Ready Capital Corp RC

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

In this Form 10-K, we refer to Ready Capital Corporation and its subsidiaries as "we," "us," "our," or "our Company"

unless we specifically state otherwise or the context indicates otherwise.

We are a multi-strategy real estate finance company that originates, acquires, finances, and services LMM loans, SBA

loans, construction loans, USDA loans and, to a lesser extent, MBS collateralized primarily by LMM loans, or other real

Last close 1.05 2026-10-23

Market cap $173.5M 2026-06-30 share count

52-week range 0.96 - 3.22

Valuation FY2025 figures against the last close

P/S0.3x

P/E—

P/FCF0.4x

EV/EBITDA—

Dividend yield65.3%

Diluted EPS-1.44

Annual financial statements

Income statement

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$569.2M	$897.0M	$945.8M	$663.2M	$395.2M	$258.6M	$229.9M	$169.5M	$138.3M	$137.0M
Interest expense	$55.0M	$200.5M	$229.3M	$270.9M	$204.4M	$175.5M	$151.9M	$109.2M	$74.6M	$57.8M
Pre-tax income	-$302.6M	-$516.5M	$358.4M	$175.0M	$132.2M	$54.5M	$64.5M	$62.8M	$47.7M	$65.2M
Income tax	$86.7M	$104.5M	$7.2M	$15.5M	$14.9M	$8.4M	$10.6M	$1.4M	$1.8M	$9.7M
Net income	-$221.1M	-$430.4M	$348.4M	$203.2M	$160.0M	$46.1M	$75.1M	$59.3M	$43.3M	$49.2M
EPS, basic	-1.44	-2.63	2.25	1.73	2.17	0.81	1.72	1.84	1.38	1.85
EPS, diluted	-1.44	-2.63	2.22	1.65	2.16	0.81	1.72	1.84	1.38	1.85
Shares, diluted (wtd. avg.)	167.3M	170.5M	148.6M	117.2M	68.7M	53.8M	42.0M	32.1M	31.4M	26.6M

Balance sheet

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cash and equivalents	$207.8M	$143.8M	$138.5M	$273.6M	$276.2M	$145.1M	$128.0M	$95.0M	$91.0M	$80.7M
Short-term investments	—	—	—	—	—	—	—	—	—	$320.0M
Goodwill	$49.5M	$49.5M	$38.5M	$37.8M	$31.5M	$11.2M	$11.2M	—	—	—
Other intangibles	$38.2M	$37.0M	$17.7M	$15.5M	$14.8M	$7.0M	$8.3M	$2.9M	$3.3M	$3.6M
Total assets	$7.77B	$10.14B	$12.44B	$11.62B	$9.53B	$5.37B	$4.98B	$3.04B	$2.52B	$2.61B
Long-term debt	$1.38B	$1.33B	$1.11B	$1.12B	$897.1M	$442.8M	$440.3M	$337.3M	—	—
Total liabilities	$6.12B	$8.20B	$9.79B	$9.72B	$8.25B	$4.54B	$4.13B	$2.47B	$1.97B	$2.05B
Retained earnings	-$807.5M	-$505.1M	$124.4M	$5.0M	$8.6M	-$24.2M	$8.7M	$5.3M	-$3.4M	-$201.0K
Total equity	$1.54B	$1.84B	$2.64B	$1.89B	$1.28B	$834.2M	$844.8M	$564.1M	$555.5M	$552.1M

Cash flow

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Operating cash flow	$432.1M	$274.8M	$51.1M	$359.1M	-$34.4M	$68.9M	-$52.4M	$140.3M	$352.5M	$16.5M
Depreciation and amortisation	$2.8M	$0	$0	—	—	—	—	—	—	—
Stock-based compensation	$5.8M	$8.1M	$7.5M	$7.5M	$6.9M	$5.3M	$1.5M	—	—	—
Investing cash flow	$1.64B	$1.54B	$1.02B	-$1.56B	-$1.72B	-$59.4M	-$1.21B	-$580.8M	-$235.7M	$389.6M
Financing cash flow	-$2.04B	-$1.88B	-$1.09B	$1.17B	$1.88B	$63.1M	$1.30B	$444.5M	-$106.5M	-$381.4M
Dividends paid	$113.3M	$206.1M	$215.1M	$187.8M	$111.9M	$56.9M	$63.3M	$51.3M	$48.3M	$46.9M
Buybacks	$67.6M	$82.2M	$18.1M	$37.0M	$1.3M	$9.2M	—	—	—	$1.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-039531.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)

Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity

Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks

Revenue
Gross profit
Net income

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$137.0M	$138.3M	$169.5M	$229.9M	$258.6M	$395.2M	$663.2M	$945.8M	$897.0M	$569.2M
Gross profit	—	—	—	—	—	—	—	—	—	—
Net income	$49.2M	$43.3M	$59.3M	$75.1M	$46.1M	$160.0M	$203.2M	$348.4M	-$430.4M	-$221.1M

Recent filings and events

2026-08-06 Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
2026-07-23 Shareholder vote The results of the annual meeting or a special vote. Item 5.07
2026-05-07 Results announced Item 2.02
2026-03-24 Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
2026-03-02 Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
2026-02-26 Results announced Item 2.02
2025-11-06 Results announced Item 2.02
2025-10-15 Shareholder vote Item 5.07
2025-09-09 Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
2025-08-08 Results announced Item 2.02
2025-07-01 Shareholder vote Item 5.07
2025-05-08 Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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