READY CAPITAL CORP (RC)
Financials · Real estate finance / Commercial mortgage REIT · NYSE
A multi-strategy real estate finance REIT that originates and acquires lower-middle-market commercial loans, SBA small business loans, and construction loans with $3.3B in loan assets under management.
What READY CAPITAL CORP does
Ready Capital is a multi-strategy real estate finance company and REIT that originates, acquires, finances, and services lower-middle-market (LMM) loans, Small Business Administration (SBA) loans, construction loans, and USDA loans, typically in the $1–$40 million range. The company operates through two segments: LMM Commercial Real Estate (including Freddie Mac Small Balance Loan program originations and affordable housing financing) and Small Business Lending (SBA-guaranteed owner-occupied loans). Ready Capital is externally managed by Waterfall, an SEC-registered investment adviser, and operates through an umbrella partnership REIT structure.
Themes: ["commercial real estate financing","small business lending / SMB credit","lower-middle-market loans","SBA loan programs","non-performing loan acquisition","mortgage servicing","real estate-backed securitization","affordable housing finance"]
Fundamentals
- Price$1.70 as of 2026-07-09 close
- Market cap$282M as of 2026-07-10
- 1-year return-62.3% as of 2026-07-09 close
- Net margin-76.8% as of 2026-07-10
- Gross margin+18.1% as of 2026-07-10
- ROE-31.3% as of 2026-07-10
- Debt / equity3.46 as of 2026-07-10
- Revenue growth (YoY)-15.6% as of 2026-07-10
- Beta1.51 as of 2026-07-10
Dividend: yield +2.4%; 1-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Severe revenue decline (-15.62% YoY) with deteriorating net margins (-76.75%) and unprofitable operations; Q1 2026 operating loss of $216.8M with negative net interest income of -$15.1M and large provision for loan losses of $70.9M","Significant credit deterioration: large realized losses on financial instruments and real estate owned (-$60.1M in Q1 2026) and substantial valuation allowances on held-for-sale loans ($74.3M); portfolio stress evident in shift from interest income gains to large loss provisions","Equity capital erosion: stockholders' equity declined from $1.64B (Dec 2025) to $1.44B (Mar 2026) with accumulated deficit reaching -$1.01B; stock price down 62.3% over one year, creating pressure on dividend sustainability and capital raising capacity"]
Competitors & peers
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.