Ready Capital Corporation Provides Business Update

Ready Capital (NYSE: RC) updated its de‑leveraging plan, reporting completion of 47 CRE loan sales totaling $943M UPB that generated $177M net proceeds and $444M of principal payoffs producing $98M net in Q1 2026.

Rhea-AI Summary

Ready Capital (NYSE: RC) updated its de‑leveraging plan, reporting completion of 47 CRE loan sales totaling $943M UPB that generated $177M net proceeds and $444M of principal payoffs producing $98M net in Q1 2026.

The company collapsed two remaining CLOs (21 loans, $496M UPB), issued a redemption notice to retire $67M of 6.20% notes on April 22, 2026, and signed an arrangement to sell up to $1.0B of new CRE originations off balance sheet.

Positive

• Generated $442M net proceeds since Q4 2025
• Completed sale of 47 CRE loans totaling $943M UPB
• Received $444M in principal payoffs in Q1 2026
• Secured $1.0B off‑balance arrangement for new CRE originations

Negative

• Collapsed two CLOs totaling $496M UPB (RCMF 2023‑FL11, RCMF 2023‑FL12)
• Plans to retire $67M of 6.20% notes on April 22, 2026 (cash outflow)
• Sold loans included 32% non‑performing and sub‑performing assets

Argus Apr 2 session

+1.91% close to close 0.7x rel. volume Open Argus

Details

News Market Reaction – RC

On Apr 2, the first trading day after this news, RC closed 1.91% above the previous close.

Data tracked by StockTitan Argus for the Apr 2 session.

Key Figures

Liquidity plan target: $850 million Proceeds since Q4 2025: $442 million Q1 2026 loan sale UPB: $943 million +5 more

Liquidity plan target

$850 million

Plan to generate over $850M in free cash

Proceeds since Q4 2025

$442 million

Net proceeds from loan sales, payoffs and resolutions

Q1 2026 loan sale UPB

$943 million

UPB of 47 CRE loans sold across four transactions

Loan sale net proceeds

$177 million

Net proceeds after financing paydowns from Q1 2026 sales

Principal payoffs UPB

$444 million

Q1 2026 principal payoffs and resolutions

Payoff net proceeds

$98 million

Net proceeds after financing paydowns from payoffs/resolutions

Notes to be redeemed

$67 million

6.20% Senior Unsecured Notes due July 2026

Off-balance sheet capacity

$1.0 billion

Arrangement to fund new CRE loan originations

Historical Context

5 past events · Latest: Mar 27

5 events

1. Mar 27

   Loan for acquisition

   24h Move

   -5.0%

   Financing a $19.5M loan for a Greenwich Village retail acquisition.

2. Mar 17

   Refinancing deal

   24h Move

   -4.1%

   Provided $127M refinancing for a large Class A office campus.

3. Mar 13

   Dividend declaration

   24h Move

   -2.6%

   Declared Q1 2026 common and preferred cash dividends.

4. Feb 26

   Q4 2025 earnings

   24h Move

   +13.5%

   Reported GAAP and distributable losses per common share for Q4.

5. Feb 26

   Leadership changes

   24h Move

   +13.5%

   Announced new credit and operations leadership roles and departures.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

collateralized loan obligations, senior unsecured notes, off-balance sheet, origination fees, +3 more

7 terms

collateralized loan obligations financial

"Collapsed RCMF 2023-FL11 and RCMF 2023-FL12, the Company’s Remaining Outstanding Collateralized Loan Obligations"

A collateralized loan obligation is a financial product that pools many corporate loans and repackages them into slices sold to investors, with some slices offering steady, lower returns and others offering higher returns but more risk. Like splitting a pizza into pieces for different tastes, CLOs let investors pick their preferred risk level and help banks fund lending, so changes in CLO performance influence credit availability and can move markets.

senior unsecured notes financial

"Issued Redemption Notice to Bondholders on the Company’s 6.20% Senior Unsecured Notes due July 2026"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

off-balance sheet financial

"arrangement to Fund the Company’s Off Balance Sheet Commercial Real Estate Loan Originations"

Off-balance sheet describes assets, liabilities or financial commitments a company keeps out of its main financial statement, often through separate contracts or entities. Think of it like a household keeping a rental agreement or a long-term promise in a drawer rather than listing it on the monthly budget; investors care because these hidden items can change a company’s true debt, future cash needs and risk profile, altering valuation and lending decisions.

origination fees financial

"The Company will retain a percentage of upfront origination fees"

Origination fees are one-time charges a lender or loan arranger collects for creating, evaluating and processing a loan or financing deal; they are usually a percentage of the loan amount and paid at closing or over time. For investors, these fees change the effective cost and proceeds of a financing, boost lender or arranger revenue, and can alter deal returns and cash flows—like a service charge that trims what a borrower receives and raises the lender’s income.

asset management fees financial

"will retain a percentage of ongoing asset management fees in certain circumstances"

Asset management fees are charges that investment managers or firms collect for overseeing and handling an investor’s money, including choosing investments, rebalancing portfolios, and administrative tasks. Like paying a gardener to tend a yard, these fees—often a small percentage of assets under management or sometimes tied to performance—reduce an investor’s returns over time, so investors monitor them closely because even modest differences can materially affect long‑term portfolio growth.

securitization financial

"can potentially participate in the equity upon securitization of the collateral"

Securitization is when a bank or company takes a bunch of loans or assets, like mortgages or car loans, and bundles them together into a single package. They then sell pieces of this package to investors, who receive regular payments from the borrowers. This process helps the original lender get money quickly and spreads the risk among many investors.

forward-looking statements regulatory

"This press release contains statements that constitute "forward-looking statements,""

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Completed Sale of 47 Commercial Real Estate Loans Totaling $943 Million in Unpaid Principal Balance

Collapsed RCMF 2023-FL11 and RCMF 2023-FL12, the Company’s Remaining Outstanding Collateralized Loan Obligations

Issued Redemption Notice to Bondholders on the Company’s 6.20% Senior Unsecured Notes due July 2026

Signed a $1 Billion Arrangement to Fund the Company’s Off Balance Sheet Commercial Real Estate Loan Originations 

NEW YORK, April 01, 2026 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (the “Company”) today provided an update on its previously disclosed de-leveraging strategy and recent actions intended to strengthen its balance sheet.

Liquidity Plan Activity

The Company continues to advance its previously disclosed plan to generate over $850 million in free cash and reduce its legacy commercial real estate (“CRE”) loan exposure. Since the beginning of the fourth quarter of 2025, the Company has generated $442 million of proceeds net of financing through loan sales, principal payoffs and other asset management resolution strategies. $275 million of those net proceeds were generated in the first quarter of 2026.

During the first quarter of 2026, the Company completed the sale of 47 CRE loans in the aggregate across four separate transactions, totaling $943 million in unpaid principal balance (“UPB”). The collateral that was sold was comprised of 68% performing multi-family, office and industrial loans and 32% non-performing and sub-performing CRE loans. In total, the transactions generated net proceeds after financing paydowns of $177 million.

During the first quarter of 2026, the Company also received $444 million from principal payoffs and other asset management resolution strategies resulting in net proceeds after financing paydowns of $98 million.

Collateralized Loan Obligation (“CLO”) Collapses

On March 25, 2026, the Company collapsed its remaining two CLOs, RCMF 2023-FL11 and RCMF 2023-FL12. The transactions included 21 loans totaling $496 million in UPB.

Bond Redemption

On March 23, 2026, the Company issued a notice of redemption to holders of its 6.20% Senior Unsecured Notes due July 2026. The Company plans to retire the entire $67 million in notes currently outstanding on April 22, 2026.

CRE Arrangement

On March 17, 2026, the Company entered into a relationship through which the Company may arrange for the sale of up to $1.0 billion in new CRE loan originations in an off-balance sheet arrangement. The Company will retain a percentage of upfront origination fees, will retain a percentage of ongoing asset management fees in certain circumstances and can potentially participate in the equity upon securitization of the collateral. The Company expects to begin originating for the program during the third quarter.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 450 professionals nationwide.

Contact

Investor Relations

Ready Capital Corporation

212-257-4666

InvestorRelations@readycapital.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Ready Capital (RC) report about its Q1 2026 loan sales and proceeds?

Ready Capital completed sale of 47 CRE loans totaling $943M UPB, generating $177M net proceeds. According to the company, these transactions occurred across four deals and included a mix of performing and non‑performing loans, contributing to the firm's de‑leveraging plan.

How much cash has Ready Capital (RC) generated from its de‑leveraging plan since Q4 2025?

The company has generated $442M of net proceeds since Q4 2025, including $275M in Q1 2026. According to the company, proceeds came from loan sales, principal payoffs and asset management resolution strategies.

What CLO actions did Ready Capital (RC) take in March 2026 and what was the exposure?

Ready Capital collapsed its two remaining CLOs, comprising 21 loans with $496M unpaid principal balance. According to the company, the collapses occurred on March 25, 2026, removing those assets from the company's CLO structures.

When will Ready Capital (RC) retire its 6.20% senior notes and how much is outstanding?

Ready Capital plans to retire all $67M of its 6.20% senior unsecured notes on April 22, 2026. According to the company, a redemption notice was issued to bondholders on March 23, 2026 to effect the retirement.

What is the $1.0 billion CRE arrangement announced by Ready Capital (RC)?

The company signed an arrangement to arrange sales of up to $1.0B in new CRE originations off balance sheet. According to the company, it will retain portions of origination and asset management fees and may share in securitization equity.

How much did principal payoffs contribute to Ready Capital's (RC) Q1 2026 liquidity?

Principal payoffs and asset resolutions provided $444M in cash, yielding $98M net after financing paydowns. According to the company, these payoffs were a key component of first‑quarter liquidity generation.