Ready Capital Corp RC
In this Form 10-K, we refer to Ready Capital Corporation and its subsidiaries as "we," "us," "our," or "our Company"
unless we specifically state otherwise or the context indicates otherwise.
We are a multi-strategy real estate finance company that originates, acquires, finances, and services LMM loans, SBA
loans, construction loans, USDA loans and, to a lesser extent, MBS collateralized primarily by LMM loans, or other real
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $569.2M | $897.0M | $945.8M | $663.2M | $395.2M | $258.6M | $229.9M | $169.5M | $138.3M | $137.0M |
| Interest expense | $55.0M | $200.5M | $229.3M | $270.9M | $204.4M | $175.5M | $151.9M | $109.2M | $74.6M | $57.8M |
| Pre-tax income | -$302.6M | -$516.5M | $358.4M | $175.0M | $132.2M | $54.5M | $64.5M | $62.8M | $47.7M | $65.2M |
| Income tax | $86.7M | $104.5M | $7.2M | $15.5M | $14.9M | $8.4M | $10.6M | $1.4M | $1.8M | $9.7M |
| Net income | -$221.1M | -$430.4M | $348.4M | $203.2M | $160.0M | $46.1M | $75.1M | $59.3M | $43.3M | $49.2M |
| EPS, basic | -1.44 | -2.63 | 2.25 | 1.73 | 2.17 | 0.81 | 1.72 | 1.84 | 1.38 | 1.85 |
| EPS, diluted | -1.44 | -2.63 | 2.22 | 1.65 | 2.16 | 0.81 | 1.72 | 1.84 | 1.38 | 1.85 |
| Shares, diluted (wtd. avg.) | $167.3M | $170.5M | $148.6M | $117.2M | $68.7M | $53.8M | $42.0M | $32.1M | $31.4M | $26.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $207.8M | $143.8M | $138.5M | $273.6M | $276.2M | $145.1M | $128.0M | $95.0M | $91.0M | $80.7M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $320.0M |
| Goodwill | $49.5M | $49.5M | $38.5M | $37.8M | $31.5M | $11.2M | $11.2M | — | — | — |
| Other intangibles | $38.2M | $37.0M | $17.7M | $15.5M | $14.8M | $7.0M | $8.3M | $2.9M | $3.3M | $3.6M |
| Total assets | $7.77B | $10.14B | $12.44B | $11.62B | $9.53B | $5.37B | $4.98B | $3.04B | $2.52B | $2.61B |
| Long-term debt | $1.38B | $1.33B | $1.11B | $1.12B | $897.1M | $442.8M | $440.3M | $337.3M | — | — |
| Total liabilities | $6.12B | $8.20B | $9.79B | $9.72B | $8.25B | $4.54B | $4.13B | $2.47B | $1.97B | $2.05B |
| Retained earnings | -$807.5M | -$505.1M | $124.4M | $5.0M | $8.6M | -$24.2M | $8.7M | $5.3M | -$3.4M | -$201.0K |
| Total equity | $1.54B | $1.84B | $2.64B | $1.89B | $1.28B | $834.2M | $844.8M | $564.1M | $555.5M | $552.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $432.1M | $274.8M | $51.1M | $359.1M | -$34.4M | $68.9M | -$52.4M | $140.3M | $352.5M | $16.5M |
| Depreciation and amortisation | $2.8M | $0 | $0 | — | — | — | — | — | — | — |
| Stock-based compensation | $5.8M | $8.1M | $7.5M | $7.5M | $6.9M | $5.3M | $1.5M | — | — | — |
| Investing cash flow | $1.64B | $1.54B | $1.02B | -$1.56B | -$1.72B | -$59.4M | -$1.21B | -$580.8M | -$235.7M | $389.6M |
| Financing cash flow | -$2.04B | -$1.88B | -$1.09B | $1.17B | $1.88B | $63.1M | $1.30B | $444.5M | -$106.5M | -$381.4M |
| Dividends paid | $113.3M | $206.1M | $215.1M | $187.8M | $111.9M | $56.9M | $63.3M | $51.3M | $48.3M | $46.9M |
| Buybacks | $67.6M | $82.2M | $18.1M | $37.0M | $1.3M | $9.2M | — | — | — | $1.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-039531.
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