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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income $ 234,119 $ 231,004 $ 466,473 $ 446,972
Interest expense (183,167) (170,221) (366,972) (329,089)
Net interest income before recovery of (provision for) loan losses 50,952 60,783 99,501 117,883
Recovery of (provision for) loan losses 18,871 (19,427) 45,415 (12,693)
Net interest income after recovery of (provision for) loan losses 69,823 41,356 144,916 105,190
Non-interest income        
Net realized gain (loss) on financial instruments and real estate owned 7,250 23,878 26,118 35,453
Net unrealized gain (loss) on financial instruments (1,357) (1,411) 3,275 (7,046)
Valuation allowance, loans held for sale (80,987)   (227,167)  
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 5,039 7,029 9,681
Income on unconsolidated joint ventures 1,139 33 1,607 689
Gain (loss) on bargain purchase (18,306) 229,894 (18,306) 229,894
Other income 6,597 18,632 22,423 39,024
Total non-interest income (expense) (82,393) 276,065 (185,021) 307,695
Non-interest expense        
Professional fees (6,033) (5,533) (13,098) (11,076)
Loan servicing expense (11,012) (10,894) (23,806) (19,049)
Transaction related expenses (1,592) (13,966) (2,242) (14,859)
Other operating expenses (21,802) (9,557) (51,989) (22,166)
Total non-interest expense (67,436) (70,695) (145,694) (126,749)
Income (loss) from continuing operations before benefit (provision) for income taxes (80,006) 246,726 (185,799) 286,136
Income tax benefit (provision) 48,579 (2,194) 78,790 (3,095)
Net income (loss) from continuing operations (31,427) 244,532 (107,009) 283,041
Discontinued operations (refer to Note 9)        
Income (loss) from discontinued operations before benefit (provision) for income taxes (3,699) 11,788 (1,812) 9,747
Income tax benefit (provision) 925 (2,947) 453 (2,437)
Net income (loss) from discontinued operations (2,774) 8,841 (1,359) 7,310
Net income (loss) (34,201) 253,373 (108,368) 290,351
Less: Dividends on preferred stock 1,999 2,000 3,998 3,999
Less: Net income attributable to non-controlling interest 1,820 4,490 1,937 6,325
Net income (loss) attributable to Ready Capital Corporation $ (38,020) $ 246,883 $ (114,303) $ 280,027
Earnings per basic common share        
Earnings per common share from continuing operations - basic $ (0.21) $ 1.80 $ (0.67) $ 2.24
Earnings per common share from discontinued operations - basic (0.02) 0.07 (0.01) 0.06
Total earnings per common share - basic (0.23) 1.87 (0.68) 2.30
Earnings per diluted common share        
Earnings per common share from continuing operations - diluted (0.21) 1.70 (0.67) 2.11
Earnings per common share from discontinued operations - diluted (0.02) 0.06 (0.01) 0.06
Total earnings per common share - diluted $ (0.23) $ 1.76 $ (0.68) $ 2.17
Weighted-average shares outstanding        
Basic 168,653,741 131,651,125 170,343,303 121,219,982
Diluted 169,863,975 141,583,837 171,513,556 131,096,368
Dividends declared per share of common stock $ 0.30 $ 0.40 $ 0.60 $ 0.80
Nonrelated party        
Non-interest expense        
Employee compensation and benefits $ (17,799) $ (22,414) $ (36,213) $ (42,141)
Related Party        
Non-interest expense        
Employee compensation and benefits (3,000) (2,500) (5,500) (4,826)
Management fees - related party $ (6,198) (5,760) $ (12,846) (10,841)
Incentive fees - related party   $ (71)   $ (1,791)