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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income $ 945,814 $ 663,217 $ 395,196
Interest expense (716,468) (392,360) (204,368)
Net interest income before provision for loan losses 229,346 270,857 190,828
Provision for loan losses (7,230) (34,442) (8,049)
Net interest income after provision for loan losses 222,116 236,415 182,779
Non-interest income      
Net realized gain (loss) on financial instruments and real estate owned 65,008 53,764 68,881
Net unrealized gain (loss) on financial instruments 9,718 21,890 22,457
Servicing income, net of amortization and impairment of $7,911, $19,653 and $10,588 21,161 11,428 17,623
Income on purchased future receivables, net of allowance for credit losses of $8,989, $3,357 and $1,296 2,387 5,490 10,257
Gain on bargain purchase 207,972    
Income (loss) on unconsolidated joint ventures (905) 11,661 6,916
Other income (loss) 103,127 50,718 6,856
Total non-interest income 408,468 154,951 132,990
Non-interest expense      
Professional fees (34,738) (17,302) (13,388)
Loan servicing expense (40,811) (30,814) (20,566)
Transaction related expenses (17,764) (13,633) (14,282)
Other operating expenses (59,591) (47,653) (49,903)
Total non-interest expense (272,165) (216,340) (183,609)
Income from continuing operations before provision for income taxes 358,419 175,026 132,160
Income tax provision (7,174) (15,475) (14,859)
Net income from continuing operations 351,245 159,551 117,301
Discontinued operations      
Income (loss) from discontinued operations before benefit (provision) for income taxes (3,779) 57,870 56,897
Income tax benefit (provision) 945 (14,258) (14,224)
Net income (loss) from discontinued operations, net of tax (2,834) 43,612 42,673
Net income 348,411 203,163 159,974
Less: Dividends on preferred stock 7,997 7,996 7,503
Less: Net income attributable to non-controlling interest 8,960 8,900 2,230
Net income attributable to Ready Capital Corporation $ 331,454 $ 186,267 $ 150,241
Earnings per basic common share      
Earnings per common share from continuing operations - basic $ 2.27 $ 1.32 $ 1.55
Earnings per common share from discontinued operations - basic (0.02) 0.41 0.62
Total earnings per common share - basic 2.25 1.73 2.17
Earnings per diluted common share      
Earnings per common share from continuing operations - diluted 2.24 1.28 1.54
Earnings per common share from discontinued operations - diluted (0.02) 0.37 0.62
Total earnings per common share - diluted $ 2.22 $ 1.65 $ 2.16
Weighted-average shares outstanding      
Basic 146,841,594 106,878,139 68,511,578
Diluted 148,567,026 117,193,958 68,660,906
Dividends declared per share of common stock $ 1.46 $ 1.66 $ 1.66
Nonrelated party      
Non-interest expense      
Employee compensation and benefits $ (81,530) $ (74,989) $ (57,092)
Related Party      
Non-interest expense      
Employee compensation and benefits (10,837) (9,549) (12,031)
Management fees - related party (25,103) (19,295) (10,928)
Incentive fees - related party $ (1,791) $ (3,105) $ (5,419)