v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income $ 81,730 $ 154,967
Interest expense (96,834) (140,466)
Net interest income before (provision for) recovery of loan losses (15,104) 14,501
(Provision for) recovery of loan losses (70,907) 109,568
Net interest income after (provision for) recovery of loan losses (86,011) 124,069
Non-interest income    
Net realized gain (loss) on financial instruments and real estate owned (60,085) 10,669
Net unrealized gain (loss) on financial instruments (6,920) (1,750)
Valuation allowance, loans held for sale (6,557) (99,718)
Servicing income, net of amortization and impairment of $6,587 and $5,294 5,421 6,456
Gain on bargain purchase 0 102,471
Income (loss) on unconsolidated joint ventures 2,059 (3,982)
Other income 18,065 11,590
Total non-interest income (expense) (48,017) 25,736
Non-interest expense    
Professional fees (6,655) (5,488)
Loan servicing expense (15,674) (15,844)
Transaction related expenses (335) (2,694)
Impairment on real estate 469 (2,346)
Other operating expenses (29,014) (16,123)
Total non-interest expense (82,733) (72,602)
Income (loss) from continuing operations before benefit for income taxes (216,761) 77,203
Income tax benefit 16,674 5,207
Net income (loss) from continuing operations (200,087) 82,410
Discontinued operations (refer to Note 9)    
Loss from discontinued operations before income tax benefit 0 (594)
Income tax benefit 0 149
Net loss from discontinued operations 0 (445)
Net income (loss) (200,087) 81,965
Less: Dividends on preferred stock 1,999 1,999
Less: Net income attributable to non-controlling interest 1,642 2,460
Net income (loss) attributable to Ready Capital Corporation $ (203,728) $ 77,506
Total earnings per common share - basic    
Earnings per common share from continuing operations - basic (in dollars per share) $ (1.25) $ 0.47
Earnings per common share from discontinued operations - basic (in dollars per share) 0.00 0.00
Total earnings per common share - basic (in dollars per share) (1.25) 0.47
Total earnings per common share - diluted    
Earnings per common share from continuing operations - diluted (in dollars per share) (1.25) 0.46
Earnings per common share from discontinued operations - diluted (in dollars per share) 0.00 0.00
Total earnings per common share - diluted (in dollars per share) $ (1.25) $ 0.46
Weighted-average shares outstanding    
Basic (in dollars per share) 163,674,011 165,166,276
Diluted (in dollars per share) 167,650,149 167,723,519
Dividends declared per share of common stock (in dollars per share) $ 0.01 $ 0.125
Nonrelated Party    
Non-interest expense    
Employee compensation and benefits and Allocated employee compensation and benefits from related party $ (23,848) $ (21,254)
Related Party    
Non-interest expense    
Employee compensation and benefits and Allocated employee compensation and benefits from related party (3,600) (3,276)
Management fees – related party $ (4,076) $ (5,577)