$RC
Ready Capital Corp

2013 Q3 Form 10-Q Financial Statement

#000120677413004054 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $9.400M $8.900M
YoY Change 5.62%
Cost Of Revenue $1.400M $800.0K
YoY Change 75.0%
Gross Profit $8.000M $8.100M
YoY Change -1.23%
Gross Profit Margin 85.11% 91.01%
Selling, General & Admin -$1.100M $0.00
YoY Change
% of Gross Profit -13.75% 0.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.900M $100.0K
YoY Change 3800.0%
Operating Profit $4.100M $8.000M
YoY Change -48.75%
Interest Expense $2.333M $376.7K
YoY Change 519.29%
% of Operating Profit 56.91% 4.71%
Other Income/Expense, Net
YoY Change
Pretax Income $4.100M $8.100M
YoY Change -49.38%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $4.148M $8.059M
YoY Change -48.52%
Net Earnings / Revenue 44.13% 90.55%
Basic Earnings Per Share $0.47 $2.83
Diluted Earnings Per Share $0.47 $2.83
COMMON SHARES
Basic Shares Outstanding 7.971M shares 2.843M shares
Diluted Shares Outstanding 8.898M shares 2.843M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.50M $15.30M
YoY Change 40.52%
Cash & Equivalents $21.47M $15.27M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $21.50M $15.30M
YoY Change 40.52%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $531.3M $163.4M
YoY Change 225.15%
Other Assets $3.000M $3.100M
YoY Change -3.23%
Total Long-Term Assets $538.0M $167.0M
YoY Change 222.18%
TOTAL ASSETS
Total Short-Term Assets $21.50M $15.30M
Total Long-Term Assets $538.0M $167.0M
Total Assets $559.5M $182.3M
YoY Change 206.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $1.200M
YoY Change 75.0%
Accrued Expenses $600.0K $100.0K
YoY Change 500.0%
Deferred Revenue
YoY Change
Short-Term Debt $374.5M $110.1M
YoY Change 240.15%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $381.6M $111.4M
YoY Change 242.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $26.20M
YoY Change -97.71%
Total Long-Term Liabilities $600.0K $26.20M
YoY Change -97.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $381.6M $111.4M
Total Long-Term Liabilities $600.0K $26.20M
Total Liabilities $382.3M $137.7M
YoY Change 177.65%
SHAREHOLDERS EQUITY
Retained Earnings -$5.449M
YoY Change
Common Stock $798.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $158.8M $44.70M
YoY Change
Total Liabilities & Shareholders Equity $559.5M $182.3M
YoY Change 206.94%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $4.148M $8.059M
YoY Change -48.52%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $1.700M $1.500M
YoY Change 13.33% 15.38%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $25.60M $30.80M
YoY Change -16.88% -128.65%
Cash From Investing Activities $25.60M $30.80M
YoY Change -16.88% -128.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.10M -20.00M
YoY Change 35.5% -118.57%
NET CHANGE
Cash From Operating Activities 1.700M 1.500M
Cash From Investing Activities 25.60M 30.80M
Cash From Financing Activities -27.10M -20.00M
Net Change In Cash 200.0K 12.30M
YoY Change -98.37% 720.0%
FREE CASH FLOW
Cash From Operating Activities $1.700M $1.500M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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ZAIS Financial Corp.
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dei Document Period End Date
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dei Document Type
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us-gaap Concentration Risk Credit Risk
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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--> <p style="text-align: justify"><strong><em style="font-family: Times New Roman; font-size: 80%">Counterparty Risk and Concentration</em></strong></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font> 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.</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font> As explained in the Notes above, while the Company engages in repurchase financing activities with several financial institutions, the Company maintains custody accounts with two custodians at September 30, 2013. 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 custodian, 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 custodian 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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us-gaap Nature Of Operations
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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--> <p style="text-align: justify"><font style="font-family: Times New Roman; font-size: 80%">1.</font> <strong style="font-family: Times New Roman; font-size: 80%">Formation and Organization</strong></p> <p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp; <font style="font-family: Times New Roman; font-size: 80%">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 fair value 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"). On February 13, 2013, the Company completed its initial public offering ("IPO"), 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.</font></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font> The Company primarily invests in, finances and manages performing and re-performing residential mortgage loans and may, in the future, focus on newly originated mortgage loans. The Company also invests in, finances and manages residential mortgage-backed securities ("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 United States ("U.S.") Government, such as the Government National Mortgage Association ("Ginnie Mae") ("non-Agency RMBS"), and RMBS that are issued or guaranteed by a federally chartered corporation or a U.S. Government agency ("Agency RMBS"). The Company&#39;s RMBS strategy focuses on non-Agency RMBS with an emphasis on securities that, when originally issued, were rated in the highest rating category by one or more of the nationally recognized statistical rating organizations. The Company also has the discretion to invest in Agency RMBS through To-Be-Announced ("TBA") contracts and in other real estate-related and financial assets, such as mortgage servicing rights ("MSRs"), interest only strips created from RMBS ("IOs"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). The Company refers collectively to the assets it targets for acquisition as its target assets.</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font> 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.</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font> 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 of capital stock or to classify and reclassify any unissued shares of its capital stock into other classes or series of stock that the Company has authority to issue.</p> <!--EndFragment--></div> </div>
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
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NetIncomeLossAttributableToNoncontrollingInterest
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CY2012Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Payments For Repurchase Of Common Stock
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PaymentsToAcquireMortgageNotesReceivable
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0 USD
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us-gaap Preferred Stock Dividends Income Statement Impact
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0.0001
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PreferredStockSharesAuthorized
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PreferredStockSharesIssued
0 shares
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us-gaap Proceeds From Lines Of Credit
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ProfessionalFees
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ProfessionalFees
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ProfessionalFees
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us-gaap Profit Loss
ProfitLoss
-1446990 USD
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ProfitLoss
4148193 USD
us-gaap Profit Loss
ProfitLoss
17619685 USD
CY2012Q3 us-gaap Profit Loss
ProfitLoss
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us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-9359315 USD
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CY2012Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
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RepaymentsOfLinesOfCredit
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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RepaymentsOfShortTermDebt
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RepaymentsOfShortTermDebt
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CY2012Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2013Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3031804 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5281941 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-5449113 USD
CY2012Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
116080467 USD
CY2013Q3 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
134062326 USD
CY2012Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
11190687 USD
CY2013Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
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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
us-gaap Sponsor Fees
SponsorFees
1903635 USD
CY2013Q3 us-gaap Sponsor Fees
SponsorFees
710563 USD
us-gaap Sponsor Fees
SponsorFees
728521 USD
CY2012Q3 us-gaap Sponsor Fees
SponsorFees
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CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
45041918 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2011Q4 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
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CY2013Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2012 us-gaap Stockholders Equity Other
StockholdersEquityOther
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us-gaap Stockholders Equity Other
StockholdersEquityOther
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CY2011Q3 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
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CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2012 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
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us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
133000 USD
us-gaap Threshold Period Past Due For Writeoff Of Financing Receivable
ThresholdPeriodPastDueForWriteoffOfFinancingReceivable
P60D
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
547756 USD
CY2013Q3 zfc Proceeds From Sale Of Real Estate Securities
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zfc Proceeds From Sale Of Real Estate Securities
ProceedsFromSaleOfRealEstateSecurities
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UnrealizedGainLossOnMortgageLoans
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us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-863030 USD
us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
-9953797 USD
CY2013Q3 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
4785568 USD
us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
15662891 USD
CY2012Q3 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
6269964 USD
us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="text-align: justify"><strong><em style="font-family: Times New Roman; font-size: 80%">Estimates</em></strong></p> <p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp; <font style="font-family: Times New Roman; font-size: 80%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates.</font></p> <!--EndFragment--></div> </div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7965218 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8897800 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2962376 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2843203 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7038304 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7970886 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2962376 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2843203 shares
CY2013Q3 zfc Accumulated Undistributed Taxable Income
AccumulatedUndistributedTaxableIncome
1.07
zfc Payments Of Dividends Common Stock And Noncontrolling Interest
PaymentsOfDividendsCommonStockAndNoncontrollingInterest
5961526 USD
zfc Payments Of Dividends Common Stock And Noncontrolling Interest
PaymentsOfDividendsCommonStockAndNoncontrollingInterest
3264426 USD
CY2012 zfc Preferred Stock Issued During Period Value New Issues
PreferredStockIssuedDuringPeriodValueNewIssues
115499 USD
zfc Proceeds From Sale Of Real Estate Securities
ProceedsFromSaleOfRealEstateSecurities
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CY2012Q3 zfc Proceeds From Sale Of Real Estate Securities
ProceedsFromSaleOfRealEstateSecurities
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CY2012 zfc Profit Loss Attributable To Common Stockholders
ProfitLossAttributableToCommonStockholders
20250173 USD
zfc Profit Loss Attributable To Common Stockholders
ProfitLossAttributableToCommonStockholders
-1462369 USD
CY2012Q4 zfc Stock Issued During Period Value Subsidiary And Reporting Entity
StockIssuedDuringPeriodValueSubsidiaryAndReportingEntity
25151174 USD
zfc Unrealized Gain Loss On Mortgage Loans
UnrealizedGainLossOnMortgageLoans
5211327 USD
CY2013Q3 zfc Unrealized Gain Loss On Mortgage Loans
UnrealizedGainLossOnMortgageLoans
3644036 USD
zfc Unrealized Gain Loss On Mortgage Loans
UnrealizedGainLossOnMortgageLoans
USD

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