Ready Capital Corporation Reports Fourth Quarter 2025 Results
Rhea-AI Summary
Ready Capital (NYSE: RC) reported fourth quarter 2025 results on Feb 26, 2026, showing a GAAP loss per common share from continuing operations of $(1.46) and a distributable loss per common share of $(0.43). Book value per share was $8.79 at December 31, 2025.
Q4 originations included $235M in LMM commercial loans and $140M in Small Business Lending (including $84M SBA 7(a) and $18M USDA). Full-year originations were $1.8B. Subsequent actions included sale of 34 loans (UPB $855.3M) and retirement of remaining 5.75% senior note due Feb 2026.
Positive
- Originations of $235M in LMM commercial loans in Q4
- SBL originations of $140M, including $84M SBA 7(a) and $18M USDA
- Total 2025 originations of $1.8B across products
- Completed acquisition of United Development Funding IV (adds residential developer financing)
- Sold 34 loans with UPB $855.3M and retired remaining 5.75% senior note
Negative
- GAAP net loss of $232.6M in Q4 (Net loss $232,612 thousand)
- GAAP loss per share from continuing operations $(1.46) in Q4
- Distributable loss per share $(0.43) in Q4 and distributable loss attributable to common $69.2M
- Realized losses on investments of $64.99M in Q4 and $282.48M for year
- Total assets declined ~23% to $7.77B at Dec 31, 2025 from $10.14B
Market Reaction – RC
Following this news, RC has gained 12.88%, reflecting a significant positive market reaction. Our momentum scanner has triggered 26 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $1.84. This price movement has added approximately $34M to the company's valuation. Trading volume is elevated at 2.5x the average, suggesting notable buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
RC traded near its 52-week low while peers like KREF, TRTX, BRSP, and RWT showed gains between 0.82% and 1.59%, and NYMT was flat, pointing to stock-specific pressure rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 13 | Earnings call notice | Neutral | +3.0% | Announced timing and access details for Q4 and full-year 2025 results. |
| Nov 06 | Quarterly results | Negative | -1.7% | Reported Q3 2025 GAAP and distributable losses with asset sales and repositioning. |
| Oct 30 | Earnings call notice | Neutral | +0.3% | Scheduled Q3 2025 results release and webcast details for investors. |
| Aug 07 | Quarterly results | Negative | -3.8% | Reported Q2 2025 GAAP and distributable losses and strategic asset actions. |
| Jul 31 | Earnings call notice | Neutral | -1.2% | Announced upcoming Q2 2025 release and webcast logistics for the market. |
Earnings-related headlines have typically produced modest single-day moves, with an average reaction of about -0.67% around results and related announcements.
Recent history shows a series of challenging earnings reports for Ready Capital. Q2 and Q3 2025 results (news 891069 and 932101) featured GAAP and distributable losses alongside ongoing portfolio repositioning. Scheduling releases and webcasts (news 886561, 926746, 1013142) generally produced small price reactions. Today’s detailed Q4 and full-year 2025 report continues that sequence of loss-making quarters while highlighting originations, asset sales, and balance sheet actions to address commercial real estate cycle pressures.
Historical Comparison
Across the last five earnings-related headlines, RC’s average 1-day move was -0.67%, indicating generally mild but slightly negative reactions around results and call announcements.
The company has moved from Q2 and Q3 2025 loss-making results into full-year 2025 reporting, with each earnings update tied to ongoing portfolio sales, asset repositioning, and efforts to stabilize book value and liquidity.
Market Pulse Summary
The stock is surging +12.9% following this news. A strong positive reaction aligns with the pattern of investors closely tracking RC’s earnings reports and balance sheet actions. The Q4 release showed a GAAP loss per share of $(1.46) and distributable loss of $(0.43), but also detailed $235M in LMM originations and $1.8B in full-year originations. Investors would need to weigh ongoing losses against asset sales, liquidity moves, and book value of $8.79 per share.
Key Terms
current expected credit loss reserve financial
cash flow hedges financial
reit regulatory
section 7(a) regulatory
AI-generated analysis. Not financial advice.
- GAAP LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS OF
- DISTRIBUTABLE LOSS PER COMMON SHARE OF
- DISTRIBUTABLE LOSS PER COMMON SHARE BEFORE REALIZED LOSSES OF
NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended December 31, 2025.
“We continue to execute on our liquidity plan with a focus on meeting our corporate obligations and repositioning the Company's equity away from Covid-vintage production”, said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “The equity drawdown associated with these actions is significant but represents an important step toward addressing the financial pressure experienced since the onset of the commercial real estate cycle. We believe the execution of our plan will improve our liquidity profile and support greater financial stability going forward.”
Fourth Quarter Highlights
- LMM commercial real estate originations of
$235 million - Small Business Lending (“SBL”) loan originations of
$140 million , including$84 million of Small Business Administration 7(a) loans and$18 million of United States Department of Agriculture loans - Book value of
$8.79 per share of common stock as of December 31, 2025
Full Year Highlights
- Total originations of
$1.8 billion across all products - Completed the acquisition of United Development Funding IV, a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders
- Completed the sale of GMFS, our Residential Mortgage Banking business
- Secured ownership and control of the Portland, OR mixed-use asset via a consensual deed-in-lieu arrangement
Subsequent Events
- Completed the sale of 34 loans with an unpaid principal balance of
$855.3 million - Retired the remaining outstanding amount on the
5.75% Senior Unsecured Note due February 2026
Use of Non-GAAP Financial Information
In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized changes in our current expected credit loss reserve and valuation allowance, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, unrealized gains or losses on preferred equity, at fair value, unrealized gain or losses or other non-cash items related to real estate owned and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.
The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.
In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.
Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.
To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least
The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.
| (in thousands) | Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | |||||
| Net Loss | $ | (232,612 | ) | $ | (221,061 | ) | |
| Reconciling items: | |||||||
| Unrealized loss on MSR - discontinued operations | — | 8,952 | |||||
| Unrealized loss on joint ventures | 523 | 2,845 | |||||
| Increase in CECL reserve | 113,974 | 35,178 | |||||
| Increase (decrease) in valuation allowance | 23,318 | (15,443 | ) | ||||
| Non-recurring REO impairment | 15,027 | 23,653 | |||||
| Non-cash compensation | 797 | 5,807 | |||||
| Unrealized loss on preferred equity, at fair value | 10,645 | 12,923 | |||||
| Merger transaction costs and other non-recurring expenses | 3,102 | 11,976 | |||||
| (Gain) loss on bargain purchase | 3,013 | (109,549 | ) | ||||
| Depreciation and amortization on real estate owned | 1,712 | 2,812 | |||||
| Realized losses on sale of investments | 64,987 | 282,479 | |||||
| Total reconciling items | $ | 237,098 | $ | 261,633 | |||
| Income tax adjustments | (14,556 | ) | (61,376 | ) | |||
| Distributable loss before realized losses | $ | (10,070 | ) | $ | (20,804 | ) | |
| Realized losses on sale of investments, net of tax | (55,209 | ) | (225,243 | ) | |||
| Distributable loss | $ | (65,279 | ) | $ | (246,047 | ) | |
| Less: Distributable earnings attributable to non-controlling interests | 1,926 | 7,345 | |||||
| Less: Income attributable to participating shares | 2,015 | 8,667 | |||||
| Distributable loss attributable to common stockholders | $ | (69,220 | ) | $ | (262,059 | ) | |
| Distributable loss before realized losses on investments, net of tax per common share - basic and diluted | $ | (0.09 | ) | $ | (0.23 | ) | |
| Distributable loss per common share - basic and diluted | $ | (0.43 | ) | $ | (1.59 | ) | |
U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items in the distributable earnings reconciliation above.
Webcast and Earnings Conference Call
Management will host a webcast and conference call on Friday, February 27, 2026 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2025. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-877-407-0792
International: 1-201-689-8263
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Replay Pin #: 13757494
The playback can be accessed through March 13, 2026.
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
Additional information can be found on the Company’s website at www.readycapital.com.
| READY CAPITAL CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands) | December 31, 2025 | December 31, 2024 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 207,841 | $ | 143,803 | |||
| Restricted cash | 39,746 | 30,560 | |||||
| Loans, net (including | 3,500,298 | 3,378,149 | |||||
| Loans, held for sale (including | 585,820 | 241,626 | |||||
| Mortgage-backed securities | 34,501 | 31,006 | |||||
| Investment in unconsolidated joint ventures (including | 161,424 | 161,561 | |||||
| Derivative instruments | 6,740 | 7,963 | |||||
| Servicing rights | 126,279 | 128,440 | |||||
| Real estate owned | 620,225 | 193,437 | |||||
| Other assets | 508,238 | 362,486 | |||||
| Assets of consolidated VIEs | 1,978,684 | 5,175,295 | |||||
| Assets held for sale | — | 287,595 | |||||
| Total Assets | $ | 7,769,796 | $ | 10,141,921 | |||
| Liabilities | |||||||
| Secured borrowings | 2,788,926 | 2,035,176 | |||||
| Securitized debt obligations of consolidated VIEs, net | 1,174,785 | 3,580,513 | |||||
| Senior secured notes, net | 722,729 | 437,847 | |||||
| Corporate debt, net | 652,487 | 895,265 | |||||
| Guaranteed loan financing | 524,091 | 691,118 | |||||
| Contingent consideration | 18,698 | 573 | |||||
| Derivative instruments | 1,432 | 352 | |||||
| Dividends payable | 3,633 | 43,168 | |||||
| Loan participations sold | 56,616 | 95,578 | |||||
| Due to third parties | 3,135 | 1,442 | |||||
| Accounts payable and other accrued liabilities | 171,636 | 188,051 | |||||
| Liabilities held for sale | — | 228,735 | |||||
| Total Liabilities | $ | 6,118,168 | $ | 8,197,818 | |||
| Preferred stock Series C, liquidation preference | 8,361 | 8,361 | |||||
| Commitments & contingencies | |||||||
| Stockholders’ Equity | |||||||
| Preferred stock Series E, liquidation preference | 111,378 | 111,378 | |||||
| Common stock, | 17 | 17 | |||||
| Additional paid-in capital | 2,264,355 | 2,250,291 | |||||
| Retained deficit | (807,522 | ) | (505,089 | ) | |||
| Accumulated other comprehensive loss | (24,196 | ) | (18,552 | ) | |||
| Total Ready Capital Corporation equity | 1,544,032 | 1,838,045 | |||||
| Non-controlling interests | 99,235 | 97,697 | |||||
| Total Stockholders’ Equity | $ | 1,643,267 | $ | 1,935,742 | |||
| Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | $ | 7,769,796 | $ | 10,141,921 | |||
| READY CAPITAL CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (in thousands, except share data) | Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | |||||
| Interest income | $ | 123,973 | $ | 569,166 | |||
| Interest expense | (110,851 | ) | (514,125 | ) | |||
| Net interest income before provision for loan losses | $ | 13,122 | $ | 55,041 | |||
| Provision for loan losses | (149,989 | ) | (87,038 | ) | |||
| Net interest loss after provision for loan losses | $ | (136,867 | ) | $ | (31,997 | ) | |
| Non-interest income | |||||||
| Net realized gain (loss) on financial instruments and real estate owned | (10,599 | ) | (142,112 | ) | |||
| Net unrealized gain (loss) on financial instruments | (12,703 | ) | (13,153 | ) | |||
| Valuation recovery (allowance), loans held for sale | (23,318 | ) | 15,443 | ||||
| Servicing income, net of amortization and impairment of | 5,042 | 18,703 | |||||
| Gain (loss) on bargain purchase | (3,013 | ) | 109,549 | ||||
| Income on unconsolidated joint ventures | 1,271 | 4,562 | |||||
| Other income | 16,049 | 53,716 | |||||
| Total non-interest income (expense) | $ | (27,271 | ) | $ | 46,708 | ||
| Non-interest expense | |||||||
| Employee compensation and benefits | (23,923 | ) | (89,487 | ) | |||
| Allocated employee compensation and benefits from related party | (4,350 | ) | (14,828 | ) | |||
| Professional fees | (12,973 | ) | (30,837 | ) | |||
| Management fees – related party | (4,543 | ) | (20,348 | ) | |||
| Loan servicing expense | (4,605 | ) | (41,258 | ) | |||
| Transaction related expenses | (807 | ) | (6,050 | ) | |||
| Impairment on real estate | (15,027 | ) | (23,503 | ) | |||
| Other operating expenses | (33,821 | ) | (90,956 | ) | |||
| Total non-interest expense | $ | (100,049 | ) | $ | (317,267 | ) | |
| Loss from continuing operations before benefit for income taxes | (264,187 | ) | (302,556 | ) | |||
| Income tax benefit | 31,622 | 86,703 | |||||
| Net loss from continuing operations | $ | (232,565 | ) | $ | (215,853 | ) | |
| Discontinued operations | |||||||
| Loss from discontinued operations before income tax benefit | (63 | ) | (6,944 | ) | |||
| Income tax benefit | 16 | 1,736 | |||||
| Net loss from discontinued operations | $ | (47 | ) | $ | (5,208 | ) | |
| Net loss | $ | (232,612 | ) | $ | (221,061 | ) | |
| Less: Dividends on preferred stock | 1,999 | 7,996 | |||||
| Less: Net income attributable to non-controlling interest | 1,572 | 7,854 | |||||
| Net loss attributable to Ready Capital Corporation | $ | (236,183 | ) | $ | (236,911 | ) | |
| Earnings per common share from continuing operations - basic | $ | (1.46 | ) | $ | (1.41 | ) | |
| Earnings per common share from discontinued operations - basic | $ | 0.00 | $ | (0.03 | ) | ||
| Total earnings per common share - basic | $ | (1.46 | ) | $ | (1.44 | ) | |
| Earnings per common share from continuing operations - diluted | $ | (1.46 | ) | $ | (1.41 | ) | |
| Earnings per common share from discontinued operations - diluted | $ | 0.00 | $ | (0.03 | ) | ||
| Total earnings per common share - diluted | $ | (1.46 | ) | $ | (1.44 | ) | |
| Weighted-average shares outstanding | |||||||
| Basic | 161,734,869 | 164,544,350 | |||||
| Diluted | 164,450,230 | 167,259,712 | |||||
| Dividends declared per share of common stock | $ | 0.01 | $ | 0.385 | |||
| READY CAPITAL CORPORATION UNAUDITED SEGMENT REPORTING | |||||||||||||||
| Three Months Ended December 31, 2025 | |||||||||||||||
| (in thousands) | LMM Commercial Real Estate | Small Business Lending | Corporate-Other | Consolidated | |||||||||||
| Interest income | $ | 94,713 | $ | 29,260 | $ | — | $ | 123,973 | |||||||
| Interest expense | (91,745 | ) | (19,106 | ) | — | (110,851 | ) | ||||||||
| Net interest income before provision for loan losses | $ | 2,968 | $ | 10,154 | $ | — | $ | 13,122 | |||||||
| Provision for loan losses | (143,540 | ) | (6,449 | ) | — | (149,989 | ) | ||||||||
| Net interest income (loss) after provision for loan losses | $ | (140,572 | ) | $ | 3,705 | $ | — | $ | (136,867 | ) | |||||
| Non-interest income | |||||||||||||||
| Net realized gain (loss) on financial instruments and real estate owned | (470 | ) | (10,129 | ) | — | (10,599 | ) | ||||||||
| Net unrealized gain (loss) on financial instruments | (8,797 | ) | (3,913 | ) | 7 | (12,703 | ) | ||||||||
| Valuation allowance, loans held for sale | (23,318 | ) | — | — | (23,318 | ) | |||||||||
| Servicing income, net | 1,868 | 3,174 | — | 5,042 | |||||||||||
| Loss on bargain purchase | — | — | (3,013 | ) | (3,013 | ) | |||||||||
| Income on unconsolidated joint ventures | 1,258 | 13 | — | 1,271 | |||||||||||
| Other income | 12,757 | 2,005 | 1,287 | 16,049 | |||||||||||
| Total non-interest income (expense) | $ | (16,702 | ) | $ | (8,850 | ) | $ | (1,719 | ) | $ | (27,271 | ) | |||
| Non-interest expense | |||||||||||||||
| Employee compensation and benefits | (7,204 | ) | (14,554 | ) | (2,165 | ) | (23,923 | ) | |||||||
| Allocated employee compensation and benefits from related party | (435 | ) | — | (3,915 | ) | (4,350 | ) | ||||||||
| Professional fees | (6,538 | ) | (2,986 | ) | (3,449 | ) | (12,973 | ) | |||||||
| Management fees – related party | — | — | (4,543 | ) | (4,543 | ) | |||||||||
| Loan servicing expense | (3,557 | ) | (1,048 | ) | — | (4,605 | ) | ||||||||
| Transaction related expenses | — | — | (807 | ) | (807 | ) | |||||||||
| Impairment on real estate | (15,027 | ) | — | — | (15,027 | ) | |||||||||
| Other operating expenses | (20,880 | ) | (9,549 | ) | (3,392 | ) | (33,821 | ) | |||||||
| Total non-interest expense | $ | (53,641 | ) | $ | (28,137 | ) | $ | (18,271 | ) | $ | (100,049 | ) | |||
| Loss before provision for income taxes | $ | (210,915 | ) | $ | (33,282 | ) | $ | (19,990 | ) | $ | (264,187 | ) | |||
| Total assets | $ | 5,937,031 | $ | 1,280,903 | $ | 551,862 | $ | 7,769,796 | |||||||
| READY CAPITAL CORPORATION UNAUDITED SEGMENT REPORTING | |||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||
| (in thousands) | LMM Commercial Real Estate | Small Business Lending | Corporate-Other | Consolidated | |||||||||||
| Interest income | $ | 447,810 | $ | 121,356 | $ | — | $ | 569,166 | |||||||
| Interest expense | (434,743 | ) | (79,382 | ) | — | (514,125 | ) | ||||||||
| Net interest income before provision for loan losses | $ | 13,067 | $ | 41,974 | $ | — | $ | 55,041 | |||||||
| Provision for loan losses | (61,725 | ) | (25,313 | ) | — | (87,038 | ) | ||||||||
| Net interest income (loss) after provision for loan losses | $ | (48,658 | ) | $ | 16,661 | $ | — | $ | (31,997 | ) | |||||
| Non-interest income | |||||||||||||||
| Net realized gain (loss) on financial instruments and real estate owned | (191,583 | ) | 49,471 | — | (142,112 | ) | |||||||||
| Net unrealized gain (loss) on financial instruments | (11,250 | ) | (834 | ) | (1,069 | ) | (13,153 | ) | |||||||
| Valuation recovery, loans held for sale | 15,443 | — | — | 15,443 | |||||||||||
| Servicing income, net | 6,369 | 12,334 | — | 18,703 | |||||||||||
| Gain on bargain purchase | — | — | 109,549 | 109,549 | |||||||||||
| Income on unconsolidated joint ventures | 4,508 | 54 | — | 4,562 | |||||||||||
| Other income | 25,807 | 23,264 | 4,645 | 53,716 | |||||||||||
| Total non-interest income (loss) | $ | (150,706 | ) | $ | 84,289 | $ | 113,125 | $ | 46,708 | ||||||
| Non-interest expense | |||||||||||||||
| Employee compensation and benefits | (24,577 | ) | (58,232 | ) | (6,678 | ) | (89,487 | ) | |||||||
| Allocated employee compensation and benefits from related party | (1,483 | ) | — | (13,345 | ) | (14,828 | ) | ||||||||
| Professional fees | (9,075 | ) | (12,437 | ) | (9,325 | ) | (30,837 | ) | |||||||
| Management fees – related party | — | — | (20,348 | ) | (20,348 | ) | |||||||||
| Loan servicing expense | (37,715 | ) | (3,543 | ) | — | (41,258 | ) | ||||||||
| Transaction related expenses | — | — | (6,050 | ) | (6,050 | ) | |||||||||
| Impairment on real estate | (23,503 | ) | — | — | (23,503 | ) | |||||||||
| Other operating expenses | (41,710 | ) | (40,071 | ) | (9,175 | ) | (90,956 | ) | |||||||
| Total non-interest expense | $ | (138,063 | ) | $ | (114,283 | ) | $ | (64,921 | ) | $ | (317,267 | ) | |||
| Income (loss) before provision for income taxes | $ | (337,427 | ) | $ | (13,333 | ) | $ | 48,204 | $ | (302,556 | ) | ||||
| Total assets | $ | 5,937,031 | $ | 1,280,903 | $ | 551,862 | $ | 7,769,796 | |||||||
FAQ
What was Ready Capital's GAAP loss per share for Q4 2025 (RC)?
How much did Ready Capital (RC) originate in Q4 2025 for LMM and SBL?
What were Ready Capital's full-year 2025 originations and major portfolio actions (RC)?
How did Ready Capital (RC) address liquidity and debt after year-end?
What is Ready Capital's distributable loss per share for Q4 2025 and how is it defined (RC)?
