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RC

Ready Capital Corporation

RC

Ready Capital Corporation • NYSE
$2.55 ▲ 0.39% (+0.01)
Market Cap $423.02 M
52w High $7.64
52w Low $2.32
Dividend Yield 0.63%
P/E -1.44
Volume 1.11M
Outstanding Shares 165.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.62M ▲ $39.679M ▼ $-18.745M ▲ -100.671% ▼ $-0.13 ▲ $0
Q2-2025 $-12.016M ▲ $41.446M ▲ $-55.491M ▼ 461.809% ▲ $-0.34 ▼ $0
Q1-2025 $-74.096M ▼ $-74.096M ▼ $79.505M ▲ -107.3% ▲ $0.47 ▲ $0
Q4-2024 $58.244M ▼ $58.244M ▼ $-316.14M ▼ -542.786% ▼ $-1.9 ▼ $0
Q3-2024 $61.737M $61.737M $-9.31M -15.08% $-0.07 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $147.514M ▼ $8.332B ▼ $6.457B ▼ $1.775B ▼
Q2-2025 $162.935M ▼ $9.309B ▼ $7.383B ▼ $1.827B ▼
Q1-2025 $205.933M ▲ $9.976B ▼ $7.935B ▼ $1.942B ▲
Q4-2024 $143.803M ▼ $10.142B ▼ $8.206B ▼ $1.838B ▼
Q3-2024 $181.324M $11.253B $8.923B $2.233B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-18.745M ▲ $434.677M ▲ $493.448M ▲ $-956.111M ▼ $-27.986M ▼ $434.677M ▲
Q2-2025 $-52.779M ▼ $-61.335M ▼ $442.82M ▲ $-432.317M ▼ $-25.816M ▼ $-61.335M ▼
Q1-2025 $77.722M ▲ $19.363M ▲ $396.374M ▼ $-354.99M ▲ $71.157M ▲ $19.363M ▲
Q4-2024 $-301.154M ▼ $-26.464M ▼ $592.599M ▼ $-607.918M ▲ $-38.283M ▲ $-26.464M ▼
Q3-2024 $-11.745M $-351.999K $594.546M $-644.988M $-43.611M $-352K

Five-Year Company Overview

Income Statement

Income Statement Ready Capital’s income statement shows a business that can grow but is also quite cyclical and sensitive to the interest‑rate and credit environment. Revenue expanded meaningfully over the past few years, but the most recent year swung to a noticeable loss after several years of profits. That loss suggests margin pressure from higher funding costs, credit losses, or restructuring and integration costs. Earnings have been volatile rather than steady, which is common for mortgage REITs but means results can change quickly when markets or credit conditions shift.

Balance Sheet

Balance Sheet The balance sheet reflects a leveraged lending model typical for a mortgage REIT. Total assets have grown a lot versus a few years ago, though they pulled back from their recent peak, suggesting some portfolio resizing or de‑risking. Debt remains large compared with equity, so the company is still highly levered, even if leverage has eased a bit from its highest point. Equity is meaningfully higher than it was several years ago but dipped with the recent loss. Cash on hand is modest, which is normal for this type of business but underscores reliance on capital markets and secured funding lines.

Cash Flow

Cash Flow Cash flow looks more stable than the headline earnings might suggest, but still bumpy. Operating cash flow has generally been positive over the period, with only a brief dip during a heavy investment year. A particularly large outflow a few years ago appears tied to major growth or acquisition activity rather than ongoing operations. Since then, capital spending has been low, so free cash flow mostly tracks operating cash flow. Overall, the company has shown an ability to generate cash from its core lending activities, but with swings that reflect changes in loan volume, funding costs, and portfolio strategy.

Competitive Edge

Competitive Edge Ready Capital operates in a crowded real estate and small‑business lending market, but it has carved out some defensible niches. Its focus on lower‑to‑middle‑market commercial real estate and government‑backed small‑business loans gives it exposure to areas where large banks can be less aggressive. Being one of a limited number of non‑bank SBA Preferred Lenders is a meaningful advantage and creates a steady flow of demand. The firm’s ability to finance a property through its full life cycle—construction, bridge, and permanent loans—helps deepen relationships with borrowers. At the same time, it faces intense competition from banks, private credit funds, and fintech platforms, and remains exposed to downturns in commercial real estate and small‑business health.

Innovation and R&D

Innovation and R&D Instead of traditional R&D, Ready Capital is investing heavily in technology and data to differentiate its lending platform. The LenderAI system and newer Lendsey AI product aim to digitize and automate much of the loan application, underwriting, and closing process, especially for small SBA loans that are hard to handle profitably using manual methods. These tools could lower processing costs, speed up approvals, and improve risk assessment. The plan to build a business loan marketplace and real‑time communication tools further extends this digital ecosystem. The upside is greater efficiency and scalability; the risk is execution—integrating acquisitions, maintaining data quality, and ensuring models perform well through a full credit cycle.

Summary

Overall, Ready Capital has evolved from a traditional mortgage REIT into a more technology‑enabled, diversified commercial real estate and small‑business lender. On the positive side, it has grown its platform, built distinctive capabilities in SBA lending, and invested in automation and AI that could enhance efficiency and customer experience. On the risk side, recent losses highlight how sensitive results are to interest rates, credit quality, and market conditions. Leverage remains high, and cash flows, while generally positive, are not perfectly smooth. Looking ahead, the key things to watch are the stability of earnings, the health of the loan book in a changing real estate and small‑business environment, the company’s leverage and funding flexibility, and whether its technology investments translate into more resilient, less volatile performance over time.

NEWS

November 6, 2025 · 4:45 PM UTC

Ready Capital Corporation Reports Third Quarter 2025 Results

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October 30, 2025 · 4:10 PM UTC

Ready Capital Corporation Announces Third Quarter 2025 Results and Webcast Call

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September 29, 2025 · 9:49 AM UTC

SBA WORX Selects LenderAI as a Technology Platform for Its LSP Business

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September 15, 2025 · 4:15 PM UTC

Ready Capital Corporation Declares Third Quarter 2025 Dividends

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September 4, 2025 · 4:51 PM UTC

READY CAPITAL ALERT: Bragar Eagel & Squire, P.C. is Investigating Ready Capital Corporation on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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