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RC-PC

Ready Capital Corporation

RC-PC

Ready Capital Corporation • NYSE
$14.00 ▲ 0.00% (+0.00)
Market Cap $2.30 B
52w High $19.18
52w Low $13.19
Dividend Yield 1.56%
P/E 6.34
Volume 1
Outstanding Shares 41.56M

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 Revenue has grown meaningfully over the past few years, but profitability has become more volatile. After a run of solid profits, the most recent year flipped to a noticeable loss at both the operating and net income level. That suggests rising credit costs, portfolio stress, or funding pressures are now outweighing the earnings power of the loan book. The pattern is: strong underlying gross profit, but higher expenses, provisions, or funding costs eating into those gains. This is fairly typical in rate‑sensitive lending businesses, but it does mean recent results look weaker and more unpredictable than in prior years.

Balance Sheet

Balance Sheet The balance sheet is large and loan‑heavy, funded mostly with borrowings, which is normal for a mortgage REIT but still means meaningful leverage. Debt clearly outweighs equity, so the business depends on stable funding markets and careful risk management. Equity has built up over time, which is a positive, but the recent loss slows that progress. Cash on hand is modest relative to total assets, again typical for this model, so ongoing access to warehouse lines and securitizations remains crucial. Overall, it’s a leveraged but not unusual profile for the sector, with a need for continued discipline around asset quality and funding costs.

Cash Flow

Cash Flow Cash generation looks steadier than the accounting earnings might suggest. Operating cash flow has generally been positive, including in the most recent year, which indicates the core lending engine is still throwing off cash even as reported profit dipped into a loss. Free cash flow has followed a similar pattern, with one past year showing a large outflow tied to heavy investment activity rather than routine spending. The key takeaway is that cash flows are positive but not abundant, and they rely on continued loan performance and the ability to recycle capital as assets are repaid or sold.

Competitive Edge

Competitive Edge Ready Capital sits in a differentiated niche: smaller commercial real estate and small‑business lending that many large banks do not prioritize. Its position as a top‑tier SBA lender and a leading provider of small balance commercial and multifamily loans gives it strong brand recognition in those segments. A national origination network and the ability to offer a full suite of products—from bridge and construction loans to long‑term agency financing—help it keep clients across the entire property and business lifecycle. Access to multiple funding channels provides flexibility, though the firm is still exposed to credit cycles and real estate conditions. Overall, its focus on underserved markets and specialized programs provides a meaningful competitive edge, but also concentrates it in areas that can be volatile.

Innovation and R&D

Innovation and R&D The company is leaning heavily into technology, particularly through its iBusiness Funding unit and the Lendsey AI platform. This is not just routine digitization; it’s an attempt to use advanced, task‑performing AI to speed up underwriting, improve risk assessment, and make the borrowing experience smoother. A sizable, multi‑year financial commitment to AI signals that management sees tech as a core driver of future efficiency and growth, not a side project. Their use of proprietary lending data is a strength, as it can improve model quality over time. The flip side is execution risk: integrating AI into regulated lending processes is complex, and the financial payoff will likely be gradual rather than instant.

Summary

Ready Capital combines a specialized lending franchise with an increasingly tech‑driven operating model, but it is navigating a tougher earnings phase. Financially, it has moved from a string of profitable years to a recent loss, highlighting how sensitive its results are to credit conditions, real estate trends, and funding costs. The balance sheet is typical for a mortgage REIT—asset‑heavy and leveraged—making risk control and access to capital markets central to its resilience. Strategically, the company’s niche in SBA and small balance commercial real estate, together with a broad toolkit of loan products, gives it a defensible position and multiple revenue streams from the same client relationships. Its push to shed non‑core or troubled assets, reposition the portfolio, and integrate acquisitions like UDF IV shows a willingness to adjust to the environment, though those moves can create short‑term noise in results. The large bet on AI‑enabled lending is a key swing factor: if executed well, it could improve margins and scalability; if not, it may simply add cost and complexity. Overall, the story blends solid niche strengths and ambitious innovation with clear exposure to credit cycles, interest rates, and execution risk.