Ready Capital Corp

Listed Company

RCCIK 0001527590NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-221.06M

Total Assets

—

Equity

—

Shares Out

165.22M

Op. Cash Flow

$432.12M

RC$1.79−61.09% · past yearDBEQ Basic

Daily closing prices

Business

Ready Capital Corporation is a multi-strategy real estate finance REIT that originates, acquires, finances, and services commercial loans, SBA Section 7(a) loans, construction loans, USDA loans, and mortgage-backed securities. The company operates through two segments: LMM Commercial Real Estate, covering construction, bridge, stabilized, and agency loan channels, and Small Business Lending, covering SBA and USDA loan originations. Ready Capital distributes capital nationally across performing and non-performing loan investments and securitization structures.

Summary from 10-K filed 2026-03-02

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	569	897	946	663	395
Interest expense	−514	−696	−716	−392	—
Net interest income before provision for loan losses	55	201	229	271	191
Provision for loan losses	−87	−293	−7	−34	−8
Net interest income after provision for loan losses	−32	−92	222	236	183
Net realized gain (loss) on financial instruments and real estate owned	−142	−54	65	54	69
Net unrealized gain (loss) on financial instruments	−13	−15	10	22	22
Valuation recovery (allowance), loans held for sale	15	−125	0	—	—
Servicing income, net of amortization and impairment of $29,919, $21,972 and $7,911	19	17	21	11	18
Bargain purchase gain	110	14	208	—	—
Income (loss) on unconsolidated joint ventures	5	11	−905,000	12	7
Other income	54	51	106	56	7
Total non-interest income (expense)	47	−102	408	155	133
Professional fees	−31	−27	−35	−17	−13
Loan servicing expense	−41	−47	−41	−31	−21
Transaction related expenses	−6	−10	−18	−14	−14
Impairment on real estate	−24	−57	−9	−4	—
Other operating expenses	−91	−64	−51	−44	−50
Total non-interest expense	−317	−323	−272	−216	−184
Income (loss) from continuing operations before benefit for income taxes	−303	−517	358	175	132
Income tax benefit (provision)	87	105	−7	−15	−15
Net income (loss) from continuing operations	−216	−412	351	160	117
Loss from discontinued operations before income tax benefit	−7	−25	−4	58	57
Income tax benefit	2	6	945,000	−14	−14
Net loss from discontinued operations	−5	−18	−3	44	43
Net income (loss)	−221	−430	348	203	160
Less: Dividends on preferred stock	8	8	8	8	8
Less: Net income attributable to non-controlling interest	8	5	9	9	2
Net income (loss) attributable to Ready Capital Corporation	−237	−444	331	186	150
Earnings per common share from continuing operations - basic (in dollars per share)	−1.41	−2.52	2.27	1.32	1.55
Earnings per common share from discontinued operations - basic (in dollars per share)	−0.03	−0.11	−0.02	0.41	0.62
Total earnings per common share - basic (in dollars per share)	−1.44	−2.63	2.25	1.73	2.17
Earnings per common share from continuing operations - diluted (in dollars per share)	−1.41	−2.52	2.24	1.28	1.54
Earnings per common share from discontinued operations - diluted (in dollars per share)	−0.03	−0.11	−0.02	0.37	0.62
Total earnings per common share - diluted (in dollars per share)	−1.44	−2.63	2.22	1.65	2.16
Basic (in dollars per share)	165	169	147	107	69
Diluted (in dollars per share)	167	170	149	117	69
Dividends declared per share of common stock (in dollars per share)	0.39	1.1	1.46	1.66	1.66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	208	144	139	147	193
Restricted cash	40	31	30	48	41
Loans, net (including $737 and $3,533 held at fair value)	3,500	3,378	4,020	3,572	2,915
Loans, held for sale (including $73,094 and $128,531 held at fair value and net of valuation allowance of $67,612 and $97,620)	586	242	82	—	—
Mortgage-backed securities	35	31	27	32	99
Investment in unconsolidated joint ventures (including $5,737 and $6,577 held at fair value)	161	162	133	119	141
Derivative instruments	7	8	2	—	—
Servicing rights	126	128	103	87	205
Real estate owned	620	193	—	—	—
Other assets	508	362	300	184	172
Assets of consolidated VIEs	1,979	5,175	6,897	—	—
Assets held for sale (refer to Note 9)	0	288	455	439	—
Total Assets	7,770	10,142	12,441	11,621	9,534
Senior secured notes, net	723	438	345	343	342
Corporate debt, net	652	895	765	663	442
Guaranteed loan financing	524	691	845	265	345
Contingent consideration	19	573,000	8	29	16
Derivative instruments	1	352,000	212,000	—	—
Dividends payable	4	43	54	47	34
Loan participations sold	57	96	63	55	—
Due to third parties	3	1	4	—	—
Accounts payable and other accrued liabilities	172	188	207	154	183
Liabilities held for sale (refer to Note 9)	0	229	333	272	—
Total Liabilities	6,118	8,198	9,794	9,722	8,245
Preferred stock Series C, liquidation preference $25.00 per share (refer to Note 20)	8	8	8	8	8
Commitments & contingencies (refer to Note 24)	—	—	—	—	—
Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 20)	111	111	111	111	111
Common stock, $0.0001 par value, 500,000,000 shares authorized, 163,010,012 and 162,792,372 shares issued and outstanding, respectively	17,000	17,000	17,000	11,000	8,000
Additional paid-in capital	2,264	2,250	2,322	1,684	1,162
Retained deficit	−808	−505	124	5	9
Accumulated other comprehensive loss	−24	−19	−18	−9	−6
Total Ready Capital Corporation equity	1,544	1,838	2,540	1,791	1,276
Non-controlling interests	99	98	98	99	4
Total Stockholders Equity	1,643	1,936	2,638	1,890	1,281
Total Liabilities, Redeemable Preferred Stock, and Stockholders Equity	7,770	10,142	12,441	11,621	9,534

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of premiums, discounts, and debt issuance costs, net	46	53	67	2	−24
Stock-based compensation	6	8	8	7	7
Depreciation and amortization on real estate owned	3	0	0	—	—
Repair and denial reserve (recovery)	5	385,000	−4	−9	10
Paid-in-kind accrued interest	−6	−78	−42	0	—
Provision for loan losses on purchased future receivables	0	2	9	3	1
Net (income) loss of unconsolidated joint ventures, net of distributions	−2	−8	3	−9	561,000
Realized (gains) losses, net	144	54	−66	−52	−69
Unrealized (gains) losses, net	12	15	−9	−23	−23
Loans, held for sale, net	636	326	18	192	−84
Derivative instruments	−1	5	12	57	−63
Assets of consolidated VIEs (excluding loans, net), accrued interest and due from servicers	80	−61	−28	−32	6
Receivable from third parties	−3	2	−21	14	10
Other assets	−217	−59	−60	−7	−1
Accounts payable and other accrued liabilities	−14	−22	14	−68	4
Net cash provided by operating activities from continuing operations	456	286	59	274	−90
Net cash used for operating activities from discontinued operations	−24	−12	−8	85	55
Net cash provided by operating activities	432	275	51	359	−34
Origination of loans	−593	−826	−1,005	−3,303	−3,826
Proceeds from disposition and principal payment of loans	2,140	2,274	1,941	2,205	973
Funding of investments held to maturity	−2	0	−140,000	−6	—
Proceeds from sale and principal payment of mortgage-backed securities	776,000	0	8	62	2,016
Funding of real estate, held for sale	−2	−1	−12	−11	—
Proceeds from sale of real estate, held for sale	73	67	78	8	42
Investment in unconsolidated joint ventures	−26	−33	−25	−122	−60
Distributions in excess of cumulative earnings from unconsolidated joint ventures	33	14	8	154	18
Payment of liabilities under participation agreements	−48	−15	−9	−19	—
Net cash provided by disposal of discontinued operations	4	0	0	—	—
Net cash provided by asset acquisitions	4	0	0	—	—
Net cash provided by (used for) business acquisitions	16	−44	39	—	—
Net cash provided by investing activities from continuing operations	1,599	1,435	1,021	−1,552	−1,718
Net cash provided by investing activities from discontinued operations	43	100	−2	−5	−496,000
Net cash provided by investing activities	1,643	1,535	1,019	−1,556	−1,718
Proceeds from secured borrowings	3,035	2,102	4,127	7,770	7,756
Repayment of secured borrowings	−2,285	−2,167	−4,692	−7,414	−8,310
Repayment of the Paycheck Protection Program Liquidity Facility borrowings	−12	−17	−165	−740	−1,434
Proceeds from issuance of securitized debt obligations of consolidated VIEs	0	0	1,121	2,387	1,993
Repayment of securitized debt obligations of consolidated VIEs	−2,416	−1,521	−977	−676	−673
Proceeds from corporate debt	0	126	0	220	304
Repayment of corporate debt	−247	0	0	—	−50
Proceeds from senior secured note	290	92	0	—	—
Repayment of convertible note	0	0	−115	0	—
Repayment of guaranteed loan financing	−185	−153	−154	−109	−70
Payment of deferred financing costs	−30	−12	−32	−44	−47
Payment of contingent consideration	0	0	−9	−9	—
Proceeds from issuance of equity, net of issuance costs	0	0	108,000	123	165
Common stock repurchased	−68	−82	−18	−37	—
Settlement of share-based awards in satisfaction of withholding tax requirements	−2	−1	−4	−6	−1
Dividend payments	−113	−206	−215	−188	−112
Distributions, net	0	−18,000	−6,000	−14	59
Net cash used for financing activities from continuing operations	−2,033	−1,839	−1,133	1,264	1,939
Net cash provided by (used for) financing activities from discontinued operations	−4	−41	48	−93	−63
Net cash used for financing activities	−2,038	−1,880	−1,085	1,171	1,876
Net decrease in cash, cash equivalents, and restricted cash including cash classified within assets held for sale	37	−70	−15	−26	—
Less: Net increase (decrease) in cash and cash equivalents within assets held for sale	−30	10	−3	−24	—
Net increase (decrease) in cash, cash equivalents, and restricted cash	67	−80	−11	−3	—
Cash paid for interest	489	659	661	355	186
Cash paid (received) for income taxes	−34,000	−12	2	29	13
Loans transferred from loans, held for sale to loans, net	159	13	69	4	—
Loans transferred from loans, net to loans, held for sale	1,387	729	4	3	1
Consolidation of assets in securitization trusts	0	0	689	0	—
Loans transferred to real estate owned, held for sale	541	87	57	2	9
Shares and OP units issued in connection with merger transactions	65	0	637	458	240
Consolidation of borrowings in securitization trusts	0	0	689	0	—
Conversion of OP units to common stock	2	4	3	0	13

Filings

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Frequently asked questions

What is Ready Capital Corp's CIK number?

Ready Capital Corp's SEC CIK number is 0001527590 (1527590). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Ready Capital Corp's SEC filings?

All of Ready Capital Corp's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Ready Capital Corp last report earnings?

Ready Capital Corp (RC) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-032299). This is Ready Capital Corp's most recent earnings filing of record — not a forecast of its next earnings date.

What is Ready Capital Corp's most recent earnings 8-K?

Ready Capital Corp's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001628280-26-032299. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Ready Capital Corp's latest earnings 8-K →
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