Ready capital corporation (RC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12
Cash Flows From Operating Activities:
Net income (loss)

75,056

61,457

45,814

53,406

44,768

32,722

7,553

20,265

Loss from discontinued operations

-

-

-

-2,158

-653

-2,671

-

-

Net income from continuing operations

-

-

-

55,564

45,421

35,393

-

-

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Amortization of premiums, discounts, and debt issuance costs, net

14,409

15,470

14,525

-

-

-

-

-

Change in unrealized gain or loss on derivative instruments

-

-

-

-

-

-

1,281

-890

Discount accretion and premium amortization of financial instruments, net

-

-

-

-17,978

-22,195

-34,167

88

0

Amortization of guaranteed loan financing, deferred financing costs, and intangible assets

-

-

-

19,457

9,782

6,306

-

-

Provision for loan losses

3,684

1,701

2,363

7,819

19,643

11,797

-

-

Impairment loss on real estate, held for sale

1,317

1,086

756

-

-

-

-

-

Charge off of real estate acquired in settlement of loans

-

-

-

1,833

849

749

-

-

Decrease in repair and denial reserve

-

-

-

-

-

3,216

-

-

Change in repair and denial reserve

-345

-163

-

-

-

-

-

-

Proceeds from sale or maturity of short-term investments, net

-

-

320,394

1,569,992

255,087

100,338

-

-

Purchase of short-term investments

-

-

-

1,569,614

253,752

349,990

-

-

Net settlement of derivative instruments

6,219

-4,272

1,256

2,058

4,621

2,542

-

-

Purchase of loans, held for sale, at fair value

9,149

17,481

11,195

-

-

-

-

-

Origination of loans, held for sale, at fair value

2,621,324

2,407,492

2,508,153

621,343

-

-

-

-

Proceeds from disposition and principal payments of loans, held for sale, at fair value

2,628,521

2,586,724

2,571,583

645,954

-

-

-

-

Realized gains, net

101,794

88,890

94,573

-

-

-

-

-

Unrealized losses, net

-18,790

4,853

7,000

-

-

-

-

-

Gain on sale of mortgages held for sale included in Residential mortgage banking activities

-

-

-

2,943

-

-

-

-

Gain on derivatives included in Residential mortgage banking activities

-

-

-

126

-

-

-

-

Creation of servicing rights, net of payoffs

-

-

-

3,157

-

-

-

-

Gain on bargain purchase

30,728

-

-

15,218

-

-

-

-

Equity in net loss (income) of unconsolidated joint ventures, net of distributions

5,716

-1,047

1,048

-

-

-

-

-

Purchased future receivables, net of payoffs

8,807

-

-

-

-

-

-

-

Allowance for doubtful accounts on purchased future receivables

5,082

-

-

-

-

-

-

-

Net changes in operating assets and liabilities
Net realized gains on financial instruments and real estate owned

-

-

-

6,914

181

7,037

-

-

Net unrealized losses (gains) on financial instruments

-

-

-

17,937

5,732

6,461

-

-

Depreciation and amortization expense

-

-

-

-

-

-

0

0

Proceeds from sale and principal payments on mortgage loans held for sale

-

-

-

-

-

-

0

0

Originations and purchases of mortgage loans held for sale

-

-

-

-

-

-

0

0

Gain on sale of mortgage loans held for sale

-

-

-

-

-

-

0

0

Capitalization of originated mortgage servicing rights

-

-

-

-

-

-

0

0

Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers

21,265

12,088

-24,319

21,817

1,983

4,869

-

-

Receivable from third parties

-7,556

2,132

-464

2,328

608

-

-

-

Other assets

26,286

-1,448

13,898

12,284

4,887

26,039

1,321

1,253

Accounts payable and other accrued liabilities

24,821

191

9,394

9,580

-8,322

23,251

-

-

Increase in accounts payable and other liabilities

-

-

-

-

-

-

1,302

1,226

Increase in contingent consideration

-

-

-

-

-

-

0

-

Net cash provided by operating activities

-

-

-

16,482

28,501

-256,487

8,131

2,628

Net cash (used in) provided by operating activities of discontinued operations

-

-

-

-1,719

428

-588

-

-

Assumption of repair and denial reserve

-

-

-

-

-

21,407

-

-

Net cash (used in) provided by operating activities

-52,397

140,297

352,489

-

-

-

-

-

Cash Flow From Investing Activities:
Origination of loans

1,307,143

934,607

454,975

315,339

452,280

261,977

-

-

Purchase of loans

739,002

369,418

147,327

98,683

172,097

646,686

-

-

Origination of loans, held-for-investment

-

-

-

-

-

32,889

-

-

Purchase of mortgage backed securities, at fair value

9,593

73,305

14,448

17,388

77,918

192,293

-

-

Purchase of real estate

117

1,570

-

-

-

1,311

-

-

Funding of unconsolidated joint ventures

26,655

-

54,321

-

-

-

-

-

Purchase of servicing rights

894

362

-

-

-

42,340

-

-

Proceeds on unconsolidated joint venture in excess of earnings recognized

15,578

20,884

-

-

-

-

-

-

Purchase of intangible assets

-

-

-

-

-

2,183

-

-

Payment of liability under participation agreements, net of proceeds received

-

555

1,100

2,318

3,729

3,854

-

-

Proceeds from disposition and principal payment of loans

826,702

746,162

422,064

479,965

488,610

17,796

-

-

Proceeds from disposition and principal payment of loans, held-for-investment

-

-

-

-

-

231,590

-

-

Proceeds from sale and principal payment of mortgage backed securities, at fair value

14,354

30,381

9,577

297,250

17,908

34,507

-

-

Proceeds from sale of real estate

18,983

1,631

4,802

6,633

7,565

11,096

-

-

Proceeds from liabilities under participation agreements

-

-

-

-

-

2,014

-

-

Proceeds from sale of intangible assets

-

-

-

-

2,500

-

-

-

Cash paid in connection with Knight Merger, net of cash acquired

15,827

-

-

-

-

-

0

0

Cash acquired in connection with the ORM Merger

10,822

-

-

39,454

-

-

-

-

Origination of mortgage loans held for investment

-

-

-

-

-

-

0

-

Acquisition of mortgage loans held for investment

-

-

-

-

-

-

334,162

0

Proceeds from principal repayments on mortgage loans held for investment and held for sale previously held for investment.

-

-

-

-

-

-

13,871

0

Acquisitions of real estate securities

-

-

-

-

-

-

406,263

104,299

Proceeds from principal repayments on real estate securities

-

-

-

-

-

-

46,752

23,277

Proceeds from sales of real estate securities

-

-

-

-

-

-

291,348

74,216

Acquisitions of Other Investment Securities

-

-

-

-

-

-

0

0

Proceeds from principal repayments on Other Investment Securities

-

-

-

-

-

-

0

-

Proceeds from sales of Other Investment Securities

-

-

-

-

-

-

0

0

Purchase of swaption

-

-

-

-

-

-

0

0

Proceeds received for the final reconciliation of purchase price relating to the acquisition of GMFS

-

-

-

-

-

-

0

-

(Increase) Decrease in restricted cash

-

-

-

-

-2,016

15,051

-1,639

2,052

Decrease in cash held as collateral

-

-

-

-

-

220

-

-

Net cash (used in) provided by investing activities

-

-

-

-

-187,425

-880,394

-386,813

-8,858

Net cash used in investing activities of discontinued operations

-

-

-

-

-1,264

-460

-

-

Net cash (used in) investing activities

-1,212,792

-580,759

-235,728

389,574

-

-

-

-

Cash Flows From Financing Activities:
Proceeds from secured borrowings

5,398,657

3,603,933

4,555,957

4,469,816

9,014,674

462,485

-

-

Payment of secured borrowings

5,087,424

3,406,779

4,853,403

4,649,987

9,029,152

202,623

-

-

Proceeds from issuance of securitized debt obligations of consolidated VIEs

1,395,518

607,837

338,043

150,367

374,818

144,615

-

-

Payment of securitized debt obligations of consolidated VIEs

477,205

297,774

227,800

122,988

91,407

20,500

-

-

Proceeds from borrowings under repurchase agreements

-

-

-

-

-

1,466,825

-

-

Proceeds from guaranteed loan financing

-

-

-

-

-

116,306

-

-

Proceeds from note offerings

104,687

91,328

256,917

-

-

-

-

-

Payment of borrowings under repurchase agreements

-

-

-

-

-

954,587

-

-

Payment of guaranteed loan financing

34,704

74,980

110,945

122,603

86,039

10,156

-

-

Payment of senior exchangeable note

-

-

-

57,500

-

-

-

-

Payment of deferred financing costs

28,207

18,831

16,885

1,456

2,575

6,687

-

-

Payment of common stock repurchase liability

-

-

-

-

-

-

5,750

0

Net borrowings under warehouse lines of credit

-

-

-

-

-

-

0

0

Net (repayments)/borrowings under loan repurchase facilities

-

-

-

-

-

-

236,058

0

Borrowings from securities repurchase agreements

-

-

-

-

-

-

366,103

79,129

Repayments of securities repurchase agreements

-

-

-

-

-

-

343,592

60,646

Proceeds from issuance of Exchangeable Senior Notes

-

-

-

-

-

-

54,450

0

Allocation of proceeds to conversion option on Exchangeable Senior Notes

-

-

-

-

-

-

1,324

0

Dividends on common stock and distributions on OP units (net of change in dividends and distributions payable)

-

-

-

-

-

-

10,410

10,588

Contributions, net

-

-

-

-

-

-

0

20,393

Proceeds from issuance of common stock upon exchange offer

-

-

-

-

-

-

-

0

Equity issuance, net of offering costs

91,390

86

-70

-

-

-

118,862

4,757

Payment of contingent consideration

1,207

8,967

-

-

-

-

-

-

Payment of offering costs

-

-

-

-

121

1,879

216

0

Redemption of preferred stock

-

103

-

130

-

-

148

15

Distributions from non-controlling interests, net

20

45

-56

-

-

-

-

-

(Redemption)/Issuance of preferred stock

-

-

-

-

-

108

-

115

Dividend payments

63,326

51,317

48,260

46,874

35,609

17,317

-

-

Shares redeemed pursuant to reverse merger transaction

-

-

-

1

-

-

-

14,181

Net cash provided by (used in) financing activities

-

-

-

-

-

976,590

416,681

18,964

Net cash (used in) provided by financing activities

1,298,199

444,478

-106,502

-381,356

144,589

-

-

-

Net increase (decrease) in cash, cash equivalents, and restricted cash

33,010

4,016

10,259

22,981

-15,171

-161,339

37,999

12,734

Supplemental disclosure of operating cash flow
Cash paid for interest

126,188

95,946

62,106

54,686

45,334

17,707

5,696

1,377

Cash (received) paid for income taxes

-2,661

898

3,773

6,161

6,995

1,136

0

0

Stock-based compensation

1,476

447

582

-

-

-

-

-

Supplemental disclosure of non-cash investing activities
Loans, net and borrowings brought on books as a result of the ReadyCap Lending Small Business Trust 2015-1 securitization

-

-

-

-

474,198

-

-

-

Loans transferred from Loans, held for sale, at fair value to Loans, net

1,262

644

366

482

-

-

-

-

Loans transferred from Loans, net to Loans, held for sale, at fair value

-

1,147

4,493

11,499

-

-

-

-

Consolidation of assets in securitization trusts

463,177

-

-

-

-

-

-

-

Deconsolidation of assets in securitization trusts

177,815

-

-

-

-

-

-

-

Securitized loans transferred from Loans, held at fair value to Loans, held-for-investment

-

-

-

-

-

186,497

-

-

Supplemental disclosure of non-cash financing activities
Common stock issued in exchange of litigation settlement

-

-

4,000

-

-

-

-

-

Dividend reinvestment in common stock

-

-

-

1,806

7,448

3,625

-

-

Dividend reinvestment in OP units

-

-

-

359

2,740

654

-

-

Common stock issued in connection with merger transactions

189,611

-

-

62,329

-

-

-

-

Consolidation of borrowings in securitization trusts

463,177

-

-

-

-

-

-

-

Deconsolidation of borrowings in securitization trusts

177,815

-

-

-

-

-

-

-

Share-based component of incentive fees

233

338

-

-

-

-

-

-

Incentive shares issued to investment manager pursuant to management agreement

-

-

-

482

-

-

-

-

Conversion of mortgage loans held for investment to real estate owned

-

-

-

-

-

-

0

0