Ready Capital Corporation (0SZ)
XDUS 
Summary
0SZ Chart
Ready Capital: The Good, The Bad, And The Preferreds
Ready Capital trades at a 75% discount to book value, reflecting extreme market skepticism of management and persistent book value declines. RC's common dividend yield is nearly 20%, but a 50% cut is likely imminent due to uncovered payouts and mounting losses. RC's Series E preferreds offer an 11.6% yield and a 44% discount to liquidation value, presenting a more attractive risk/reward.
Ready Capital: Value Destruction Proceeds On Schedule
Ready Capital continues to face severe challenges. The leverage and rising delinquencies have already destroyed tons of tangible equity. RC remains suitable only for traders seeking short-term bounces, not long-term investors focused on capital preservation or yield stability.
Ready Capital Corporation (RC) Q3 2025 Earnings Call Transcript
Ready Capital Corporation ( RC ) Q3 2025 Earnings Call November 7, 2025 8:30 AM EST Company Participants Andrew Ahlborn - CFO & Secretary Thomas Capasse - Chairman, CEO & Chief Investment Officer Conference Call Participants Douglas Harter - UBS Investment Bank, Research Division Jade Rahmani - Keefe, Bruyette, & Woods, Inc., Research Division Christopher Nolan - Ladenburg Thalmann & Co. Inc., Research Division Presentation Operator Greetings, and welcome to the Ready Capital Third Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
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Ready Capital Corporation Profile
| Mortgage Real Estate Investment Trusts (REITs) Industry | Financials Sector | Thomas Edward Capasse CEO | XDUS Exchange | US75574U1016 ISIN |
| US Country | 475 Employees | 31 Dec 2025 Last Dividend | - Last Split | 8 Feb 2013 IPO Date |
Overview
Ready Capital Corporation, based in New York, New York, is a real estate finance company that operates extensively within the United States. Specializing in a range of financing and lending services, the corporation focuses on catering to the lower-to-middle-market (LLM) commercial real estate sector and small business lending. It was initially established in 2007 as Sutherland Asset Management Corporation before undergoing a rebranding to Ready Capital Corporation in September 2018. Operating through two main segments—LMM Commercial Real Estate and Small Business Lending—Ready Capital Corporation provides a comprehensive suite of financial products tailored to meet the varied needs of its clientele. The company also benefits from its status as a real estate investment trust (REIT), which allows it to avoid federal corporate income taxes provided it distributes at least 90% of its taxable income to its shareholders.
Products and Services
- LMM Commercial Real Estate Loans:
- Small Business Administration (SBA) Loans:
- Residential Mortgage Loans:
- Construction Loans:
- Mortgage-Backed Securities:
- Purchased Future Receivables:
Ready Capital Corporation specializes in providing financing solutions for lower-to-middle-market commercial real estate projects. This includes a full spectrum of loan services from construction, bridge, stabilized, to agency loan origination channels. These loans cater to the development and acquisition needs of LLM properties, ensuring a versatile funding option for real estate investors and developers.
Under the Small Business Lending segment, Ready Capital offers owner-occupied loans that are guaranteed by the SBA under its SBA Section 7(a) Program. These loans are designed to support small businesses in their quest for growth and expansion by offering government-backed financing solutions with attractive terms and conditions.
The company also extends its financial services to the residential market by originating residential mortgage loans. This service speaks to the needs of homebuyers seeking reliable and competitive financing options for their home purchase endeavors.
Ready Capital provides construction loans that are essential for developers and investors aiming to commence new construction projects or complete ongoing developments. These loans offer the necessary capital to cover construction costs, thereby facilitating seamless project execution.
The company is involved in the acquisition and servicing of mortgage-backed securities that are primarily collateralized by LLM loans or other real estate-related investments. This area of operation enables Ready Capital to engage in investment activities that support its income generation and portfolio diversification strategies.
Within its Small Business Lending segment, Ready Capital also acquires purchased future receivables, providing yet another avenue for supporting small businesses. This product involves purchasing the future sales receivables of a company at a discount, offering immediate cash flow solutions to businesses in need.
