cash flows from investing activities
origination of mortgage loans held for investment														-1,405,191	-596,716	-3,409,993	-717,600	-1,476,838
acquisition of mortgage loans held for investment														-10,123,602
proceeds from principal repayments on mortgage loans held for investment and sale														11,455,134
proceeds from principal repayments on real estate securities														4,178,332	3,912,228	5,020,363	5,012,897	3,942,700	4,549,557	8,034,673
proceeds from sales of real estate securities														16,094,298		16,284,480
restricted cash from investment activities														211,651		-1,745,138				-3,722,128
cash flows from financing activities
net borrowings under warehouse lines of credit														709,627	-3,448,166	8,123,650	-20,793,614	27,468,994
borrowings from treasury security repurchase agreement														39,574,000
net borrowings under loan repurchase facilities														602,807
borrowings from securities repurchase agreements														83,722	1,479,400	2,467,000	281,018	1,016,063	32,991,910	29,607,805
repayments of securities repurchase agreements														-12,583,102	-2,700,240	-14,138,541	-13,714,315	-4,404,331	-95,581,266	-9,018,921
dividends on common stock and distributions on op units														-3,559,120	-3,559,120	-3,559,120
net increase in cash and cash equivalents														45,811,097
beginning of period														20,793,716		0	0	33,791,013	0	57,060,806
end of period														66,604,813		730,692	-9,386,779	38,022,318	8,013,855	30,085,010
noncash investing and financing activities
accrued dividends and distributions payable														3,559,120	0	0	0	3,559,120
conversion of mortgage loans held for investment to real estate owned														1,513,223	1,671,958	996,814	947,644	189,648
net amortization of premiums related to mortgage loans held for investment															-1,869,193	-1,984,040
net amortization of premiums related to real estate securities															-619,682	-939,236	-1,075,059	-1,248,910	-1,331,342
net amortization of premiums related to other investment securities															-68,272	-80,530	-32,934	-10,740	-51,131
change in unrealized gain or loss on mortgage loans held for investment															3,765,036	5,650,924
realized loss on other investment securities															115,194	0
realized loss on real estate owned															-3,141	159,570
change in unrealized gain or loss on derivative instruments related to investment portfolio															390,547
proceeds from sale and principal payments on mortgages held for sale
gain on sale of mortgages held for sale
decrease in other assets															136,077			-810,733	-977,849
decrease in contingent consideration
cash paid for the acquisition of gmfs, net of cash acquired
acquisitions of mortgage loans held for investment															-10,327,907	-5,340,022
proceeds from sales and principal repayments on mortgage loans held for investment
acquisitions of real estate securities, net of change in payable for real estate securities purchased
proceeds from sales of real estate securities, net of changes in receivable for real estate securities sold
acquisitions of other investment securities															-1,430,000	-3,181,286			1	-10,676,953
proceeds from sales of other investment securities															3,720,119	0
proceeds from principal repayments on other investment securities
purchase of swaption
proceeds received for the final reconciliation of purchase price relating to the acquisition of gmfs															0	0
restricted cash from/(used) in investment activities																		4,112,699
proceeds from issuance of common stock
payment of common stock repurchase liability
net (repayments)/borrowings under loan repurchase facilities															1,474,300	-835,686
proceeds from issuance of exchangeable senior notes
allocation of proceeds to conversion option on exchangeable senior notes
repurchase of preferred stock including dividend
equity raise payments
contributions from non-controlling interests															0	0
net increase in cash																		4,231,305	8,013,855
cash
beginning of year
end of year
supplemental disclosure of cash flow information
interest paid on warehouse lines of credit, loan repurchase facilities, securities repurchase agreements and exchangeable senior notes															5,422,769	3,118,685
taxes paid
supplemental disclosure of noncash investing and financing activities
realized gain on real estate securities																56,949				-73,619
proceeds from sales and principal payments on mortgage loans held for sale																500,357,104
originations and repurchases of mortgage loans held for sale																-493,918,739
proceeds from principal repayments on mortgage loans held for investment
acquisitions of real estate securities																-4,372,793
net decrease in cash																730,692				-26,975,796
supplemental disclosure of non-cash investing and financing activities
proceeds from principal repayments on mortgage loans																	9,023,071	7,460,149	15,244,815	3,490,970
net cash (used in)/provided by financing activities
adjustments to reconcile net income to net cash provided by operating activities
net amortization of premiums related to mortgage loans																		-2,012,281	-2,076,373	-1,602,823
realized (gain)/loss on mortgage loans																		-144,111
realized (gain)/loss on real estate owned																		-20,677
loss on sale of mortgage loans held for sale																		-7,920,341
proceeds from sales of real estate securities, net of change in receivable for real estate securities sold
net borrowings under loan repurchase facility																		-244,515
dividends on common stock and distributions on op units (net of change in dividends and
distributions payable)																		-3,559,120
net cash provided by financing activities																		20,277,091
interest paid on warehouse line of credit, loan repurchase facility, securities repurchase agreements
and exchangeable senior notes																		3,147,960
change in unrealized gain or loss on mortgage servicing rights
realized (gain) on mortgage loans
realized (gain) on other investment securities
realized (gain) on real estate owned
loss on sale of mortgages held for sale
acquisitions of mortgage loans																			-783,194	-84,795,975
proceeds from sale of other investment securities
proceeds from issuance of common stock upon exchange offer
proceeds from issuance of op units
proceeds from issuance of preferred stock
repurchase of common stock
interest paid on warehouse line of credit, loan repurchase facility, securities repurchase agreements and exchangeable senior notes
increase in dividends payable
acquisition of gmfs – assets acquired and liabilities assumed
adjustments to reconcile net income to net cash from operating
activities
realized gain on mortgage loans																				-230,737
realized (gains) / loss on real estate securities
increase in accrued interest payable																				558,929
acquisitions of real estate securities (net of change in payable for real estate securities
purchased)
proceeds from sales of real estate securities (net of changes in receivable for real estate
securities sold)
premium paid for interest rate swaption																				-4,803,750
net borrowings from loan repurchase facilities
interest paid on loan repurchase facilities, securities repurchase agreements and
exchangeable senior notes
increase in dividends and distributions payable																				3,559,120
net amortization of premiums related to real estate
securities																				-1,266,177
net amortization of premiums related to other investment
decrease (increase) in other assets																				1,192,973
acquisitions of real estate securities, net of change in payable for real estate
securities purchased																				-11,720,695
proceeds from sales of real estate securities, net of changes in receivable for real
estate securities sold																				2,072,198
net borrowings from loan repurchase facility																				61,342,915
dividends on common stock and distributions on op units (net of change in
dividends and distributions payable)																				-8,452,910
interest paid on loan repurchase facility and securities repurchase agreements																				2,622,379
adjustments to reconcile net income to net cash
provided by operating activities
net amortization of premiums
related to mortgage loans
related to real estate securities
change in unrealized (gain) or loss on mortgage loans
change in unrealized (gain) or loss on real estate
change in unrealized gain or loss on derivative
instruments
(increase) in other assets
increase in accounts payable, other liabilities and
interest on common stock repurchase liability
acquisitions of real estate securities, net of change in
payable for real estate securities purchased
proceeds from sales of real estate securities, net of changes
in receivable for real estate securities sold
proceeds from issuance of common stock upon exchange
offer
allocation of proceeds to conversion option on
interest paid on loan repurchase facility and securities
repurchase agreements
supplemental disclosure of noncash investing and
financing activities
exchange offer contribution – debt securities
net amortization of premiums related to real
estate securities
net accretion of discounts related to mortgage loans
change in unrealized loss on real estate securities
change in unrealized (gain) on mortgage loans
change in unrealized loss on derivative instruments
acquisitions of real estate securities, net of change in payable for real estate securities
purchased
proceeds from sale of real estate securities, net of changes in receivable for real estate
securities sold
acquisition of mortgage loans
borrowings from repurchase agreements
repayments of repurchase agreements
borrowings from loan repurchase facility
dividends on common stock and distributions on op units (net of dividends and
interest paid on repurchase agreements and loan repurchase facility

Ready Capital Corporation(NYSE:RC)

Ready Capital Corporation
(NYSE:RC)