Ready Capital (RC)
Market Price (2/7/2026): $2.07 | Market Cap: $338.6 MilSector: Financials | Industry: Mortgage REITs
Ready Capital (RC)
Market Price (2/7/2026): $2.07Market Cap: $338.6 MilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 2182%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 2182% | Weak multi-year price returns2Y Excs Rtn is -112%, 3Y Excs Rtn is -146% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1077% |
| Attractive yieldDividend Yield is 40%, FCF Yield is 140% | 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 15% | Expensive valuation multiplesP/SPrice/Sales ratio is 16x |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Private Credit, Show more. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -73%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -53%, Rev Chg QQuarterly Revenue Change % is -29% | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35% | ||
| 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 -56% | ||
| 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 cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 2182%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 2182% |
| Attractive yieldDividend Yield is 40%, FCF Yield is 140% |
| 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 -112%, 3Y Excs Rtn is -146% |
| 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 15% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1077% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 16x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -73%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -53%, Rev Chg QQuarterly Revenue Change % is -29% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 35% |
| 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 -56% |
| 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 30% since 10/31/2025 because of the following key factors:
1. Ready Capital reported significantly weaker-than-expected Q3 2025 earnings. On November 6, 2025, the company announced an Earnings Per Share (EPS) of -$0.94, falling considerably short of the analyst consensus estimate of $0.02. Quarterly revenue of $85.43 million also missed estimates, which were around $149.14 million.
2. The company announced a substantial cut to its quarterly common stock dividend. On December 15, 2025, Ready Capital declared a Q4 2025 cash dividend of $0.01 per share, a drastic reduction from the $0.125 per share paid in the previous quarter. This 92% decrease signaled financial challenges and the company's focus on strengthening its balance sheet and maintaining financial flexibility.
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1. Ready Capital reported significantly weaker-than-expected Q3 2025 earnings. On November 6, 2025, the company announced an Earnings Per Share (EPS) of -$0.94, falling considerably short of the analyst consensus estimate of $0.02. Quarterly revenue of $85.43 million also missed estimates, which were around $149.14 million.
2. The company announced a substantial cut to its quarterly common stock dividend. On December 15, 2025, Ready Capital declared a Q4 2025 cash dividend of $0.01 per share, a drastic reduction from the $0.125 per share paid in the previous quarter. This 92% decrease signaled financial challenges and the company's focus on strengthening its balance sheet and maintaining financial flexibility.
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Stock Movement Drivers
Fundamental Drivers
The -29.4% change in RC stock from 10/31/2025 to 2/6/2026 was primarily driven by a -45.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.92 | 2.06 | -29.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 40 | 22 | -45.4% |
| P/S Multiple | 12.4 | 15.6 | 26.1% |
| Shares Outstanding (Mil) | 168 | 164 | 2.6% |
| Cumulative Contribution | -29.4% |
Market Drivers
10/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| RC | -29.4% | |
| Market (SPY) | 1.3% | 14.8% |
| Sector (XLF) | 3.6% | 16.3% |
Fundamental Drivers
The -49.3% change in RC stock from 7/31/2025 to 2/6/2026 was primarily driven by a -52.2% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.06 | 2.06 | -49.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21 | 22 | 5.0% |
| P/S Multiple | 32.6 | 15.6 | -52.2% |
| Shares Outstanding (Mil) | 165 | 164 | 1.0% |
| Cumulative Contribution | -49.3% |
Market Drivers
7/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| RC | -49.3% | |
| Market (SPY) | 9.6% | 19.8% |
| Sector (XLF) | 3.9% | 22.0% |
Fundamental Drivers
The -66.1% change in RC stock from 1/31/2025 to 2/6/2026 was primarily driven by a -73.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.08 | 2.06 | -66.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 81 | 22 | -73.3% |
| P/S Multiple | 12.6 | 15.6 | 23.5% |
| Shares Outstanding (Mil) | 168 | 164 | 2.9% |
| Cumulative Contribution | -66.1% |
Market Drivers
1/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| RC | -66.1% | |
| Market (SPY) | 15.8% | 35.9% |
| Sector (XLF) | 6.5% | 33.3% |
Fundamental Drivers
The -77.5% change in RC stock from 1/31/2023 to 2/6/2026 was primarily driven by a -93.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.14 | 2.06 | -77.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 325 | 22 | -93.3% |
| P/S Multiple | 3.2 | 15.6 | 383.8% |
| Shares Outstanding (Mil) | 114 | 164 | -30.1% |
| Cumulative Contribution | -77.5% |
Market Drivers
1/31/2023 to 2/6/2026| Return | Correlation | |
|---|---|---|
| RC | -77.5% | |
| Market (SPY) | 76.2% | 41.7% |
| Sector (XLF) | 55.2% | 43.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RC Return | 40% | -18% | 6% | -23% | -65% | -10% | -71% |
| Peers Return | 31% | -16% | 25% | -3% | 4% | 1% | 41% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| RC Win Rate | 67% | 50% | 50% | 33% | 33% | 0% | |
| Peers Win Rate | 62% | 48% | 53% | 55% | 53% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RC Max Drawdown | -9% | -31% | -15% | -27% | -65% | -10% | |
| Peers Max Drawdown | -4% | -26% | -15% | -16% | -12% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/6/2026 (YTD)
How Low Can It Go
| Event | RC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.0% | -25.4% |
| % Gain to Breakeven | 66.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -76.3% | -33.9% |
| % Gain to Breakeven | 322.6% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -20.7% | -19.8% |
| % Gain to Breakeven | 26.1% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to BXMT, STWD, ARI, LADR, ABR
In The Past
Ready Capital's stock fell -40.0% during the 2022 Inflation Shock from a high on 1/4/2022. A -40.0% loss requires a 66.8% gain to breakeven.
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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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```htmlHere 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:-
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.
AI Analysis | Feedback
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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Ready Capital (RC) faces several significant risks to its business, primarily stemming from its exposure to the commercial real estate market and its financing structure. The key risks include:- Credit Risk and Asset Quality Deterioration: Ready Capital's loan portfolio, particularly in commercial real estate (CRE), exhibits a high delinquency rate, which is identified as the "single biggest challenge" to the company. The firm has undertaken "painful but necessary" steps to reserve for non-performing loans, leading to significant losses and impacting net interest income and overall profitability. This risk is exacerbated by external market conditions and economic uncertainty.
- Debt and Financing Risk: The company operates with a significant amount of debt, totaling approximately $4.01 billion USD as of mid-2025. Ready Capital faces upcoming debt maturities, which are considered a "core risk" and have prompted concerns about potential common share dividend cuts. There is also the risk that market conditions could prevent the company from leveraging its assets or cause financing costs to increase, thereby reducing cash flow and potentially forcing asset sales at depressed prices to satisfy margin calls.
- Interest Rate Risk: As a real estate investment trust (REIT), Ready Capital is particularly vulnerable to fluctuations in interest rates. A mismatch between changes in interest income and expenses has negatively impacted the company's profitability and net interest income. Higher interest rates contribute to a challenging environment for a real estate finance company like Ready Capital.
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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.)
-
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.
-
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.
-
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%.AI Analysis | Feedback
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.
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 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.54 |
| Mkt Cap | 1.5 |
| Rev LTM | 391 |
| Op Inc LTM | - |
| FCF LTM | 330 |
| FCF 3Y Avg | 316 |
| CFO LTM | 330 |
| CFO 3Y Avg | 337 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -17.7% |
| Rev Chg 3Y Avg | -5.5% |
| Rev Chg Q | -15.4% |
| QoQ Delta Rev Chg LTM | -4.5% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 75.2% |
| CFO/Rev 3Y Avg | 67.4% |
| FCF/Rev LTM | 63.7% |
| FCF/Rev 3Y Avg | 54.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.5 |
| P/S | 6.1 |
| P/EBIT | - |
| P/E | 13.5 |
| P/CFO | 5.8 |
| Total Yield | 15.5% |
| Dividend Yield | 9.8% |
| FCF Yield 3Y Avg | 10.3% |
| D/E | 4.6 |
| Net D/E | 4.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.5% |
| 3M Rtn | 0.0% |
| 6M Rtn | -3.9% |
| 12M Rtn | -2.0% |
| 3Y Rtn | 14.7% |
| 1M Excs Rtn | 2.3% |
| 3M Excs Rtn | -2.6% |
| 6M Excs Rtn | -12.7% |
| 12M Excs Rtn | -13.7% |
| 3Y Excs Rtn | -54.6% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Lower-to-middle-market (LMM) Commercial Real Estate | 283 | 292 | 181 | ||
| Small Business Lending | 145 | 134 | 145 | 89 | |
| All other | 0 | -3 | -1 | 31 | |
| Residential Mortgage Banking | 186 | 240 | 86 | ||
| Small Balance Commercial (SBC) Lending and Acquisitions | 90 | ||||
| Acquisitions | 39 | ||||
| Small Balance Commercial (SBC) Originations | 57 | ||||
| Small Business Administration (SBA) Originations, Acquisitions and Servicing | 40 | ||||
| Total | 427 | 426 | 510 | 418 | 253 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Lower-to-middle-market (LMM) Commercial Real Estate | 10,283 | 10,198 | 7,106 | ||
| Small Business Lending | 1,396 | 836 | 1,559 | 755 | |
| Assets held for sale | 455 | 439 | |||
| All other | 308 | 148 | 387 | 201 | 130 |
| Residential Mortgage Banking | 482 | 626 | 330 | ||
| Small Balance Commercial (SBC) Lending and Acquisitions | 3,791 | ||||
| Acquisitions | 1,264 | ||||
| Small Balance Commercial (SBC) Originations | 2,492 | ||||
| Small Business Administration (SBA) Originations, Acquisitions and Servicing | 760 | ||||
| Total | 12,441 | 11,621 | 9,534 | 5,372 | 4,977 |
Price Behavior
Price Behavior
| Market Price | $2.06 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 02/08/2013 | |
| Distance from 52W High | -67.5% | |
| 50 Days | 200 Days | |
| DMA Price | $2.27 | $3.43 |
| DMA Trend | down | down |
| Distance from DMA | -9.2% | -40.0% |
| 3M | 1YR | |
| Volatility | 53.1% | 50.6% |
| Downside Capture | 233.04 | 190.34 |
| Upside Capture | 11.78 | 53.25 |
| Correlation (SPY) | 8.3% | 34.8% |
RC Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.88 | 0.06 | 0.35 | 0.67 | 0.92 | 1.05 |
| Up Beta | -2.69 | -0.85 | -0.82 | 0.95 | 0.62 | 0.82 |
| Down Beta | -2.65 | -1.91 | -0.82 | -0.31 | 0.92 | 0.99 |
| Up Capture | -104% | 40% | 12% | -6% | 42% | 53% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 8 | 15 | 22 | 51 | 104 | 352 |
| Down Capture | -93% | 246% | 197% | 189% | 140% | 110% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 11 | 23 | 34 | 65 | 132 | 373 |
[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 | -66.6% | 50.5% | -1.97 | - |
| Sector ETF (XLF) | 6.1% | 19.2% | 0.18 | 33.4% |
| Equity (SPY) | 15.4% | 19.4% | 0.61 | 35.7% |
| Gold (GLD) | 73.9% | 24.8% | 2.19 | -0.8% |
| Commodities (DBC) | 8.9% | 16.6% | 0.34 | 12.1% |
| Real Estate (VNQ) | 4.6% | 16.5% | 0.10 | 37.1% |
| Bitcoin (BTCUSD) | -33.5% | 42.9% | -0.83 | 8.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RC | |
|---|---|---|---|---|
| RC | -20.3% | 35.8% | -0.54 | - |
| Sector ETF (XLF) | 15.0% | 18.7% | 0.66 | 47.8% |
| Equity (SPY) | 14.4% | 17.0% | 0.68 | 46.7% |
| Gold (GLD) | 21.4% | 16.9% | 1.03 | 6.7% |
| Commodities (DBC) | 11.5% | 18.9% | 0.49 | 16.4% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 51.0% |
| Bitcoin (BTCUSD) | 13.9% | 57.8% | 0.46 | 16.1% |
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 | -7.0% | 45.4% | 0.00 | - |
| Sector ETF (XLF) | 14.0% | 22.2% | 0.58 | 45.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 41.7% |
| Gold (GLD) | 15.7% | 15.5% | 0.84 | 0.5% |
| Commodities (DBC) | 8.0% | 17.6% | 0.37 | 16.6% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.25 | 50.4% |
| Bitcoin (BTCUSD) | 67.1% | 66.6% | 1.07 | 8.1% |
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 |
| 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% |
| 2/27/2024 | -4.9% | -5.6% | 3.4% |
| 11/7/2023 | 1.2% | 2.7% | 5.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 12 |
| # Negative | 11 | 9 | 9 |
| Median Positive | 3.2% | 2.2% | 5.7% |
| Median Negative | -4.9% | -6.1% | -9.4% |
| Max Positive | 17.0% | 14.0% | 26.6% |
| Max Negative | -26.8% | -49.8% | -39.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ahlborn, Andrew | Chief Financial Officer | Direct | Buy | 3142025 | 5.04 | 10,000 | 50,395 | 1,566,317 | Form |
| 2 | Nathan, Gilbert E | Direct | Buy | 3122025 | 5.12 | 5,000 | 25,590 | 604,467 | Form | |
| 3 | Taylor, Gary | Chief Operating Officer | Direct | Buy | 3112025 | 5.23 | 10,000 | 52,300 | 1,104,037 | Form |
| 4 | Zausmer, Adam | Chief Credit Officer | Direct | Buy | 3102025 | 5.42 | 10,000 | 54,200 | 1,631,989 | Form |
| 5 | Capasse, Thomas E | CEO and CIO | Direct | Buy | 3062025 | 4.80 | 10,000 | 47,980 | 1,535,000 | Form |
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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