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RCD

Ready Capital Corporation 9.00% Senior Notes due 2029

RCD

Ready Capital Corporation 9.00% Senior Notes due 2029 • NYSE
$23.60 ▼ -0.88% (-0.21)
Market Cap $642.26 M
52w High $25.55
52w Low $22.71
Dividend Yield 1.13%
P/E 3.23
Volume 2.84K
Outstanding Shares 27.21M

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 Earnings have been volatile. Revenue has grown over the longer stretch, but profitability swung from solid profits in earlier years to a noticeable loss most recently. That shift suggests margin pressure, higher credit costs, or integration and funding headwinds. The pattern fits a lender operating through a choppy interest-rate and real estate environment: the business can be profitable, but results are sensitive to credit quality, funding costs, and deal flow. Recent losses are a clear watchpoint for the credit profile behind these notes.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable loan and asset base funded largely with debt, which is typical for a mortgage REIT but still means meaningful leverage. Equity has generally trended upward over time, which is a positive sign for underlying capital strength, but it remains modest relative to total assets. Cash on hand appears lean, so the company likely relies heavily on market funding lines and securitizations. Overall, the structure is workable for this business model but leaves limited room for major shocks without careful risk management.

Cash Flow

Cash Flow Cash flow from operations has usually been positive but not very large relative to the size of the balance sheet, reflecting the nature of a lending business where cash cycles through loans and repayments. Free cash flow has generally tracked operating cash, with one period of heavy investment that temporarily dragged it down. This suggests the company can generate cash in normal conditions, but its cash profile is closely tied to loan origination, repayments, and access to external funding rather than large, steady surplus cash generation.

Competitive Edge

Competitive Edge Ready Capital operates in specialized corners of real estate and small business lending that many large banks do not serve as deeply. It is a leading non‑bank lender in government-backed small business programs and offers a full toolkit of real estate loans, from short-term bridge loans to longer-term agency and affordable housing financing. The firm also benefits from an experienced external manager and a history of using acquisitions to add capabilities and scale. Together, these factors give it a meaningful niche and some insulation from more commoditized lending markets, though it still faces competition from banks, other non‑bank lenders, and broader credit cycles.

Innovation and R&D

Innovation and R&D The company leans heavily on technology and AI as a core differentiator rather than treating it as a side project. Its LenderAI and Lendsey AI platforms aim to automate and speed up underwriting and documentation, especially for small business loans, reducing human touchpoints and potentially lowering costs and errors. Significant capital has been earmarked to push these tools further, and acquisitions have repeatedly been used to acquire new platforms and tech talent. If execution is strong, this could create a durable efficiency and service-level advantage, but there is execution risk: integrating multiple platforms, keeping them compliant, and actually converting tech into better credit outcomes is not guaranteed.

Summary

Behind these 2029 senior notes is a specialized, tech-forward mortgage REIT and small business lender with both strengths and vulnerabilities. On the positive side, Ready Capital has carved out a defensible niche in underserved lending segments, uses AI and automation aggressively to scale, and has grown its equity base over time while building out a diversified set of lending products. On the risk side, earnings volatility, the recent swing to losses, and reliance on leverage and external funding highlight exposure to credit conditions and interest-rate shifts. The story is one of a company trying to offset the inherent cyclicality of its business with technology, niche focus, and acquisitions—offering upside if that strategy works well, but also leaving investors exposed to execution and credit-cycle risk along the way.