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RCC

Ready Capital Corporation 5.75%

RCC

Ready Capital Corporation 5.75% • NYSE
$24.80 ▼ -0.20% (-0.05)
Market Cap $4.02 B
52w High $26.87
52w Low $23.97
Dividend Yield 1.44%
P/E 0
Volume 7.88K
Outstanding Shares 162.13M

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 revenue has grown meaningfully over the past few years, but profitability has become less consistent. After a strong jump in earnings in the prior year, the most recent year shows a clear step back with losses at the operating and net income level. This suggests pressure from higher funding costs, credit losses, deal integration costs, or a tougher lending environment. Overall, the business has proven it can scale revenue and generate solid profits in good conditions, but the latest results highlight that earnings are quite sensitive to the credit and interest-rate cycle.

Balance Sheet

Balance Sheet The balance sheet reflects a typical leveraged finance and real estate model: sizeable assets funded largely with debt, supported by a growing but comparatively smaller equity base. Over time, assets and equity have expanded, which points to a business that has been scaling. Debt has also stayed high, which is normal for this type of company but leaves less room for error when profits dip. The recent loss has slightly eroded equity and, combined with high leverage, underscores the importance of maintaining credit quality and stable funding.

Cash Flow

Cash Flow Cash generation from the core business has generally been positive, though not consistently strong every year. Operating cash flow has improved recently, which is encouraging given the swing to an accounting loss. Free cash flow has been positive in most years, with one standout year of heavy investment driving a large outflow. Overall, Ready Capital appears capable of funding itself in normal periods, but cash flows can swing meaningfully when the company leans into acquisitions or growth investments.

Competitive Edge

Competitive Edge Ready Capital occupies a distinctive niche as a lender focused on small to mid-sized commercial real estate and small businesses, especially through SBA and USDA programs. Its position as a leading non‑bank SBA lender and a meaningful USDA lender gives it brand, scale, and expertise that are not easy to replicate. The company’s diversified loan origination across different products and property types helps it adjust to changing markets. At the same time, it competes with banks, non‑bank lenders, and fintechs, and its reliance on government programs and capital markets funding leaves it exposed to policy and market shifts.

Innovation and R&D

Innovation and R&D The company’s innovation effort is centered on technology rather than traditional laboratory-style R&D. Its proprietary platforms—such as LenderAI, the iBusiness origination system, and the newer Lendsey AI—are designed to automate underwriting, speed up decisions, and handle a high volume of smaller loans efficiently. Ready Capital has also used acquisitions to bring in more technology and digital capabilities. The sizable financial commitment to AI suggests a deliberate push to build a long‑term tech edge, though the payoff will depend on real‑world adoption, regulatory comfort with AI in lending, and the company’s ability to integrate these tools into everyday workflows without increasing risk.

Summary

Ready Capital has grown into a meaningful player in real estate and small business lending, with a particular strength in government‑backed loan programs and technology‑enabled origination. Financially, it shows a pattern of growth punctuated by a recent setback in profitability, which highlights the cyclical and credit‑sensitive nature of its business model. The balance sheet is highly leveraged, as is typical in this sector, making risk management and funding discipline critical. Cash flows are generally supportive but can fluctuate with investment cycles. Strategically, the company’s niche focus, government‑program expertise, and technology platforms form a credible competitive moat, while its heavy push into AI and continued acquisition strategy create both opportunity and execution risk. The overall picture is of a lender with clear strengths and differentiators, but also meaningful exposure to economic conditions, credit quality, and the success of its technology-driven strategy.