Ready Capital Corporation (NYSE:RC) Q3 2023 Results Conference Call November 8, 2023 8:30 AM ET Company Participants Andrew Ahlborn - CFO Adam Zausmer - Chief Credit Officer Tom Capasse - CEO Conference Call Participants Sarah Barcomb - BTIG Jade Rahmani - KBW Henry Coffey - Wedbush Matt Howlett - B. Riley Securities Operator Greetings, and welcome to the Ready Capital Third Quarter 2023 Earnings Call [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conf ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Commission File Number: 001-35808 READY CAPITAL CORPORATION (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) Maryland 90-0729143 1251 Avenue of the Americas, 50 th Floor, New Y ...

Ready Capital Corporation (NYSE:RC) Q2 2023 Earnings Conference Call August 8, 2023 8:30 AM ET Company Participants Andrew Ahlborn - CFO Tom Capasse - CEO Adam Zausmer - CCO Conference Call Participants Crispin Love - Piper Sandler Stephen Laws - Raymond James Christopher Nolan - Ladenburg Thalmann Jade Rahmani - KBW Matt Howlett - B. Riley Securities Operator Greetings, ladies and gentlemen, and welcome to the Ready Capital Second Quarter of 2023 Earnings Call. At this time, all participants are in listen- ...

Financial Performance - Net income for Q1 2023 was $36,978,000, a decrease of 42.5% compared to $64,263,000 in Q1 2022[321]. - Basic earnings per share (EPS) decreased to $0.30 in Q1 2023 from $0.70 in Q1 2022, representing a decline of 57.1%[321]. - Diluted EPS also fell to $0.29 in Q1 2023 from $0.66 in Q1 2022, a decrease of 56.1%[321]. - Distributable earnings for Q1 2023 were $38,149,000, a decline of 21.9% compared to $48,863,000 in Q1 2022[400]. - The return on equity for Q1 2023 was 8.2%, down from 18.0% in Q1 2022[400]. - Consolidated net income for Q1 2023 was $37.0 million, a decrease of $27.3 million (42.4%) from $64.3 million in Q1 2022[423]. Assets and Liabilities - Total assets as of March 31, 2023, were $11,537,463,000, compared to $11,476,244,000 as of March 31, 2022, reflecting a growth of 0.5%[358]. - The company reported total liabilities of $2,657,222,000 as of March 31, 2023, with secured borrowings accounting for $2,484,902,000[328]. - Total liabilities were $9.6 billion, a decrease of $74 million (0.8%) from December 31, 2022, mainly due to reductions in secured borrowings and accounts payable[407]. - The total carrying amount of debt was $1,122,110,000, which includes senior secured notes, convertible notes, and corporate debt[454]. - The investment in unconsolidated joint ventures was $114.2 million, reflecting a slight decrease of $4.5 million (3.8%)[406]. Income and Expenses - Interest income for the three months ended March 31, 2023, was $217,573,000, a significant increase from $124,405,000 in the same period of 2022, representing a growth of 74.9%[358]. - Total non-interest income for Q1 2023 was $44,098,000, up from $87,807,000 in Q1 2022, indicating a decrease of 49.8%[358]. - Total non-interest expense for Q1 2023 was $70,642,000, compared to $67,541,000 in Q1 2022, showing an increase of 3.1%[358]. - Total other operating expenses rose to $14,318 thousand in Q1 2023, up from $12,653 thousand in Q1 2022, indicating an increase of about 13%[299]. Loan Activity - Total loan originations in Q1 2023 amounted to $828,794,000, down 72.9% from $3,064,974,000 in Q1 2022[405]. - The Company originated $109.5 million of PPP loans and recognized fees totaling $5.2 million in the period of origination[294]. - Total PPP related assets decreased from $190,509 thousand as of December 31, 2022, to $148,904 thousand as of March 31, 2023, representing a decline of approximately 22%[296]. - Loans, net decreased by $448 million (12.5%) to $3.1 billion, primarily due to the closing of RCMF 2023-FL11[406]. - Loans, net in the SBC Lending segment amounted to $9.4 billion, while small business lending and residential mortgage banking contributed $540 million and $5.1 million, respectively[409]. Equity and Dividends - The Company declared dividends of $0.1 million and $1.9 million for its Series C and Series E Preferred Stock, respectively, during the three months ended March 31, 2023[319]. - The dividend yield increased to 15.7% in Q1 2023 from 11.2% in Q1 2022[400]. - Total stockholders' equity was $1.9 billion, a decrease of $10 million from December 31, 2022, primarily due to declared dividends of $45 million, partially offset by net income of $37 million[408]. Risk Management - The company is exposed to various risks including market risk, credit risk, and liquidity risk associated with its financial instruments[329][330]. - The company manages counterparty credit risk through diversification and monitoring the creditworthiness of counterparties[333]. - The Company is exposed to liquidity risk, which includes the risk of not being able to fund acquisition and origination activities at settlement dates[338]. - The company is subject to credit risk, with potential increases in defaults adversely impacting operating results[396]. Strategic Initiatives - The company is focused on expanding its construction lending capabilities through the acquisition of the Mosaic Funds, which is expected to enhance its operational scale and synergies[363]. - The company expects the Broadmark Merger to close in the second quarter of 2023, which will increase the number of directors on the Board from nine to twelve[380][379]. - The company has a large and active pipeline of potential acquisition and origination opportunities, although competition may limit the ability to capitalize on these[403]. Financial Instruments and Hedging - The company utilizes interest rate swaps to mitigate risks associated with changing interest rates, which involves receiving variable-rate interest amounts in exchange for fixed-rate payments[336]. - The company utilizes derivative financial and hedging instruments to manage interest rate risk associated with fixed-rate mortgages[388]. - The total gross fair value of derivative contracts as of March 31, 2023, was $47,877,000, with $34,104,000 offset in the consolidated balance sheets[328]. Compliance and Accounting - The company must distribute at least 90% of its net taxable income to maintain its REIT status, with compliance confirmed as of March 31, 2023[350]. - The company’s financial statements are prepared in accordance with GAAP, requiring the use of estimates and assumptions[469]. - The implementation of the Current Expected Credit Loss (CECL) model began on January 1, 2020, replacing the previous incurred loss methodology[471].

Ready Capital Corporation (NYSE:RC) Q1 2023 Results Conference Call May 9, 2023 8:30 AM ET Company Participants Andrew Ahlborn - Chief Financial Officer Tom Capasse - Chief Executive Officer Adam Zausmer - Chief Credit Officer Conference Call Participants Stephen Laws - Raymond James Jade Rahmani - KBW Steven DeLaney - JMP Securities Matthew Howlett - the B. Riley Operator Greetings, and welcome to the Ready Capital First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35808 READY CAPITAL CORPORATION (Exact name of registrant as specified in its charter) Maryland 90-0729143 (State or other jurisdiction of inco ...

Ready Capital Corporation (NYSE:RC) Q4 2022 Earnings Conference Call February 27, 2023 8:00 AM ET Company Participants Tom Capasse - CEO Andrew Ahlborn - CFO Adam Zausmer - CCO Conference Call Participants Crispin Love - Piper Sandler Stephen Laws - Raymond James Steven DeLaney - JMP Securities Christopher Nolan - Ladenburg Thalmann Jade Rahmani - KBW Matt Howlett - B. Riley Operator Greetings, and welcome to the Ready Capital Corporation fourth quarter 2022 earnings conference call. At this time, all parti ...

For the quarterly period ended September 30, 2022 Commission File Number: 001-35808 READY CAPITAL CORPORATION (Exact Name of Registrant as Specified in its Charter) Maryland 90-0729143 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 1251 Avenue of the Americas, 50 th Floor, ...

Ready Capital Corporation (NYSE:RC) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants Andrew Ahlborn - Chief Financial Officer Tom Capasse - Chief Executive Officer Adam Zausmer - Chief Credit Officer Conference Call Participants Stephen Laws - Raymond James Steven DeLaney - JMP Securities Christopher Nolan - Ladenburg Thalmann Crispin Love - Piper Sandler Jade Rahmani - KBW Eric Hagen - BTIG Operator Greetings, and welcome to the Ready Capital Corporation Third Quarter 2022 ...

2 BROADMARK REALTY CAPITAL Supplemental Earnings Presentation Third Quarter 2022 Company Highlights Internally managed REIT with disciplined investment strategy targeted on the small to medium balance commercial real estate finance sector $4.2 Billion Total Capital Deployed Since Inception $1.5 Billion Active Diversified Loan Portfolio 60.6% Weighted Average LTV(1) 99.3% Senior Secured Loans(2) 0.4% De Minimis Historical Principal Loss(3) 8.8% Debt-to-Equity $196 Million Total Liquidity 15% Dividend Yield ( ...