# EDGAR Filing Document

**Accession Number:** 0001527590
**File Stem:** 0000000000-25-009442
**Filing Date:** 2025-9
**Character Count:** 6159
**Document Hash:** cc8c209af538a0a23a35e078fcf97cde
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009442.hdr.sgml**: 20260630

**ACCESSION NUMBER**: 0000000000-25-009442

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250902

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ready Capital Corp
- **CENTRAL INDEX KEY:** 0001527590
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 900729143
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 001-35808

**BUSINESS ADDRESS:**
- **STREET 1:** 1251 AVENUE OF THE AMERICAS
- **STREET 2:** 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** (800) 453-3548

**MAIL ADDRESS:**
- **STREET 1:** 1251 AVENUE OF THE AMERICAS
- **STREET 2:** 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sutherland Asset Management Corp
- **DATE OF NAME CHANGE:** 20161110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZAIS Financial Corp.
- **DATE OF NAME CHANGE:** 20110808
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001628280-25-009464

## Text-Extract

```

                                                             September 2, 2025

Andrew Ahlborn
Chief Financial Officer
Ready Capital Corp
1251 Avenue of the Americas, 50th Floor
New York, NY 10020

       Re: Ready Capital Corp
           Form 10-K for the fiscal year ended December 31, 2024
           Form 10-Q for the quarterly period ended March 31, 2025
           File No. 001-35808
Dear Andrew Ahlborn:

        We have limited our review of your filings to the financial statements
and related
disclosures and have the following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.

Form 10-Q for the quarterly period ended March 31,2025
Note 5. Business Combinations , page 23

1.     We note you recorded a bargain purchase gain of $102.5M for the three
months ended
       March 31, 2025 upon acquisition of United Development Funding IV (   UDF
IV   ).
       Please tell us in greater detail the reassessment performed under ASC
805-30-25-4
       before recognizing the gain. In addition, please expand your disclosures
to highlight
       the facts and circumstances that resulted in your acquisition of UDF IV
at a significant
       discount relative to the fair value of net assets acquired consistent
with the guidance in
       ASC 805-30-50-1(f)(2).
Form 10-K for the fiscal year ended December 31, 2024
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of
Operations
Results of Operations, page 84

2.     We note that your provision for loan losses was approximately $292.8
million, $7.2
 September 2, 2025
Page 2

       million and $34.4 million for the years ended December 31, 2024, 2023
and 2022
       respectively and the subsequent increase in your loan recoveries
disclosed in your
       Form 10-Q for the period ended March 31, 2025 of $109.6 million when
compared to
       the $26.5 million for the same period ended March 31, 2024. We further
note based
       on your disclosure on page 130, the significant increase in your general
reserve and
       specific reserves in your allowance for credit losses for your Bridge
Loans and
       Construction Loans respectively as of December 31, 2024 and December 31,
2023.
       Finally, we also note the significant increase in the number of loan
modifications
       made to borrowers experiencing financial difficulty with 65 such loan
modifications
       entered into during the year ended December 31, 2024 versus 21 loan
modifications
       for the year ended December 31, 2023. Please further expand your
disclosures to
       discuss the factors that led to the significant increase in the
provision for loan losses
       and subsequent recoveries and the increase in your loan modifications
made to
       borrowers experiencing financial difficulty. In that regard, please
ensure that your
       disclosure highlights whether such changes are driven by general
macroeconomic
       conditions and/or whether there were other specific circumstances such
as loan type,
       geographic, market or other contributing to the significant change in
your credit losses
       and allowance amounts between periods. Finally, please ensure your
disclosures
       address whether you expect such disproportionate fluctuations and
increase in trends
       to recur. See Item 303(b)(2)(i) and (ii) of Regulation S-K.
Exhibits

3.     We note you have identified the wrong periodic report in paragraph 1 of
the
       certifications as you reference the quarterly report on Form 10-Q rather
than the
       annual report on Form 10-K. Please file an amendment to your Form 10-K
for the
       fiscal year ended December 31, 2024 in its entirety to revise your
certifications to
       identify the correct periodic report in paragraph 1 of the
certifications. We refer you to
       Compliance & Disclosure Interpretations ("C&DIs") Section 246.14 of
Regulation S-
       K.
        In closing, we remind you that the company and its management are
responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review,
comments,
action or absence of action by the staff.

       Please contact Jeffrey Lewis at 202-551-6216 or Ameen Hamady at
202-551-3891
with any questions.

                                                             Sincerely,

                                                             Division of
Corporation Finance
                                                             Office of Real
Estate & Construction

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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