Ready Capital (US:RC) Globenewswire·2025-05-08 21:00Core Insights - Ready Capital Corporation reported a GAAP earnings per common share from continuing operations of $0.47 for the quarter ended March 31, 2025, compared to a loss of $(0.45) in the same period last year [1][22] - The company experienced a distributable loss per common share of $(0.09) and distributable earnings per common share before realized losses of $0.00 [1][22] - The company is facing challenges due to market volatility, tariff implementations, declining consumer confidence, and increased recession expectations, but is taking decisive actions to restore profitability [2] Financial Performance - For the first quarter of 2025, Ready Capital reported net income of $81.965 million, a significant improvement from a net loss of $(74.167) million in the same period last year [21][22] - Interest income decreased to $154.967 million from $232.354 million year-over-year, while interest expense also decreased to $(140.466) million from $(183.805) million [21] - The net interest income after recovery of loan losses was $124.069 million, compared to $75.093 million in the previous year [21] Balance Sheet Highlights - As of March 31, 2025, total assets were $9.976 billion, a decrease from $10.142 billion at the end of 2024 [19][20] - Cash and cash equivalents increased to $205.917 million from $143.803 million [19] - Total liabilities decreased to $7.927 billion from $8.198 billion [19][20] Segment Performance - LMM commercial real estate originations amounted to $79 million, while Small Business Lending (SBL) loan originations were $387 million, including $343 million of Small Business Administration 7(a) loans [6] - The company declared and paid a dividend of $0.125 per share in cash [6][22] Subsequent Events - On April 16, 2025, ReadyCap Holdings issued an additional $50 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028, using the net proceeds to repay indebtedness [3]