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    Ready Capital (RC)

    Market Price (7/22/2026): $1.57 | Market Cap: $257.0 MilSector: Financials | Industry: Mortgage REITs

    Ready Capital (RC)

    Market Price (7/22/2026): $1.57
    Market Cap: $257.0 Mil
    Sector: Financials
    Industry: Mortgage REITs

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Dividend Yield is 29%, FCF Yield is 363%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Private Credit, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -113%, 3Y Excs Rtn is -148%

    Meaningful short interest
    Short 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 11.67, Short 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%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is -30 Mil

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 996%

    Weak revenue growth
    Rev 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 negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -178%

    Key risks
    RC 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.

    0 Attractive yield
    Dividend Yield is 29%, FCF Yield is 363%
    1 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Private Credit, Show more.
    2 Weak multi-year price returns
    2Y Excs Rtn is -113%, 3Y Excs Rtn is -148%
    3 Meaningful short interest
    Short 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 11.67, Short 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%
    4 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is -30 Mil
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 996%
    6 Weak revenue growth
    Rev 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%
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -178%
    8 Key risks
    RC 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.

    RC in ETFs

    Weight = RC's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.01%
    FNDA0.02%
    IWN0.01%
    VTWO0.01%
    SCHA0.01%
    SCHB0.00%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31RC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$-30.5 Mil—
    FY 2026 Sales$99.5 Mil—
    FY 2027 Sales$216.6 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth117.7%8.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$-510.1 Mil—
    FY 2026 Net Income (Non-GAAP)$-336.6 Mil—
    FY 2027 Net Income (Non-GAAP)$-110.6 Mil—
    FY 2027 Net Income Growth—16.4%
    FY 2026 EPS (Non-GAAP)$-2.01—
    FY 2027 EPS (Non-GAAP)$-0.57—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S2.63.2
    FY 2027 P/S1.2—
    FY 2026 P/E—19.6
    FY 2027 P/E——

    [1] RC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    LMM Commercial Real Estate Originations1390000009302025Link
    Small Business Lending Loan Originations2830000009302025Link
    Book Value Per Share10.289302025Link
    Number of Employees5001162025Link
    Total Loan Portfolio79000000006302025Link
    60+ Day Core Delinquencies0.0466302025Link
    Total Leverage3.56302025Link
    Recourse Leverage Ratio1.56302025Link
    Shares Repurchased25000009302025Link
    Unpaid Principal Balance of Portfolio Sales7580000009302025Link

    Price Chart

    Upcoming
    8/06/2026Earnings ReleaseRev: $16 Mil (E)
    EPS: $-0.48 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/17/2026

    Ready Capital (RC) stock has lost about 5% since 3/31/2026 because of the following key factors:

    1. Ready Capital reported substantial losses in fiscal Q1 2026 (ended March 31, 2026), significantly missing analyst expectations. The company posted a GAAP loss of $(1.25) per common share and a distributable loss of $(1.00) per common share for the quarter. The distributable loss per share before realized losses was $(0.33), missing the consensus estimate of $(0.15) by $0.18. This negative earnings report led to a significant market reaction, with the stock declining 12.50% on May 7, 2026, the day the results were published.

    2. The company experienced a decline in book value and an increase in loan delinquencies as a result of its balance sheet repositioning strategy. Ready Capital's book value per common share decreased to $7.43 as of March 31, 2026, from $8.79 at year-end 2025. This decline was primarily attributed to a $0.42 per share loss on loan sales, a $0.47 per share loss from additional CECL reserves and valuation allowances, and a $0.36 per share loss from operations. Concurrently, 60+ day core delinquencies in its Commercial Real Estate (CRE) portfolio rose to 14.8% by the end of fiscal Q1 2026, signaling deteriorating credit quality and contributing an approximate $0.06 per share quarterly earnings drag.

    Show more
    Updated on 7/17/2026

    Ready Capital (RC) stock has lost about 5% since 3/31/2026 because of the following key factors:

    1. Ready Capital reported substantial losses in fiscal Q1 2026 (ended March 31, 2026), significantly missing analyst expectations. The company posted a GAAP loss of $(1.25) per common share and a distributable loss of $(1.00) per common share for the quarter. The distributable loss per share before realized losses was $(0.33), missing the consensus estimate of $(0.15) by $0.18. This negative earnings report led to a significant market reaction, with the stock declining 12.50% on May 7, 2026, the day the results were published.

    2. The company experienced a decline in book value and an increase in loan delinquencies as a result of its balance sheet repositioning strategy. Ready Capital's book value per common share decreased to $7.43 as of March 31, 2026, from $8.79 at year-end 2025. This decline was primarily attributed to a $0.42 per share loss on loan sales, a $0.47 per share loss from additional CECL reserves and valuation allowances, and a $0.36 per share loss from operations. Concurrently, 60+ day core delinquencies in its Commercial Real Estate (CRE) portfolio rose to 14.8% by the end of fiscal Q1 2026, signaling deteriorating credit quality and contributing an approximate $0.06 per share quarterly earnings drag.

    3. Ready Capital drastically reduced its common stock dividend, impacting investor confidence. The company declared a quarterly cash dividend of $0.01 per common share for fiscal Q2 2026 (payable July 31, 2026). This represents a significant reduction compared to previous dividend levels, such as the $0.125 per share paid for Q2 2025. This substantial cut indicates ongoing financial challenges and typically leads to a negative sentiment among investors, especially for a real estate investment trust (REIT) where dividends are a key return component.

    4. The broader commercial real estate (CRE) market and an unfavorable interest rate environment continue to pose headwinds for mortgage REITs. In Q2 2026, the commercial real estate market faced challenges, particularly for older office assets due to a "quality-over-quantity" mindset, though some sectors like retail showed strength. More broadly, the mortgage REIT sector was "struggling under the weight of elevated rates and softer demand" throughout 2026. The FTSE Nareit Commercial Financing REITs Index declined by 2.4% in June 2026 and 5.6% year-to-date as of July 2, 2026. The growing probability of further Federal Funds rate increases by year-end has led to the acceptance of higher borrowing costs, negatively affecting mortgage REITs which are highly sensitive to interest rate risk.

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    Stock Movement Drivers

    Fundamental Drivers

    The -4.4% change in RC stock from 3/31/2026 to 7/21/2026 was primarily driven by a -24.7% change in the company's P/S Multiple.
    (LTM values as of)33120267212026Change
    Stock Price ($)1.611.54-4.4%
    Change Contribution By: 
    Total Revenues ($ Mil)-24-3028.5%
    P/S Multiple-11.0-8.3-24.7%
    Shares Outstanding (Mil)162164-1.2%
    Cumulative Contribution-4.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/21/2026
    ReturnCorrelation
    RC-4.4% 
    Market (SPY)15.1%18.0%
    Sector (XLF)13.7%30.2%

    Fundamental Drivers

    The -28.5% change in RC stock from 12/31/2025 to 7/21/2026 was primarily driven by a -202.4% change in the company's P/S Multiple.
    (LTM values as of)123120257212026Change
    Stock Price ($)2.151.54-28.5%
    Change Contribution By: 
    Total Revenues ($ Mil)44-30-169.8%
    P/S Multiple8.1-8.3-202.4%
    Shares Outstanding (Mil)164164-0.1%
    Cumulative Contribution-28.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/21/2026
    ReturnCorrelation
    RC-28.5% 
    Market (SPY)10.0%20.2%
    Sector (XLF)3.0%22.8%

    Fundamental Drivers

    The -63.0% change in RC stock from 6/30/2025 to 7/21/2026 was primarily driven by a -171.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)63020257212026Change
    Stock Price ($)4.171.54-63.0%
    Change Contribution By: 
    Total Revenues ($ Mil)43-30-171.5%
    P/S Multiple16.2-8.3-151.2%
    Shares Outstanding (Mil)1651640.9%
    Cumulative Contribution-63.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/21/2026
    ReturnCorrelation
    RC-63.0% 
    Market (SPY)22.1%22.3%
    Sector (XLF)8.4%26.8%

    Fundamental Drivers

    The -81.5% change in RC stock from 6/30/2023 to 7/21/2026 was primarily driven by a -394.4% change in the company's P/S Multiple.
    (LTM values as of)63020237212026Change
    Stock Price ($)8.321.54-81.5%
    Change Contribution By: 
    Total Revenues ($ Mil)328-30-109.3%
    P/S Multiple2.8-8.3-394.4%
    Shares Outstanding (Mil)111164-32.4%
    Cumulative Contribution-81.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/21/2026
    ReturnCorrelation
    RC-81.5% 
    Market (SPY)74.8%35.1%
    Sector (XLF)73.9%36.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    RC Return40%-18%6%-23%-65%-29%-77%
    Peers Return31%-16%25%-3%4%-7%29%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    RC Win Rate67%50%50%33%33%14% 
    Peers Win Rate62%48%53%55%53%34% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    RC Max Drawdown-15%-34%-30%-27%-66%-38% 
    Peers Max Drawdown-16%-30%-27%-17%-21%-18% 
    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 7/21/2026 (YTD)

    How Low Can It Go

    EventRCS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-16.7%-9.5%
      % Gain to Breakeven20.0%10.5%
      Time to Breakeven47 days24 days
    2020 COVID-19 Crash
      % Loss-76.3%-33.7%
      % Gain to Breakeven321.3%50.9%
      Time to Breakeven353 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-16.5%-19.2%
      % Gain to Breakeven19.8%23.8%
      Time to Breakeven42 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-13.7%-3.7%
      % Gain to Breakeven15.8%3.9%
      Time to Breakeven134 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-13.5%-12.2%
      % Gain to Breakeven15.6%13.9%
      Time to Breakeven27 days62 days
    2014-2016 Oil Price Collapse
      % Loss-24.0%-6.8%
      % Gain to Breakeven31.5%7.3%
      Time to Breakeven413 days15 days

    Compare to BXMT, STWD, ARI, LADR, ABR

    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.

    EventRCS&P 500
    2020 COVID-19 Crash
      % Loss-76.3%-33.7%
      % Gain to Breakeven321.3%50.9%
      Time to Breakeven353 days140 days
    2014-2016 Oil Price Collapse
      % Loss-24.0%-6.8%
      % Gain to Breakeven31.5%7.3%
      Time to Breakeven413 days15 days
    2013 Taper Tantrum
      % Loss-20.8%-0.2%
      % Gain to Breakeven26.2%0.2%
      Time to Breakeven352 days1 days

    Compare to BXMT, STWD, ARI, LADR, ABR

    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 (RC) is a real estate finance company that specializes in originating, acquiring, managing, and servicing a diverse portfolio of real estate-related loans and investments across the United States. As a Real Estate Investment Trust (REIT), the company is structured to distribute at least 90% of its taxable income to stockholders, allowing it to generally avoid federal corporate income taxes.

    The company operates through three primary business segments. Its SBC Lending and Acquisitions segment focuses on providing small to medium balance commercial (SBC) loans, typically secured by investor properties. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the Small Business Administration (SBA) under its Section 7(a) Program, catering to small businesses. Additionally, the Residential Mortgage Banking segment originates residential mortgage loans. Ready Capital also invests in mortgage-backed securities collateralized by SBC loans and other real estate-related assets.

    AI Analysis | Feedback

    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.
    ```

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    null

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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.

    AI Analysis | Feedback

    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.

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

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    SPIRSpire Global0.4-19.6%55.5%
    VICRVicor9.8-18.8%95.9%
    PNRPentair10.0-18.8%-40.6%
    ABSIAbsci1.3-18.7%138.4%
    BLZEBackblaze0.8-18.5%189.3%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CRNXCrinetics Pharmaceuticals8.7133.9%80.2%
    TRAXFirst Tracks Biotherapeutics1.3114.5%100.9%
    UTZUtz Brands1.2101.2%37.8%
    DFTXDefinium Therapeutics, Inc.4.984.2%233.7%
    PBFPBF Energy7.777.1%147.1%
    ATAIAtaiBeckley2.675.7%74.4%
    MNPRMonopar Therapeutics1.068.3%73.9%
    ALITAlight9.965.0%-51.8%
    BLZEBackblaze0.864.6%189.3%
    ZBIOZenas BioPharma1.863.6%-10.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    FACFactorial Energy0.6-64.0%24.5%
    HTZHertz Global0.6-63.4%-64.0%
    AIAIAIAI0.5-59.2%-55.1%
    HYLNHyliion0.7-52.1%110.9%
    ALOYREalloys0.5-49.4%-4.7%
    ABTCAmerican Bitcoin6.6-49.3%-74.6%
    NVTSNavitas Semiconductor2.9-46.6%79.6%
    WOLFWolfspeed1.2-44.7%82.3%
    EOSEEos Energy Enterprises1.4-44.6%-63.0%
    YSSYork Space Systems2.2-41.6%-46.5%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    RCBXMTSTWDARILADRABRMedian
    NameReady Ca.Blacksto.Starwood.Apollo C.Ladder C.Arbor Re. 
    Mkt Price1.5416.7916.606.889.855.108.37
    Mkt Cap0.32.86.11.01.21.01.1
    Rev LTM-30585822263213485374
    Op Inc LTM-------
    FCF LTM91434542028108214279
    FCF 3Y Avg4503876035994373380
    CFO LTM914345833116108214279
    CFO 3Y Avg45038775817394373380

    Growth & Margins

    RCBXMTSTWDARILADRABRMedian
    NameReady Ca.Blacksto.Starwood.Apollo C.Ladder C.Arbor Re. 
    Rev Chg LTM-171.5%22.5%-2.7%45.6%-18.3%-18.7%-10.5%
    Rev Chg 3Y Avg-92.7%-2.4%-9.3%-6.4%-13.4%-9.0%-9.1%
    Rev Chg Q-9.1%25.5%-4.2%-13.8%1.0%-12.3%-6.7%
    QoQ Delta Rev Chg LTM-28.5%5.8%-0.9%-3.5%0.2%-3.2%-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-59.0%101.3%44.1%50.5%44.0%50.5%
    CFO/Rev 3Y Avg-68.8%84.2%76.7%38.8%60.7%68.8%
    FCF/Rev LTM-59.0%51.1%10.5%50.5%44.0%50.5%
    FCF/Rev 3Y Avg-68.8%65.6%24.3%38.8%60.7%60.7%

    Valuation

    RCBXMTSTWDARILADRABRMedian
    NameReady Ca.Blacksto.Starwood.Apollo C.Ladder C.Arbor Re. 
    Mkt Cap0.32.86.11.01.21.01.1
    P/S-4.97.43.65.82.04.9
    P/Op Inc-------
    P/EBIT-------
    P/E-0.527.417.37.522.58.312.8
    P/CFO0.38.27.38.311.54.67.8
    Total Yield-173.5%14.9%17.0%28.0%13.9%41.7%16.0%
    Dividend Yield28.9%11.3%11.3%14.8%9.5%29.7%13.0%
    FCF Yield 3Y Avg124.8%12.6%9.6%4.3%7.1%19.3%11.1%
    D/E10.85.62.18.52.57.06.3
    Net D/E10.05.42.18.42.36.66.0

    Returns

    RCBXMTSTWDARILADRABRMedian
    NameReady Ca.Blacksto.Starwood.Apollo C.Ladder C.Arbor Re. 
    1M Rtn-11.5%-4.6%2.3%-2.6%-1.2%-1.9%-2.3%
    3M Rtn-19.7%-13.6%-6.3%-4.1%-1.7%-35.6%-10.0%
    6M Rtn-35.9%-8.6%-3.6%7.9%-6.8%-32.1%-7.7%
    12M Rtn-61.7%-3.3%-6.3%17.2%-1.5%-48.9%-4.8%
    3Y Rtn-81.9%2.6%8.0%25.1%11.9%-55.4%5.3%
    1M Excs Rtn-11.6%-4.7%2.2%-2.7%-1.3%-2.0%-2.4%
    3M Excs Rtn-28.2%-19.6%-12.0%-9.9%-7.7%-41.0%-15.8%
    6M Excs Rtn-40.7%-18.1%-13.5%-1.7%-16.0%-42.4%-17.0%
    12M Excs Rtn-80.9%-22.7%-25.2%-2.3%-21.5%-67.7%-23.9%
    3Y Excs Rtn-148.5%-61.6%-57.6%-43.9%-53.2%-119.9%-59.6%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/8/20263/2/202611/7/20258/8/20255/9/20253/3/202511/12/20248/9/20245/10/20242/28/202411/8/20238/8/2023
    Key Financials Quarterly            
    Total Revenue-811344-6-748062-25-6712010296
    Net Income-202-234-19-5580-316-9-36-741046249
    EPS-1.25-1.46-0.13-0.340.47-1.90-0.07-0.23-0.440.040.251.87
    Key Financials TTM            
    Total Revenue TTM-30-244462434989129251398278315
    Net Income TTM-510-229-311-301-282-436-110-55230339341359
    Growth Rates Quarterly            
    Total Revenue Growth-9.1%-83.9%-29.1%75.1%-10.0%-33.1%-39.4%-126.3%-184.3%22031.5%-26.6%-11.2%
    Net Income Growth-353.7%25.9%-101.3%-54.1%207.0%-3338.1%-120.4%-114.5%-311.4%-14.8%-27.8%343.7%
    Margins Quarterly            
    Net Income Margin--1814.4%-42.8%---394.1%-15.1%--8.1%44.8%259.2%
    Cash & Debt            
    Total Cash201208148163206144181226166139205228
    Total Debt2,7123,5243,7774,0115,1346,0356,3286,6976,9797,2447,7957,510
    Net Debt / (Cash)2,5113,3173,6303,8484,9285,8916,1466,4716,8137,1057,5907,283
    Cash Flows Quarterly            
    FCF from Operations590-11435-10010829221123-303645
    Cash Flows TTM            
    FCF from Operations TTM914432472259360275216317551298325
    Returns to Shareholders Quarterly            
    Dividends42323244445545354652677
    Share Repurchases-0211381743-02019-0018
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-16.5%-16.4%-1.1%-3.1%4.2%-14.5%-0.4%-1.4%-3.3%1.0%1.7%10.1%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-10.2%-3.8%-4.7%-4.4%-3.5%-5.0%-1.1%-0.4%2.3%3.7%2.8%3.2%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Small Business Lending126152145134145
    Lower-to-middle-market (LMM) Commercial Real Estate-138-71283292181
    All other   0-3
    Residential Mortgage Banking    186
    Total-1180427426510


    Net Income by Segment
    $ Mil2016
    Acquisitions35
    Small Business Administration (SBA) Originations, Acquisitions and Servicing13
    Residential Mortgage Banking6
    Small Balance Commercial (SBC) Conventional Originations2
    Loss from discontinued operations-2
    Net income attributable to non-controlling interests-4
    Total49


    Assets by Segment
    $ Mil20252024202320222021
    Lower-to-middle-market (LMM) Commercial Real Estate5,9378,05910,28310,1987,106
    Small Business Lending1,2811,4271,3968361,559
    Unallocated assets552368   
    Assets held for sale 288455439 
    All other  308148387
    Residential Mortgage Banking    482
    Total7,77010,14212,44111,6219,534


    Price Behavior

    Price Behavior
    Market Price$1.54 
    Market Cap ($ Bil)0.3 
    First Trading Date02/08/2013 
    Distance from 52W High-63.9% 
       50 Days200 Days
    DMA Price$1.70$2.10
    DMA Trenddowndown
    Distance from DMA-9.4%-26.5%
     3M1YR
    Volatility63.5%55.4%
    Downside Capture134.32183.13
    Upside Capture2.6231.26
    Correlation (SPY)14.6%21.7%
    RC Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta0.760.570.820.930.991.01
    Up Beta1.001.961.481.041.050.76
    Down Beta-1.57-0.270.081.010.651.00
    Up Capture158%12%62%47%30%44%
    Bmk +ve Days11244067140429
    Stock +ve Days9193456109343
    Down Capture142%75%72%116%147%110%
    Bmk -ve Days10172358112321
    Stock -ve Days11212865131379

    [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-61.8%55.3%-1.53-
    Sector ETF (XLF)8.1%14.6%0.3226.1%
    Equity (SPY)20.3%12.6%1.1922.1%
    Gold (GLD)21.6%28.1%0.6912.6%
    Commodities (DBC)31.4%19.1%1.30-8.0%
    Real Estate (VNQ)15.0%14.0%0.7631.3%
    Bitcoin (BTCUSD)-44.6%42.9%-1.2513.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with RC
    RC-29.0%39.5%-0.76-
    Sector ETF (XLF)10.7%18.5%0.4543.0%
    Equity (SPY)12.9%17.1%0.5842.3%
    Gold (GLD)17.3%18.4%0.768.8%
    Commodities (DBC)8.9%19.5%0.3510.3%
    Real Estate (VNQ)2.9%18.9%0.0546.3%
    Bitcoin (BTCUSD)14.9%53.4%0.4616.3%

    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-10.0%47.3%-0.05-
    Sector ETF (XLF)13.7%22.0%0.5645.0%
    Equity (SPY)15.2%17.9%0.7240.7%
    Gold (GLD)11.2%16.1%0.572.6%
    Commodities (DBC)7.2%17.9%0.3213.8%
    Real Estate (VNQ)5.1%20.7%0.2149.1%
    Bitcoin (BTCUSD)58.7%66.2%0.998.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date6302026
    Short Interest: Shares Quantity24.0 Mil
    Short Interest: % Change Since 61520264.4%
    Average Daily Volume2.1 Mil
    Days-to-Cover Short Interest11.7 days
    Basic Shares Quantity163.7 Mil
    Short % of Basic Shares14.7%

    Returns Analyses

    Earnings Returns History

    Updated 6/10/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/7/2026-12.5%-20.4%-19.9%
    2/26/202613.5%26.4%-6.2%
    11/6/2025-1.7%-10.7%-18.1%
    8/8/2025-7.1%-6.1%5.9%
    5/8/2025-5.7%0.7%0.5%
    3/3/2025-26.8%-22.7%-24.7%
    11/7/20244.4%1.0%6.6%
    8/7/20240.6%-4.6%-9.4%
    ...
    SUMMARY STATS   
    # Positive121414
    # Negative121010
    Median Positive3.2%2.7%5.7%
    Median Negative-5.3%-5.9%-8.7%
    Max Positive17.0%26.4%26.6%
    Max Negative-26.8%-22.7%-24.7%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/7/2026-12.5%-20.4%-19.9%
    2/26/202613.5%26.4%-6.2%
    11/6/2025-1.7%-10.7%-18.1%
    8/8/2025-7.1%-6.1%5.9%
    5/8/2025-5.7%0.7%0.5%
    3/3/2025-26.8%-22.7%-24.7%
    11/7/20244.4%1.0%6.6%
    8/7/20240.6%-4.6%-9.4%
    5/9/2024-3.3%0.0%-5.0%
    2/27/2024-4.9%-5.6%3.4%
    11/7/20231.2%2.7%5.5%
    8/7/2023-0.7%-3.5%-5.1%
    5/31/2023-1.8%9.7%13.0%
    2/27/2023-10.7%-10.6%-19.3%
    11/7/20222.3%6.7%4.6%
    8/4/20221.0%2.7%-7.4%
    5/6/2022-7.0%-5.4%-8.0%
    2/24/20225.5%9.1%12.3%
    11/4/20214.1%2.9%2.9%
    8/5/20211.8%1.3%3.8%
    5/6/20210.7%-4.2%9.5%
    3/11/20216.7%1.1%0.1%
    11/4/2020-3.8%1.8%13.0%
    8/6/202017.0%14.0%26.6%
    SUMMARY STATS   
    # Positive121414
    # Negative121010
    Median Positive3.2%2.7%5.7%
    Median Negative-5.3%-5.9%-8.7%
    Max Positive17.0%26.4%26.6%
    Max Negative-26.8%-22.7%-24.7%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/08/202610-Q
    12/31/202503/02/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/03/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/10/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/05/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/08/202610-Q
    12/31/202503/02/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/03/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/10/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/05/202210-Q
    03/31/202205/06/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/05/202110-Q
    06/30/202108/06/202110-Q
    03/31/202105/07/202110-Q
    12/31/202003/15/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/11/202010-Q
    12/31/201903/12/202010-K
    09/30/201911/07/201910-Q
    06/30/201908/08/201910-Q

    Insider Activity

    Updated 6/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Ahlborn, AndrewChief Financial OfficerDirectBuy60220261.822,7995,0942,098,659Form
    2Ahlborn, AndrewChief Financial OfficerDirectSell60220261.812,7995,0662,082,066Form
    3Ahlborn, AndrewChief Financial OfficerDirectBuy60220262.935651,6553,367,300Form
    4Ahlborn, AndrewChief Financial OfficerDirectBuy60220264.163771,5704,786,840Form
    5Ahlborn, AndrewChief Financial OfficerDirectBuy60220264.173581,4924,790,325Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Ahlborn, AndrewChief Financial OfficerDirectBuy60220261.822,7995,0942,098,659Form
    2Ahlborn, AndrewChief Financial OfficerDirectSell60220261.812,7995,0662,082,066Form
    3Ahlborn, AndrewChief Financial OfficerDirectBuy60220262.935651,6553,367,300Form
    4Ahlborn, AndrewChief Financial OfficerDirectBuy60220264.163771,5704,786,840Form
    5Ahlborn, AndrewChief Financial OfficerDirectBuy60220264.173581,4924,790,325Form
    6Nathan, Gilbert E DirectBuy30920261.9530,00058,410421,249Form
    7Nathan, Gilbert E DirectBuy30920262.0210,00020,200258,774Form

    Investor Activity (13F)

    Updated Jul 22, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Mason Capital Management LLC$7.0 Mil1.1%7ADD +14.4%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Mason Capital Management LLC$7.0 Mil1.1%7ADD +14.4%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Mason Capital Management LLC$7.0 Mil1.1%7ADD +14.4%13F

    Industry Resources

    External Quote Links


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