$RC
Ready Capital Corp

2013 Q1 Form 10-Q Financial Statement

#000120677413001827 Filed on May 15, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $4.600M $7.300M
YoY Change -36.99%
Cost Of Revenue $2.300M $1.100M
YoY Change 109.09%
Gross Profit $2.300M $6.300M
YoY Change -63.49%
Gross Profit Margin 50.0% 86.3%
Selling, General & Admin $400.0K $0.00
YoY Change
% of Gross Profit 17.39% 0.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $300.0K $0.00
YoY Change
Operating Profit $2.000M $6.300M
YoY Change -68.25%
Interest Expense $514.0K $288.7K
YoY Change 78.03%
% of Operating Profit 25.7% 4.58%
Other Income/Expense, Net
YoY Change
Pretax Income $2.000M $6.200M
YoY Change -67.74%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $1.974M $6.233M
YoY Change -68.34%
Net Earnings / Revenue 42.91% 85.39%
Basic Earnings Per Share $0.32 $2.06
Diluted Earnings Per Share $0.32 $2.06
COMMON SHARES
Basic Shares Outstanding 5.142M shares 3.023M shares
Diluted Shares Outstanding 6.069M shares 3.023M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.80M
YoY Change
Cash & Equivalents $12.81M $6.190M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $12.80M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $466.8M
YoY Change
Other Assets $9.900M
YoY Change
Total Long-Term Assets $478.9M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $12.80M
Total Long-Term Assets $478.9M
Total Assets $491.7M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.600M
YoY Change
Accrued Expenses $200.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $295.6M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $299.4M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.100M
YoY Change
Total Long-Term Liabilities $1.100M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $299.4M
Total Long-Term Liabilities $1.100M
Total Liabilities $300.5M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $6.941M
YoY Change
Common Stock $798.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $171.3M
YoY Change
Total Liabilities & Shareholders Equity $491.7M
YoY Change

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $1.974M $6.233M
YoY Change -68.34%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $129.0K $830.2K
YoY Change -84.46%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$299.5M -$36.90M
YoY Change 711.65%
Cash From Investing Activities -$299.5M -$36.93M
YoY Change 710.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$113.7M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $293.1M $35.96M
YoY Change 714.92%
NET CHANGE
Cash From Operating Activities $129.0K $830.2K
Cash From Investing Activities -$299.5M -$36.93M
Cash From Financing Activities $293.1M $35.96M
Net Change In Cash -$6.253M -$136.6K
YoY Change 4479.05%
FREE CASH FLOW
Cash From Operating Activities $129.0K $830.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="PADDING-LEFT: 21pt; WIDTH: 100%"><!--StartFragment--> <p style="TEXT-ALIGN: justify"><strong style="font-family: Times New Roman; font-size: 80%">Counterparty Risk and Concentration<br /> </strong> <font style="font-family: Times New Roman; font-size: 80%">Counterparty risk is the risk that counterparties may fail to fulfill their obligations or that pledged collateral value becomes inadequate. The Company attempts to manage its exposure to counterparty risk through diversification, use of financial instruments and monitoring the creditworthiness of counterparties.</font></p> <p style="font-family: Times New Roman; font-size: 80%; TEXT-ALIGN: justify"> As explained in the footnotes above, while the Company engages in repurchase financing activities with several financial institutions, the Company maintains its custody account with two custodians. There is no guarantee that these custodians will not become insolvent. While there are certain regulations that seek to protect customer property in the event of a failure, insolvency or liquidation of a broker-dealer, there is no certainty that the Company would not incur losses due to its assets being unavailable for a period of time in the event of a failure of a broker-dealer that has custody of the Company&#39;s assets. Although management monitors the credit worthiness of its custodians, such losses could be significant and could materially impair the ability of the Company to achieve its investment objective.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="TEXT-ALIGN: justify" cellspacing="0" cellpadding="0" border="0"> <tr> <td valign="top" nowrap="nowrap"><strong style="font-family: Times New Roman; font-size: 80%">1.</strong></td> <td width="100%"><strong style="font-family: Times New Roman; font-size: 80%">Formation and Organization</strong></td> </tr> <tr> <td colspan="2">&nbsp;</td> </tr> <tr> <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td style="font-family: Times New Roman; font-size: 80%; TEXT-ALIGN: justify" width="100%">ZAIS Financial Corp. (the "Company") was incorporated in Maryland on May 24, 2011, and has elected to be taxed and to qualify as a real estate investment trust ("REIT") beginning with the taxable year ended December 31, 2011. The Company was initially capitalized and commenced operations on July 29, 2011, when it completed an exchange of a mutually agreed upon portion of the shareholders&#39; and limited partners&#39; interests in the ZAIS Matrix VI-A Ltd. and ZAIS Matrix VI-B L.P. funds (the "Matrix Funds") managed by ZAIS Group, LLC ("ZAIS"), which included cash of $3,036,222 and real estate securities having a <font style="BACKGROUND-COLOR: transparent">fair value</font> of $57,416,118, for 3,022,617 shares of the Company&#39;s common stock or operating partnership units ("OP units") in ZAIS Financial Partners, L.P., the Company&#39;s consolidated operating partnership subsidiary (the "Operating Partnership"), pursuant to an exchange offer statement dated May 25, 2011 and the related contribution agreements executed on July 29, 2011. All OP units were converted into shares of common stock upon issuance. On February 13, 2013, the Company completed its initial public offering <font style="BACKGROUND-COLOR: transparent">("IPO"),</font> pursuant to which the Company sold 5,650,000 shares of its common stock at a price of $21.25 per share for gross proceeds of $120.1 million. Net proceeds after the payment of offering costs of $1.2 million were $118.9 million.</td> </tr> <tr> <td colspan="2">&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td style="font-family: Times New Roman; font-size: 80%; TEXT-ALIGN: justify" width="100%">The Company primarily invests in, finances and manages residential mortgage-backed securities ("RMBS"), including RMBS that are not issued or guaranteed by a federally chartered corporation, such as the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or an agency of the U.S. Government, such as the Government National Mortgage Association ("Ginnie Mae") ("non-Agency RMBS"), as well as RMBS that are issued or guaranteed by a federally chartered corporation or a U.S. Government agency ("Agency RMBS"). The Company&#39;s strategy also emphasizes the purchase of performing and re-performing residential whole loans. The Company will also have the discretion to invest in other real estate-related and financial assets, including mortgage servicing rights ("MSRs"), interest only strips created from RMBS ("IOs"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). The Company is externally managed by ZAIS REIT Management, LLC (the "Advisor"), a subsidiary of ZAIS, and has no employees. The Company is the sole general partner of, and conducts substantially all of its business through, the Operating Partnership.</td> </tr> <tr> <td colspan="2">&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td style="font-family: Times New Roman; font-size: 80%; TEXT-ALIGN: justify" width="100%">The Company&#39;s charter authorizes the issuance of up to 500,000,000 shares of common stock with a par value of $0.0001 per share, and 50,000,000 shares of preferred stock, with a par value of $0.0001 per share. The Company&#39;s board of directors is authorized to amend its charter, without the approval of stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue.</td> </tr> </table> <!--EndFragment--></div> </div>
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CY2012Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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3417 USD
CY2013Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2013Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
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CY2012Q1 us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
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CY2013Q1 us-gaap Proceeds From Short Term Debt
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222304476 USD
CY2012Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
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CY2013Q1 us-gaap Professional Fees
ProfessionalFees
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CY2012Q1 us-gaap Professional Fees
ProfessionalFees
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ProfitLoss
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CY2012Q1 us-gaap Profit Loss
ProfitLoss
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CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2013Q1 us-gaap Sponsor Fees
SponsorFees
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RealizedInvestmentGainsLosses
USD
CY2012Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-2061045 USD
CY2013Q1 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
USD
CY2012Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
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CY2013Q1 us-gaap Repayments Of Short Term Debt
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CY2012Q1 us-gaap Repayments Of Short Term Debt
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CY2013Q1 us-gaap Restricted Cash And Cash Equivalents
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RestrictedCashAndCashEquivalents
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CY2012Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
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CY2013Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
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USD
CY2012Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
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11190687 USD
CY2013Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
5800000 USD
CY2012Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares Indexed
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfSharesIndexed
515035 shares
CY2013Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares Indexed
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfSharesIndexed
265245 shares
CY2012Q1 us-gaap Sponsor Fees
SponsorFees
227295 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
65140795 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
55317874 USD
CY2013Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
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CY2012 us-gaap Stockholders Equity Other
StockholdersEquityOther
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CY2011Q3 us-gaap Stock Issued During Period Shares Other
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CY2013Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2013Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
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CY2012 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
14181259 USD
CY2013Q1 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
495280 USD
CY2012Q1 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
286777 USD
CY2013Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
874371 USD
CY2012Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
6489794 USD
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
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CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6068967 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3022617 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5142053 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3022617 shares
CY2013Q1 zfc Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
USD
CY2013Q1 zfc Profit Loss Attributable To Common Stockholders
ProfitLossAttributableToCommonStockholders
1958316 USD
CY2012Q4 zfc Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
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USD
CY2013Q1 zfc Securities Sold Under Agreements To Repurchase Asset
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CY2012Q4 zfc Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
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CY2012Q4 zfc Derivative Collateral Obligation To Return Securities
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CY2013Q1 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
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296695379 USD
CY2012Q4 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned
117225211 USD
CY2013Q1 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
USD
CY2012Q4 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
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CY2013Q1 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
218977 USD
CY2012Q4 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
USD
CY2013Q1 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
3363948 USD
CY2012Q4 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
2480049 USD
CY2013Q1 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
293331431 USD
CY2012Q4 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Securities
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities
114745162 USD
CY2013Q1 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
296914356 USD
CY2012Q4 zfc Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
117225211 USD
CY2013Q1 zfc Maximum Offering Costs Paid By Entity
MaximumOfferingCostsPaidByEntity
1200000 USD
CY2012 zfc Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
115499 USD
CY2013Q1 zfc Proceeds From Sale Of Real Estate Securities
ProceedsFromSaleOfRealEstateSecurities
6801398 USD
CY2012Q1 zfc Proceeds From Sale Of Real Estate Securities
ProceedsFromSaleOfRealEstateSecurities
25502294 USD
CY2012 zfc Profit Loss Attributable To Common Stockholders
ProfitLossAttributableToCommonStockholders
20250173 USD
CY2013Q1 zfc Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral
USD
CY2013Q1 zfc Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
2277608 USD
CY2012Q4 zfc Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
1335305 USD
CY2013Q1 zfc Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
293331431 USD
CY2012Q4 zfc Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
114745162 USD
CY2013Q1 zfc Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
295609039 USD
CY2012Q4 zfc Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
116080467 USD
CY2013Q1 zfc Stockholders Equity Changes Resulting From Rebalancing Of Noncontrolling Interest
StockholdersEquityChangesResultingFromRebalancingOfNoncontrollingInterest
USD
CY2012 zfc Stockholders Equity Changes Resulting From Rebalancing Of Noncontrolling Interest
StockholdersEquityChangesResultingFromRebalancingOfNoncontrollingInterest
USD
CY2012Q4 zfc Stock Issued During Period Value Subsidiary And Reporting Entity
StockIssuedDuringPeriodValueSubsidiaryAndReportingEntity
25151174 USD

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