XML 65 R55.htm IDEA: XBRL DOCUMENT
v3.22.2

Other income and operating expenses (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Other income and operating expenses |
Schedule of the financial position related to the Paycheck Protection Program (PPP) activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | June 30, 2022 |  | December 31, 2021
Assets | ​ | ​ | ​ | ​ | ​ | ​
Paycheck Protection Program loans | ​ | $ | 388,426 | ​ | $ | 867,109
Paycheck Protection Program loans, at fair value | ​ |  | 763 | ​ |  | 3,243
PPP fee receivable | ​ |  | 346 | ​ |  | 407
Accrued interest receivable | ​ |  | 4,923 | ​ |  | 7,025
Total PPP related assets | ​ | $ | 394,458 | ​ | $ | 877,784
Liabilities | ​ | ​ | ​ | ​ | ​ | ​
Paycheck Protection Program Liquidity Facility borrowings | ​ | $ | 427,759 | ​ | $ | 941,505
Interest payable | ​ | ​ | 1,769 | ​ | ​ | 2,358
Deferred LSP revenue | ​ | ​ | 178 | ​ | ​ | 286
Accrued PPP related costs | ​ | ​ | 4,296 | ​ | ​ | 12,460
Payable to third parties | ​ |  | 1,101 | ​ |  | 2,091
Repair and denial reserve | ​ | ​ | 8,007 | ​ | ​ | 12,844
Total PPP related liabilities | ​ | $ | 443,110 | ​ | $ | 971,544
Schedule of the income and expenses related to the Paycheck Protection Program (PPP) activities. | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​ | Financial statement account
(in thousands) | 2022 | 2021 | ​ | 2022 | 2021 | ​
Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LSP fee income | $ | 5,273 | $ | 3,117 | $ | 5,310 | $ | 9,858 | ​ | Servicing income
Interest income | ​ | 19,282 | ​ | 26,355 | ​ | 36,140 | ​ | 33,247 | ​ | Interest income
Repair and denial reserve | ​ | 2,156 | ​ | — | ​ | 4,400 | ​ | — | ​ | Other income - change in repair and denial reserve
Total PPP related income | $ | 26,711 | $ | 29,472 | $ | 45,850 | $ | 43,105 | ​ | ​
Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct operating expenses | $ | 191 | $ | 3,673 | $ | 341 | $ | 8,218 | ​ | Other operating expenses - origination costs
Repair and denial reserve | ​ | — | ​ | 3,733 | ​ | — | ​ | 5,389 | ​ | Other income - change in repair and denial reserve
Interest expense | ​ | 459 | ​ | 8,761 | ​ | 1,147 | ​ | 12,622 | ​ | Interest expense
Total PPP related expenses (direct) | $ | 650 | $ | 16,167 | $ | 1,488 | $ | 26,229 | ​ | ​
Net PPP related income | $ | 26,061 | $ | 13,305 | $ | 44,362 | $ | 16,876 | ​ | ​
Schedule of other income and operating expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Other income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Origination income | $ | 2,725 | ​ | $ | 1,890 |  | $ | 4,379 | ​ | $ | 3,503
Change in repair and denial reserve | ​ | 1,305 | ​ | ​ | (4,084) |  | ​ | 3,498 | ​ | ​ | (6,153)
Other | ​ | 4,304 | ​ | ​ | 1,506 |  | ​ | 6,958 | ​ | ​ | 2,533
Total other income | $ | 8,334 | ​ | $ | (688) | ​ | $ | 14,835 | ​ | $ | (117)
Other operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Origination costs | $ | 2,168 | ​ | $ | 7,883 | ​ | $ | 7,102 | ​ | $ | 16,028
Technology expense |  | 2,376 | ​ | ​ | 2,038 | ​ |  | 4,416 | ​ | ​ | 3,910
Impairment on real estate |  | 840 | ​ | ​ | 1,278 | ​ |  | 2,667 | ​ | ​ | 1,278
Rent and property tax expense |  | 1,564 | ​ | ​ | 1,743 | ​ |  | 2,659 | ​ | ​ | 3,429
Recruiting, training and travel expense |  | 524 | ​ | ​ | 333 | ​ |  | 826 | ​ | ​ | 829
Marketing expense | ​ | 596 | ​ | ​ | 609 | ​ | ​ | 924 | ​ | ​ | 1,185
Loan acquisition costs | ​ | 113 | ​ | ​ | 300 | ​ | ​ | 218 | ​ | ​ | 334
Financing costs on purchased future receivables | ​ | 32 | ​ | ​ | 32 | ​ | ​ | 62 | ​ | ​ | 56
Other |  | 6,159 | ​ | ​ | 2,974 | ​ |  | 8,151 | ​ | ​ | 5,625
Total other operating expenses | $ | 14,372 | ​ | $ | 17,190 | ​ | $ | 27,025 | ​ | $ | 32,674

X
- Definition Tabular disclosure of the balance sheet impact as a result of Paycheck Protection Program (PPP) loan activities. + References No definition available. + Details
Name: | rc_ScheduleOfBalanceSheetImpactOfPaycheckProtectionProgramActivitiesTableTextBlock
Namespace Prefix: | rc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the income and expenses related to the Paycheck Protection Program (PPP) loan activities. + References No definition available. + Details
Name: | rc_ScheduleOfIncomeAndExpensesOfPaycheckProtectionProgramActivitiesTableTextBlock
Namespace Prefix: | rc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of other income and operating expense. + References No definition available. + Details
Name: | rc_ScheduleOfOtherIncomeAndOperatingExpensesTableTextBlock
Namespace Prefix: | rc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OtherIncomeAndExpensesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration