truefalse0001527590--12-312020Q35112732654175648us-gaap:MarketApproachValuationTechniqueMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:IncomeApproachValuationTechniqueMemberP5DP12MP48M0.667P24M0.500.400.400.400.400.400.400.250.30false0001527590us-gaap:CommonStockMember2019-07-012019-09-3000015275902018-01-012018-12-310001527590us-gaap:CommonStockMember2020-07-012020-09-300001527590us-gaap:CommonStockMember2019-01-012019-09-300001527590us-gaap:RetainedEarningsMember2020-09-300001527590us-gaap:ParentMember2020-09-300001527590us-gaap:NoncontrollingInterestMember2020-09-300001527590us-gaap:AdditionalPaidInCapitalMember2020-09-300001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-09-300001527590us-gaap:RetainedEarningsMember2020-06-300001527590us-gaap:ParentMember2020-06-300001527590us-gaap:NoncontrollingInterestMember2020-06-300001527590us-gaap:AdditionalPaidInCapitalMember2020-06-300001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-06-300001527590srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310001527590srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ParentMember2019-12-310001527590srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:NoncontrollingInterestMember2019-12-310001527590us-gaap:RetainedEarningsMember2019-12-310001527590us-gaap:ParentMember2019-12-310001527590us-gaap:NoncontrollingInterestMember2019-12-310001527590us-gaap:AdditionalPaidInCapitalMember2019-12-310001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-12-310001527590srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001527590us-gaap:RetainedEarningsMember2019-09-300001527590us-gaap:ParentMember2019-09-300001527590us-gaap:NoncontrollingInterestMember2019-09-300001527590us-gaap:AdditionalPaidInCapitalMember2019-09-300001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-09-300001527590us-gaap:RetainedEarningsMember2019-06-300001527590us-gaap:ParentMember2019-06-300001527590us-gaap:NoncontrollingInterestMember2019-06-300001527590us-gaap:AdditionalPaidInCapitalMember2019-06-300001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-06-300001527590us-gaap:RetainedEarningsMember2018-12-310001527590us-gaap:ParentMember2018-12-310001527590us-gaap:NoncontrollingInterestMember2018-12-310001527590us-gaap:AdditionalPaidInCapitalMember2018-12-310001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2018-12-310001527590us-gaap:OverAllotmentOptionMember2020-01-310001527590us-gaap:CommonStockMember2020-09-300001527590us-gaap:CommonStockMember2020-06-300001527590us-gaap:CommonStockMember2019-12-310001527590us-gaap:CommonStockMember2019-09-300001527590us-gaap:CommonStockMember2019-06-300001527590us-gaap:CommonStockMember2018-12-310001527590us-gaap:ResidentialMortgageMember2020-06-300001527590us-gaap:ResidentialMortgageMember2019-09-300001527590us-gaap:ResidentialMortgageMember2019-06-300001527590us-gaap:ResidentialMortgageMember2018-12-310001527590rc:SbaGuaranteedLoansMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-09-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-06-300001527590rc:SbaGuaranteedLoansMember2020-06-300001527590rc:SbaGuaranteedLoansMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-09-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-09-300001527590rc:SbaGuaranteedLoansMember2019-09-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-06-300001527590rc:SbaGuaranteedLoansMember2019-06-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2018-12-310001527590rc:SbaGuaranteedLoansMember2018-12-310001527590us-gaap:SecuredDebtMember2020-09-300001527590us-gaap:SecuredDebtMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:PurchasedFutureReceivablesMemberrc:CreditSuisseMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2019-12-310001527590us-gaap:LineOfCreditMemberus-gaap:ResidentialMortgageMemberrc:EastWestBankMember2019-12-310001527590us-gaap:LineOfCreditMemberus-gaap:RealEstateMemberrc:RabobankMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:SbaLoansMemberrc:EastWestBankMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:TbkBankMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:OriginBankMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:ComericaMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:AssociatedBankMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:FreddieMacLoansMemberrc:KeybankMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:AcquiredLoansSbaLoansMemberrc:JpMorganMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:AcquiredLoansNonUsdMemberrc:CreditSuisseMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:AcquiredLoansMemberrc:FcbBankMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:RbcBankMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:JpMorganMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:DeutscheBankMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:CitibankMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:BankOfAmericaMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberrc:TransitionalLoansMemberrc:JpMorganMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberrc:FixedRateTransitionalLoansMemberrc:DeutscheBankMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberrc:FixedRateTransitionalAcquiredLoansMemberrc:CitibankMember2019-12-310001527590rc:ExpenseReimbursementMember2020-01-012020-09-300001527590srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccountingStandardsUpdate201613Member2020-01-010001527590rc:ManagementFeeMembersrt:ManagementMember2020-07-012020-09-300001527590rc:ManagementFeeMembersrt:ManagementMember2020-01-012020-09-300001527590rc:ManagementFeeMembersrt:ManagementMember2019-07-012019-09-300001527590rc:ManagementFeeMembersrt:ManagementMember2019-01-012019-09-300001527590rc:SixPointTwoPercentSeniorNotesDue2026Memberus-gaap:OverAllotmentOptionMember2019-07-222019-07-220001527590rc:SixPointTwoPercentSeniorNotesDue2026Member2019-07-222019-07-220001527590us-gaap:OverAllotmentOptionMember2020-01-012020-01-3100015275902019-12-012019-12-310001527590us-gaap:ResidentialMortgageMemberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2020-09-300001527590us-gaap:ResidentialMortgageMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2020-09-300001527590us-gaap:ResidentialMortgageMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-09-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-09-300001527590us-gaap:ResidentialMortgageMemberus-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember2019-12-310001527590us-gaap:ResidentialMortgageMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2019-12-310001527590us-gaap:ResidentialMortgageMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-12-310001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-12-310001527590us-gaap:LineOfCreditMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2020-09-300001527590us-gaap:LineOfCreditMemberus-gaap:LoansMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:ResidentialMortgageServicingRightsMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:LoansHeldForSaleMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:LoansHeldAtFairValueMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:RetainedInterestMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:LoansMember2020-09-300001527590us-gaap:LineOfCreditMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2019-12-310001527590us-gaap:LineOfCreditMemberus-gaap:LoansMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:ResidentialMortgageServicingRightsMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:PurchasedFutureReceivablesMember2019-12-310001527590us-gaap:LineOfCreditMemberrc:LoansHeldForSaleMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:RetainedInterestMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:LoansMember2019-12-310001527590us-gaap:SecuredDebtMember2019-12-310001527590us-gaap:LineOfCreditMember2019-12-310001527590rc:BorrowingsUnderRepurchaseAgreementsMember2019-12-310001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-07-012020-09-300001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2020-01-012020-09-300001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-07-012019-09-300001527590us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2019-01-012019-09-300001527590us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateRiskMember2020-07-012020-09-300001527590us-gaap:DesignatedAsHedgingInstrumentMember2020-07-012020-09-300001527590us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateRiskMember2019-07-012019-09-300001527590us-gaap:DesignatedAsHedgingInstrumentMember2019-07-012019-09-300001527590us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateRiskMember2019-01-012019-09-300001527590us-gaap:DesignatedAsHedgingInstrumentMember2019-01-012019-09-300001527590rc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-09-300001527590rc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-04-300001527590rc:OriginatedTransitionalLoansMember2020-06-300001527590rc:OriginatedSbcLoansMember2020-06-300001527590rc:OriginatedSba7LoansMember2020-06-300001527590rc:OriginatedResidentialAgencyLoansMember2020-06-300001527590rc:AcquiredSba7LoansMember2020-06-300001527590rc:AcquiredLoansMember2020-06-3000015275902020-06-300001527590rc:OriginatedTransitionalLoansMember2019-09-300001527590rc:OriginatedSbcLoansMember2019-09-300001527590rc:OriginatedSba7LoansMember2019-09-300001527590rc:AcquiredSba7LoansMember2019-09-300001527590rc:AcquiredLoansMember2019-09-300001527590rc:OriginatedTransitionalLoansMember2019-06-300001527590rc:OriginatedSbcLoansMember2019-06-300001527590rc:OriginatedSba7LoansMember2019-06-300001527590rc:AcquiredSba7LoansMember2019-06-300001527590rc:AcquiredLoansMember2019-06-3000015275902019-06-300001527590rc:OriginatedTransitionalLoansMember2018-12-310001527590rc:OriginatedSbcLoansMember2018-12-310001527590rc:OriginatedSba7LoansMember2018-12-310001527590rc:AcquiredSba7LoansMember2018-12-310001527590rc:AcquiredLoansMember2018-12-310001527590us-gaap:LineOfCreditMemberrc:PurchasedFutureReceivablesMemberrc:CreditSuisseMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-09-300001527590us-gaap:LineOfCreditMemberus-gaap:ResidentialMortgageMemberrc:EastWestBankMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:SbaLoansMemberrc:EastWestBankMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:TbkBankMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:OriginBankMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:ComericaMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:AssociatedBankMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:FreddieMacLoansMemberrc:KeybankMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:AcquiredLoansSbaLoansMemberrc:JpMorganMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:AcquiredLoansNonUsdMemberrc:CreditSuisseMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:RbcBankMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:JpMorganMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:CitibankMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberrc:TransitionalLoansMemberrc:JpMorganMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberrc:FixedRateTransitionalLoansMemberrc:DeutscheBankMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberrc:FixedRateTransitionalAcquiredLoansMemberrc:CitibankMember2020-09-300001527590us-gaap:SecuredDebtMember2020-09-300001527590us-gaap:LineOfCreditMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMember2020-09-300001527590rc:SutherlandPartnersLpMember2020-01-012020-09-300001527590rc:SutherlandPartnersLpMember2019-01-012019-12-310001527590us-gaap:InterestExpenseMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-07-012020-09-300001527590us-gaap:InterestExpenseMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-01-012020-09-300001527590rc:OriginatedFreddieLoansMember2020-07-012020-09-300001527590rc:OriginatedFreddieLoansMember2020-01-012020-09-300001527590rc:OriginatedFreddieLoansMember2019-07-012019-09-300001527590rc:OriginatedFreddieLoansMember2019-01-012019-09-300001527590rc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-07-012020-09-300001527590rc:OriginatedTransitionalLoansMember2020-07-012020-09-300001527590rc:OriginatedSbcLoansMember2020-07-012020-09-300001527590rc:OriginatedSbcLoansAtFairValueMember2020-07-012020-09-300001527590rc:OriginatedResidentialAgencyLoansMember2020-07-012020-09-300001527590rc:AcquiredLoansMember2020-07-012020-09-300001527590rc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-01-012020-09-300001527590rc:OriginatedSbcLoansAtFairValueMember2020-01-012020-09-300001527590rc:OriginatedResidentialAgencyLoansMember2020-01-012020-09-300001527590rc:OriginatedSbcLoansAtFairValueMember2019-07-012019-09-300001527590rc:OriginatedResidentialAgencyLoansMember2019-07-012019-09-300001527590rc:OriginatedSbcLoansAtFairValueMember2019-01-012019-09-300001527590rc:OriginatedResidentialAgencyLoansMember2019-01-012019-09-300001527590us-gaap:InterestIncomeMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-07-012020-09-300001527590us-gaap:InterestIncomeMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-01-012020-09-300001527590rc:SbaLicenseMember2020-09-300001527590rc:SbaLicenseMember2019-12-310001527590rc:OtherUnconsolidatedJointVenturesMember2020-07-012020-09-300001527590rc:OtherUnconsolidatedJointVenturesMember2020-01-012020-09-300001527590rc:OtherUnconsolidatedJointVenturesMember2019-07-012019-09-300001527590rc:OtherUnconsolidatedJointVenturesMember2019-01-012019-09-300001527590rc:KnightCapitalLlcMemberus-gaap:TradeNamesMember2020-01-012020-09-300001527590rc:KnightCapitalLlcMemberus-gaap:SoftwareDevelopmentMember2020-01-012020-09-300001527590rc:KnightCapitalLlcMemberrc:BrokerNetworkMember2020-01-012020-09-300001527590rc:GmfsLlcMemberus-gaap:TradeNamesMember2020-01-012020-09-300001527590rc:FavorableLeaseMember2020-01-012020-09-300001527590rc:KnightCapitalLlcMemberus-gaap:TradeNamesMember2019-12-310001527590rc:KnightCapitalLlcMemberus-gaap:SoftwareDevelopmentMember2019-12-310001527590rc:KnightCapitalLlcMemberrc:BrokerNetworkMember2019-12-310001527590rc:GmfsLlcMemberus-gaap:TradeNamesMember2019-12-310001527590rc:FavorableLeaseMember2019-12-310001527590rc:KnightCapitalLlcMemberus-gaap:TradeNamesMember2020-09-300001527590rc:KnightCapitalLlcMemberus-gaap:SoftwareDevelopmentMember2020-09-300001527590rc:KnightCapitalLlcMemberrc:BrokerNetworkMember2020-09-300001527590rc:GmfsLlcMemberus-gaap:TradeNamesMember2020-09-300001527590rc:FavorableLeaseMember2020-09-300001527590rc:SbcLoanMember2019-01-012019-12-310001527590rc:SbaGuaranteedLoansMember2019-01-012019-12-310001527590us-gaap:AccountingStandardsUpdate201613Memberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2020-01-012020-01-010001527590us-gaap:AccountingStandardsUpdate201613Member2020-01-012020-01-010001527590us-gaap:InterestRateLockCommitmentsMember2020-07-012020-09-300001527590us-gaap:CreditDefaultSwapMember2020-07-012020-09-300001527590rc:InterestRateSwapResidentialMortgageBankingActivitiesMember2020-07-012020-09-300001527590us-gaap:InterestRateLockCommitmentsMember2020-01-012020-09-300001527590us-gaap:CreditDefaultSwapMember2020-01-012020-09-300001527590rc:InterestRateSwapResidentialMortgageBankingActivitiesMember2020-01-012020-09-300001527590us-gaap:InterestRateLockCommitmentsMember2019-07-012019-09-300001527590us-gaap:CreditDefaultSwapMember2019-07-012019-09-300001527590rc:InterestRateSwapResidentialMortgageBankingActivitiesMember2019-07-012019-09-300001527590us-gaap:InterestRateLockCommitmentsMember2019-01-012019-09-300001527590us-gaap:CreditDefaultSwapMember2019-01-012019-09-300001527590rc:InterestRateSwapResidentialMortgageBankingActivitiesMember2019-01-012019-09-300001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-09-300001527590us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2020-09-300001527590us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2020-09-300001527590rc:ResidentialMortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Member2020-09-300001527590us-gaap:MortgageBackedSecuritiesMember2020-09-300001527590us-gaap:LoansReceivableMember2020-09-300001527590us-gaap:DerivativeMember2020-09-300001527590rc:ResidentialMortgageServicingRightsMember2020-09-300001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-06-300001527590us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2020-06-300001527590us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2020-06-300001527590rc:ResidentialMortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Member2020-06-300001527590us-gaap:MortgageBackedSecuritiesMember2019-12-310001527590us-gaap:LoansReceivableMember2019-12-310001527590us-gaap:DerivativeMember2019-12-310001527590rc:ResidentialMortgageServicingRightsMember2019-12-310001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-09-300001527590us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2019-09-300001527590us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2019-09-300001527590rc:ResidentialMortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Member2019-09-300001527590us-gaap:MortgageBackedSecuritiesMember2019-09-300001527590us-gaap:LoansReceivableMember2019-09-300001527590us-gaap:DerivativeMember2019-09-300001527590rc:ResidentialMortgageServicingRightsMember2019-09-300001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-06-300001527590us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2019-06-300001527590us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2019-06-300001527590rc:ResidentialMortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Member2019-06-300001527590us-gaap:MortgageBackedSecuritiesMember2018-12-310001527590us-gaap:LoansReceivableMember2018-12-310001527590us-gaap:DerivativeMember2018-12-310001527590rc:ResidentialMortgageServicingRightsMember2018-12-310001527590us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2020-07-012020-09-300001527590us-gaap:DerivativeMember2020-01-012020-09-300001527590us-gaap:DerivativeMemberus-gaap:FairValueInputsLevel3Member2019-07-012019-09-300001527590us-gaap:DerivativeMember2019-01-012019-09-300001527590rc:WfllaLlcMemberrc:GirodHoldcoLlcMember2020-09-300001527590rc:WfllaLlcMember2020-09-300001527590rc:ManagementFeeMembersrt:ManagementMember2020-09-300001527590rc:IncentiveFeeMembersrt:ManagementMember2020-09-300001527590rc:ExpenseReimbursementMembersrt:ManagementMember2020-09-300001527590rc:ManagementFeeMembersrt:ManagementMember2019-09-300001527590rc:ExpenseReimbursementMembersrt:ManagementMember2019-09-300001527590us-gaap:RetainedEarningsMember2020-07-012020-09-300001527590us-gaap:RetainedEarningsMember2020-01-012020-09-300001527590us-gaap:RetainedEarningsMember2019-07-012019-09-300001527590us-gaap:RetainedEarningsMember2019-01-012019-09-300001527590us-gaap:InterestRateSwapMember2020-07-012020-09-300001527590us-gaap:ForeignExchangeForwardMember2020-07-012020-09-300001527590us-gaap:InterestRateSwapMember2020-01-012020-09-300001527590us-gaap:ForeignExchangeForwardMember2020-01-012020-09-300001527590us-gaap:InterestRateSwapMember2019-07-012019-09-300001527590us-gaap:InterestRateSwapMember2019-01-012019-09-300001527590us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:InterestRateRiskMember2020-09-300001527590us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-09-300001527590us-gaap:ForeignExchangeForwardMemberus-gaap:ForeignExchangeMember2020-09-300001527590us-gaap:CreditDefaultSwapMemberus-gaap:CreditRiskMember2020-09-300001527590us-gaap:ForeignExchangeForwardMember2020-09-300001527590us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:InterestRateRiskMember2019-12-310001527590us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001527590us-gaap:ForeignExchangeForwardMemberus-gaap:ForeignExchangeMember2019-12-310001527590us-gaap:CreditDefaultSwapMemberus-gaap:CreditRiskMember2019-12-310001527590us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateRiskMember2020-01-012020-09-300001527590us-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-09-300001527590us-gaap:InterestRateSwapMember2020-09-300001527590us-gaap:CreditDefaultSwapMember2020-09-300001527590rc:RestrictedCashMember2020-09-300001527590us-gaap:ForeignExchangeForwardMember2019-12-310001527590us-gaap:CreditDefaultSwapMember2019-12-310001527590rc:RestrictedCashMember2019-12-310001527590us-gaap:InterestRateSwapMember2019-12-310001527590rc:UsSmallBusinessAdministrationPaycheckProtectionProgramMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2020-09-300001527590srt:MaximumMemberus-gaap:LineOfCreditMember2020-01-012020-09-300001527590rc:SixPointTwoPercentSeniorNotesDue2026Memberus-gaap:DebtInstrumentRedemptionPeriodThreeMember2019-07-222019-07-220001527590rc:SixPointTwoPercentSeniorNotesDue2026Memberus-gaap:DebtInstrumentRedemptionPeriodFourMember2019-07-222019-07-220001527590us-gaap:DebtInstrumentRedemptionPeriodThreeMember2019-07-222019-07-220001527590rc:SixPointFivePercentSeniorNotesDue2021Memberus-gaap:DebtInstrumentRedemptionPeriodOneMember2018-04-292018-04-290001527590rc:SixPointFivePercentSeniorNotesDue2021Memberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2018-04-272018-04-270001527590rc:SixPointFivePercentSeniorNotesDue2021Memberus-gaap:DebtInstrumentRedemptionPeriodOneMember2018-04-272018-04-270001527590srt:WeightedAverageMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:CostApproachValuationTechniqueMember2020-09-300001527590srt:WeightedAverageMemberus-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2020-09-300001527590srt:MinimumMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:CostApproachValuationTechniqueMember2020-09-300001527590srt:MinimumMemberus-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2020-09-300001527590srt:MaximumMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:CostApproachValuationTechniqueMember2020-09-300001527590srt:MaximumMemberus-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2020-09-300001527590srt:WeightedAverageMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590srt:WeightedAverageMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:CostApproachValuationTechniqueMember2019-12-310001527590srt:WeightedAverageMemberus-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590srt:MinimumMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590srt:MinimumMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:CostApproachValuationTechniqueMember2019-12-310001527590srt:MinimumMemberus-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590srt:MaximumMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590srt:MaximumMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:CostApproachValuationTechniqueMember2019-12-310001527590srt:MaximumMemberus-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590srt:MinimumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:RbcBankMember2020-09-300001527590srt:MinimumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:JpMorganMember2020-09-300001527590srt:MinimumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:CitibankMember2020-09-300001527590srt:MinimumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:BankOfAmericaMember2020-09-300001527590srt:MaximumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:RbcBankMember2020-09-300001527590srt:MaximumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:JpMorganMember2020-09-300001527590srt:MaximumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:CitibankMember2020-09-300001527590srt:MaximumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:BankOfAmericaMember2020-09-300001527590us-gaap:LineOfCreditMemberus-gaap:RealEstateMemberrc:RabobankMember2020-09-300001527590us-gaap:LineOfCreditMemberus-gaap:RealEstateMemberrc:BankOfSierraMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:FederalReserveBankOfMinneapolisMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-09-300001527590us-gaap:LineOfCreditMemberrc:AcquiredLoansMemberrc:FcbBankMember2020-09-300001527590rc:BorrowingsUnderRepurchaseAgreementsMemberus-gaap:MortgageBackedSecuritiesMemberrc:DeutscheBankMember2020-09-300001527590rc:SixPointTwoPercentSeniorNotesDue2026Member2020-09-300001527590rc:SixPointFivePercentSeniorNotesDue2021Member2020-09-300001527590rc:SixPointTwoPercentSeniorNotesDue2026Member2019-12-310001527590rc:SixPointTwoPercentSeniorNotesDue2026Member2019-07-220001527590rc:SixPointFivePercentSeniorNotesDue2021Member2018-04-270001527590rc:ReadycapHoldingsLlcMemberrc:SeniorSecuredNotesMember2018-01-300001527590rc:ReadycapHoldingsLlcMemberrc:SeniorSecuredNotesMember2017-12-310001527590us-gaap:ConvertibleNotesPayableMember2017-08-092017-08-090001527590us-gaap:LineOfCreditMemberrc:PurchasedFutureReceivablesMemberrc:CreditSuisseMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590srt:MinimumMemberus-gaap:LineOfCreditMemberrc:SbaLoansMemberrc:EastWestBankMemberus-gaap:PrimeRateMember2020-01-012020-09-300001527590srt:MinimumMemberus-gaap:LineOfCreditMemberrc:AcquiredLoansSbaLoansMemberrc:JpMorganMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590srt:MinimumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberrc:TransitionalLoansMemberrc:JpMorganMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590srt:MinimumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberrc:FixedRateTransitionalLoansMemberrc:DeutscheBankMemberrc:LondonInterbankOfferedRateThreeMonthLiborMember2020-01-012020-09-300001527590srt:MinimumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberrc:FixedRateTransitionalAcquiredLoansMemberrc:CitibankMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590srt:MaximumMemberus-gaap:LineOfCreditMemberrc:SbaLoansMemberrc:EastWestBankMemberus-gaap:PrimeRateMember2020-01-012020-09-300001527590srt:MaximumMemberus-gaap:LineOfCreditMemberrc:AcquiredLoansSbaLoansMemberrc:JpMorganMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590srt:MaximumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberrc:TransitionalLoansMemberrc:JpMorganMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590srt:MaximumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberrc:FixedRateTransitionalLoansMemberrc:DeutscheBankMemberrc:LondonInterbankOfferedRateThreeMonthLiborMember2020-01-012020-09-300001527590srt:MaximumMemberrc:BorrowingsUnderRepurchaseAgreementsMemberrc:FixedRateTransitionalAcquiredLoansMemberrc:CitibankMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590us-gaap:LineOfCreditMemberus-gaap:ResidentialMortgageMemberrc:EastWestBankMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:ComericaMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590us-gaap:LineOfCreditMemberrc:ResidentialLoansMemberrc:AssociatedBankMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590us-gaap:LineOfCreditMemberrc:FreddieMacLoansMemberrc:KeybankMemberrc:LondonInterbankOfferedRateOneMonthLiborMember2020-01-012020-09-300001527590us-gaap:LineOfCreditMemberrc:AcquiredLoansNonUsdMemberrc:CreditSuisseMemberrc:EuriborRateMember2020-01-012020-09-300001527590us-gaap:ConvertibleNotesPayableMember2020-09-300001527590stpr:WAus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:TXus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:NYus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:NCus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:ILus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:GAus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:FLus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:COus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:CAus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590stpr:AZus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590srt:RetailSiteMemberrc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590srt:OtherPropertyMemberrc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590srt:OfficeBuildingMemberrc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590srt:MultifamilyMemberrc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590srt:IndustrialPropertyMemberrc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590srt:HotelMemberrc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590rc:SbaGuaranteedLoansMemberrc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590rc:OtherStateMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590rc:MixedUseMemberrc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590us-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001527590rc:CollateralConcentrationRiskMember2020-01-012020-09-300001527590stpr:WAus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:TXus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:NYus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:NCus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:ILus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:GAus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:FLus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:COus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:CAus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590stpr:AZus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590srt:RetailSiteMemberrc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590srt:OtherPropertyMemberrc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590srt:OfficeBuildingMemberrc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590srt:MultifamilyMemberrc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590srt:IndustrialPropertyMemberrc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590srt:HotelMemberrc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590rc:SbaGuaranteedLoansMemberrc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590rc:OtherStateMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590rc:MixedUseMemberrc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590us-gaap:GeographicConcentrationRiskMember2019-01-012019-12-310001527590rc:CollateralConcentrationRiskMember2019-01-012019-12-310001527590us-gaap:CommonStockMember2020-01-012020-09-3000015275902020-09-162020-09-1600015275902020-06-152020-06-1500015275902020-03-112020-03-1100015275902019-12-112019-12-1100015275902019-09-102019-09-1000015275902019-06-112019-06-1100015275902019-03-122019-03-1200015275902018-12-122018-12-1200015275902022-10-302022-10-3000015275902020-07-312020-07-3100015275902020-04-302020-04-3000015275902020-01-312020-01-3100015275902019-10-312019-10-3100015275902019-07-312019-07-3100015275902019-04-302019-04-3000015275902019-01-312019-01-3100015275902018-12-310001527590rc:KnightCapitalLlcMemberus-gaap:TradeNamesMember2019-10-250001527590rc:KnightCapitalLlcMemberus-gaap:LicensingAgreementsMember2019-10-250001527590rc:KnightCapitalLlcMemberus-gaap:ComputerSoftwareIntangibleAssetMember2019-10-250001527590rc:OwensRealtyMortgageInc.Member2019-07-012019-09-300001527590rc:OwensRealtyMortgageInc.Member2019-01-012019-09-300001527590rc:OwensRealtyMortgageInc.Member2019-03-292019-03-290001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CostApproachValuationTechniqueMember2020-09-300001527590us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMember2020-09-300001527590rc:ResidentialMortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:IncomeApproachValuationTechniqueMember2020-09-300001527590us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001527590srt:WeightedAverageMemberus-gaap:InterestOnlyStripMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CostApproachValuationTechniqueMember2019-12-310001527590us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMember2019-12-310001527590rc:ResidentialMortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:IncomeApproachValuationTechniqueMember2019-12-310001527590us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001527590rc:KnightCapitalLlcMemberus-gaap:TradeNamesMember2019-10-252019-10-250001527590rc:KnightCapitalLlcMemberus-gaap:LicensingAgreementsMember2019-10-252019-10-250001527590rc:KnightCapitalLlcMemberus-gaap:ComputerSoftwareIntangibleAssetMember2019-10-252019-10-250001527590rc:KnightCapitalLlcMember2019-10-252019-10-250001527590us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-01-012020-09-300001527590rc:WaterfallVictoriaMortgageTrustOneMember2020-09-300001527590rc:SutherlandCommercialMortgageLoansTwoMember2020-09-300001527590rc:SutherlandCommercialMortgageLoansThreeMember2020-09-300001527590rc:SutherlandCommercialMortgageLoansFourMember2020-09-300001527590rc:SutherlandCommercialMortgageLoansFiveMember2020-09-300001527590rc:ReadyCapLendingSmallBusinessTrustFourMember2020-09-300001527590rc:ReadycapCommercialMortgageTrustTwoMember2020-09-300001527590rc:ReadyCapCommercialMortgageTrustThreeMember2020-09-300001527590rc:ReadyCapCommercialMortgageTrustSixMember2020-09-300001527590rc:ReadycapCommercialMortgageTrustOneMember2020-09-300001527590rc:ReadyCapCommercialMortgageTrustFourMember2020-09-300001527590rc:ReadyCapCommercialMortgageTrustFiveMember2020-09-300001527590rc:ReadycapCapitalFinancingTwoMember2020-09-300001527590rc:ReadycapCapitalFinancingThreeMember2020-09-300001527590rc:ReadycapCapitalFinancingFourMember2020-09-300001527590rc:WaterfallVictoriaMortgageTrustOneMember2019-12-310001527590rc:SutherlandCommercialMortgageLoansTwoMember2019-12-310001527590rc:SutherlandCommercialMortgageLoansThreeMember2019-12-310001527590rc:SutherlandCommercialMortgageLoansFourMember2019-12-310001527590rc:ReadyCapLendingSmallBusinessTrustFourMember2019-12-310001527590rc:ReadycapCommercialMortgageTrustTwoMember2019-12-310001527590rc:ReadyCapCommercialMortgageTrustThreeMember2019-12-310001527590rc:ReadyCapCommercialMortgageTrustSixMember2019-12-310001527590rc:ReadycapCommercialMortgageTrustOneMember2019-12-310001527590rc:ReadyCapCommercialMortgageTrustFourMember2019-12-310001527590rc:ReadyCapCommercialMortgageTrustFiveMember2019-12-310001527590rc:ReadycapCapitalFinancingTwoMember2019-12-310001527590rc:ReadycapCapitalFinancingThreeMember2019-12-310001527590rc:RestrictedStockUnitsRsusAndRestrictedStockAwardsRsasMember2020-04-012020-06-300001527590rc:RestrictedStockUnitsRsusAndRestrictedStockAwardsRsasMember2020-09-300001527590rc:RestrictedStockUnitsRsusAndRestrictedStockAwardsRsasMember2020-06-300001527590rc:RestrictedStockUnitsRsusAndRestrictedStockAwardsRsasMember2020-03-310001527590rc:RestrictedStockUnitsRsusAndRestrictedStockAwardsRsasMember2019-12-310001527590rc:RestrictedStockUnitsRsusAndRestrictedStockAwardsRsasMember2020-01-012020-03-310001527590rc:RestrictedStockUnitsRsusAndRestrictedStockAwardsRsasMember2020-07-012020-09-300001527590rc:WfllaLlcMember2020-07-012020-09-300001527590rc:GirodHoldcoLlcMember2020-07-012020-09-300001527590rc:WfllaLlcMember2020-01-012020-09-300001527590rc:GirodHoldcoLlcMember2020-01-012020-09-300001527590rc:WfllaLlcMember2019-07-012019-09-300001527590rc:GirodHoldcoLlcMember2019-07-012019-09-300001527590rc:WfllaLlcMember2019-01-012019-09-300001527590rc:GirodHoldcoLlcMember2019-01-012019-09-300001527590srt:WeightedAverageMemberus-gaap:ResidentialMortgageMember2020-01-012020-09-300001527590srt:MinimumMemberus-gaap:ResidentialMortgageMember2020-01-012020-09-300001527590srt:MaximumMemberus-gaap:ResidentialMortgageMember2020-01-012020-09-300001527590srt:WeightedAverageMemberus-gaap:ResidentialMortgageMember2019-01-012019-12-310001527590srt:MinimumMemberus-gaap:ResidentialMortgageMember2019-01-012019-12-310001527590srt:MaximumMemberus-gaap:ResidentialMortgageMember2019-01-012019-12-310001527590srt:WeightedAverageMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-01-012020-09-300001527590srt:WeightedAverageMemberrc:SbaGuaranteedLoansMember2020-01-012020-09-300001527590srt:MinimumMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-01-012020-09-300001527590srt:MinimumMemberrc:SbaGuaranteedLoansMember2020-01-012020-09-300001527590srt:MaximumMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-01-012020-09-300001527590srt:MaximumMemberrc:SbaGuaranteedLoansMember2020-01-012020-09-300001527590srt:WeightedAverageMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-01-012019-12-310001527590srt:WeightedAverageMemberrc:SbaGuaranteedLoansMember2019-01-012019-12-310001527590srt:MinimumMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-01-012019-12-310001527590srt:MinimumMemberrc:SbaGuaranteedLoansMember2019-01-012019-12-310001527590srt:MaximumMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-01-012019-12-310001527590srt:MaximumMemberrc:SbaGuaranteedLoansMember2019-01-012019-12-310001527590us-gaap:ResidentialMortgageMember2020-07-012020-09-300001527590us-gaap:ResidentialMortgageMember2019-07-012019-09-300001527590us-gaap:ResidentialMortgageMember2019-01-012019-09-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-07-012020-09-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-01-012020-09-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-07-012019-09-300001527590us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-01-012019-09-300001527590us-gaap:ResidentialMortgageMember2020-09-300001527590us-gaap:ResidentialMortgageMember2019-12-310001527590us-gaap:ResidentialMortgageMember2019-01-012019-12-310001527590rc:SeniorUnsecuredNotesMember2020-09-300001527590rc:SeniorSecuredNotesMember2020-09-300001527590rc:SbaGuaranteedLoansMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-01-012020-09-300001527590us-gaap:ResidentialMortgageMember2020-01-012020-09-300001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-01-012020-09-300001527590rc:OwensRealtyMortgageInc.Member2020-01-012020-09-300001527590rc:KnightCapitalLlcMember2020-01-012020-09-300001527590rc:ExpenseReimbursementMembersrt:ManagementMember2020-07-012020-09-300001527590rc:ExpenseReimbursementMembersrt:ManagementMember2020-01-012020-09-300001527590rc:ExpenseReimbursementMembersrt:ManagementMember2019-07-012019-09-300001527590rc:ExpenseReimbursementMembersrt:ManagementMember2019-01-012019-09-300001527590rc:ManagementFeeMember2020-01-012020-09-300001527590srt:MinimumMemberrc:ManagementAgreementMember2020-01-012020-09-300001527590rc:IncentiveFeeMembersrt:ManagementMember2020-07-012020-09-300001527590rc:IncentiveFeeMembersrt:ManagementMember2020-01-012020-09-300001527590rc:IncentiveFeeMember2020-01-012020-09-300001527590rc:ManagementAgreementMember2020-01-012020-09-300001527590us-gaap:CorporateNonSegmentMember2020-07-012020-09-300001527590us-gaap:CorporateNonSegmentMember2020-01-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:LoanAcquisitionsMember2019-07-012019-09-300001527590us-gaap:CorporateNonSegmentMember2019-07-012019-09-300001527590us-gaap:OperatingSegmentsMemberrc:LoanAcquisitionsMember2019-01-012019-09-300001527590us-gaap:CorporateNonSegmentMember2019-01-012019-09-300001527590srt:MinimumMember2020-01-012020-09-300001527590srt:MaximumMember2020-01-012020-09-300001527590rc:OwensRealtyMortgageInc.Member2018-11-072018-11-070001527590rc:UsSmallBusinessAdministrationPaycheckProtectionProgramMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2020-06-300001527590rc:SbaGuaranteedLoansMember2020-09-300001527590rc:SbaGuaranteedLoansMember2019-12-310001527590rc:UsSmallBusinessAdministrationPaycheckProtectionProgramMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2020-04-012020-06-300001527590rc:SutherlandPartnersLpMemberus-gaap:NoncontrollingInterestMember2020-01-012020-09-300001527590rc:SutherlandPartnersLpMemberus-gaap:NoncontrollingInterestMember2019-01-012019-12-310001527590us-gaap:CommercialMortgageBackedSecuritiesMember2020-01-012020-09-300001527590rc:TaxLiensMortgageBackedSecuritiesMember2020-01-012020-09-300001527590rc:FreddieMacLoansMember2020-01-012020-09-300001527590us-gaap:CommercialMortgageBackedSecuritiesMember2019-01-012019-12-310001527590rc:TaxLiensMortgageBackedSecuritiesMember2019-01-012019-12-310001527590rc:FreddieMacLoansMember2019-01-012019-12-310001527590us-gaap:CommercialMortgageBackedSecuritiesMember2020-09-300001527590rc:TaxLiensMortgageBackedSecuritiesMember2020-09-300001527590rc:FreddieMacLoansMember2020-09-300001527590us-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001527590rc:TaxLiensMortgageBackedSecuritiesMember2019-12-310001527590rc:FreddieMacLoansMember2019-12-310001527590us-gaap:MortgageBackedSecuritiesMember2020-01-012020-09-300001527590us-gaap:MortgageBackedSecuritiesMember2019-01-012019-12-310001527590us-gaap:MortgageBackedSecuritiesMember2020-09-300001527590us-gaap:MortgageBackedSecuritiesMember2019-12-310001527590us-gaap:CommitmentsToExtendCreditMember2020-09-300001527590us-gaap:CommitmentsToExtendCreditMember2019-12-310001527590us-gaap:GuaranteedInvestmentContractMember2020-09-300001527590us-gaap:GuaranteedInvestmentContractMember2019-12-310001527590rc:OriginatedFreddieLoansMember2020-09-300001527590rc:OriginatedFreddieLoansMember2019-12-310001527590us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001527590us-gaap:FairValueMeasurementsRecurringMember2020-09-300001527590us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001527590us-gaap:FairValueMeasurementsRecurringMember2019-12-310001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:OriginatedTransitionalLoansMember2020-09-300001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:OriginatedSbcLoansMember2020-09-300001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:OriginatedSba7LoansMember2020-09-300001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:AcquiredSba7LoansMember2020-09-300001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:AcquiredLoansMember2020-09-300001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:OriginatedTransitionalLoansMember2019-12-310001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:OriginatedSbcLoansMember2019-12-310001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:OriginatedSba7LoansMember2019-12-310001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:AcquiredSba7LoansMember2019-12-310001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrc:AcquiredLoansMember2019-12-310001527590us-gaap:FinancingReceivables30To59DaysPastDueMember2020-01-012020-09-300001527590us-gaap:FinancingReceivables1To29DaysPastDueMember2020-01-012020-09-300001527590rc:LtvGreaterThan100.0PercentMember2020-01-012020-09-300001527590rc:Ltv80.1To100.0PercentMember2020-01-012020-09-300001527590rc:Ltv60.1To80.0PercentMember2020-01-012020-09-300001527590rc:Ltv40.1To60.0PercentMember2020-01-012020-09-300001527590rc:Ltv20.1To40.0PercentMember2020-01-012020-09-300001527590rc:Ltv0.0To20.0PercentMember2020-01-012020-09-300001527590rc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2020-01-012020-09-300001527590us-gaap:FinancingReceivables30To59DaysPastDueMember2019-01-012019-12-310001527590us-gaap:FinancingReceivables1To29DaysPastDueMember2019-01-012019-12-310001527590rc:LtvGreaterThan100.0PercentMember2019-01-012019-12-310001527590rc:Ltv80.1To100.0PercentMember2019-01-012019-12-310001527590rc:Ltv60.1To80.0PercentMember2019-01-012019-12-310001527590rc:Ltv40.1To60.0PercentMember2019-01-012019-12-310001527590rc:Ltv20.1To40.0PercentMember2019-01-012019-12-310001527590rc:Ltv0.0To20.0PercentMember2019-01-012019-12-310001527590rc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2019-01-012019-12-310001527590srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2020-09-300001527590srt:ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember2019-12-310001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ReportableLegalEntitiesMember2020-09-300001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-09-300001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:ReportableLegalEntitiesMember2019-12-310001527590us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberrc:LtvGreaterThan100.0PercentMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberrc:Ltv80.1To100.0PercentMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberrc:Ltv60.1To80.0PercentMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberrc:Ltv40.1To60.0PercentMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberrc:Ltv20.1To40.0PercentMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberrc:Ltv0.0To20.0PercentMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2020-09-300001527590rc:OriginatedSbcLoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:OriginatedSbcLoansMemberrc:LtvGreaterThan100.0PercentMember2020-09-300001527590rc:OriginatedSbcLoansMemberrc:Ltv80.1To100.0PercentMember2020-09-300001527590rc:OriginatedSbcLoansMemberrc:Ltv60.1To80.0PercentMember2020-09-300001527590rc:OriginatedSbcLoansMemberrc:Ltv40.1To60.0PercentMember2020-09-300001527590rc:OriginatedSbcLoansMemberrc:Ltv20.1To40.0PercentMember2020-09-300001527590rc:OriginatedSbcLoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2020-09-300001527590rc:OriginatedSbcLoansAtFairValueMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:OriginatedSbcLoansAtFairValueMemberrc:Ltv60.1To80.0PercentMember2020-09-300001527590rc:OriginatedSbcLoansAtFairValueMemberrc:Ltv20.1To40.0PercentMember2020-09-300001527590rc:OriginatedSba7LoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:OriginatedSba7LoansMemberrc:LtvGreaterThan100.0PercentMember2020-09-300001527590rc:OriginatedSba7LoansMemberrc:Ltv80.1To100.0PercentMember2020-09-300001527590rc:OriginatedSba7LoansMemberrc:Ltv60.1To80.0PercentMember2020-09-300001527590rc:OriginatedSba7LoansMemberrc:Ltv40.1To60.0PercentMember2020-09-300001527590rc:OriginatedSba7LoansMemberrc:Ltv20.1To40.0PercentMember2020-09-300001527590rc:OriginatedSba7LoansMemberrc:Ltv0.0To20.0PercentMember2020-09-300001527590rc:OriginatedSba7LoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2020-09-300001527590rc:OriginatedResidentialAgencyLoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:OriginatedResidentialAgencyLoansMemberrc:LtvGreaterThan100.0PercentMember2020-09-300001527590rc:OriginatedResidentialAgencyLoansMemberrc:Ltv80.1To100.0PercentMember2020-09-300001527590rc:OriginatedResidentialAgencyLoansMemberrc:Ltv60.1To80.0PercentMember2020-09-300001527590rc:OriginatedResidentialAgencyLoansMemberrc:Ltv40.1To60.0PercentMember2020-09-300001527590rc:OriginatedResidentialAgencyLoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2020-09-300001527590rc:OriginatedPppLoansAtFairValueMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:OriginatedPppLoansAtFairValueMemberrc:LtvGreaterThan100.0PercentMember2020-09-300001527590rc:AcquiredSba7LoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001527590rc:AcquiredSba7LoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:AcquiredSba7LoansMemberrc:LtvGreaterThan100.0PercentMember2020-09-300001527590rc:AcquiredSba7LoansMemberrc:Ltv80.1To100.0PercentMember2020-09-300001527590rc:AcquiredSba7LoansMemberrc:Ltv60.1To80.0PercentMember2020-09-300001527590rc:AcquiredSba7LoansMemberrc:Ltv40.1To60.0PercentMember2020-09-300001527590rc:AcquiredSba7LoansMemberrc:Ltv20.1To40.0PercentMember2020-09-300001527590rc:AcquiredSba7LoansMemberrc:Ltv0.0To20.0PercentMember2020-09-300001527590rc:AcquiredSba7LoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2020-09-300001527590rc:AcquiredLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001527590rc:AcquiredLoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:AcquiredLoansMemberrc:LtvGreaterThan100.0PercentMember2020-09-300001527590rc:AcquiredLoansMemberrc:Ltv80.1To100.0PercentMember2020-09-300001527590rc:AcquiredLoansMemberrc:Ltv60.1To80.0PercentMember2020-09-300001527590rc:AcquiredLoansMemberrc:Ltv40.1To60.0PercentMember2020-09-300001527590rc:AcquiredLoansMemberrc:Ltv20.1To40.0PercentMember2020-09-300001527590rc:AcquiredLoansMemberrc:Ltv0.0To20.0PercentMember2020-09-300001527590rc:AcquiredLoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2020-09-300001527590us-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001527590us-gaap:FinancingReceivables1To29DaysPastDueMember2020-09-300001527590rc:LtvGreaterThan100.0PercentMember2020-09-300001527590rc:Ltv80.1To100.0PercentMember2020-09-300001527590rc:Ltv60.1To80.0PercentMember2020-09-300001527590rc:Ltv40.1To60.0PercentMember2020-09-300001527590rc:Ltv20.1To40.0PercentMember2020-09-300001527590rc:Ltv0.0To20.0PercentMember2020-09-300001527590rc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2020-09-300001527590rc:OriginatedTransitionalLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberrc:LtvGreaterThan100.0PercentMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberrc:Ltv80.1To100.0PercentMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberrc:Ltv60.1To80.0PercentMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberrc:Ltv40.1To60.0PercentMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberrc:Ltv20.1To40.0PercentMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberrc:Ltv0.0To20.0PercentMember2019-12-310001527590rc:OriginatedTransitionalLoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2019-12-310001527590rc:OriginatedSbcLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001527590rc:OriginatedSbcLoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2019-12-310001527590rc:OriginatedSbcLoansMemberrc:LtvGreaterThan100.0PercentMember2019-12-310001527590rc:OriginatedSbcLoansMemberrc:Ltv80.1To100.0PercentMember2019-12-310001527590rc:OriginatedSbcLoansMemberrc:Ltv60.1To80.0PercentMember2019-12-310001527590rc:OriginatedSbcLoansMemberrc:Ltv40.1To60.0PercentMember2019-12-310001527590rc:OriginatedSbcLoansMemberrc:Ltv20.1To40.0PercentMember2019-12-310001527590rc:OriginatedSbcLoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2019-12-310001527590rc:OriginatedSbcLoansAtFairValueMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2019-12-310001527590rc:OriginatedSbcLoansAtFairValueMemberrc:Ltv80.1To100.0PercentMember2019-12-310001527590rc:OriginatedSbcLoansAtFairValueMemberrc:Ltv60.1To80.0PercentMember2019-12-310001527590rc:OriginatedSbcLoansAtFairValueMemberrc:Ltv20.1To40.0PercentMember2019-12-310001527590rc:OriginatedSba7LoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001527590rc:OriginatedSba7LoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2019-12-310001527590rc:OriginatedSba7LoansMemberrc:LtvGreaterThan100.0PercentMember2019-12-310001527590rc:OriginatedSba7LoansMemberrc:Ltv80.1To100.0PercentMember2019-12-310001527590rc:OriginatedSba7LoansMemberrc:Ltv60.1To80.0PercentMember2019-12-310001527590rc:OriginatedSba7LoansMemberrc:Ltv40.1To60.0PercentMember2019-12-310001527590rc:OriginatedSba7LoansMemberrc:Ltv20.1To40.0PercentMember2019-12-310001527590rc:OriginatedSba7LoansMemberrc:Ltv0.0To20.0PercentMember2019-12-310001527590rc:OriginatedSba7LoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2019-12-310001527590rc:OriginatedResidentialAgencyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001527590rc:OriginatedResidentialAgencyLoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2019-12-310001527590rc:OriginatedResidentialAgencyLoansMemberrc:LtvGreaterThan100.0PercentMember2019-12-310001527590rc:OriginatedResidentialAgencyLoansMemberrc:Ltv80.1To100.0PercentMember2019-12-310001527590rc:OriginatedResidentialAgencyLoansMemberrc:Ltv60.1To80.0PercentMember2019-12-310001527590rc:OriginatedResidentialAgencyLoansMemberrc:Ltv20.1To40.0PercentMember2019-12-310001527590rc:OriginatedResidentialAgencyLoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2019-12-310001527590rc:AcquiredSba7LoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001527590rc:AcquiredSba7LoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2019-12-310001527590rc:AcquiredSba7LoansMemberrc:LtvGreaterThan100.0PercentMember2019-12-310001527590rc:AcquiredSba7LoansMemberrc:Ltv80.1To100.0PercentMember2019-12-310001527590rc:AcquiredSba7LoansMemberrc:Ltv60.1To80.0PercentMember2019-12-310001527590rc:AcquiredSba7LoansMemberrc:Ltv40.1To60.0PercentMember2019-12-310001527590rc:AcquiredSba7LoansMemberrc:Ltv20.1To40.0PercentMember2019-12-310001527590rc:AcquiredSba7LoansMemberrc:Ltv0.0To20.0PercentMember2019-12-310001527590rc:AcquiredSba7LoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2019-12-310001527590rc:AcquiredLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001527590rc:AcquiredLoansMemberus-gaap:FinancingReceivables1To29DaysPastDueMember2019-12-310001527590rc:AcquiredLoansMemberrc:LtvGreaterThan100.0PercentMember2019-12-310001527590rc:AcquiredLoansMemberrc:Ltv80.1To100.0PercentMember2019-12-310001527590rc:AcquiredLoansMemberrc:Ltv60.1To80.0PercentMember2019-12-310001527590rc:AcquiredLoansMemberrc:Ltv40.1To60.0PercentMember2019-12-310001527590rc:AcquiredLoansMemberrc:Ltv20.1To40.0PercentMember2019-12-310001527590rc:AcquiredLoansMemberrc:Ltv0.0To20.0PercentMember2019-12-310001527590rc:AcquiredLoansMemberrc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2019-12-310001527590us-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001527590us-gaap:FinancingReceivables1To29DaysPastDueMember2019-12-310001527590rc:LtvGreaterThan100.0PercentMember2019-12-310001527590rc:Ltv80.1To100.0PercentMember2019-12-310001527590rc:Ltv60.1To80.0PercentMember2019-12-310001527590rc:Ltv40.1To60.0PercentMember2019-12-310001527590rc:Ltv20.1To40.0PercentMember2019-12-310001527590rc:Ltv0.0To20.0PercentMember2019-12-310001527590rc:FinancingReceivablesEqualToGreaterThan60DaysPastDueMember2019-12-310001527590rc:OriginatedTransitionalLoansMember2020-09-300001527590rc:OriginatedSbcLoansMember2020-09-300001527590rc:OriginatedSbcLoansAtFairValueMember2020-09-300001527590rc:OriginatedSba7LoansMember2020-09-300001527590rc:OriginatedPppLoansAtFairValueMember2020-09-300001527590rc:AcquiredSba7LoansMember2020-09-300001527590rc:AcquiredLoansMember2020-09-300001527590rc:OriginatedTransitionalLoansMember2019-12-310001527590rc:OriginatedSbcLoansMember2019-12-310001527590rc:OriginatedSbcLoansAtFairValueMember2019-12-310001527590rc:OriginatedSba7LoansMember2019-12-310001527590rc:AcquiredSba7LoansMember2019-12-310001527590rc:AcquiredLoansMember2019-12-310001527590us-gaap:OtherIncomeMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-07-012020-09-300001527590rc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-04-012020-04-300001527590us-gaap:OtherIncomeMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-01-012020-09-300001527590rc:OtherOperatingExpensesMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-07-012020-09-300001527590rc:OtherOperatingExpensesMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-01-012020-09-300001527590us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2020-04-282020-04-280001527590us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-09-300001527590us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310001527590us-gaap:GuaranteedInvestmentContractMembersrt:WeightedAverageMember2020-01-012020-09-300001527590us-gaap:GuaranteedInvestmentContractMembersrt:MinimumMember2020-01-012020-09-300001527590us-gaap:GuaranteedInvestmentContractMembersrt:MaximumMember2020-01-012020-09-300001527590us-gaap:GuaranteedInvestmentContractMembersrt:WeightedAverageMember2019-01-012019-12-310001527590us-gaap:GuaranteedInvestmentContractMembersrt:MinimumMember2019-01-012019-12-310001527590us-gaap:GuaranteedInvestmentContractMembersrt:MaximumMember2019-01-012019-12-310001527590rc:SbcLoanMember2020-09-300001527590rc:SbaGuaranteedLoansMember2020-09-300001527590rc:SbcLoanMember2019-12-310001527590rc:SbaGuaranteedLoansMember2019-12-310001527590rc:SbaGuaranteedLoansMemberus-gaap:ExtendedMaturityMember2020-07-012020-09-300001527590rc:SbaGuaranteedLoansMemberrc:ForeclosureMember2020-07-012020-09-300001527590us-gaap:ExtendedMaturityMember2020-07-012020-09-300001527590rc:SbaGuaranteedLoansMember2020-07-012020-09-300001527590rc:ForeclosureMember2020-07-012020-09-300001527590rc:SbcLoanMemberrc:ForeclosureMember2020-01-012020-09-300001527590rc:SbaGuaranteedLoansMemberus-gaap:ExtendedMaturityMember2020-01-012020-09-300001527590rc:SbaGuaranteedLoansMemberrc:ForeclosureMember2020-01-012020-09-300001527590us-gaap:ExtendedMaturityMember2020-01-012020-09-300001527590rc:SbcLoanMember2020-01-012020-09-300001527590rc:SbaGuaranteedLoansMember2020-01-012020-09-300001527590rc:ForeclosureMember2020-01-012020-09-300001527590rc:SbcLoanMemberrc:ForeclosureMember2019-07-012019-09-300001527590rc:SbaGuaranteedLoansMemberus-gaap:ExtendedMaturityMember2019-07-012019-09-300001527590rc:SbaGuaranteedLoansMemberrc:ForeclosureMember2019-07-012019-09-300001527590us-gaap:ExtendedMaturityMember2019-07-012019-09-300001527590rc:SbcLoanMember2019-07-012019-09-300001527590rc:SbaGuaranteedLoansMember2019-07-012019-09-300001527590rc:ForeclosureMember2019-07-012019-09-300001527590rc:SbcLoanMemberrc:ForeclosureMember2019-01-012019-09-300001527590rc:SbaGuaranteedLoansMemberus-gaap:ExtendedMaturityMember2019-01-012019-09-300001527590rc:SbaGuaranteedLoansMemberrc:ForeclosureMember2019-01-012019-09-300001527590us-gaap:ExtendedMaturityMember2019-01-012019-09-300001527590rc:SbcLoanMember2019-01-012019-09-300001527590rc:SbaGuaranteedLoansMember2019-01-012019-09-300001527590rc:ForeclosureMember2019-01-012019-09-300001527590rc:ServicingIncomeMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-07-012020-09-300001527590rc:ServicingIncomeMemberrc:UsSmallBusinessAdministrationPaycheckProtectionProgramMember2020-01-012020-09-300001527590rc:ResidentialMortgageServicingRightsMember2020-01-012020-09-300001527590us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2019-07-012019-09-300001527590us-gaap:LoansReceivableMember2019-01-012019-09-300001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-07-012019-09-300001527590us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-07-012020-09-300001527590us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2020-07-012020-09-300001527590rc:ResidentialMortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Member2020-07-012020-09-300001527590us-gaap:MortgageBackedSecuritiesMember2020-01-012020-09-300001527590us-gaap:LoansReceivableMember2020-01-012020-09-300001527590rc:ResidentialMortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Member2019-07-012019-09-300001527590us-gaap:MortgageBackedSecuritiesMember2019-01-012019-09-300001527590rc:ResidentialMortgageServicingRightsMember2019-01-012019-09-300001527590us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-09-300001527590us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001527590us-gaap:InterestRateLockCommitmentsMemberus-gaap:InterestRateRiskMember2020-09-300001527590us-gaap:InterestRateLockCommitmentsMemberus-gaap:InterestRateRiskMember2019-12-310001527590srt:MaximumMemberus-gaap:ConvertibleNotesPayableMember2020-01-012020-09-300001527590srt:MinimumMemberus-gaap:ConvertibleNotesPayableMember2020-01-012020-09-300001527590us-gaap:ParentMember2020-07-012020-09-300001527590us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001527590us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001527590us-gaap:ParentMember2020-01-012020-09-300001527590us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001527590us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001527590us-gaap:ParentMember2019-07-012019-09-300001527590us-gaap:NoncontrollingInterestMember2019-07-012019-09-300001527590us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001527590us-gaap:ParentMember2019-01-012019-09-300001527590us-gaap:NoncontrollingInterestMember2019-01-012019-09-300001527590us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300001527590us-gaap:ConvertibleNotesPayableMember2020-01-012020-09-300001527590us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-09-300001527590us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-09-300001527590us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001527590us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001527590us-gaap:ConvertibleNotesPayableMember2017-08-090001527590rc:VeterinaryServicesMember2020-01-012020-09-300001527590rc:PhysicianOfficesMember2020-01-012020-09-300001527590rc:OtherBusinessesMember2020-01-012020-09-300001527590rc:LodgingMember2020-01-012020-09-300001527590rc:GroceryStoreMember2020-01-012020-09-300001527590rc:GasolineServiceStationsMember2020-01-012020-09-300001527590rc:FuneralServiceAndCrematoriesMember2020-01-012020-09-300001527590rc:DiningMember2020-01-012020-09-300001527590rc:ChildDayCareServicesMember2020-01-012020-09-300001527590rc:AutoBusinessesMember2020-01-012020-09-300001527590rc:VeterinaryServicesMember2019-01-012019-12-310001527590rc:PhysicianOfficesMember2019-01-012019-12-310001527590rc:OtherBusinessesMember2019-01-012019-12-310001527590rc:LodgingMember2019-01-012019-12-310001527590rc:GroceryStoreMember2019-01-012019-12-310001527590rc:GasolineServiceStationsMember2019-01-012019-12-310001527590rc:FuneralServiceAndCrematoriesMember2019-01-012019-12-310001527590rc:DiningMember2019-01-012019-12-310001527590rc:ChildDayCareServicesMember2019-01-012019-12-310001527590rc:AutoBusinessesMember2019-01-012019-12-3100015275902019-01-012019-12-310001527590srt:MaximumMember2020-04-302020-04-300001527590rc:OriginatedResidentialAgencyLoansMember2020-09-300001527590rc:OriginatedResidentialAgencyLoansMember2019-12-310001527590us-gaap:LandMember2020-09-300001527590srt:RetailSiteMember2020-09-300001527590srt:HotelMember2020-09-300001527590rc:MixedUseMember2020-09-300001527590us-gaap:LandMember2019-12-310001527590srt:RetailSiteMember2019-12-310001527590srt:OfficeBuildingMember2019-12-310001527590srt:HotelMember2019-12-310001527590rc:MixedUseMember2019-12-3100015275902019-12-310001527590rc:KnightCapitalLlcMember2019-10-250001527590rc:ExistingAcquirerShareholdersMember2019-03-290001527590rc:ExistingAcquireeShareholdersMember2019-03-290001527590rc:KnightCapitalLlcMember2019-07-012019-09-300001527590rc:KnightCapitalLlcMember2019-01-012019-09-300001527590rc:OwensRealtyMortgageInc.Member2019-01-012019-03-310001527590rc:OwensRealtyMortgageInc.Member2019-03-290001527590us-gaap:OperatingSegmentsMemberrc:SbcConventionalOriginationsMember2020-07-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbaLoanOriginationAcquisitionAndServicingMember2020-07-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:ResidentialMortgageBankingMember2020-07-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:LoanAcquisitionsMember2020-07-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbcConventionalOriginationsMember2020-01-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbaLoanOriginationAcquisitionAndServicingMember2020-01-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:ResidentialMortgageBankingMember2020-01-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:LoanAcquisitionsMember2020-01-012020-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbcConventionalOriginationsMember2019-07-012019-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbaLoanOriginationAcquisitionAndServicingMember2019-07-012019-09-300001527590us-gaap:OperatingSegmentsMemberrc:ResidentialMortgageBankingMember2019-07-012019-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbcConventionalOriginationsMember2019-01-012019-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbaLoanOriginationAcquisitionAndServicingMember2019-01-012019-09-300001527590us-gaap:OperatingSegmentsMemberrc:ResidentialMortgageBankingMember2019-01-012019-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbcConventionalOriginationsMember2020-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbaLoanOriginationAcquisitionAndServicingMember2020-09-300001527590us-gaap:OperatingSegmentsMemberrc:ResidentialMortgageBankingMember2020-09-300001527590us-gaap:OperatingSegmentsMemberrc:LoanAcquisitionsMember2020-09-300001527590us-gaap:CorporateNonSegmentMember2020-09-3000015275902020-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbcConventionalOriginationsMember2019-09-300001527590us-gaap:OperatingSegmentsMemberrc:SbaLoanOriginationAcquisitionAndServicingMember2019-09-300001527590us-gaap:OperatingSegmentsMemberrc:ResidentialMortgageBankingMember2019-09-300001527590us-gaap:OperatingSegmentsMemberrc:LoanAcquisitionsMember2019-09-300001527590us-gaap:CorporateNonSegmentMember2019-09-3000015275902019-09-300001527590rc:OriginatedSba7LoansMember2020-07-012020-09-300001527590rc:AcquiredSba7LoansMember2020-07-012020-09-300001527590rc:OriginatedTransitionalLoansMember2019-07-012019-09-300001527590rc:OriginatedSbcLoansMember2019-07-012019-09-300001527590rc:OriginatedSba7LoansMember2019-07-012019-09-300001527590rc:AcquiredSba7LoansMember2019-07-012019-09-300001527590rc:AcquiredLoansMember2019-07-012019-09-300001527590rc:OriginatedTransitionalLoansMember2019-01-012019-09-300001527590rc:OriginatedSbcLoansMember2019-01-012019-09-300001527590rc:OriginatedSba7LoansMember2019-01-012019-09-300001527590rc:AcquiredSba7LoansMember2019-01-012019-09-300001527590rc:AcquiredLoansMember2019-01-012019-09-300001527590rc:OriginatedTransitionalLoansMember2020-01-012020-09-300001527590rc:OriginatedSbcLoansMember2020-01-012020-09-300001527590rc:OriginatedSba7LoansMember2020-01-012020-09-300001527590rc:AcquiredSba7LoansMember2020-01-012020-09-300001527590rc:AcquiredLoansMember2020-01-012020-09-3000015275902020-07-012020-09-3000015275902019-07-012019-09-3000015275902019-01-012019-09-300001527590us-gaap:ConvertibleNotesPayableMember2020-01-012020-09-300001527590us-gaap:CommonStockMember2020-01-012020-09-300001527590rc:SixPointTwoPercentSeniorNotesDue2026Member2020-01-012020-09-300001527590rc:SixPointFivePercentSeniorNotesDue2021Member2020-01-012020-09-3000015275902020-10-3000015275902020-01-012020-09-30rc:segmentxbrli:sharesiso4217:USDxbrli:purerc:itemrc:classrc:Lenderiso4217:USDxbrli:sharesrc:loaniso4217:EUR

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 September 30, 2020

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.)

1251 Avenue of the Americas, 50th Floor, New York, NY 10020

(Address of Principal Executive Offices, Including Zip Code)

(212) 257-4600

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

7.00% Convertible Senior Notes due 2023

6.50% Senior Notes due 2021

6.20% Senior Notes due 2026

RC

RCA

RCP

RCB

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No 

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:

The Company has 54,466,581 shares of common stock, par value $0.0001 per share, outstanding as of October 30, 2020.

Table of Contents

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION

3

Item 1.

Financial Statements

3

Item 1A.

Forward-Looking Statements

66

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

68

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

102

Item 4.

Controls and Procedures

106

PART II.

OTHER INFORMATION

107

Item 1.

Legal Proceedings

107

Item 1A.

Risk Factors

107

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

110

Item 3.

Defaults Upon Senior Securities

110

Item 4.

Mine Safety Disclosures

110

Item 5.

Other Information

110

Item 6.

Exhibits

110

SIGNATURES

113

EXHIBIT 31.1 CERTIFICATIONS

EXHIBIT 31.2 CERTIFICATIONS

EXHIBIT 32.1 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350

EXHIBIT 32.2 CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002, 10 U.S.C. SECTION 1350

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

READY CAPITAL CORPORATION

unaudited CONSOLIDATED BALANCE SHEETS

(In Thousands)

    

September 30, 2020

    

December 31, 2019

Assets

Cash and cash equivalents

$

149,847

$

67,928

Restricted cash

 

46,204

 

51,728

Loans, net (including $119,965 and $20,212 held at fair value)

 

1,393,139

 

1,727,984

Loans, held for sale, at fair value

 

348,719

 

188,077

Mortgage backed securities, at fair value

 

90,427

 

92,466

Loans eligible for repurchase from Ginnie Mae

237,542

77,953

Investment in unconsolidated joint ventures

69,204

58,850

Purchased future receivables, net

16,659

43,265

Derivative instruments

 

20,849

 

2,814

Servicing rights (including $74,384 and $91,174 held at fair value)

 

110,045

 

121,969

Real estate, held for sale

45,063

58,573

Other assets

 

98,614

 

106,925

Assets of consolidated VIEs

2,691,198

2,378,486

Total Assets

$

5,317,510

$

4,977,018

Liabilities

Secured borrowings

 

1,176,621

 

1,189,392

Securitized debt obligations of consolidated VIEs, net

 

2,059,114

 

1,815,154

Convertible notes, net

111,855

111,040

Senior secured notes, net

 

179,572

 

179,289

Corporate debt, net

150,658

149,986

Guaranteed loan financing

 

421,183

 

485,461

Liabilities for loans eligible for repurchase from Ginnie Mae

237,542

77,953

Derivative instruments

 

7,774

 

5,250

Dividends payable

 

16,934

 

21,302

Accounts payable and other accrued liabilities

 

132,087

 

97,407

Total Liabilities

$

4,493,340

$

4,132,234

Stockholders’ Equity

Common stock, $0.0001 par value, 500,000,000 shares authorized, 54,175,648 and 51,127,326 shares issued and outstanding, respectively

 

5

 

5

Additional paid-in capital

 

846,960

 

822,837

Retained earnings

(31,779)

8,746

Accumulated other comprehensive loss

 

(9,916)

 

(6,176)

Total Ready Capital Corporation equity

 

805,270

 

825,412

Non-controlling interests

 

18,900

 

19,372

Total Stockholders’ Equity

$

824,170

$

844,784

Total Liabilities and Stockholders’ Equity

$

5,317,510

$

4,977,018

See Notes To Unaudited Consolidated Financial Statements

3

Table of Contents

READY CAPITAL CORPORATION

Unaudited CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended September 30, 

Nine Months Ended September 30, 

(In Thousands, except share data)

    

2020

    

2019

    

2020

    

2019

Interest income

$

61,074

$

59,723

$

193,826

$

165,510

Interest expense

 

(43,823)

 

(39,390)

 

(134,162)

 

(110,919)

Net interest income before provision for loan losses

$

17,251

$

20,333

$

59,664

$

54,591

Provision for (Recovery of) loan losses

 

4,231

 

(693)

 

(34,984)

(2,559)

Net interest income after provision for (recovery of) loan losses

$

21,482

$

19,640

$

24,680

$

52,032

Non-interest income

Residential mortgage banking activities

75,524

29,013

192,757

64,621

Net realized gains on financial instruments and real estate owned

7,507

7,377

22,118

20,914

Net unrealized gain (losses) on financial instruments

3,420

(7,881)

(43,762)

(21,799)

Servicing income, net of amortization and impairment of $1,555 and $4,556 for the three and nine months ended September 30, 2020, and $1,609 and $1,425 for the three and nine months ended September 30, 2019, respectively

 

10,115

 

7,449

 

27,193

22,012

Income on purchased future receivables, net of allowance for doubtful accounts of $2,888 and $9,805 for the three and nine months ended September 30, 2020, and $0 and $0 for the three and nine months ended September 30, 2019, respectively

4,848

13,917

Income (loss) on unconsolidated joint ventures

1,996

1,047

(1,035)

6,059

Other income

 

4,496

 

2,979

 

40,163

6,671

Gain on bargain purchase

 

 

 

30,728

Total non-interest income

$

107,906

$

39,984

$

251,351

$

129,206

Non-interest expense

Employee compensation and benefits

 

(27,612)

 

(13,438)

 

(73,836)

(37,395)

Allocated employee compensation and benefits from related party

 

(2,250)

 

(1,500)

 

(4,750)

(3,603)

Variable expenses on residential mortgage banking activities

 

(30,918)

 

(17,318)

 

(87,494)

(39,995)

Professional fees

 

(4,158)

 

(2,030)

 

(8,632)

(5,445)

Management fees – related party

 

(2,714)

 

(2,495)

 

(7,941)

(6,987)

Incentive fees – related party

 

(1,134)

 

 

(4,640)

Loan servicing expense

 

(8,231)

 

(4,866)

 

(24,122)

(13,085)

Merger related expenses

(6)

(51)

(63)

(6,121)

Other operating expenses

 

(10,448)

 

(8,144)

 

(41,927)

(23,091)

Total non-interest expense

$

(87,471)

$

(49,842)

$

(253,405)

$

(135,722)

Income (loss) before provision for income taxes

$

41,917

$

9,782

$

22,626

$

45,516

Income tax (provision) benefit

 

(6,554)

2,645

 

(4,116)

8,604

Net income (loss)

$

35,363

$

12,427

$

18,510

$

54,120

Less: Net income (loss) attributable to non-controlling interest

 

805

323

 

551

1,580

Net income (loss) attributable to Ready Capital Corporation

$

34,558

$

12,104

$

17,959

$

52,540

Earnings (loss) per common share - basic

$

0.63

$

0.27

$

0.32

$

1.29

Earnings (loss) per common share - diluted

$

0.63

$

0.27

$

0.31

$

1.29

Weighted-average shares outstanding

 

 

 

 

Basic

54,626,995

44,438,652

53,534,497

40,517,231

Diluted

54,704,611

44,467,801

53,612,113

40,546,380

Dividends declared per share of common stock

$

0.30

$

0.40

$

0.95

$

1.20

See Notes To Unaudited Consolidated Financial Statements

4

Table of Contents

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30, 

Nine Months Ended September 30, 

(In Thousands)

2020

2019

2020

2019

Net Income (loss)

$

35,363

$

12,427

$

18,510

$

54,120

Other comprehensive income (loss) - net change by component

Net change in hedging derivatives (cash flow hedges)

$

671

$

(2,614)

$

(2,478)

$

(9,611)

Foreign currency translation adjustment

(712)

(1,342)

Other comprehensive loss

$

(41)

$

(2,614)

$

(3,820)

$

(9,611)

Comprehensive income (loss)

$

35,322

$

9,813

$

14,690

$

44,509

Comprehensive income (loss) attributable to non-controlling interests

804

259

471

1,300

Comprehensive income (loss) attributable to Ready Capital Corporation

$

34,518

$

9,554

$

14,219

$

43,209

See Notes To Unaudited Consolidated Financial Statements

5

Table of Contents

READY CAPITAL CORPORATION

Unaudited CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Nine Months Ended September 30, 2019

Retained

Accumulated Other

Total

Common Stock

Additional Paid-

Earnings

Comprehensive

Ready Capital

Non-controlling

Total Stockholders'

(in thousands, except share data)

    

Shares

    

Par Value

    

In Capital

    

(Deficit)

Loss

    

Corporation Equity

    

Interests

    

Equity

Balance at January 1, 2019

32,105,112

$

3

$

540,478

$

5,272

$

(922)

$

544,831

$

19,244

$

564,075

Dividend declared on common stock ($1.20 per share)