Ready Capital Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red rating is not about the fallen share price or the low valuation. It rests on two documented findings about the business itself. First: as of March 31, 2026, 29.3 percent of loans on the books were on non-accrual status — almost every third dollar of the loan book no longer produces interest income, and in bridge loans more than every second dollar. Second: net interest income before provisions turned negative at minus $15.1 million in the first quarter of 2026; the interest Ready Capital pays on its own funding exceeds the interest its loan book brings in. Both are operating findings taken from the quarterly report, not price arguments. Against them stand a solid liquidity position, no going-concern language and a platform whose licenses have real value. In that mix the more cautious rating applies. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Ready Capital is not a cheap stock attached to a good business. It is a shrinking lender whose shrinkage makes one ratio look cheap. The roughly $966 million of free cash flow over four quarters that lifts the stock to rank 7 in the price-to-free-cash-flow ranking is the proceeds from selling its own loan book — $596.0 million of it in the first quarter of 2026 alone. The platform, with its SBA license, Freddie Mac servicing and 442 employees, is real, and the small business segment still earns its spread. Against that stand 29.3 percent of loans on non-accrual, net interest income of minus $15.1 million, a book value down 30 percent in four quarters to $7.43 a share, and a dividend cut from 25 cents to 1 cent a quarter. Not investment advice.
Platform and licenses
The infrastructure is real and not easily replicated: Ready Capital holds one of only 16 non-bank Small Business Lending Company licenses under the SBA 7(a) program and has preferred lender status; it also services Freddie Mac multifamily loans, runs a USDA business and owns the Madison One and Funding Circle USA platforms acquired in 2024. The small business segment posted $22.8 million of interest income against $16.2 million of interest expense in the first quarter of 2026 — a positive spread.
Credit quality
As of March 31, 2026, $1.221 billion or 29.3 percent of loans on the books were on non-accrual status, up from 25.5 percent on December 31, 2025. In bridge loans it was more than every second dollar ($1.066 billion of $1.886 billion). Only 79.8 percent of loans were current; 14.9 percent were 60 days or more past due. The allowance attributable to non-accrual loans was $146.7 million (10-Q as of March 31, 2026, Note 6).
Lending economics
The first quarter of 2026 showed $81.7 million of interest income against $96.8 million of interest expense — net interest income before provisions of minus $15.1 million, after plus $14.5 million a year earlier. In the commercial real estate segment interest income fell to $58.9 million against $80.7 million of interest expense. The loan book currently does not cover its own funding cost.
Book value and payout
Book value per common share fell from $10.61 (March 31, 2025) to $7.43 (March 31, 2026), a decline of 30 percent in four quarters. Distributable earnings, the measure the company uses to set its dividend, came in at minus $159.8 million (minus $1.00 per share) in the first quarter of 2026 after minus $246.0 million for full-year 2025. The quarterly dividend fell accordingly from $0.250 to $0.010 per share.
Liquidity and maturities
As of March 31, 2026 the company reports $200.0 million of unrestricted cash and $700.0 million of unencumbered assets against roughly $450.0 million of debt maturing in 2026, and expects a further $450 million of net liquidity from maturities and asset resolutions within twelve months. There is no going-concern language, no covenant breach and no listing deficiency. The price of that comfort is the de-levering itself, which the company says may weigh on book value.
Hook and data quality
Rank 7 in our in-house price-to-free-cash-flow ranking of the U.S. selection at a ratio of 0.3 (as of July 26, 2026, 544 hits, 25 listed). The underlying free cash flow of roughly $966 million over four quarters is arithmetically correct but comes from selling loans held for resale: $596.0 million in the first quarter of 2026 alone against $590.2 million of operating cash flow. Two of the four quarters were negative on an operating basis. The Altman Z-score carries no meaning at a lender and is not used here.
Worth Noting
Hook and source: rank 7 in our in-house price-to-free-cash-flow ranking of the U.S. selection, measured live on July 26, 2026 (544 hits in total, 25 listed). The scanner lists are recomputed daily, so the placement is a snapshot.
Why free cash flow reads differently at a lender: loans held for resale run through the operating line of the cash flow statement as inventory. Selling or collecting them produces operating cash inflow without any earnings being generated. First quarter of 2026: $596.0 million from that line against $590.2 million of operating cash flow and a net loss of $200.1 million. Nine months of 2025: $556.2 million against $466.7 million of operating cash flow.
Possible confusion: Ready Capital has four securities listed on the NYSE (RC, RC PRC, RC PRE, RCD). The Form 25 delisting notices of February 17, 2026 and April 22, 2026 relate to notes — the 6.20 percent senior notes due 2026 were redeemed at par on April 22, 2026 per the 8-K of March 24, 2026. The common stock remains listed.
The Altman Z-score is deliberately not used for this stock: the formula relies on working capital, revenue and operating income of an industrial company. At a lender, book value per share, the share of loans on non-accrual, loan loss reserves and distributable earnings are the load-bearing measures.
Price and analyst figures are as of July 26, 2026 (closing price of July 24, 2026). All balance sheet, income and credit figures carry the as-of date of their filing.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.40 $ to 4.30 $ · Last price: 1.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: REIT - Mortgage
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Ready Capital Corp RC | 0.3 | – | 16.0 | – | – | 1,726.0 | -59.8 |
| Annaly Capital Management, Inc. NLY | 16.1 | 7.2 | 0.0 | 98.0 | 81.0 | 5.4 | 11.0 |
| AGNC Investment Corp. AGNC | 11.5 | 8.0 | 0.0 | 100.0 | 129.8 | -60.8 | 11.1 |
| Starwood Property Trust Inc STWD | 5.9 | 16.4 | 0.0 | 86.5 | 17.4 | -7.9 | -17.2 |
| Rithm Capital Corp. RITM | 5.5 | 9.1 | 0.0 | 95.6 | 13.2 | 20.0 | -16.0 |
| Dynex Capital Inc DX | 2.7 | 5.9 | 0.0 | 100.0 | 136.0 | 67.8 | 15.0 |
| Blackstone Mortgage Trust Inc BXMT | 2.3 | – | 0.0 | 100.0 | -6.1 | -14.0 | -22.7 |
| Apollo Commercial Real Estate Finance, Inc. ARI | 2.1 | 19.1 | 0.0 | 86.4 | 41.4 | 1.3 | 59.5 |
| ARMOUR Residential REIT Inc ARR | 1.8 | 6.0 | 9.8 | 100.0 | 138.9 | 444.1 | 17.9 |
| Median of companies shown | 2.7 | 8.0 | 0.0 | 99.0 | 61.2 | 5.4 | 11.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 125 | 0 | 49 | 1.85 | 15 | 513 | 2,605 |
| 2017 | 153 | -52 | 43 | 1.38 | 352 | 536 | 2,524 |
| 2018 | 158 | -121 | 59 | 1.85 | 140 | 545 | 3,037 |
| 2019 | 146 | 62 | 73 | 1.74 | -52 | 825 | 4,977 |
| 2020 | 270 | 53 | 45 | 0.83 | 69 | 815 | 5,372 |
| 2021 | 383 | 187 | 158 | 2.30 | -34 | 1,281 | 9,534 |
| 2022 | 383 | 242 | 194 | 1.66 | 359 | 1,899 | 11,621 |
| 2023 | 390 | 223 | 339 | 2.28 | 33 | 2,548 | 12,441 |
| 2024 | 27 | -412 | -436 | -2.56 | -51 | 1,838 | 10,142 |
| 2025 | 499 | 121 | -229 | -1.37 | -203 | 1,552 | 7,770 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.87 | -3,400.90 | 58 | -3.30 | -542.80 | -27 | -27 |
| 2025: Q1 | 0.47 | – | -74 | – | – | 19 | 19 |
| 2025: Q2 | -0.33 | – | -12 | – | – | -61 | -61 |
| 2025: Q3 | -0.11 | – | 19 | -69.80 | -100.70 | 435 | 435 |
| 2025: Q4 | -1.42 | – | 124 | 112.50 | -189.20 | -90 | -90 |
| 2026: Q1 | -1.20 | -353.80 | 45 | – | -447.00 | 590 | 590 |
| 2026: Q2 | -0.63 | -90.90 | – | – | – | 75 | 75 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Dividends
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -2.15 | -2.95 – -0.91 | 349 | -35.1% | 6 |
| 12/31/2027 | -0.70 | -1.26 – -0.20 | 329 | 67.4% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $1.01B |
|---|---|
| Market cap | $268.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Gewerblicher Immobilienfinanzierer in REIT-Form ohne KI-Umsatz und ohne operativ belegten KI-Einsatz — künstliche Intelligenz taucht in den sechs ausgewerteten Filings ausschließlich im Geschäftsbericht 2025 auf, dort als allgemeine Risikofaktor-Formel („may use or rely on AI-based tools“) und als Hinweis auf KI-gestützte Cyberangriffe; in keinem der vier Quartalsberichte kommt der Begriff vor.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-02 · 10-K 2025-03-03 · 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-09
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 9.2%
- More than 10% revenue growth is expected for the coming year -25.3%
- Share count grows by less than 3% a year 12.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 1,684.8%
- Gross margin at 40% or higher and without meaningful erosion 87.7%
- Goodwill from acquisitions does not grow faster than revenue 0.6%
- Net debt below twice EBITDA 26.2 x EBITDA
- Operating cash flow covers the profits of the last three years 104 m
- Return on capital at 15% or higher, or up versus two years ago 1.6%
- Insiders hold at least 10% or are net buyers 10.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 16.6%
- Exp. sales growth 3Y > 5% -18.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -18.9%
- Net debt < 4x EBIT 46.4x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -17.1%
- ROCE > 15% 1.6%
- Expected return > 10% -80.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Ready Capital Corporation operates as a real estate finance company in the United States. The company operates through two segments: LMM Commercial Real Estate and Small Business Lending.
- Employees
- 442
- Headquarters
- New York, NY
- Address
- 1251 Avenue of the Americas, 10020 New York, United States
- Phone
- 212 257 4600
- Website
- readycapital.com
- IPO Date
- 02/08/2013
- ISIN
- US75574U1016
Management
| Name | Title | Birth Year |
|---|---|---|
| Andrew Ahlborn CPA | CFO & Secretary | 1985 |
| Thomas Edward Capasse | Chairman, CEO & Chief Investment Officer | 1957 |
| Jack Jay Ross CPA | President & Director | 1957 |
| Matthew Cohen | Head of Operations & CTO | – |
| Sue Ianieri | Head of Marketing | – |
| Thomas Warren, Jr. | Head of Human Resources | – |
| Alex Ovalle | MD & Head of Construction Lending and Syndications | – |
| Garrett Thelander | Managing Director & Head of Workouts | – |
| John Sokolovic | Managing Director & CEO of Affordable Multifamily | 1963 |
| Jacqueline Schorr | Chief Financial Officer of RCL | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.