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RC-PE

Ready Capital Corporation

RC-PE

Ready Capital Corporation • NYSE
$14.08 ▼ -1.54% (-0.22)
Market Cap $2.31 B
52w High $19.40
52w Low $13.76
Dividend Yield 1.63%
P/E 6.38
Volume 16.21K
Outstanding Shares 41.96M

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 story shows a clear shift from a few years of steady profitability to a tough recent year. Revenue and core earning power generally climbed for several years, but the most recent period flipped into a noticeable loss. That suggests either higher credit costs, pressure from interest rates, or one‑time hits weighing on results. Overall, the business has proven it can generate solid income in normal conditions, but the latest year highlights its sensitivity to the rate and credit cycle. Profitability has become more volatile, which raises questions about how quickly management can restore more stable earnings.

Balance Sheet

Balance Sheet The balance sheet is sizable and clearly built on leverage, which is typical for a mortgage REIT but still important to recognize as a risk. Assets have expanded meaningfully over time, financed largely with debt, while equity has grown but remains much smaller than the borrowing base. Cash on hand looks modest relative to total assets, so the company relies heavily on access to funding markets and the health of its loan portfolio. In good conditions this structure supports returns; in stressed environments it can magnify both losses and refinancing risk.

Cash Flow

Cash Flow Cash flow from operations has generally been positive, with only brief periods of strain, suggesting that the core lending platform can generate cash even when accounting profits move around. A few years back, there was a very heavy investment period that pulled free cash flow sharply negative, likely tied to acquisitions or platform build‑out, but that has since normalized. Recent years show modest, positive cash generation rather than large excess cash, which means management has some flexibility but not a wide cushion. The business model is functional from a cash perspective, but it doesn’t leave much room for prolonged stress without adjustments to the portfolio or funding mix.

Competitive Edge

Competitive Edge Ready Capital holds a differentiated position by focusing on small and medium‑balance commercial and SBA loans, a segment many traditional lenders find hard to serve profitably. Its role as a leading non‑bank SBA and small‑balance agency lender gives it valuable relationships and access to government‑backed programs, which can help in weaker credit cycles. The company also gains strength from a diversified lending mix across commercial real estate, small business, and residential segments, plus a history of bolt‑on acquisitions that add scale and capabilities. That said, it still faces intense competition from banks, other mortgage REITs, and fintech lenders, along with sensitivity to interest rates and real estate conditions, so its edge depends heavily on continuing to execute better and faster than peers.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point. Through iBusiness Funding, LenderAI, and the new Lendsey AI platform, Ready Capital is pushing a technology‑first lending model that automates much of the origination and underwriting process. This is especially important in small‑balance lending, where efficiency determines whether loans are profitable at all. The strategy extends beyond internal development to acquisitions of technology‑driven platforms like Knight Capital and Funding Circle US, giving Ready Capital more data, more product breadth, and more distribution. A sizable committed investment into AI signals long‑term intent, but also introduces execution risk: the company must prove that these tools meaningfully reduce losses, lower costs, and attract partners to its “lending as a service” offering.

Summary

Putting it all together, Ready Capital combines a traditional, highly leveraged mortgage REIT balance sheet with a more modern, tech‑driven lending engine. Financially, the company moved from solid profitability to a recent setback, underscoring how exposed it is to shifts in interest rates, credit quality, and real estate markets. Strategically, however, it has carved out a distinct niche in small‑balance and SBA lending, backed by proprietary AI platforms and a track record of acquiring and integrating fintech assets. The key questions going forward are whether management can stabilize earnings, manage leverage through the cycle, and turn its heavy technology investments into durable cost advantages and better credit outcomes. The opportunity is meaningful, but so are the execution and macro risks.