RCD — what changed in the latest 10-Q
A section-by-section comparison of RCD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-08 vs the prior 10-Q · 2025-11-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −4 | ~1 | 53 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 122 |
| Controls & procedures | Text added/removed | 0 | 0 | ~4 | 11 |
| Legal proceedings | Text added/removed | +22 | −40 | ~34 | 82 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +14 | 0 | 0 | 2 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-08
•our potential entry into certain hedging arrangements related to the delivery of shares of common stock upon
vesting of certain performance-based equity awards and restricted stock awards and the risk that such
arrangements may not have the desired impact and may expose us to additional risks, including the failure of
Section 7(a) loan program (the “SBA Section 7(a) Program”), mortgage backed securities (“MBS”), residential
mortgage loans and other real estate-related investments that satisfy our investment objectives and strategies;
Text removed vs the prior filing · source: 10-Q · 2025-11-07
and Madison One Lender Services (together, “Madison One”), and Funding Circle USA, Inc. (“Funding
Section 7(a) loan program (the “SBA Section 7(a) Program”), government-guaranteed loans focused on the
United States Department of Agriculture (“USDA”), mortgage backed securities (“MBS”), residential mortgage
loans and other real estate-related investments that satisfy our investment objectives and strategies;
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-08
dismiss on April 1, 2026, and dismissed the lawsuit in its entirety. Although the Company was not a defendant in the
November 10, 2025. Briefing on the defendants’ motion to dismiss was completed on February 9, 2026.
25-2-14567-1 SEA (Wash. Super Ct. King Cnty.). On June 20, 2025, the court consolidated the Broadmark State Court
Actions under the caption In re Ready Capital Corporation Securities Litigation, No. 25-2-14038-5 SEA (Wash. Super.
Ct. King Cnty.) (as consolidated, the “Broadmark State Court Litigation”). The Broadmark State Court Litigation alleges
Text removed vs the prior filing · source: 10-Q · 2025-11-07
amended complaint was completed on July 22, 2025. Although the Company is not a defendant in the Broadmark
motion to dismiss is expected to be completed by March 2026.
Ready Capital Corp., et al., No. 25-2-14038-5 SEA (Wash. Super. Ct. King Cnty.) and Whittlesey v. Ready Capital
Corp., et al., No. 25-2-14567-1 SEA (Wash. Super Ct. King Cnty.). The Broadmark Securities Act Class Actions allege
that the defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act by making false and misleading
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-08
On May 6, 2026, Adam Zausmer and the Company entered into a Separation and Consulting Agreement (the “Zausmer
Agreement”) in connection with the previously announced mutual separation of Mr. Zausmer and the Company on
February 26, 2026 (the “Separation Date”). Under the Zausmer Agreement and in connection with Mr. Zausmer’s past
service to the Company, Mr. Zausmer is entitled to receive a one-time cash payment of $1,250,000, full reimbursement
of COBRA premiums for himself and his eligible dependents for up to 18 months, starting from the Separation Date,
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice