Ready Capital Corp reported a significant decline in financial performance for the third quarter of 2024 compared to the same period in 2023. The company recorded a net loss of $7,473 thousand for Q3 2024, a stark contrast to a net income of $43,521 thousand in Q3 2023. For the nine months ended September 30, 2024, the net loss deepened to $114,482 thousand, compared to a net income of $326,562 thousand for the same period in the previous year.
The net interest income after the recovery of (provision for) loan losses also saw a dramatic decrease, falling to $(2,201) thousand in Q3 2024 from $71,074 thousand in Q3 2023. This decline reflects challenges in the company's lending operations and market conditions affecting interest income.
In contrast, total non-interest income increased to $56,252 thousand in Q3 2024, up from $40,760 thousand in Q3 2023, indicating some resilience in non-lending activities. This growth in non-interest income may be attributed to strategic initiatives or improved performance in specific product lines.
As of September 30, 2024, Ready Capital's total assets were reported at $11,253,044 thousand, a decrease from $12,441,217 thousand as of December 31, 2023. Total liabilities also declined to $8,914,636 thousand from $9,794,455 thousand during the same period, suggesting a reduction in the company's debt levels. However, total stockholders' equity fell to $2,330,047 thousand from $2,638,401 thousand, reflecting the impact of the net losses on the company's financial position.
The company reported an increase in loans held for sale, which rose to $320,082 thousand as of September 30, 2024, compared to $81,599 thousand at the end of 2023. This increase may indicate a strategic pivot towards managing more loans for sale in response to market conditions.
Dividends declared per share for Q3 2024 were set at $0.25, down from $0.36 in Q3 2023, reflecting the company's need to conserve cash amid declining profitability. The weighted average shares outstanding as of September 30, 2024, stood at 168,530,704 shares.
About Ready Capital Corp
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