Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2020

Schedule IV - Mortgage Loans on Real Estate

Schedule IV - Mortgage Loans on Real Estate

Ready Capital Corporation

Schedule IV – Mortgage Loans on Real Estate

There are no individual loans that exceed 3% of the total carrying amount of all mortgages. The following table discloses the Company’s mortgage loans on real estate, categorized by product type:

Product Type	UPB Grouping	Loan Count	Interest Rate	Maturity Date	Carrying Value		UPB		UPB of loans subject to delinquent principal or interest
Acquired loans
	0 - 500k	1574	1.00 - 11.50%	2004 - 2039	$	317,851	$	321,809	$	27,596
	500k - 1mm	295	2.66 - 10.25%	2020 - 2038		202,853		203,428		9,644
	1mm - 1.5mm	95	1.00 - 9.50%	2019 - 2038		114,776		115,586		6,116
	1.5mm - 2mm	43	3.50 - 7.38%	2020 - 2037		73,974		74,002		3,206
	2mm - 2.5mm	24	1.48 - 8.00%	2020 - 2037		54,201		54,240		4,585
	> 2.5mm	51	3.23 - 11.00%	2019 - 2030		282,964		285,113		21,989
Total Acquired loans		2,082			$	1,046,619	$	1,054,178	$	73,136
Acquired SBA 7(a) loans
	0 - 500k	884	0.00 - 8.75%	2017 - 2041	$	96,731	$	112,074	$	9,058
	500k - 1mm	115	3.50 - 7.50%	2014 - 2041		74,325		79,703		6,254
	1mm - 1.5mm	30	3.75 - 7.50%	2026 - 2042		34,022		35,873		1,376
	1.5mm - 2mm	2	6.00 - 6.00%	2037 - 2042		3,445		3,563		-
	2mm - 2.5mm	3	5.00 - 6.00%	2037 - 2040		6,753		6,777		-
	> 2.5mm	7	4.75- 5.25%	2035 - 2042		24,162		24,581		-
Total Acquired SBA 7(a) loans		1,041			$	239,438	$	262,571	$	16,688
Originated transitional loans
	0 - 500k	37	4.35 - 6.95%	2021 - 2024	$	4,119	$	4,120	$	-
	500k - 1mm	9	5.00 - 9.25%	2020 - 2027		6,136		6,112		679
	1mm - 1.5mm	14	4.54 - 7.21%	2021 - 2025		17,722		17,858		-
	1.5mm - 2mm	11	4.85 - 6.66%	2020 - 2026		18,655		19,061		1,982
	2mm - 2.5mm	9	4.67 - 6.40%	2021 - 2022		19,464		19,584		-
	> 2.5mm	137	3.56 - 8.83%	2020 - 2024		1,252,978		1,261,660		34,897
Total Originated transitional loans		217			$	1,319,074	$	1,328,395	$	37,558
Originated Freddie Mac loans
	500k - 1mm	2	3.27 - 3.37%	2041 - 2041	$	2,060	$	2,000	$	-
	1mm - 1.5mm	3	3.31 - 3.53%	2031 - 2041		4,066		3,952		-
	1.5mm - 2mm	3	2.97 - 3.53%	2031 - 2041		5,973		5,816		-
	2mm - 2.5mm	2	3.16 - 3.48%	2041 - 2041		4,831		4,742		-
	> 2.5mm	9	2.96 - 3.74%	2041 - 2041		34,318		33,898		-
Total Originated Freddie loans		19			$	51,248	$	50,408	$	-
Originated Residential Agency loans
	0 - 500k	1130	1.75- 6.13%	2031 - 2051	$	246,022	$	235,930	$	2,892
	500k - 1mm	25	2.13 - 4.99%	2036 - 2051		14,217		13,757		-
	1mm - 1.5mm	3	2.63 - 4.99%	2051 - 2051		3,416		3,373		-
Total Originated Residential Agency loans		1,158			$	263,655	$	253,060	$	2,892
Originated SBA 7(a) loans
	0 - 500k	500	0.00 - 7.75%	2023 - 2046	$	103,482	$	109,225	$	3,099
	500k - 1mm	118	4.50 - 6.00%	2026 - 2046		83,155		86,778		4,309
	1mm - 1.5mm	58	4.50 - 6.00%	2027 - 2045		68,215		69,221		-
	1.5mm - 2mm	20	4.75 - 6.00%	2028 - 2044		33,956		34,569		-
	2mm - 2.5mm	11	4.50 - 5.50%	2028 - 2046		25,114		25,186		-
	> 2.5mm	23	4.50 - 6.00%	2041 - 2044		71,101		71,846		-
Total Originated SBA 7(a) loans		730			$	385,023	$	396,825	$	7,408
Originated SBC loans
	0 - 500k	16	4.69 - 5.96%	2021 - 2043	$	5,035	$	4,952	$	-
	500k - 1mm	42	4.50 - 6.52%	2021 - 2030		34,535		34,011		-
	1mm - 1.5mm	49	4.59 - 7.15%	2019 - 2030		60,596		59,997		6,606
	1.5mm - 2mm	45	4.25 - 7.15%	2019 - 2032		77,776		78,158		4,827
	2mm - 2.5mm	29	4.60 - 6.06%	2022 - 2030		65,559		65,696		2,085
	> 2.5mm	140	4.12 - 8.00%	2019 - 2038		830,905		827,741		46,056
Total Originated SBC loans		321			$	1,074,406	$	1,070,555	$	59,574
Originated SBC loans, at fair value
	1mm - 1.5mm	1	6.38 - 6.38%	2026 - 2026	$	1,473	$	1,376	$	-
	1.5mm - 2mm	1	5.25 - 5.25%	2027 - 2027		1,598		1,556		-
	> 2.5mm	2	6.68 - 7.75%	2020 - 2020		10,724		11,156		-
Total Originated SBC loans, at fair value		4			$	13,795	$	14,088	$	-
Originated PPP loans, at fair value
	0 - 500k	1037	1.00 - 1.00%	2022 - 2022	$	70,381	$	70,381	$	-
	500k - 1mm	4	1.00 - 1.00%	2022 - 2022		2,908		2,908		-
	1.5mm - 2mm	1	1.00 - 1.00%	2022 - 2022		1,642		1,642		-
Total Originated PPP loans, at fair value		1,042			$	74,931	$	74,931	$	-
General Allowance for Loan Losses						(29,539)
Total Loans		6,614			$	4,438,650	$	4,505,011	$	197,256

Reconciliation of mortgage loans on real estate:

The following tables reconcile mortgage loans on real estate, including loans in consolidated VIEs, from December 31, 2018 to December 31, 2020 ($ in thousands):

($ in Thousands)	Loans, net		Loans, held for sale, at fair value		Total Loan Receivables
Balance at December 31, 2017	$	1,854,100	$	216,022	$	2,070,122
Origination of loan receivables		934,607		2,407,492		3,342,099
Purchases of loan receivables		369,418		17,481		386,899
Proceeds from disposition and principal payment of loan receivables		(746,162)		(2,586,724)		(3,332,886)
Net realized gain (loss) on sale of loan receivables		(5,454)		63,067		57,613
Net unrealized gain (loss) on loan receivables		(720)		(2,401)		(3,121)
Accretion/amortization of discount, premium and other fees		14,474		-		14,474
Transfers		(503)		503		-
Transfers to real estate, held for sale		(3,693)		(182)		(3,875)
Provision for loan losses		(1,701)		-		(1,701)
Balance at December 31, 2018	$	2,414,366	$	115,258	$	2,529,624
Origination of loan receivables		1,307,143		2,621,324		3,928,467
Purchases of loan receivables		739,002		9,149		748,151
Proceeds from disposition and principal payment of loan receivables		(826,702)		(2,628,521)		(3,455,223)
Loans acquired as part of ORM merger transaction		130,449		-		130,449
Net realized gain (loss) on sale of loan receivables		(5,700)		76,274		70,574
Net unrealized gain (loss) on loan receivables		760		289		1,049
Accretion/amortization of discount, premium and other fees		14,194		-		14,194
Loans consolidated as part of RCLT 2019-2 transaction		463,177		-		463,177
Payment of guaranteed loan financing		(177,815)		-		(177,815)
Transfers		1,262		(1,262)		-
Transfers to real estate, held for sale		(2,269)		-		(2,269)
Provision for loan losses		(3,684)		-		(3,684)
Balance at December 31, 2019	$	4,054,183	$	192,511	$	4,246,694
CECL Day 1 adjustment		(7,527)		-		(7,527)
Origination of loan receivables		774,581		5,076,936		5,851,517
Purchases of loan receivables		277,170		-		277,170
Proceeds from disposition and principal payment of loan receivables		(962,404)		(5,152,861)		(6,115,265)
Loans acquired as part of ORM merger transaction		-		-		-
Net realized gain (loss) on sale of loan receivables		(5,069)		218,809		213,740
Net unrealized gain (loss) on loan receivables		(1,105)		5,607		4,502
Accretion/amortization of discount, premium and other fees		8,434		-		8,434
Foreign currency gain (loss), net		4,509		-		4,509
Payment of guaranteed loan financing		-		-		-
Transfers		714		(714)		-
Transfers to real estate, held for sale		(11,339)		-		(11,339)
Provision for loan losses		(33,785)		-		(33,785)
Balance at December 31, 2020	$	4,098,362	$	340,288	$	4,438,650