v3.26.1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income $ 77,401 $ 152,735 $ 159,131 $ 307,702
Interest expense (82,853) (135,837) (179,687) (276,303)
Net interest income (loss) before (provision for) recovery of loan losses (5,452) 16,898 (20,556) 31,399
(Provision for) recovery of loan losses (21,554) (8,640) (92,461) 100,928
Net interest income (loss) after (provision for) recovery of loan losses (27,006) 8,258 (113,017) 132,327
Non-interest income        
Net realized gain (loss) on financial instruments and real estate owned (22,221) 18,214 (82,306) 28,883
Net unrealized gain (loss) on financial instruments (4,173) (1,614) (11,093) (3,364)
Valuation allowance, loans held for sale 2,447 (39,746) (4,110) (139,464)
Servicing income, net of amortization and impairment of $11,207 and $17,794 for the three and six months ended June 30, 2026, and $12,874 and $18,168 for the three and six months ended June 30, 2025, respectively 72 (304) 5,493 6,152
Gain (loss) on bargain purchase 0 (14,381) 0 88,090
Income (loss) on unconsolidated joint ventures 1,276 (144) 3,335 (4,126)
Other income 14,214 11,304 32,279 22,894
Total non-interest income (expense) (8,385) (26,671) (56,402) (935)
Non-interest expense        
Professional fees (7,671) (6,368) (14,326) (11,856)
Loan servicing expense (3,439) (11,038) (19,113) (26,882)
Transaction related expenses (512) (639) (847) (3,333)
Impairment on real estate (952) (4,268) (483) (6,614)
Other operating expenses (33,268) (16,133) (62,282) (32,256)
Total non-interest expense (77,573) (70,277) (160,306) (142,879)
Loss from continuing operations before benefit for income taxes (112,964) (88,690) (329,725) (11,487)
Income tax benefit 13,281 39,939 29,955 45,146
Net income (loss) from continuing operations (99,683) (48,751) (299,770) 33,659
Discontinued operations (refer to Note 9)        
Loss from discontinued operations before income tax benefit 0 (6,567) 0 (7,161)
Income tax benefit 0 1,641 0 1,790
Net loss from discontinued operations 0 (4,926) 0 (5,371)
Net income (loss) (99,683) (53,677) (299,770) 28,288
Less: Dividends on preferred stock 1,999 1,999 3,998 3,998
Less: Net income attributable to non-controlling interest 1,848 1,814 3,490 4,274
Net income (loss) attributable to Ready Capital Corporation $ (103,530) $ (57,490) $ (307,258) $ 20,016
Total earnings per common share - basic        
Earnings per common share from continuing operations - basic (in dollars per share) $ (0.63) $ (0.31) $ (1.87) $ 0.15
Earnings per common share from discontinued operations - basic (in dollars per share) 0.00 (0.03) 0.00 (0.03)
Total earnings per common share - basic (in dollars per share) (0.63) (0.34) (1.87) 0.12
Total earnings per common share - diluted        
Earnings per common share from continuing operations - diluted (in dollars per share) (0.63) (0.31) (1.87) 0.15
Earnings per common share from discontinued operations - diluted (in dollars per share) 0.00 (0.03) 0.00 (0.03)
Total earnings per common share - diluted (in dollars per share) $ (0.63) $ (0.34) $ (1.87) $ 0.12
Weighted-average shares outstanding        
Basic (in shares) 165,101,861 167,749,917 164,366,053 166,465,234
Diluted (in shares) 172,781,180 170,673,088 171,173,393 169,320,001
Dividends declared per share of common stock (in dollars per share) $ 0.010 $ 0.125 $ 0.02 $ 0.25
Nonrelated Party        
Non-interest expense        
Employee compensation and benefits and Allocated employee compensation and benefits from related party $ (24,590) $ (23,159) $ (48,438) $ (44,413)
Related Party        
Non-interest expense        
Employee compensation and benefits and Allocated employee compensation and benefits from related party (3,376) (3,600) (6,976) (6,876)
Management fees – related party $ (3,765) $ (5,072) $ (7,841) $ (10,649)