Ready Capital (RC)
Market Price (5/18/2026): $1.76 | Market Cap: $288.1 MilSector: Financials | Industry: Mortgage REITs
Ready Capital (RC)
Market Price (5/18/2026): $1.76Market Cap: $288.1 MilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 26%, FCF Yield is 323% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Private Credit, Show more. | Weak multi-year price returns2Y Excs Rtn is -117%, 3Y Excs Rtn is -155% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -30 Mil Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 887% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -172%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -93%, Rev Chg QQuarterly Revenue Change % is -9.1% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -159% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.3 Key risksRC key risks include [1] a highly delinquent commercial real estate loan portfolio requiring significant loss reserves and [2] a substantial debt load with upcoming maturities that threaten its common share dividend. |
| Attractive yieldDividend Yield is 26%, FCF Yield is 323% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Private Credit, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -117%, 3Y Excs Rtn is -155% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -30 Mil |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 887% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -172%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -93%, Rev Chg QQuarterly Revenue Change % is -9.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -159% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.3 |
| Key risksRC key risks include [1] a highly delinquent commercial real estate loan portfolio requiring significant loss reserves and [2] a substantial debt load with upcoming maturities that threaten its common share dividend. |
Qualitative Assessment
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Ready Capital (RC) stock has lost about 20% since 1/31/2026 because of the following key factors:
1. Substantial Q1 2026 Financial Losses and Underperformance.
Ready Capital reported a significant GAAP net loss of $200.1 million and a distributable loss of $1.00 per common share for the first quarter of 2026. This substantially missed analysts' consensus estimates for a loss of ($0.19) per share. The adjusted loss of 33 cents per share also fell short of the consensus estimate of ($0.15). These results followed a negative net margin of 39.55% and a negative return on equity of 10.29% in the prior quarter (Q4 2025), indicating ongoing financial challenges.
2. Aggressive Balance Sheet De-leveraging Impacts Book Value.
The company is executing a balance sheet repositioning plan focused on de-leveraging to generate liquidity, which has negatively impacted earnings and book value in the short term. As of May 7, 2026, Ready Capital generated $1.4 billion in cash from loan sales and liquidations, enabling the repayment of over $1.1 billion in asset-level financing and the retirement of $184 million of corporate debt. This strategic move led to a decline in book value per common share from $8.79 to $7.43 in Q1 2026.
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1. Substantial Q1 2026 Financial Losses and Underperformance.
Ready Capital reported a significant GAAP net loss of $200.1 million and a distributable loss of $1.00 per common share for the first quarter of 2026. This substantially missed analysts' consensus estimates for a loss of ($0.19) per share. The adjusted loss of 33 cents per share also fell short of the consensus estimate of ($0.15). These results followed a negative net margin of 39.55% and a negative return on equity of 10.29% in the prior quarter (Q4 2025), indicating ongoing financial challenges.
2. Aggressive Balance Sheet De-leveraging Impacts Book Value.
The company is executing a balance sheet repositioning plan focused on de-leveraging to generate liquidity, which has negatively impacted earnings and book value in the short term. As of May 7, 2026, Ready Capital generated $1.4 billion in cash from loan sales and liquidations, enabling the repayment of over $1.1 billion in asset-level financing and the retirement of $184 million of corporate debt. This strategic move led to a decline in book value per common share from $8.79 to $7.43 in Q1 2026.
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Stock Movement Drivers
Fundamental Drivers
The -18.3% change in RC stock from 1/31/2026 to 5/17/2026 was primarily driven by a -217.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.12 | 1.73 | -18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44 | -30 | -169.8% |
| P/S Multiple | 7.9 | -9.3 | -217.1% |
| Shares Outstanding (Mil) | 164 | 164 | -0.1% |
| Cumulative Contribution | -18.3% |
Market Drivers
1/31/2026 to 5/17/2026| Return | Correlation | |
|---|---|---|
| RC | -18.3% | |
| Market (SPY) | 7.1% | 28.2% |
| Sector (XLF) | -3.9% | 31.7% |
Fundamental Drivers
The -40.3% change in RC stock from 10/31/2025 to 5/17/2026 was primarily driven by a -217.7% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.90 | 1.73 | -40.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 62 | -30 | -149.5% |
| P/S Multiple | 7.9 | -9.3 | -217.7% |
| Shares Outstanding (Mil) | 168 | 164 | 2.5% |
| Cumulative Contribution | -40.3% |
Market Drivers
10/31/2025 to 5/17/2026| Return | Correlation | |
|---|---|---|
| RC | -40.3% | |
| Market (SPY) | 9.0% | 21.2% |
| Sector (XLF) | -1.6% | 23.9% |
Fundamental Drivers
The -58.3% change in RC stock from 4/30/2025 to 5/17/2026 was primarily driven by a -166.0% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.15 | 1.73 | -58.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 49 | -30 | -161.8% |
| P/S Multiple | 14.1 | -9.3 | -166.0% |
| Shares Outstanding (Mil) | 167 | 164 | 2.3% |
| Cumulative Contribution | -58.3% |
Market Drivers
4/30/2025 to 5/17/2026| Return | Correlation | |
|---|---|---|
| RC | -58.3% | |
| Market (SPY) | 34.8% | 25.9% |
| Sector (XLF) | 6.4% | 28.9% |
Fundamental Drivers
The -77.4% change in RC stock from 4/30/2023 to 5/17/2026 was primarily driven by a -516.1% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.67 | 1.73 | -77.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 380 | -30 | -108.0% |
| P/S Multiple | 2.2 | -9.3 | -516.1% |
| Shares Outstanding (Mil) | 111 | 164 | -32.3% |
| Cumulative Contribution | -77.4% |
Market Drivers
4/30/2023 to 5/17/2026| Return | Correlation | |
|---|---|---|
| RC | -77.4% | |
| Market (SPY) | 84.7% | 37.2% |
| Sector (XLF) | 61.7% | 39.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RC Return | 40% | -18% | 6% | -23% | -65% | -21% | -74% |
| Peers Return | 31% | -16% | 25% | -3% | 4% | -3% | 34% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| RC Win Rate | 67% | 50% | 50% | 33% | 33% | 20% | |
| Peers Win Rate | 62% | 48% | 53% | 55% | 53% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| RC Max Drawdown | -15% | -34% | -30% | -27% | -66% | -38% | |
| Peers Max Drawdown | -16% | -30% | -27% | -17% | -21% | -14% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BXMT, STWD, ARI, LADR, ABR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)
How Low Can It Go
| Event | RC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.7% | -9.5% |
| % Gain to Breakeven | 20.0% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -76.3% | -33.7% |
| % Gain to Breakeven | 321.3% | 50.9% |
| Time to Breakeven | 353 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.5% | -19.2% |
| % Gain to Breakeven | 19.8% | 23.8% |
| Time to Breakeven | 42 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.7% | -3.7% |
| % Gain to Breakeven | 15.8% | 3.9% |
| Time to Breakeven | 134 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -13.5% | -12.2% |
| % Gain to Breakeven | 15.6% | 13.9% |
| Time to Breakeven | 27 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.0% | -6.8% |
| % Gain to Breakeven | 31.5% | 7.3% |
| Time to Breakeven | 413 days | 15 days |
In The Past
Ready Capital's stock fell -16.7% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 20.0% gain to breakeven.
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| Event | RC | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -76.3% | -33.7% |
| % Gain to Breakeven | 321.3% | 50.9% |
| Time to Breakeven | 353 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.0% | -6.8% |
| % Gain to Breakeven | 31.5% | 7.3% |
| Time to Breakeven | 413 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -20.8% | -0.2% |
| % Gain to Breakeven | 26.2% | 0.2% |
| Time to Breakeven | 352 days | 1 days |
In The Past
Ready Capital's stock fell -16.7% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 20.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ready Capital (RC)
Ready Capital Corporation operates as a real estate finance company in the United States. The company acquires, originates, manages, services, and finances small to medium balance commercial (SBC) loans, small business administration (SBA) loans, residential mortgage loans, and mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments. It operates through three segments: SBC Lending and Acquisitions; Small Business Lending; and Residential Mortgage Banking. The SBC Lending and Acquisitions segment, through its subsidiary, ReadyCap Commercial, LLC, originate SBC loans secured by stabilized or transitional investor properties using various loan origination channels. The Small Business Lending segment, through its subsidiary, ReadyCap Lending, LLC, acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program. The Residential Mortgage Banking segment, through its subsidiary, GMFS, LLC, originates residential mortgage loans. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Sutherland Asset Management Corporation and changed its name to Ready Capital Corporation in September 2018. Ready Capital Corporation was founded in 2007 and is headquartered in New York, New York.
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Rocket Mortgage for diversified real estate and small business loans, structured as a REIT.
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```html- Small to Medium Balance Commercial (SBC) Loans: Ready Capital originates loans secured by stabilized or transitional investor properties.
- Small Business Administration (SBA) Loans: The company acquires, originates, and services owner-occupied loans guaranteed by the SBA under its Section 7(a) Program.
- Residential Mortgage Loans: Ready Capital originates mortgage loans for residential properties.
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Ready Capital (RC) operates as a real estate finance company, providing various types of loans. Therefore, its major customers are the borrowers of these loans, which fall into the following categories:
- Small to Medium Balance Commercial (SBC) Loan Borrowers: These customers are typically businesses or individual investors seeking financing for commercial properties, which can be stabilized or transitional investor properties.
- Small Business Administration (SBA) Loan Borrowers: These customers are small businesses that require financing, often for owner-occupied properties, utilizing loans guaranteed by the SBA under its Section 7(a) Program.
- Residential Mortgage Loan Borrowers: These customers are individuals seeking financing to purchase or refinance residential properties.
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Thomas Capasse, Chief Executive Officer & Chief Investment Officer
Mr. Capasse is a co-founder of Ready Capital and its external manager, Waterfall Asset Management, LLC. He also co-founded ReadyCap Commercial LLC. Prior to founding Waterfall, Mr. Capasse managed the principal finance groups at Greenwich Capital (1995-1997), Nomura Securities (1997-2001), and Macquarie Securities (2001-2004). He was a founding member of Merrill Lynch's ABS Group (1983-1994), focusing on mortgage-backed securities (MBS) transactions. Waterfall Asset Management focuses on structured credit and private equity investments.
Andrew Ahlborn, CPA, Chief Financial Officer
Mr. Ahlborn serves as the Chief Financial Officer of Ready Capital. He joined Ready Capital's manager, Waterfall Asset Management, LLC, in 2010 and previously served as the Controller of Ready Capital since 2015. Before joining Waterfall Asset Management, he worked in Ernst & Young, LLP's Financial Services Office from 2007. Mr. Ahlborn is a licensed Certified Public Accountant in New York.
Jack Ross, President and Director
Mr. Ross is a co-founder of Ready Capital and a co-founder of its external manager, Waterfall Asset Management, LLC. Along with Thomas Capasse, he was instrumental in the acquisition and realization of significant returns on approximately $5 billion of non-performing small balance commercial real estate loans at Waterfall following the global financial crisis.
Dominick D. Scali, Chief Credit Officer, Co-President of ReadyCap Commercial, LLC
Mr. Scali was appointed Chief Credit Officer and Co-President of ReadyCap Commercial, LLC in February 2026. He has been a Managing Director and Co-Head of Bridge Lending with Ready Capital since 2015. His prior experience includes serving as head of credit and underwriting for Doral Bank's national bridge lending platform, and holding positions in credit and originations at Anglo Irish Bank and Citigroup.
Gary Taylor, CEO, ReadyCap Lending, LLC
Mr. Taylor is the Chief Executive Officer of ReadyCap Lending, LLC, a subsidiary of Ready Capital that operates as a lender under the U.S. Small Business Administration 7(a) program. He previously served as the Chief Operating Officer of Ready Capital.
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The key risks to Ready Capital (RC) primarily revolve around its significant debt maturities, the inherent credit risk in its loan portfolio exacerbated by commercial real estate market fluctuations, and ongoing profitability challenges.
- Debt Maturities and Refinancing Risk: Ready Capital faces substantial debt maturities in 2026, estimated between $550 million and $650 million. The company's ability to refinance this debt, potentially at significantly higher interest rates, poses a material risk to its future earnings and cash flow. Concerns about a potential liquidity crunch have led the company to undertake strategic equity reduction and asset sales, which have also resulted in realized losses. Ready Capital's high leverage, as indicated by its balance sheet rank, further exacerbates this risk.
- Credit Risk and Commercial Real Estate Market Fluctuations: As a real estate finance company, Ready Capital is highly exposed to credit risk, particularly from its small to medium balance commercial (SBC) loans, small business administration (SBA) loans, and residential mortgage loans. Fluctuations in the commercial real estate market are a significant sector-specific risk that could negatively impact loan performance and the value of its collateralized assets. The company reported a 5.9% delinquency rate in its total loan portfolio in Q3 2025, indicating existing credit quality challenges and a potential for future losses and write-downs.
- Ongoing Profitability Challenges and Financial Strain: Ready Capital has reported significant profitability challenges, including net losses and declining revenue growth. Its net interest income has experienced a sharp decline, partly due to a mismatch between changes in interest income and expenses, as well as provisions for credit losses. The company's distributable losses and a series of dividend cuts signal severe cash flow stress and a challenging financial landscape. Indicators such as a high debt-to-equity ratio and a Z-Score of 0 suggest potential financial distress.
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Ready Capital Corporation operates within several significant addressable markets in the United States. The market sizes for its main products and services are as follows:- Residential Mortgage Loans: The U.S. home loan market size is projected to reach USD 2.42 trillion in 2026 and grow to USD 3.17 trillion by 2031. Total single-family mortgage origination volume in the U.S. is expected to increase to $2.2 trillion in 2026 from $2.0 trillion in 2025. The residential mortgage loan market globally was estimated at USD 12,500.75 billion in 2024 and is projected to reach USD 21,500.40 billion by 2032, with the United States accounting for 23.4% of this market.
- Small Business Administration (SBA) Loans: The U.S. small business loan market, which includes government-backed programs such as the SBA, was valued at $245.39 billion in 2023 and is projected to reach $349.64 billion by 2033. Specifically, in fiscal year 2024, the U.S. Small Business Administration provided $37.8 billion in 7(a) and 504 funding, with $31.1 billion attributed to 7(a) loans. SBA lending is anticipated to increase by 10-12% in 2025, reaching $55-56 billion.
- Small to Medium Balance Commercial (SBC) Loans: The broader commercial lending market in North America is projected to reach a valuation of USD 2,892.50 billion by 2025. The small business loan market in the United States, encompassing a range of commercial lending to smaller enterprises, is valued at over $1.4 trillion. The commercial and multifamily mortgage lending in the U.S. is forecast to rise to $583 billion in 2025 and $709 billion in 2026.
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Ready Capital (RC) is expected to drive future revenue growth over the next two to three years through several key strategic initiatives:- Increased Capital Allocation to Small Business Lending (SBL): The company plans to significantly increase its capital allocation to the Small Business Lending segment, particularly within its high-return Small Business Administration (SBA) Section 7(a) program. Ready Capital aims to double its SBA 7(a) loan volume to $1 billion, which is a key focus for future earnings growth. This expansion in originations directly contributes to revenue growth through increased loan portfolios and associated income.
- Redeployment of Capital from Underperforming Commercial Real Estate (CRE) Assets: Ready Capital is actively engaged in a strategic balance sheet repositioning, which involves selling underperforming commercial real estate assets. The goal is to eliminate negative earnings drag and generate free cash flow, with a target of over $850 million by year-end through asset sales and runoff. This freed-up capital will be strategically redeployed into higher-yielding assets and new originations at market yields, thereby enhancing net interest income and overall revenue.
- Re-entry into the Origination Market with a Focus on High-Quality Multifamily Bridge Loans: Despite current market challenges, Ready Capital anticipates re-entering the origination market with a focus on high-quality multifamily bridge loans. This re-entry will be characterized by a more conservative underwriting approach, suggesting a deliberate and strategic expansion of its lending portfolio in this specific segment, which is expected to generate new revenue streams.
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Ready Capital (RC) Capital Allocation Decisions (2021-2025)
Share Repurchases
- On January 16, 2025, Ready Capital's Board of Directors approved a new stock repurchase program authorizing the repurchase of up to $150 million of its common stock.
- Under the January 2025 program, the company completed the repurchase of 14,466,674 shares for $65.26 million by November 2025.
- In June 2023, the company announced a share repurchase program authorizing up to $100 million in buybacks. This followed an increase in September 2022 to an existing program by $25 million, bringing the total authorized under that program to $50 million.
Share Issuance
- In January 2022, Ready Capital commenced an underwritten public offering of 6,000,000 shares of common stock, with an option for underwriters to purchase up to an additional 900,000 shares. The net proceeds were intended for originating or acquiring target assets and general corporate purposes.
- Ready Capital's shares outstanding significantly increased by 49.32% in 2022 to 0.11 billion and by 55.42% in 2023 to 0.17 billion, indicating substantial share issuances during these periods, likely linked to acquisitions and public offerings.
- A new registration statement for a Common ATM Offering became effective in March 2025, enabling the company to sell common stock up to an aggregate of $150 million.
Outbound Investments
- In March 2025, Ready Capital completed the acquisition of United Development Funding IV (UDF IV), a real estate investment trust.
- In June 2023, the company completed the acquisition of Broadmark Realty Capital Inc., which was expected to create a prominent non-bank lender in the commercial real estate market with a pro forma equity capital base of $2.8 billion.
- In November 2021, Ready Capital acquired Mosaic Real Estate Credit, a platform specializing in construction lending, with the implied value of shares issued in the deal being approximately $471 million.
Capital Expenditures
- Ready Capital Corporation, as a real estate finance company and REIT, does not typically report significant traditional capital expenditures on property, plant, and equipment.
- The company's primary investment activities involve originating and acquiring various types of loans, such as $436 million in LMM commercial real estate originations and $348 million in Small Business Lending originations in Q4 2024.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Ready Capital Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 | |
| Ready Capital (RC) Operating Cash Flow Comparison | 08/08/2025 | |
| Ready Capital (RC) Net Income Comparison | 08/08/2025 | |
| Ready Capital (RC) Debt Comparison | 08/08/2025 | |
| Ready Capital (RC) Tax Expense Comparison | 08/08/2025 | |
| Ready Capital (RC) Operating Income Comparison | 08/08/2025 | |
| Ready Capital (RC) Revenue Comparison | 08/08/2025 | |
| Ready Capital (RC) EBITDA Comparison | 08/08/2025 | |
| Why Ready Capital Stock Moved: RC Stock Has Lost 76% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Revenues | 08/08/2025 | |
| Ready Capital (RC) Valuation Ratios Comparison | 08/08/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 08/21/2025 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.37 |
| Mkt Cap | 1.4 |
| Rev LTM | 374 |
| Op Inc LTM | - |
| FCF LTM | 279 |
| FCF 3Y Avg | 380 |
| CFO LTM | 279 |
| CFO 3Y Avg | 380 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -10.5% |
| Rev Chg 3Y Avg | -9.1% |
| Rev Chg Q | -6.7% |
| QoQ Delta Rev Chg LTM | -2.1% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 50.5% |
| CFO/Rev 3Y Avg | 68.8% |
| FCF/Rev LTM | 50.5% |
| FCF/Rev 3Y Avg | 60.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.4 |
| P/S | 5.7 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 14.8 |
| P/CFO | 8.2 |
| Total Yield | 15.2% |
| Dividend Yield | 10.7% |
| FCF Yield 3Y Avg | 10.4% |
| D/E | 5.3 |
| Net D/E | 5.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.3% |
| 3M Rtn | -2.7% |
| 6M Rtn | -1.3% |
| 12M Rtn | -2.8% |
| 3Y Rtn | 33.0% |
| 1M Excs Rtn | -9.0% |
| 3M Excs Rtn | -11.1% |
| 6M Excs Rtn | -9.3% |
| 12M Excs Rtn | -27.9% |
| 3Y Excs Rtn | -39.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Small Business Lending | 152 | 145 | 134 | 145 | 89 |
| Lower-to-middle-market (LMM) Commercial Real Estate | -71 | 283 | 292 | 181 | |
| All other | 0 | -3 | -1 | ||
| Residential Mortgage Banking | 186 | 240 | |||
| Small Balance Commercial (SBC) Lending and Acquisitions | 90 | ||||
| Total | 80 | 427 | 426 | 510 | 418 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Lower-to-middle-market (LMM) Commercial Real Estate | 8,059 | 10,283 | 10,198 | 7,106 | |
| Small Business Lending | 1,427 | 1,396 | 836 | 1,559 | 755 |
| Unallocated assets | 368 | ||||
| Assets held for sale | 288 | 455 | 439 | ||
| All other | 308 | 148 | 387 | 201 | |
| Residential Mortgage Banking | 482 | 626 | |||
| Small Balance Commercial (SBC) Lending and Acquisitions | 3,791 | ||||
| Total | 10,142 | 12,441 | 11,621 | 9,534 | 5,372 |
Price Behavior
Price Behavior
| Market Price | $1.73 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 02/08/2013 | |
| Distance from 52W High | -61.3% | |
| 50 Days | 200 Days | |
| DMA Price | $1.74 | $2.60 |
| DMA Trend | down | down |
| Distance from DMA | -0.7% | -33.5% |
| 3M | 1YR | |
| Volatility | 69.6% | 52.4% |
| Downside Capture | 81.75 | 189.55 |
| Upside Capture | 67.30 | 31.84 |
| Correlation (SPY) | 22.0% | 24.6% |
RC Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.01 | 1.37 | 1.54 | 1.14 | 1.14 | 1.06 |
| Up Beta | 0.90 | 0.22 | 0.58 | 0.35 | 0.87 | 0.77 |
| Down Beta | 15.53 | 3.06 | 3.33 | 1.39 | 1.10 | 1.07 |
| Up Capture | 113% | 137% | 107% | 62% | 44% | 58% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 22 | 28 | 51 | 107 | 347 |
| Down Capture | -19% | 156% | 179% | 171% | 160% | 110% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 20 | 33 | 67 | 131 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RC | |
|---|---|---|---|---|
| RC | -56.5% | 52.4% | -1.40 | - |
| Sector ETF (XLF) | 1.9% | 14.5% | -0.09 | 28.5% |
| Equity (SPY) | 27.4% | 12.1% | 1.71 | 24.9% |
| Gold (GLD) | 42.5% | 26.8% | 1.30 | 7.9% |
| Commodities (DBC) | 45.4% | 18.5% | 1.88 | -2.5% |
| Real Estate (VNQ) | 11.5% | 13.5% | 0.56 | 36.0% |
| Bitcoin (BTCUSD) | -23.7% | 41.8% | -0.54 | 13.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RC | |
|---|---|---|---|---|
| RC | -26.2% | 38.4% | -0.68 | - |
| Sector ETF (XLF) | 8.1% | 18.6% | 0.32 | 44.7% |
| Equity (SPY) | 13.6% | 17.1% | 0.63 | 43.8% |
| Gold (GLD) | 19.4% | 17.9% | 0.88 | 8.0% |
| Commodities (DBC) | 10.9% | 19.4% | 0.45 | 13.1% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 47.6% |
| Bitcoin (BTCUSD) | 7.2% | 55.9% | 0.34 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RC | |
|---|---|---|---|---|
| RC | -9.3% | 46.7% | -0.04 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 45.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 40.9% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 1.8% |
| Commodities (DBC) | 8.3% | 17.9% | 0.38 | 15.1% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 49.4% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.06 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -12.5% | -20.4% | |
| 2/26/2026 | 13.5% | 26.4% | -6.2% |
| 11/6/2025 | -1.7% | -10.7% | -18.1% |
| 8/8/2025 | -7.1% | -6.1% | 5.9% |
| 3/3/2025 | -26.8% | -22.7% | -24.7% |
| 11/7/2024 | 4.4% | 1.0% | 6.6% |
| 8/7/2024 | 0.6% | -4.6% | -9.4% |
| 5/9/2024 | -3.3% | 0.0% | -5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 11 | 9 | 9 |
| Median Positive | 4.1% | 2.7% | 5.7% |
| Median Negative | -4.9% | -6.1% | -8.0% |
| Max Positive | 17.0% | 26.4% | 26.6% |
| Max Negative | -26.8% | -22.7% | -24.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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