Ready Capital Corporation (RCC) Financial Statements (2024 and earlier)

Company Profile

Business Address 1251 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
State of Incorp. MD
Fiscal Year End December 31
Industry (SIC) 6798 - Real Estate Investment Trusts (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments163,041229,531138,97567,92854,40663,425
Cash and cash equivalents163,041229,531138,97567,92854,40663,425
Prepaid expense      6,014
Disposal group, including discontinued operation      
Total current assets:163,041229,531138,97567,92854,40669,439
Noncurrent Assets
Operating lease, right-of-use asset1,6872,4023,1724,531
Long-term investments and receivables118,641141,14879,50958,85033,43855,369
Long-term investments118,641141,14879,50958,85033,43855,369
Intangible assets, net (including goodwill)54,12646,31218,19219,5152,9153,264
Goodwill37,81831,47011,20611,206  
Intangible assets, net (excluding goodwill)16,30814,8426,9868,3092,9153,264
Deferred income tax assets 9773,601  
Total noncurrent assets:175,431193,463100,87382,89636,35358,633
Other undisclosed assets11,282,5059,111,0375,132,2474,826,1942,946,0842,395,431
TOTAL ASSETS:11,620,9779,534,0315,372,0954,977,0183,036,8432,523,503
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities38,24542,71535,72421,14618,71816,508
Employee-related liabilities42,71535,72421,14618,71816,508
Accrued liabilities38,245     
Disposal group, including discontinued operation      
Total current liabilities:38,24542,71535,72421,14618,71816,508
Noncurrent Liabilities
Liabilities, other than long-term debt30,88511,98616,83918,757  
Deferred income tax liabilities30,88511,98616,83918,757
Total noncurrent liabilities:30,88511,98616,83918,757  
Other undisclosed liabilities9,653,2528,190,3714,485,3244,092,3312,454,0501,951,528
Total liabilities:9,722,3828,245,0724,537,8874,132,2342,472,7681,968,036
Temporary equity, carrying amount8,3618,361    
Equity
Equity, attributable to parent1,791,0881,276,104815,396825,412544,831536,073
Preferred stock111,378111,378    
Common stock1185533
Additional paid in capital1,684,0741,161,853849,541822,837540,478539,455
Accumulated other comprehensive loss(9,369)(5,733)(9,947)(6,176)(922) 
Retained earnings (accumulated deficit)4,9948,598(24,203)8,7465,272(3,385)
Equity, attributable to noncontrolling interest99,1464,49418,81219,37219,24419,394
Total equity:1,890,2341,280,598834,208844,784564,075555,467
TOTAL LIABILITIES AND EQUITY:11,620,9779,534,0315,372,0954,977,0183,036,8432,523,503

Income Statement (P&L) ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues38,344169,919230,850301,865234,606212,762
Gain (loss) on disposition of assets for financial service operations (15,420)101,038198,93754,64036,240
Net investment income    218,267159,957128,739
Realized investment gains53,76468,88131,91328,95838,40919,329
Financial services revenue64,694
Cost of revenue(34,442)(10,588)(5,975)(5,811)(5,509)(6,020)
Provision for loan, lease, and other losses(34,442)    
Amortization of mortgage servicing rights (msrs)  (10,588)(5,975)(5,811)(5,509)(6,020)
Gross profit:3,902159,331224,875296,054229,097206,742
Operating expenses(149,464)(135,352)(115,303)(76,006)(60,610)(109,281)
Other operating income, net
(Noninterest Income, Other Operating Income)
50,7569,00941,51611,0785,5868,458
Operating income (loss):(94,806)32,988151,088231,126174,073105,919
Nonoperating income
(Investment Income, Nonoperating)
   30,728  
Interest and debt expense(400,774)(213,561)(175,481)(151,880)(109,238)(74,646)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes   78,846(45,470)(1,992)16,380
Income (loss) from continuing operations before equity method investments, income taxes:(495,580)(180,573)54,45364,50462,84347,653
Income (loss) from equity method investments11,6616,916    
Other undisclosed income from continuing operations before income taxes716,815362,714    
Income from continuing operations before income taxes:232,896189,05754,45364,50462,84347,653
Income tax expense (benefit)(29,733)(29,083)(8,384)10,552(1,386)(1,839)
Income from continuing operations:203,163159,97446,06975,05661,45745,814
Income before gain (loss) on sale of properties:159,97446,06975,05661,45745,814
Loss from discontinued operations      
Net income:203,163159,97446,06975,05661,45745,814
Net loss attributable to noncontrolling interest(8,900)(2,230)(1,199)(2,088)(2,199)(2,524)
Net income attributable to parent:194,263157,74444,87072,96859,25843,290
Preferred stock dividends and other adjustments(7,996)(7,503)    
Undistributed earnings (loss) allocated to participating securities, basic   (1,392)(653)(217) 
Other undisclosed net loss available to common stockholders, basic      (62)
Net income available to common stockholders, diluted:186,267150,24143,47872,31559,04143,228

Comprehensive Income ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:203,163159,97446,06975,05661,45745,814
Other comprehensive income (loss)(3,749)4,486(3,852)(5,435)(954) 
Comprehensive income:199,414164,46042,21769,62160,50345,814
Comprehensive loss, net of tax, attributable to noncontrolling interest(8,915)(2,313)(1,118)(1,907)(2,167)(2,524)
Comprehensive income, net of tax, attributable to parent:190,499162,14741,09967,71458,33643,290

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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