$RC
Ready Capital Corp

2014 Q2 Form 10-Q Financial Statement

#000120677414002503 Filed on August 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $33.50M -$4.600M
YoY Change -828.26% -204.55%
Cost Of Revenue $6.700M $2.200M
YoY Change 204.55% 120.0%
Gross Profit $26.90M -$6.800M
YoY Change -495.59% -300.0%
Gross Profit Margin 80.3%
Selling, General & Admin $1.000M $800.0K
YoY Change 25.0%
% of Gross Profit 3.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.463M $800.0K
YoY Change 82.83% 700.0%
Operating Profit $25.44M -$7.600M
YoY Change -434.7% -330.3%
Interest Expense $4.416M $1.157M
YoY Change 281.78% 205.7%
% of Operating Profit 17.36%
Other Income/Expense, Net
YoY Change
Pretax Income $25.87M -$7.600M
YoY Change -440.42% -330.3%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $25.87M -$7.569M
YoY Change -441.82% -327.43%
Net Earnings / Revenue 77.23%
Basic Earnings Per Share $2.91 -$0.85
Diluted Earnings Per Share $2.47 -$0.85
COMMON SHARES
Basic Shares Outstanding 7.971M shares 7.971M shares
Diluted Shares Outstanding 10.68M shares 8.898M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.60M $21.20M
YoY Change 30.19%
Cash & Equivalents $27.62M $21.17M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $27.60M $21.20M
YoY Change 30.19%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $672.9M $565.3M
YoY Change 19.03%
Other Assets $8.100M $12.50M
YoY Change -35.2%
Total Long-Term Assets $685.6M $586.7M
YoY Change 16.86%
TOTAL ASSETS
Total Short-Term Assets $27.60M $21.20M
Total Long-Term Assets $685.6M $586.7M
Total Assets $713.2M $607.9M
YoY Change 17.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.500M $23.20M
YoY Change -89.22%
Accrued Expenses $1.600M $400.0K
YoY Change 300.0%
Deferred Revenue
YoY Change
Short-Term Debt $450.0M $397.6M
YoY Change 13.18%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $457.7M $425.2M
YoY Change 7.64%
LONG-TERM LIABILITIES
Long-Term Debt $55.00M $0.00
YoY Change
Other Long-Term Liabilities $1.600M $5.100M
YoY Change -68.63%
Total Long-Term Liabilities $56.60M $5.100M
YoY Change 1009.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $457.7M $425.2M
Total Long-Term Liabilities $56.60M $5.100M
Total Liabilities $514.2M $430.3M
YoY Change 19.48%
SHAREHOLDERS EQUITY
Retained Earnings $14.06M -$5.180M
YoY Change -371.5%
Common Stock $798.00 $798.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $178.3M $159.0M
YoY Change
Total Liabilities & Shareholders Equity $713.2M $607.9M
YoY Change 17.32%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $25.87M -$7.569M
YoY Change -441.82% -327.43%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.500M $3.400M
YoY Change -202.94% 325.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $11.10M -$94.20M
YoY Change -111.78% -3723.08%
Cash From Investing Activities $11.10M -$94.20M
YoY Change -111.78% -3723.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.20M 99.20M
YoY Change -110.28% -1603.03%
NET CHANGE
Cash From Operating Activities -3.500M 3.400M
Cash From Investing Activities 11.10M -94.20M
Cash From Financing Activities -10.20M 99.20M
Net Change In Cash -2.600M 8.400M
YoY Change -130.95% -362.5%
FREE CASH FLOW
Cash From Operating Activities -$3.500M $3.400M
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><!--StartFragment--> <p style="text-align: justify"><strong style="font-family: Times New Roman; font-size: 80%">1. Formation and Organization</strong></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 completed its formation transaction and commenced operations on July 29, 2011. 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.</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company primarily invests in, finances and manages performing and re-performing residential mortgage loans, which may be seasoned or recently originated. 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 U.S. Government, such as the Government National Mortgage Association ("Ginnie Mae") ("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 mortgage servicing rights ("MSRs"), RMBS that are issued or guaranteed by a federally chartered corporation or a U.S. Government agency ("Agency RMBS"), including through To-Be-Announced ("TBA") contracts, and in other real estate-related and financial assets, such as 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"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company is externally managed by ZAIS REIT Management, LLC (the "Advisor"), a subsidiary of ZAIS Group, LLC ("ZAIS"), and has no employees. The Company is the sole general partner of, and conducts substantially all of its business through, ZAIS Financial Partners, L.P., the Company&#39;s consolidated operating partnership subsidiary (the "Operating Partnership").</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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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