Ready Capital (RC) Financials

$4.26 -0.08 (-1.84%)

Closing price 09/17/2025 03:59 PM Eastern

Extended Trading

$4.26 +0.00 (+0.12%)

As of 04:00 AM Eastern

Annual Income Statements for Ready Capital

This table shows Ready Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	29	40	49	43	59	73	45	150	186	331	-444
Consolidated Net Income / (Loss)	33	45	53	46	61	75	46	160	203	348	-430
Net Income / (Loss) Continuing Operations	35	45	56	46	61	75	46	117	160	351	-412
Total Pre-Tax Income	36	53	65	48	63	65	54	132	175	358	-517
Total Revenue	98	121	145	205	208	253	418	324	426	638	99
Net Interest Income / (Expense)	74	101	79	64	60	78	83	191	271	229	201
Total Interest Income	93	149	137	138	169	230	259	395	663	946	897
Investment Securities Interest Income	4.83	-	137	138	169	230	259	395	663	946	897
Total Interest Expense	19	48	58	75	109	152	175	204	392	716	696
Long-Term Debt Interest Expense	15	48	58	75	109	152	175	204	392	716	696
Total Non-Interest Income	24	20	66	141	148	175	335	133	155	408	-102
Other Service Charges	11	20	9.16	7.41	65	11	42	6.86	56	106	51
Net Realized & Unrealized Capital Gains on Investments	13	-	48	111	55	49	239	109	87	282	-169
Other Non-Interest Income	-	-	8.66	23	27	114	54	18	11	21	17
Provision for Credit Losses	12	20	7.82	2.36	1.70	3.68	35	8.05	34	7.23	293
Total Non-Interest Expense	50	54	72	155	144	184	329	184	216	272	323
Salaries and Employee Benefits	15	22	28	59	61	57	99	69	85	92	94
Insurance Policy Acquisition Costs	-	0.97	-	-	1.14	0.11	5.97	5.42	3.11	1.79	0.00
Other Operating Expenses	34	31	43	96	82	120	224	95	111	152	162
Impairment Charge	-	-	-	-	-	-	-	-	4.03	8.64	57
Restructuring Charge	-	-	-	-	0.00	7.75	0.06	14	14	18	10
Income Tax Expense	0.90	7.81	9.65	1.84	1.39	-11	8.38	15	15	7.17	-105
Net Income / (Loss) Discontinued Operations	-2.67	-0.65	-2.16	-	-	-	-	43	44	-2.83	-18
Preferred Stock Dividends Declared	-	-	-	-	-	0.00	0.00	7.50	8.00	8.00	8.00
Net Income / (Loss) Attributable to Noncontrolling Interest	3.39	4.39	4.24	2.52	2.20	2.09	1.20	2.23	8.90	8.96	5.36
Basic Earnings per Share	-	$1.59	$1.85	$1.38	$1.84	$1.72	$0.81	$2.17	$1.73	$2.25	($2.63)
Weighted Average Basic Shares Outstanding	24.60M	25.29M	26.65M	31.35M	32.09M	42.01M	53.74M	68.51M	106.88M	146.84M	169.11M
Diluted Earnings per Share	-	$1.59	$1.85	$1.38	$1.84	$1.72	$0.81	$2.16	$1.65	$2.22	($2.63)
Weighted Average Diluted Shares Outstanding	24.60M	25.29M	26.65M	31.35M	32.10M	42.05M	53.82M	68.66M	117.19M	148.57M	170.47M
Weighted Average Basic & Diluted Shares Outstanding	24.60M	25.29M	26.65M	31.40M	32.20M	52.03M	54.43M	83.33M	110.73M	172.55M	163.15M
Cash Dividends to Common per Share	-	$1.78	$1.61	$1.48	$1.57	$1.60	$1.30	$1.66	$1.66	$1.46	$1.10

This table shows Ready Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-	61	9.46	33	247	44	7.76	-76	-38	-11	-318
Consolidated Net Income / (Loss)	-	66	14	37	253	47	11	-74	-34	-7.28	-315
Net Income / (Loss) Continuing Operations	-	66	-30	39	245	44	25	-76	-31	-7.47	-298
Total Pre-Tax Income	-	71	-47	39	247	46	26	-106	-80	-16	-315
Total Revenue	-	149	1.94	89	337	100	113	-54	-31	107	77
Net Interest Income / (Expense)	-	71	64	57	61	59	53	49	51	51	50
Total Interest Income	-	186	199	216	61	249	420	232	51	227	387
Investment Securities Interest Income	-	186	199	216	231	249	250	232	234	227	204
Total Interest Expense	-	115	135	159	0.00	190	368	184	0.00	176	337
Total Non-Interest Income	-	79	-62	32	276	41	60	-103	-82	56	27
Other Service Charges	-	16	25	20	19	19	48	15	6.60	15	14
Net Realized & Unrealized Capital Gains on Investments	-	38	-59	7.14	252	15	7.55	-122	-11	-35	-1.04
Other Non-Interest Income	-	24	-29	4.64	5.04	0.00	11	3.76	-78	71	19
Provision for Credit Losses	-	3.43	34	-6.73	19	-12	6.69	-27	-19	53	285
Total Non-Interest Expense	-	75	15	56	71	66	80	78	67	70	107
Salaries and Employee Benefits	-	28	-2.01	22	25	23	22	21	21	26	27
Other Operating Expenses	-	44	6.28	31	32	40	48	57	45	41	19
Restructuring Charge	-	1.54	5.03	0.89	14	2.33	0.58	0.65	1.59	3.00	4.88
Income Tax Expense	-	4.78	-17	0.90	2.19	2.81	1.27	-30	-49	-8.40	-17
Net Income / (Loss) Discontinued Operations	-	-	-	-1.53	8.84	3.66	-14	1.42	-2.77	0.19	-17
Preferred Stock Dividends Declared	-	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	3.02	2.23	1.84	4.49	1.52	1.12	0.12	1.82	2.03	1.39
Basic Earnings per Share	-	$0.53	$0.03	$0.30	$1.87	$0.25	($0.17)	($0.44)	($0.23)	($0.07)	($1.89)
Weighted Average Basic Shares Outstanding	-	114.37M	106.88M	110.67M	131.65M	171.97M	146.84M	172.03M	168.65M	168.34M	169.11M
Diluted Earnings per Share	-	$0.50	$0.04	$0.29	$1.76	$0.25	($0.08)	($0.44)	($0.23)	($0.07)	($1.89)
Weighted Average Diluted Shares Outstanding	-	125.67M	117.19M	121.03M	141.58M	174.44M	148.57M	173.10M	169.86M	169.51M	170.47M
Weighted Average Basic & Diluted Shares Outstanding	-	110.51M	110.73M	110.75M	171.97M	172.12M	172.55M	168.87M	168.21M	168.53M	163.15M
Cash Dividends to Common per Share	-	$0.42	$0.40	$0.40	$0.40	$0.36	$0.30	$0.30	$0.30	$0.25	$0.25

This table details how cash moves in and out of Ready Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-161	-15	23	10	4.02	33	73	228	106	-22	-80
Net Cash From Operating Activities	-262	27	12	352	140	-52	69	-34	359	51	275
Net Cash From Continuing Operating Activities	-256	29	16	352	140	-52	69	-90	274	59	286
Net Income / (Loss) Continuing Operations	35	45	56	46	61	75	46	117	160	351	-412
Consolidated Net Income / (Loss)	33	45	53	46	61	75	46	160	203	348	-430
Net Income / (Loss) Discontinued Operations	2.67	0.65	2.16	-	-	-	-	-	-	-	-18
Provision For Loan Losses	12	20	7.82	-	1.70	3.68	35	9.35	38	16	295
Amortization Expense	-28	-12	1.48	15	15	14	34	-24	2.43	67	53
Non-Cash Adjustments to Reconcile Net Income	-268	-8.35	-22	272	74	-119	-132	-166	119	-246	485
Changes in Operating Assets and Liabilities, net	-7.66	-16	-27	20	-13	-27	87	-27	-45	-87	-134
Net Cash From Discontinued Operating Activities	-0.59	-	-	-	-	-	-	-	-	-	-12
Net Cash From Investing Activities	-881	-187	390	-236	-581	-1,213	-59	-1,718	-1,556	1,019	1,535
Net Cash From Continuing Investing Activities	-880	-187	390	-236	-581	-1,213	-59	-1,718	-1,552	1,021	1,435
Purchase of Investment Securities	-1,180	-702	-431	-671	-1,379	-781	-1,055	-4,038	-3,988	-1,004	-905
Sale of Property, Leasehold Improvements and Equipment	-	7.57	6.63	4.80	1.63	19	17	42	7.52	78	67
Sale and/or Maturity of Investments	318	509	777	432	797	857	979	4,409	2,448	1,957	2,288
Other Investing Activities, net	-19	-1.71	-2.32	-1.10	-0.56	-1,307	0.00	-2,130	-19	-9.05	-15
Net Cash From Discontinued Investing Activities	-0.46	-	-	-	-	-	-	-	-	-	100
Net Cash From Financing Activities	977	145	-381	-107	444	1,298	63	1,876	1,171	-1,085	-1,880
Net Cash From Continuing Financing Activities	977	145	-381	-107	444	1,298	63	1,939	1,264	-1,133	-1,839
Issuance of Debt	2,190	9,389	4,620	5,151	4,303	6,899	7,366	12,702	10,378	5,248	2,320
Issuance of Common Equity	-	-	-	-	0.09	91	13	165	123	0.11	0.00
Repayment of Debt	-1,188	-9,207	-4,953	-5,209	-3,780	-5,599	-7,236	-10,718	-8,939	-6,103	-3,858
Repurchase of Common Equity	-	-	-0.00	-0.07	0.00	0.00	-9.24	0.00	-37	-18	-82
Payment of Dividends	-17	-36	-47	-48	-51	-63	-57	-112	-188	-215	-206
Other Financing Activities, Net	-8.57	-2.70	-1.46	-0.06	-28	-29	-14	11	-73	-45	-13
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	-	-	-41
Other Net Changes in Cash	-	-0.84	-1.72	-	-	-	-	55	81	-9.77	-70
Cash Interest Paid	18	45	55	62	96	126	156	186	355	661	659
Cash Income Taxes Paid	1.14	7.00	6.16	3.77	0.90	-2.66	-8.48	13	29	2.01	-12

This table details how cash moves in and out of Ready Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-	74	110	-86	166	-83	-20	-27	44	-43	-53
Net Cash From Operating Activities	-	63	217	-0.91	38	44	-30	23	1.06	221	29
Net Cash From Continuing Operating Activities	-	63	132	-1.14	50	18	-7.79	16	34	238	-1.88
Net Income / (Loss) Continuing Operations	-	66	-30	39	245	44	25	-76	-31	-7.47	-298
Consolidated Net Income / (Loss)	-	66	14	37	253	47	11	-74	-34	-7.28	-315
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	1.42	-2.77	0.19	-17
Provision For Loan Losses	-	4.81	36	-5.14	22	-9.49	8.79	-25	-18	53	285
Amortization Expense	-	-7.44	20	9.72	8.26	25	23	30	-6.77	15	14
Non-Cash Adjustments to Reconcile Net Income	-	17	110	11	-231	-24	-1.70	155	111	162	57
Changes in Operating Assets and Liabilities, net	-	-18	-4.52	-55	6.26	-17	-21	-68	-21	15	-61
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	7.51	-33	-17	31
Net Cash From Investing Activities	-	91	27	48	286	257	429	305	320	373	537
Net Cash From Continuing Investing Activities	-	91	32	48	286	257	430	305	259	374	497
Purchase of Investment Securities	-	-2,851	-398	-285	-208	-370	-141	-0.63	-540	-197	-168
Sale of Property, Leasehold Improvements and Equipment	-	5.49	0.51	34	1.02	13	30	1.31	33	22	10
Sale and/or Maturity of Investments	-	631	555	300	499	616	542	500	546	577	664
Other Investing Activities, net	-	2,303	0.54	-0.78	-5.46	-1.68	-1.13	-196	220	-28	-11
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-0.19	61	-0.75	40
Net Cash From Financing Activities	-	-79	-266	-97	-182	-377	-429	-360	-267	-645	-608
Net Cash From Continuing Financing Activities	-	-79	-173	-131	-194	-358	-450	-348	-278	-666	-548
Issuance of Debt	-	2,514	-12	2,025	2,324	481	418	925	768	114	514
Repayment of Debt	-	-2,535	-52	-2,089	-2,411	-804	-799	-1,193	-970	-722	-972
Repurchase of Common Equity	-	-3.82	-33	0.00	-18	-0.01	-	-19	-20	-	-43
Payment of Dividends	-	-51	-51	-47	-77	-26	-65	-54	-53	-54	-45
Other Financing Activities, Net	-	-3.70	-25	-20	-13	-9.16	-3.68	-5.91	-2.23	-3.81	-1.48
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-12	11	21	-60
Other Net Changes in Cash	-	-	-	-0.06	-	-	-22	-	-	-51	-42
Cash Interest Paid	-	93	137	145	167	160	189	178	177	166	138
Cash Income Taxes Paid	-	13	2.03	0.13	0.51	-0.11	1.47	0.22	-12	-0.00	0.01

This table presents Ready Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	792	2,330	2,605	2,524	3,037	4,977	5,372	9,534	11,621	12,441	10,142
Cash and Due from Banks	34	42	60	63	54	68	139	230	147	139	144
Restricted Cash	7.14	15	20	-	-	52	48	52	48	30	31
Trading Account Securities	249	463	352	95	125	151	168	241	151	163	201
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Loans Held for Sale	-	-	182	216	-	188	340	553	124	-	242
Other Assets	65	1,809	1,991	2,149	2,857	4,518	2,159	8,459	11,151	12,028	9,525
Total Liabilities & Shareholders' Equity	792	2,330	2,605	2,524	3,037	4,977	5,372	9,534	11,621	12,441	10,142
Total Liabilities	599	1,850	2,053	1,968	2,473	4,132	4,538	8,245	9,722	9,794	8,198
Long-Term Debt	467	1,605	1,956	1,871	1,476	2,193	2,465	8,010	9,208	9,188	7,735
Other Long-Term Liabilities	29	56	85	85	997	1,939	167	235	514	555	462
Commitments & Contingencies	0.00	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	0.00	8.36	8.36	8.36	8.36
Total Equity & Noncontrolling Interests	193	480	552	555	564	845	834	1,281	1,890	2,638	1,936
Total Preferred & Common Equity	173	441	513	536	545	825	815	1,276	1,791	2,540	1,838
Preferred Stock	0.00	0.13	-	-	-	-	0.00	111	111	111	111
Total Common Equity	173	441	513	536	545	825	815	1,165	1,680	2,429	1,727
Common Stock	164	447	513	539	540	823	850	1,162	1,684	2,322	2,250
Retained Earnings	9.03	-5.90	-0.20	-3.39	5.27	8.75	-24	8.60	4.99	124	-505
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-0.92	-6.18	-9.95	-5.73	-9.37	-18	-19
Noncontrolling Interest	20	39	39	19	19	19	19	4.49	99	98	98

This table presents Ready Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2021	Q4 2021	Q1 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2021	12/31/2021	3/31/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	9,264	-	11,476	11,858	11,537	12,383	12,799	12,044	11,774	11,253
Cash and Due from Banks	210	-	211	208	111	228	182	166	226	181
Restricted Cash	53	-	57	58	50	-	-	25	-	31
Trading Account Securities	243	-	300	197	150	160	169	162	165	188
Loans and Leases, Net of Allowance	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Loans Held for Sale	550	-	523	404	237	239	185	3,985	533	3,876
Other Assets	8,209	-	10,385	10,992	10,990	11,757	12,263	7,706	10,851	6,976
Total Liabilities & Shareholders' Equity	9,264	-	11,476	11,858	11,537	12,383	12,799	12,044	11,774	11,253
Total Liabilities	8,027	-	9,509	9,881	9,649	9,672	10,100	9,535	9,374	8,915
Long-Term Debt	7,792	-	9,140	9,606	9,437	11,859	12,236	4,198	11,087	8,193
Other Long-Term Liabilities	235	-	369	275	212	182	184	568	546	722
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	8.36	-	8.36	8.36	8.36	8.36	8.36	8.36	8.36	8.36
Total Equity & Noncontrolling Interests	1,229	-	1,959	1,969	1,880	2,703	2,691	2,500	2,392	2,330
Total Preferred & Common Equity	1,210	-	1,851	1,867	1,780	2,603	2,592	2,403	2,293	2,233
Preferred Stock	111	-	111	111	111	111	111	111	111	111
Total Common Equity	1,099	-	1,740	1,756	1,669	2,492	2,481	2,291	2,182	2,122
Common Stock	1,115	-	1,723	1,720	1,688	2,314	2,318	2,307	2,288	2,292
Retained Earnings	-10	-	22	40	-6.53	187	169	-3.55	-92	-146
Accumulated Other Comprehensive Income / (Loss)	-6.28	-	-4.70	-4.51	-12	-9.28	-5.93	-12	-14	-24
Noncontrolling Interest	19	-	107	102	100	100	99	97	99	97

This table displays calculated financial ratios and metrics derived from Ready Capital's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	469.64%	23.51%	19.93%	41.52%	1.61%	21.37%	65.40%	-22.52%	31.50%	49.79%	-84.52%
EBITDA Growth	10.30%	314.11%	91.07%	-6.77%	25.95%	0.77%	11.52%	22.98%	63.97%	139.46%	-209.18%
EBIT Growth	380.44%	30.39%	37.82%	-26.93%	31.88%	2.64%	-15.58%	142.70%	32.43%	104.78%	-244.11%
NOPAT Growth	368.57%	14.51%	37.09%	-17.55%	34.14%	22.13%	-38.62%	154.62%	36.02%	120.15%	-202.94%
Net Income Growth	333.21%	36.81%	19.30%	-14.22%	34.14%	22.13%	-38.62%	247.25%	27.00%	71.49%	-223.53%
EPS Growth	0.00%	0.00%	16.35%	-25.41%	33.33%	-6.52%	-52.91%	166.67%	-23.61%	34.55%	-218.47%
Operating Cash Flow Growth	-1,962.65%	110.36%	-55.26%	2,797.33%	-60.20%	-137.35%	231.48%	-149.99%	1,142.79%	-85.76%	437.48%
Free Cash Flow Firm Growth	71.07%	-1,121.38%	86.79%	166.47%	250.07%	-306.06%	76.67%	-2,631.22%	71.98%	77.12%	575.65%
Invested Capital Growth	25.42%	196.21%	10.97%	-3.27%	-15.93%	48.93%	8.61%	181.84%	19.44%	6.56%	-18.21%
Revenue Q/Q Growth	70.23%	18.84%	-5.00%	22.17%	-24.20%	14.39%	10.01%	-33.29%	15.35%	20.98%	-26.44%
EBITDA Q/Q Growth	-87.68%	226.70%	-18.30%	3.21%	-15.39%	-1.82%	24.98%	-31.22%	-8.98%	21.92%	-306.86%
EBIT Q/Q Growth	-46.34%	19,644.63%	-31.15%	-6.50%	-27.76%	23.41%	30.86%	-17.62%	-22.55%	25.73%	-193.94%
NOPAT Q/Q Growth	-14.66%	556.51%	-23.56%	-24.85%	-5.01%	18.00%	16.80%	-12.43%	-20.38%	18.41%	-193.94%
Net Income Q/Q Growth	-15.31%	1,178.15%	-25.50%	-22.56%	-5.01%	18.00%	16.80%	19.43%	-16.42%	-0.80%	-310.82%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-5.64%	1.78%	42.11%	7.46%	-28.26%	-5.13%	-220.73%
Operating Cash Flow Q/Q Growth	-668.34%	108.45%	-80.33%	42.41%	-41.42%	12.34%	464.14%	-201.74%	90.75%	-82.83%	27.23%
Free Cash Flow Firm Q/Q Growth	-0.62%	-5,501.97%	-157.39%	106.79%	242.24%	19.13%	-122.68%	-1.53%	29.97%	87.66%	-58.10%
Invested Capital Q/Q Growth	7.12%	203.59%	420.62%	-0.02%	-27.32%	-24.27%	6.38%	2.99%	-4.12%	-20.76%	-8.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	8.62%	28.92%	46.07%	30.35%	37.62%	31.23%	21.06%	33.42%	41.68%	66.63%	-469.82%
EBIT Margin	37.13%	39.20%	45.05%	23.26%	30.19%	25.53%	13.03%	40.81%	41.10%	56.19%	-523.02%
Profit (Net Income) Margin	33.48%	37.09%	36.89%	22.36%	29.52%	29.71%	11.02%	49.40%	47.71%	54.63%	-435.82%
Tax Burden Percent	90.17%	84.10%	81.89%	96.14%	97.79%	116.36%	84.60%	121.05%	116.08%	97.21%	83.33%
Interest Burden Percent	100.00%	112.50%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	2.47%	14.67%	14.80%	3.86%	2.21%	-16.36%	15.40%	11.24%	8.84%	2.00%	0.00%
Return on Invested Capital (ROIC)	5.16%	2.68%	2.33%	1.86%	2.75%	2.96%	1.45%	1.86%	1.56%	3.06%	-3.36%
ROIC Less NNEP Spread (ROIC-NNEP)	4.63%	3.04%	2.21%	1.86%	2.75%	2.96%	1.45%	2.68%	2.07%	3.03%	-4.17%
Return on Net Nonoperating Assets (RNNOA)	12.47%	10.61%	8.02%	6.42%	8.23%	7.70%	4.03%	13.21%	11.18%	12.27%	-15.39%
Return on Equity (ROE)	17.63%	13.29%	10.35%	8.27%	10.98%	10.65%	5.49%	15.07%	12.75%	15.33%	-18.75%
Cash Return on Invested Capital (CROIC)	-17.39%	-96.36%	-8.07%	5.19%	20.06%	-36.36%	-6.80%	-93.38%	-16.16%	-3.29%	16.68%
Operating Return on Assets (OROA)	5.14%	3.03%	2.64%	1.86%	2.26%	1.61%	1.05%	1.77%	1.65%	2.98%	-4.57%
Return on Assets (ROA)	4.63%	2.87%	2.16%	1.79%	2.21%	1.87%	0.89%	2.15%	1.92%	2.90%	-3.81%
Return on Common Equity (ROCE)	15.80%	12.12%	9.56%	7.84%	10.60%	10.36%	5.36%	14.05%	11.38%	13.86%	-16.97%
Return on Equity Simple (ROE_SIMPLE)	18.89%	10.14%	10.41%	8.55%	11.28%	9.09%	5.65%	12.54%	11.34%	13.72%	-23.42%
Net Operating Profit after Tax (NOPAT)	35	41	56	46	61	75	46	117	160	351	-362
NOPAT Margin	36.21%	33.58%	38.38%	22.36%	29.52%	29.71%	11.02%	36.22%	37.47%	55.07%	-366.12%
Net Nonoperating Expense Percent (NNEP)	0.53%	-0.36%	0.12%	0.00%	0.00%	0.00%	0.00%	-0.81%	-0.51%	0.03%	0.81%
SG&A Expenses to Revenue	15.51%	18.45%	19.68%	28.74%	29.21%	22.44%	23.67%	21.35%	19.85%	14.48%	95.09%
Operating Expenses to Revenue	50.80%	44.53%	49.55%	75.59%	69.00%	73.01%	78.66%	56.70%	50.81%	42.67%	326.57%
Earnings before Interest and Taxes (EBIT)	36	47	65	48	63	65	54	132	175	358	-517
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.43	35	67	62	78	79	88	108	177	425	-464
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.26	0.10	0.09	0.41	0.40	0.46	0.53	0.70	0.55	0.63	0.67
Price to Tangible Book Value (P/TBV)	0.30	0.10	0.09	0.41	0.40	0.46	0.53	0.70	0.55	0.63	0.67
Price to Revenue (P/Rev)	0.46	0.36	0.33	1.06	1.06	1.52	1.03	2.51	2.18	2.41	11.64
Price to Earnings (P/E)	1.54	1.08	0.98	5.02	3.72	5.25	9.57	5.41	4.99	4.63	0.00
Dividend Yield	28.17%	29.11%	28.36%	21.79%	22.85%	18.83%	16.50%	15.04%	19.73%	16.38%	16.13%
Earnings Yield	64.80%	92.17%	101.81%	19.92%	26.89%	19.04%	10.45%	18.49%	20.03%	21.60%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.78	0.80	0.78	0.84	0.81	0.82	0.83	0.93	0.91	0.91	0.92
Enterprise Value to Revenue (EV/Rev)	6.08	14.97	13.57	9.98	7.98	9.80	6.52	26.76	23.86	16.89	90.41
Enterprise Value to EBITDA (EV/EBITDA)	70.49	51.76	29.45	32.87	21.21	31.38	30.98	80.07	57.26	25.35	0.00
Enterprise Value to EBIT (EV/EBIT)	16.37	38.18	30.11	42.90	26.43	38.39	50.07	65.57	58.06	30.05	0.00
Enterprise Value to NOPAT (EV/NOPAT)	16.79	44.58	35.34	44.62	27.03	32.99	59.18	73.87	63.69	30.67	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	66.43	161.42	5.80	11.84	0.00	39.58	0.00	28.29	210.68	32.49
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	15.97	3.71	0.00	0.00	0.00	0.00	0.00	4.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.95	3.71	3.54	3.37	2.62	2.60	2.96	6.21	4.85	3.47	3.98
Long-Term Debt to Equity	2.41	3.34	3.54	3.37	2.62	2.60	2.96	6.21	4.85	3.47	3.98
Financial Leverage	2.70	3.49	3.62	3.46	2.99	2.60	2.77	4.93	5.40	4.05	3.69
Leverage Ratio	3.81	4.64	4.78	4.63	4.97	5.69	6.16	7.02	6.64	5.29	4.92
Compound Leverage Factor	3.81	5.21	4.78	4.63	4.97	5.69	6.16	7.02	6.64	5.29	4.92
Debt to Total Capital	74.66%	78.76%	77.99%	77.11%	72.35%	72.19%	74.72%	86.14%	82.91%	77.64%	79.92%
Short-Term Debt to Total Capital	13.50%	7.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	61.16%	71.00%	77.99%	77.11%	72.35%	72.19%	74.72%	86.14%	82.91%	77.63%	79.92%
Preferred Equity to Total Capital	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	1.20%	1.00%	0.94%	1.15%
Noncontrolling Interests to Total Capital	2.64%	1.72%	1.56%	0.80%	0.94%	0.64%	0.57%	0.14%	0.97%	0.90%	1.10%
Common Equity to Total Capital	22.70%	19.52%	20.45%	22.09%	26.71%	27.17%	24.71%	12.53%	15.12%	20.52%	17.84%
Debt to EBITDA	67.59	51.00	29.33	30.09	18.84	27.79	28.01	74.01	51.89	21.62	-16.67
Net Debt to EBITDA	62.73	49.39	28.14	29.07	18.15	26.28	25.89	71.41	50.79	21.23	-16.30
Long-Term Debt to EBITDA	55.37	45.98	29.33	30.09	18.84	27.79	28.01	74.01	51.89	21.62	-16.67
Debt to NOPAT	16.10	43.92	35.21	40.84	24.01	29.22	53.51	68.28	57.71	26.16	-21.39
Net Debt to NOPAT	14.94	42.53	33.77	39.45	23.13	27.63	49.46	65.89	56.49	25.68	-20.91
Long-Term Debt to NOPAT	13.19	39.60	35.21	40.84	24.01	29.22	53.51	68.28	57.71	26.16	-21.39
Noncontrolling Interest Sharing Ratio	10.42%	8.78%	7.56%	5.27%	3.45%	2.74%	2.27%	6.74%	10.76%	9.62%	9.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-119	-1,457	-192	128	448	-923	-215	-5,882	-1,648	-377	1,794
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-6.20	-30.47	-3.33	1.71	4.10	-6.08	-1.23	-28.78	-4.20	-0.53	2.58
Operating Cash Flow to Interest Expense	-13.64	0.57	0.21	4.72	1.28	-0.35	0.39	-0.17	0.92	0.07	0.39
Operating Cash Flow Less CapEx to Interest Expense	-13.64	0.73	0.33	4.79	1.30	-0.22	0.49	0.04	0.93	0.18	0.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.08	0.06	0.08	0.07	0.06	0.08	0.04	0.04	0.05	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	763	2,260	2,508	2,426	2,040	3,038	3,299	9,299	11,107	11,835	9,680
Invested Capital Turnover	0.14	0.08	0.06	0.08	0.09	0.10	0.13	0.05	0.04	0.06	0.01
Increase / (Decrease) in Invested Capital	155	1,497	248	-82	-386	998	261	5,999	1,808	728	-2,155
Enterprise Value (EV)	594	1,807	1,964	2,044	1,661	2,476	2,726	8,665	10,161	10,772	8,928
Market Capitalization	45	44	48	217	220	383	429	812	930	1,534	1,149
Book Value per Share	$21.73	$55.35	$58.06	$16.75	$16.99	$18.30	$14.97	$15.83	$15.20	$14.11	$10.25
Tangible Book Value per Share	$18.95	$55.23	$58.06	$16.75	$16.99	$18.30	$14.97	$15.83	$15.20	$14.11	$10.25
Total Capital	763	2,260	2,508	2,426	2,040	3,038	3,299	9,299	11,107	11,835	9,680
Total Debt	570	1,780	1,956	1,871	1,476	2,193	2,465	8,010	9,208	9,188	7,735
Total Long-Term Debt	467	1,605	1,956	1,871	1,476	2,193	2,465	8,010	9,208	9,188	7,735
Net Debt	529	1,724	1,877	1,807	1,421	2,073	2,278	7,729	9,012	9,020	7,561
Capital Expenditures (CapEx)	0.00	-7.57	-6.63	-4.80	-1.63	-19	-17	-42	-7.52	-78	-67
Net Nonoperating Expense (NNE)	2.67	-4.24	2.16	0.00	0.00	0.00	0.00	-43	-44	2.83	69
Net Nonoperating Obligations (NNO)	570	1,780	1,956	1,871	1,476	2,193	2,465	8,010	9,208	9,188	7,735
Total Depreciation and Amortization (D&A)	-28	-12	1.48	15	15	14	34	-24	2.43	67	53
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.35	($0.16)	$0.00	$1.38	$1.84	$1.72	$0.81	$2.17	$1.73	$2.25	($2.63)
Adjusted Weighted Average Basic Shares Outstanding	7.97M	7.97M	30.55M	31.35M	32.09M	42.01M	53.74M	68.51M	106.88M	146.84M	169.11M
Adjusted Diluted Earnings per Share	$3.08	($0.16)	$0.00	$1.38	$1.84	$1.72	$0.81	$2.17	$1.66	$2.22	($2.63)
Adjusted Weighted Average Diluted Shares Outstanding	10.68M	8.90M	30.55M	31.35M	32.10M	42.05M	53.82M	68.66M	117.19M	148.57M	170.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.72	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.97M	7.97M	26.65M	32.00M	32.12M	52.03M	54.43M	83.33M	110.73M	172.55M	163.15M
Normalized Net Operating Profit after Tax (NOPAT)	35	41	56	46	61	51	46	130	176	377	-315
Normalized NOPAT Margin	36.21%	33.58%	38.38%	22.36%	29.52%	20.02%	11.04%	40.14%	41.25%	59.13%	-318.89%
Pre Tax Income Margin	37.13%	44.10%	45.05%	23.26%	30.19%	25.53%	13.03%	40.81%	41.10%	56.19%	-523.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.89	0.99	1.13	0.64	0.58	0.42	0.31	0.65	0.45	0.50	-0.74
NOPAT to Interest Expense	1.84	0.85	0.96	0.61	0.56	0.49	0.26	0.57	0.41	0.49	-0.52
EBIT Less CapEx to Interest Expense	1.89	1.15	1.24	0.70	0.59	0.55	0.41	0.85	0.47	0.61	-0.65
NOPAT Less CapEx to Interest Expense	1.84	1.01	1.08	0.68	0.58	0.62	0.36	0.78	0.43	0.60	-0.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	52.92%	79.54%	87.77%	105.34%	83.50%	84.37%	123.48%	69.96%	92.45%	61.73%	-47.88%
Augmented Payout Ratio	52.92%	79.54%	87.77%	105.49%	83.50%	84.37%	143.52%	69.96%	110.65%	66.93%	-66.99%

This table displays calculated financial ratios and metrics derived from Ready Capital's official financial filings.

Metric	Q1 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	3/31/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-	3.89%	103.55%	-41.31%	172.51%	-33.13%	5,689.76%	-160.95%	-109.33%	7.56%	-31.54%
EBITDA Growth	-	25.21%	-180.16%	-35.67%	293.97%	12.70%	280.50%	-253.62%	-134.03%	-101.31%	-711.90%
EBIT Growth	-	33.83%	-1,432.15%	-52.00%	256.11%	-34.77%	154.76%	-368.44%	-132.43%	-134.27%	-1,313.05%
NOPAT Growth	-	42.37%	-403.97%	-40.08%	314.71%	-34.31%	174.39%	-292.31%	-122.90%	-125.54%	-992.86%
Net Income Growth	-	42.37%	-74.47%	-42.46%	329.70%	-28.79%	-20.47%	-300.57%	-113.50%	-115.43%	-2,992.67%
EPS Growth	-	-16.67%	-94.20%	-56.06%	291.11%	-50.00%	-300.00%	-251.72%	-113.07%	-128.00%	-2,262.50%
Operating Cash Flow Growth	-	162.04%	370.42%	-106.15%	-40.80%	-30.86%	-113.66%	2,685.45%	-97.23%	407.90%	198.34%
Free Cash Flow Firm Growth	-	57.69%	69.26%	96.67%	45.80%	-32.98%	61.78%	2,623.58%	137.37%	232.78%	374.98%
Invested Capital Growth	-	28.29%	19.44%	1.97%	25.84%	28.94%	6.56%	-40.78%	-7.43%	-29.49%	-18.21%
Revenue Q/Q Growth	-	20.59%	-98.70%	4,464.30%	279.63%	-70.41%	12.91%	-157.74%	41.86%	441.01%	-28.13%
EBITDA Q/Q Growth	-	-1.75%	-142.82%	280.41%	419.03%	-71.89%	-31.42%	-271.01%	-14.98%	98.92%	-31,863.66%
EBIT Q/Q Growth	-	2.52%	-166.73%	183.15%	526.05%	-81.22%	-43.98%	-601.94%	24.38%	80.16%	-1,882.96%
NOPAT Q/Q Growth	-	12.36%	-150.08%	216.07%	535.00%	-82.20%	-43.28%	-452.22%	24.38%	80.16%	-1,882.96%
Net Income Q/Q Growth	-	12.36%	-79.35%	170.27%	585.20%	-81.38%	-76.94%	-781.62%	53.89%	78.72%	-4,224.10%
EPS Q/Q Growth	-	11.11%	-92.00%	625.00%	506.90%	-85.80%	-132.00%	-450.00%	47.73%	69.57%	-2,600.00%
Operating Cash Flow Q/Q Growth	-	-2.28%	244.58%	-100.42%	4,305.73%	14.15%	-168.10%	179.09%	-95.49%	20,822.23%	-86.81%
Free Cash Flow Firm Q/Q Growth	-	50.92%	26.00%	90.22%	-1,425.63%	-20.42%	78.73%	4.21%	-77.41%	327.84%	-55.95%
Invested Capital Q/Q Growth	-	0.04%	-4.12%	1.97%	28.65%	2.51%	-20.76%	-0.88%	101.11%	-21.92%	-8.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-	42.66%	-1,400.82%	55.37%	75.70%	71.90%	43.67%	0.00%	0.00%	-0.88%	-390.33%
EBIT Margin	-	47.65%	-2,438.17%	44.42%	73.25%	46.48%	23.06%	0.00%	0.00%	-14.81%	-408.57%
Profit (Net Income) Margin	-	44.45%	703.81%	41.67%	75.22%	47.33%	9.67%	0.00%	0.00%	-6.79%	-408.46%
Tax Burden Percent	-	93.28%	-28.87%	93.83%	102.69%	101.83%	41.92%	70.11%	42.75%	45.85%	99.97%
Interest Burden Percent	-	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-	6.72%	0.00%	2.29%	0.89%	6.06%	4.90%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-	1.59%	-71.23%	1.41%	3.20%	1.74%	1.22%	0.00%	0.00%	-0.11%	-2.63%
ROIC Less NNEP Spread (ROIC-NNEP)	-	1.59%	-70.69%	1.39%	3.28%	1.77%	1.07%	0.00%	0.00%	-0.07%	-3.74%
Return on Net Nonoperating Assets (RNNOA)	-	8.62%	-381.81%	6.69%	15.06%	8.26%	4.33%	0.00%	0.00%	-0.29%	-13.79%
Return on Equity (ROE)	-	10.21%	-453.04%	8.10%	18.26%	10.00%	5.55%	0.00%	0.00%	-0.40%	-16.42%
Cash Return on Invested Capital (CROIC)	-	-22.84%	-16.16%	-0.76%	-20.44%	-23.04%	-3.29%	53.86%	7.15%	33.62%	16.68%
Operating Return on Assets (OROA)	-	1.67%	-98.15%	1.40%	3.47%	1.99%	1.22%	0.00%	0.00%	-0.17%	-3.57%
Return on Assets (ROA)	-	1.55%	28.33%	1.32%	3.57%	2.02%	0.51%	0.00%	0.00%	-0.08%	-3.57%
Return on Common Equity (ROCE)	-	9.06%	-404.28%	7.16%	16.53%	9.06%	5.01%	0.00%	0.00%	-0.37%	-14.86%
Return on Equity Simple (ROE_SIMPLE)	-	13.02%	0.00%	9.88%	14.22%	13.55%	0.00%	9.87%	-2.19%	-4.69%	0.00%
Net Operating Profit after Tax (NOPAT)	-	66	-33	39	245	44	25	-74	-56	-11	-220
NOPAT Margin	-	44.45%	-1,706.72%	43.40%	72.59%	43.66%	21.93%	0.00%	0.00%	-10.37%	-286.00%
Net Nonoperating Expense Percent (NNEP)	-	0.00%	-0.54%	0.02%	-0.08%	-0.03%	0.15%	0.00%	-0.19%	-0.04%	1.12%
SG&A Expenses to Revenue	-	18.57%	-103.34%	24.85%	7.40%	23.05%	19.92%	0.00%	0.00%	23.81%	34.61%
Operating Expenses to Revenue	-	50.05%	796.45%	63.17%	20.99%	65.71%	71.00%	0.00%	0.00%	65.22%	138.71%
Earnings before Interest and Taxes (EBIT)	-	71	-47	39	247	46	26	-106	-80	-16	-315
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-	64	-27	49	255	72	49	-75	-87	-0.94	-301
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	-	0.52	0.55	0.57	0.44	0.62	0.63	0.66	0.63	0.60	0.67
Price to Tangible Book Value (P/TBV)	-	0.52	0.55	0.57	0.44	0.62	0.63	0.66	0.63	0.60	0.67
Price to Revenue (P/Rev)	-	2.45	2.18	2.61	1.90	2.89	2.41	3.06	10.90	9.56	11.64
Price to Earnings (P/E)	-	3.97	4.99	6.01	3.12	4.58	4.63	6.82	0.00	0.00	0.00
Dividend Yield	-	21.22%	19.73%	19.13%	16.41%	17.58%	16.38%	15.45%	15.40%	15.07%	16.13%
Earnings Yield	-	25.17%	20.03%	16.63%	32.08%	21.83%	21.60%	14.65%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	-	0.90	0.91	0.92	0.89	0.92	0.91	0.86	0.92	0.90	0.92
Enterprise Value to Revenue (EV/Rev)	-	28.36	23.86	28.75	22.45	26.17	16.89	11.60	98.34	70.62	90.41
Enterprise Value to EBITDA (EV/EBITDA)	-	53.69	57.26	69.54	38.02	39.59	25.35	19.11	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	-	46.32	58.06	78.94	41.79	48.41	30.05	26.92	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	-	52.24	63.69	78.07	40.53	46.52	30.67	24.20	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	-	55.60	28.29	30.41	40.81	46.34	210.68	76.04	324.53	43.89	32.49
Enterprise Value to Free Cash Flow (EV/FCFF)	-	0.00	0.00	0.00	0.00	0.00	0.00	1.18	12.42	2.21	4.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-	4.86	4.85	5.00	4.37	4.53	3.47	1.67	4.62	3.50	3.98
Long-Term Debt to Equity	-	4.86	4.85	5.00	4.37	4.53	3.47	1.67	4.62	3.50	3.98
Financial Leverage	-	5.41	5.40	4.82	4.59	4.67	4.05	3.10	4.49	4.05	3.69
Leverage Ratio	-	6.57	6.64	5.97	5.19	5.27	5.29	5.36	4.73	4.77	4.92
Compound Leverage Factor	-	6.57	6.64	5.97	5.19	5.27	5.29	5.36	4.73	4.77	4.92
Debt to Total Capital	-	82.93%	82.91%	83.32%	81.39%	81.92%	77.64%	62.60%	82.20%	77.80%	79.92%
Short-Term Debt to Total Capital	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	-	82.93%	82.91%	83.32%	81.39%	81.92%	77.63%	62.60%	82.20%	77.80%	79.92%
Preferred Equity to Total Capital	-	0.96%	1.00%	0.98%	0.76%	0.75%	0.94%	1.66%	0.83%	1.06%	1.15%
Noncontrolling Interests to Total Capital	-	0.95%	0.97%	0.96%	0.74%	0.72%	0.90%	1.57%	0.80%	1.00%	1.10%
Common Equity to Total Capital	-	15.16%	15.12%	14.73%	17.10%	16.61%	20.52%	34.17%	16.17%	20.15%	17.84%
Debt to EBITDA	-	49.27	51.89	62.82	34.83	35.10	21.62	13.98	-267.66	-71.85	-16.67
Net Debt to EBITDA	-	47.91	50.79	61.75	34.16	34.58	21.23	13.34	-262.19	-69.98	-16.30
Long-Term Debt to EBITDA	-	49.27	51.89	62.82	34.83	35.10	21.62	13.98	-267.66	-71.85	-16.67
Debt to NOPAT	-	47.94	57.71	70.53	37.13	41.25	26.16	17.70	-139.53	-66.61	-21.39
Net Debt to NOPAT	-	46.61	56.49	69.33	36.42	40.64	25.68	16.90	-136.68	-64.88	-20.91
Long-Term Debt to NOPAT	-	47.94	57.71	70.53	37.13	41.25	26.16	17.70	-139.53	-66.61	-21.39
Noncontrolling Interest Sharing Ratio	-	11.21%	10.76%	11.59%	9.44%	9.42%	9.62%	0.00%	0.00%	8.64%	9.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-	-2,488	-1,841	-180	-2,748	-3,309	-704	4,545	1,027	4,393	1,935
Operating Cash Flow to CapEx	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-	-21.54	-13.64	-1.13	0.00	-17.43	-1.91	24.73	0.00	25.02	5.74
Operating Cash Flow to Interest Expense	-	0.55	1.61	-0.01	0.00	0.23	-0.08	0.13	0.00	1.26	0.09
Operating Cash Flow Less CapEx to Interest Expense	-	0.59	1.61	0.21	0.00	0.30	0.00	0.13	0.00	1.39	0.12
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	-	0.04	0.04	0.03	0.05	0.04	0.05	0.04	0.01	0.01	0.01
Fixed Asset Turnover	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-	11,583	11,107	11,325	14,570	14,936	11,835	6,707	13,488	10,531	9,680
Invested Capital Turnover	-	0.04	0.04	0.03	0.04	0.04	0.06	0.05	0.01	0.01	0.01
Increase / (Decrease) in Invested Capital	-	2,554	1,808	219	2,992	3,352	728	-4,619	-1,083	-4,404	-2,155
Enterprise Value (EV)	-	10,468	10,161	10,445	12,945	13,799	10,772	5,740	12,461	9,480	8,928
Market Capitalization	-	906	930	949	1,093	1,526	1,534	1,515	1,381	1,283	1,149
Book Value per Share	-	$15.35	$15.20	$15.07	$22.50	$14.43	$14.11	$13.32	$12.92	$12.61	$10.25
Tangible Book Value per Share	-	$15.35	$15.20	$15.07	$22.50	$14.43	$14.11	$13.32	$12.92	$12.61	$10.25
Total Capital	-	11,583	11,107	11,325	14,570	14,936	11,835	6,707	13,488	10,531	9,680
Total Debt	-	9,606	9,208	9,437	11,859	12,236	9,188	4,198	11,087	8,193	7,735
Total Long-Term Debt	-	9,606	9,208	9,437	11,859	12,236	9,188	4,198	11,087	8,193	7,735
Net Debt	-	9,341	9,012	9,276	11,631	12,054	9,020	4,008	10,861	7,980	7,561
Capital Expenditures (CapEx)	-	-5.49	-0.51	-34	-1.02	-13	-30	-1.31	-33	-22	-10
Net Nonoperating Expense (NNE)	-	0.00	-47	1.53	-8.84	-3.66	14	0.11	-22	-3.83	94
Net Nonoperating Obligations (NNO)	-	9,606	9,208	9,437	11,859	12,236	9,188	4,198	11,087	8,193	7,735
Total Depreciation and Amortization (D&A)	-	-7.44	20	9.72	8.26	25	23	30	-6.77	15	14
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	-	$0.53	$0.03	$0.30	$1.87	$0.25	($0.17)	($0.44)	($0.23)	($0.07)	($1.89)
Adjusted Weighted Average Basic Shares Outstanding	-	114.37M	106.88M	110.67M	131.65M	171.97M	146.84M	172.03M	168.65M	168.34M	169.11M
Adjusted Diluted Earnings per Share	-	$0.50	$0.04	$0.29	$1.76	$0.25	($0.08)	($0.44)	($0.23)	($0.07)	($1.89)
Adjusted Weighted Average Diluted Shares Outstanding	-	125.67M	117.19M	121.03M	141.58M	174.44M	148.57M	173.10M	169.86M	169.51M	170.47M
Adjusted Basic & Diluted Earnings per Share	-	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	-	110.51M	110.73M	110.75M	171.97M	172.12M	172.55M	168.87M	168.21M	168.53M	163.15M
Normalized Net Operating Profit after Tax (NOPAT)	-	68	-30	39	258	46	25	-74	-55	-9.02	-217
Normalized NOPAT Margin	-	45.41%	-1,525.70%	44.38%	76.70%	45.85%	22.42%	0.00%	0.00%	-8.41%	-281.57%
Pre Tax Income Margin	-	47.65%	-2,438.17%	44.42%	73.25%	46.48%	23.06%	0.00%	0.00%	-14.81%	-408.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-	0.62	-0.35	0.25	0.00	0.24	0.07	-0.58	0.00	-0.09	-0.93
NOPAT to Interest Expense	-	0.57	-0.25	0.24	0.00	0.23	0.07	-0.40	0.00	-0.06	-0.65
EBIT Less CapEx to Interest Expense	-	0.66	-0.35	0.46	0.00	0.31	0.15	-0.57	0.00	0.04	-0.90
NOPAT Less CapEx to Interest Expense	-	0.62	-0.24	0.45	0.00	0.30	0.15	-0.40	0.00	0.06	-0.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-	70.05%	92.45%	114.09%	61.10%	57.36%	61.73%	93.71%	-394.22%	-215.94%	-47.88%
Augmented Payout Ratio	-	71.62%	110.65%	114.09%	75.97%	71.95%	66.93%	109.37%	-472.13%	-253.35%	-66.99%

Financials Breakdown Chart

Key Financial Trends

Ready Capital Corp (NYSE: RC) has experienced significant volatility in its financial performance over the 2021 to 2024 period, with notable fluctuations in net income, revenues, and operating cash flows.

Positive trends and highlights:

Stable net interest income: Despite market changes, net interest income remained positive quarterly, with Q4 2024 at $50 million and Q3 2023 at $58.9 million, showing continued earnings from core lending activities.
Robust asset base: Total assets grew from approximately $9.26 billion in Q3 2021 to $11.25 billion by Q3 2024, reflecting business growth and accumulation of investment securities and loans held for sale.
Strong equity position: Total equity including noncontrolling interests increased from about $1.22 billion in Q3 2021 to $2.33 billion in Q3 2024, indicating recapitalization and retention of earnings despite net losses.
Healthy cash generation from investing activities: Large sale and maturity of investments led to strong positive cash flows from investing, with $497 million in Q4 2024 and $430-530 million range in prior quarters.
Continued dividend payments: Ready Capital maintained quarterly dividends ranging from $0.25 to $0.42 per share, showing commitment to shareholder returns despite earnings volatility.

Neutral observations:

Amortization and restructuring expenses: Periodic sizable non-cash amortization and one-time restructuring charges are common, reflecting ongoing operational changes.
Stable share count with dilution: Weighted average diluted shares have moderately increased from around 71 million in 2021 to about 170 million in late 2024, diluting earnings but fueling capital raise efforts.
Fluctuations in other non-interest income: This category showed large swings from negative to positive quarters, influencing overall revenue but less predictable in nature.

Negative trends and concerns:

Significant net losses in 2024: The company posted substantial quarterly losses, e.g., a net loss of approximately $318 million to common shareholders in Q4 2024, driven largely by large provisions for credit losses.
Rising provision for credit losses: Provisions surged to $285 million in Q4 2024 from just $6.7 million in Q4 2023, signaling credit deterioration and higher expected loan losses.
Heavy debt obligations: Long-term debt grew from $7.79 billion in Q3 2021 to $8.19 billion by Q3 2024, and interest expense consistently outpaces net interest income, pressuring profitability.
Negative operating cash flow in Q4 2024: Operating cash flow was slightly negative (-$1.88 million), contrasting with strong prior quarters, indicating operational cash generation challenges linked to the provisions and changing asset/liability dynamics.
Shrinking retained earnings: Retained earnings remain negative in recent periods (e.g., -$146 million in Q3 2024), indicating cumulative losses affecting book value.

Summary: Ready Capital has demonstrated growth in assets and equity but faces pressing challenges from elevated credit loss provisions leading to big net losses in 2024. The company’s operating income from core activities remains positive, but profitability is weighed down by these credit concerns and high interest expenses. Investors should watch forthcoming quarters for signs of stabilization in credit performance and improvement in earnings, alongside continued asset growth and capital management efforts.

09/18/25 06:40 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ready Capital's Financials

When does Ready Capital's financial year end?

According to the most recent income statement we have on file, Ready Capital's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Ready Capital's net income changed over the last 10 years?

Ready Capital's net income appears to be on a downward trend, with a most recent value of -$430.40 million in 2024, falling from $32.72 million in 2014. The previous period was $348.41 million in 2023. See where experts think Ready Capital is headed by visiting Ready Capital's forecast page.

How has Ready Capital's revenue changed over the last 10 years?

Over the last 10 years, Ready Capital's total revenue changed from $97.74 million in 2014 to $98.76 million in 2024, a change of 1.0%.

How much debt does Ready Capital have?

Ready Capital's total liabilities were at $8.20 billion at the end of 2024, a 16.3% decrease from 2023, and a 1,268.6% increase since 2014.

How much cash does Ready Capital have?

In the past 10 years, Ready Capital's cash and equivalents has ranged from $33.79 million in 2014 to $229.53 million in 2021, and is currently $143.80 million as of their latest financial filing in 2024.

How has Ready Capital's book value per share changed over the last 10 years?

Over the last 10 years, Ready Capital's book value per share changed from 21.73 in 2014 to 10.25 in 2024, a change of -52.9%.

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This page (NYSE:RC) was last updated on 9/18/2025 by MarketBeat.com Staff

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Ready Capital (RC) Financials

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Ready Capital (RC) Financials

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