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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Here are 1-3 brief analogies for Ready Capital (RC):
- Rocket Mortgage for commercial real estate. (Both focus on originating mortgages, but RC specializes in loans for commercial properties like offices, apartments, and retail centers.)
- Ally Financial, but solely focused on lending for commercial properties. (Similar to Ally's specialization in auto financing, Ready Capital specializes in financing commercial real estate, operating as a dedicated lender in that space.)
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Ready Capital (RC) primarily provides the following services:
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Commercial Real Estate Lending:
- Small Balance Commercial (SBC) Loans: Provides financing for a diverse portfolio of smaller commercial properties.
- Freddie Mac Small Balance Loans (SBL): Originates and services agency-backed loans for multifamily properties.
- Bridge Loans: Offers short-term, floating-rate loans for the acquisition, refinancing, or repositioning of commercial real estate.
- Construction Loans: Funds the development of new commercial and multifamily real estate projects.
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Real Estate Investment:
- Mortgage-Backed Securities (MBS) Investments: Acquires and manages various residential and commercial mortgage-backed securities and other real estate credit assets.
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Ready Capital (RC) is a publicly traded real estate finance company that originates, acquires, finances, and services small to medium-balance commercial loans. Its business model involves providing debt financing, primarily to other companies and entities, rather than directly to individuals for their primary residences.
Due to the nature of its business as a commercial real estate lender, Ready Capital's "customers" are its borrowers. These borrowers are typically a highly diversified portfolio of private entities, rather than a concentrated list of major, identifiable public companies. Mortgage REITs like Ready Capital aim to diversify their loan portfolios across numerous borrowers and properties to mitigate risk, and therefore do not typically have a few "major customers" in the traditional sense that are large, publicly traded corporations with specific symbols.
Consequently, it is not feasible to list specific names of major public company customers for Ready Capital. Instead, its customer base consists of a broad array of entities involved in commercial real estate activities. These include:
- Commercial Real Estate Investors and Operators: Private entities (such as limited liability companies, partnerships, and private equity funds) that acquire, manage, and hold income-producing commercial properties across various asset classes (e.g., multifamily, office, retail, industrial, hospitality).
- Real Estate Developers: Companies or partnerships engaged in the development, redevelopment, or renovation of commercial properties, seeking financing for construction or repositioning projects.
- Small and Medium-Sized Businesses: Businesses that require financing for owner-occupied commercial properties or other real estate-backed needs related to their operations.
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Thomas E. Capasse, Chairman of the Board of Directors, Chief Executive Officer and Chief Investment Officer
Thomas E. Capasse is a co-founder of Ready Capital and its external manager, Waterfall Asset Management, LLC. Prior to founding Waterfall, Mr. Capasse managed the principal finance groups at Greenwich Capital from 1995 to 1997, Nomura Securities from 1997 to 2001, and Macquarie Securities from 2001 to 2004. He was also a founding member of Merrill Lynch's ABS Group from 1983 to 1994, focusing on mortgage-backed securities transactions. Mr. Capasse began his career as a fixed income analyst at Dean Witter and Bank of Boston.
Andrew Ahlborn, CPA, Chief Financial Officer
Andrew Ahlborn serves as the Chief Financial Officer of Ready Capital. He joined Ready Capital's manager, Waterfall Asset Management, LLC, in 2010 and previously held the position of Controller of Ready Capital. Before joining Waterfall Asset Management, LLC, Mr. Ahlborn worked in Ernst & Young, LLP's Financial Services Office. He is a licensed Certified Public Accountant.
Jack J. Ross, President and Director
Jack J. Ross is the President and a Director of Ready Capital. He is also a manager and co-founder of Waterfall Asset Management, LLC. Before co-founding Waterfall in 2005, Mr. Ross founded Licent Capital, a specialty broker/dealer for intellectual property securitization. From 1987 to 1999, he was employed by Merrill Lynch, where he managed the real estate finance and ABS groups. Mr. Ross began his career at Drexel Burnham Lambert.
Gary T. Taylor, Chief Operating Officer
Gary T. Taylor serves as the Chief Operating Officer of Ready Capital. Prior to joining the company, Mr. Taylor was President and Chief Operating Officer of Newtek Business Credit from May 2015 to March 2019. From 2013 to 2015, he was a Managing Director at Brevet Capital Management. Before that, he served as Chief Operating Officer of CIT Small Business Lending from 2007 to 2013. Earlier in his career, Mr. Taylor held various roles within the financial services industry, including positions at Lehman Brothers, Moody's Investor Service, AT&T Capital Corporation, Resolution Trust Corporation, First Chicago Bank & Trust, and Chase Manhattan Bank.
Adam Zausmer, Chief Credit Officer
Adam Zausmer is the Chief Credit Officer of Ready Capital. He joined Ready Capital's manager, Waterfall Asset Management, LLC, in 2013. Prior to Waterfall, Mr. Zausmer was a Senior Underwriter with JPMorgan Chase's Commercial Term Lending business. From 2004 to 2012, he was a Vice President on the Credit Risk Management team at Credit Suisse, specializing in credit, underwriting, and workouts for global CMBS and Corporate Finance platforms. Mr. Zausmer began his career in 1999 as a Management Associate within Citigroup's Global Shared Services division.
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The emergence and scaling of digital-first, AI-driven lending platforms and marketplaces in the commercial real estate finance sector. These platforms leverage advanced data analytics, machine learning, and automation to streamline loan origination, underwriting, and servicing. By offering greater efficiency, speed, and potentially lower costs for borrowers, these new models pose a disruptive threat to established real estate finance companies like Ready Capital, which rely on more traditional processes.
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Here are the addressable market sizes for Ready Capital's main products and services in the U.S.:
Ready Capital (RC) Addressable Markets (U.S.)
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Commercial Real Estate (CRE) Loans:
- The total U.S. commercial real estate mortgage borrowing and lending was estimated at $498 billion in 2024. This is projected to increase to $583 billion in 2025.
- Within CRE, multifamily lending is projected to reach $361 billion in 2025.
- The total outstanding U.S. commercial and multifamily mortgage debt increased to $4.79 trillion in Q4 2024.
- Bridge loans, a component of CRE lending, saw nearly $2 billion in origination from a cohort of private lenders in August 2024.
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Small Business Administration (SBA) Loans:
- The U.S. SBA 7(a) and 504 loan programs approved over 63,000 loans totaling nearly $34 billion in fiscal year 2023.
- The broader U.S. Small Business Loan Market was valued at approximately $30.83 billion in 2023 and is projected to reach approximately $56.14 billion by 2031. Another source valued the U.S. small business loan market at $245.39 billion in 2023, projected to grow to $349.64 billion by 2033.
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Residential Mortgage Loans:
- U.S. residential mortgage originations totaled $1.69 trillion in 2024.
- The total residential mortgage debt outstanding in the U.S. was $11.92 trillion as of Q4 2022.
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Ready Capital (RC) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
* Growth in Small Business Lending: The company's small business lending operations, particularly through SBA 7(a) and USDA loans, have shown significant growth and are projected to continue contributing to earnings. The "Made in America Finance Act" could further boost SBA loan volumes in 2026.
* Expansion of Multifamily Bridge Loan Originations: Ready Capital plans to re-enter the origination market, concentrating on high-quality multifamily bridge loans, with anticipated yields of 13% to 15%.
* Stabilization and Enhancement of the Core Commercial Real Estate (CRE) Portfolio: The company is focused on stabilizing and improving its core CRE loan portfolio, which is expected to yield 8% with a 93% pay rate. Efforts include managing existing loans and reinvesting capital into higher-yielding core assets.
* Liquidation of Non-Core Assets and Reinvestment: Ready Capital is actively divesting underperforming non-core assets. The capital generated from these sales is intended for reinvestment into core portfolio loans, aiming to improve net interest margin and overall earnings.
* Benefits from the UDF IV Merger: The completed merger with UDF IV is anticipated to enhance earnings per share. Additionally, a $150 million share repurchase program is expected to further boost earnings per share by 17%.
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Share Repurchases
- On January 16, 2025, Ready Capital's Board of Directors authorized a stock repurchase program of up to $150.0 million of the company's common stock.
- During the third quarter of 2025, Ready Capital repurchased approximately 2.5 million shares at an average price of $4.17 per share.
- In the second quarter of 2025, the company acquired 8.5 million shares through its stock repurchase program at an average price of $4.41 per share.
Share Issuance
- Ready Capital stockholders approved the issuance of common stock in connection with the merger with Anworth Mortgage Asset Corporation on March 17, 2021.
Outbound Investments
- Ready Capital announced transaction overviews for the acquisition of Anworth Mortgage Asset Corporation in December 2020, Mosaic Real Estate Credit in November 2021, Broadmark Realty Capital in February 2023, and United Development Funding IV in December 2024.
- In July 2022, Ready Capital formed a new joint venture with Starz Real Estate, a pan-European commercial real estate lending platform.
- The company completed the sale of its Residential Mortgage Banking segment in the second quarter of 2025.
