XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.22.2

Other assets and other liabilities | 6 Months Ended
--- | ---
Jun. 30, 2022
Other assets and other liabilities |
Other assets and other liabilities | Note 19. Other assets and other liabilities ​ The table below presents the composition of other assets and other liabilities. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | June 30, 2022 |  | December 31, 2021 |
Other assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax asset |  | $ | 3,601 |  | $ | 3,601 | ​
Deferred loan exit fees | ​ | ​ | 32,943 | ​ | ​ | 25,923 | ​
Accrued interest | ​ | ​ | 37,316 | ​ | ​ | 21,873 | ​
Goodwill | ​ | ​ | 34,172 | ​ | ​ | 31,470 | ​
Due from servicers | ​ | ​ | 29,861 | ​ | ​ | 23,729 | ​
Right-of-use lease asset | ​ | ​ | 1,828 | ​ | ​ | 2,402 | ​
Intangible assets |  | ​ | 14,058 |  | ​ | 14,842 | ​
Deferred financing costs | ​ | ​ | 3,540 | ​ | ​ | 3,840 | ​
PPP fee receivable | ​ | ​ | 346 | ​ | ​ | 407 | ​
Receivable from third party | ​ | ​ | 7,497 | ​ | ​ | 29,298 | ​
Other assets | ​ | ​ | 18,725 | ​ | ​ | 14,713 | ​
Other assets |  | $ | 183,887 | ​ | $ | 172,098 | ​
Accounts payable and other accrued liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liability | ​ | $ | 11,986 | ​ | $ | 11,986 | ​
Accrued salaries, wages and commissions | ​ | ​ | 28,605 | ​ | ​ | 42,715 | ​
Accrued interest payable | ​ |  | 24,791 | ​ |  | 22,278 | ​
Servicing principal and interest payable | ​ | ​ | 12,993 | ​ | ​ | 19,100 | ​
Repair and denial reserve | ​ |  | 16,111 | ​ |  | 19,725 | ​
Payable to related parties | ​ |  | 5,539 | ​ |  | 5,232 | ​
Accrued professional fees | ​ | ​ | 3,025 | ​ | ​ | 4,324 | ​
Lease payable | ​ | ​ | 2,053 | ​ | ​ | 3,002 | ​
Deferred LSP revenue | ​ |  | 178 | ​ |  | 286 | ​
Accrued PPP related costs | ​ | ​ | 4,296 | ​ | ​ | 12,460 | ​
Other liabilities | ​ |  | 79,605 | ​ |  | 42,303 | ​
Total accounts payable and other accrued liabilities | ​ | $ | 189,182 | ​ | $ | 183,411 | ​
​ Goodwill The table below presents the carrying value of goodwill by reportable segment. ​
​ | ​ | ​ | ​ | ​
(in thousands) | June 30, 2022 | December 31, 2021
SBC Lending and Acquisitions | $ | 22,966 | $ | 20,264
Small Business Lending | ​ | 11,206 | ​ | 11,206
Total | $ | 34,172 | $ | 31,470
​ ​ Intangible assets The table below presents information on intangible assets. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | June 30, 2022 | ​ | December 31, 2021 | Estimated Useful Life
Customer Relationships - Red Stone | $ | 6,501 | ​ | $ | 6,651 | 19 years
Internally developed software - Knight Capital | ​ | 2,111 | ​ | ​ | 2,428 | 6 years
Trade name - Red Stone | ​ | 2,500 | ​ | ​ | 2,500 | Indefinite life
SBA license | ​ | 1,000 | ​ | ​ | 1,000 | Indefinite life
Broker network - Knight Capital | ​ | 489 | ​ | ​ | 622 | 4.5 years
Favorable lease | ​ | 580 | ​ | ​ | 640 | 12 years
Trade name - Knight Capital | ​ | 489 | ​ | ​ | 562 | 6 years
Trade name - GMFS | ​ | 388 | ​ | ​ | 439 | 15 years
Total intangible assets | $ | 14,058 | ​ | $ | 14,842 | ​
​ The amortization expense related to intangible assets was $0.4 million and $0.8 million for the three and six months ended June 30, 2022 and $0.3 million and $0.6 million for the three and six months ended June 30, 2021. Such amounts are recorded as other operating expenses in the consolidated statements of income. ​ The table below presents accumulated amortization for finite-lived intangible assets. ​
​ | ​ | ​
(in thousands) | June 30, 2022
Internally developed software - Knight Capital | $ | 1,689
Favorable lease | ​ | 900
Trade name - GMFS | ​ | 835
Broker network - Knight Capital | ​ | 711
Trade name - Knight Capital | ​ | 391
Customer Relationship - Red Stone | ​ | 328
Total accumulated amortization | $ | 4,854
​ The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years. ​
​ | ​ | ​
(in thousands) | June 30, 2022
2022 | $ | 842
2023 | ​ | 1,599
2024 | ​ | 1,390
2025 | ​ | 1,144
2026 | ​ | 477
Thereafter | ​ | 5,106
Total | $ | 10,558
​ Loan indemnification reserve A liability has been established for potential losses related to representations and warranties made by GMFS for loans sold with a corresponding provision recorded for loan indemnification losses. The liability is included in accounts payable and other accrued liabilities in the Company's consolidated balance sheets and the provision for loan indemnification losses is included in variable expenses on residential mortgage banking activities, in the Company's consolidated statements of income. In assessing the adequacy of the liability, management evaluates various factors including historical repurchases and indemnifications, historical loss experience, known delinquent and other problem loans, outstanding repurchase demand, historical rescission rates and economic trends and conditions in the industry. Actual losses incurred are reflected as a reduction of the reserve liability. As of June 30, 2022 and December 31, 2021, the loan indemnification reserve was $3.6 million and $4.0 million, respectively. ​ Due to the uncertainty in the various estimates underlying the loan indemnification reserve, there is a range of losses in excess of the recorded loan indemnification reserve that is reasonably possible. The estimate of the range of possible losses for representations and warranties does not represent a probable loss, and is based on current available information, significant judgment, and a number of assumptions that are subject to change. As of June 30, 2022 and December 31, 2021, the reasonably possible loss above the recorded loan indemnification reserve was not material.

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

X
- Definition The entire disclosure for other assets and other liabilities. This disclosure includes other current assets, other current liabilities, other noncurrent assets and other noncurrent liabilities. + References No definition available. + Details
Name: | rc_OtherAssetsAndOtherLiabilitiesDisclosureTextBlock
Namespace Prefix: | rc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration