Ready Capital gets 5.3% buy-in from investor Howard Amster group
Filing Impact
Filing Sentiment
Form Type
SCHEDULE 13D
Howard Amster and 22 affiliated entities filed a Schedule 13D reporting ownership of 8,976,200 Ready Capital (RC) shares, equal to 5.3 % of the 170.5 M shares outstanding as of 8 May 2025. Amster holds 2.31 M shares directly, while the balance is spread across partnerships, trusts, foundations and corporations where he has sole or shared voting/dispositive power.
The group invested roughly $53.6 million to establish the position and disclosed recent open-market purchases: 63.9 K shares on 24-25 Jun 2025 at $4.48-4.50 and 542.6 K shares on 29 Jul 2025 at $4.36-4.48. Purchases were financed with personal funds/working capital and may be margined through RBC Capital Markets and Interactive Brokers.
Intent: investment purposes. While no specific plans are announced, the filing leaves open further buying, selling, hedging or engagement with RC’s board, including possible proposals on strategy, capital structure or governance.
No criminal or civil proceedings involve the filers, and no contracts other than a joint-filing agreement exist.
Positive
- 5.3 % ownership stake signals significant commitment and potential influence on Ready Capital’s strategic direction.
- $53.6 M of capital deployed with continued buying at ~$4.4-4.5 indicates valuation confidence by the investor group.
Negative
- Use of margin accounts introduces leverage risk if RC’s share price declines.
Insights
TL;DR: 5.3 % stake shows confidence but no stated activism; neutral-to-positive signal.
The Amster group’s $53.6 M purchase at ~$4.4 per share indicates a value view on RC, equating to ~0.6 × Q1’25 book. Although 5 % is below a blocking position, it is large enough to gain management’s attention and open dialogue on capital allocation or strategy. Lack of concrete activist agenda tempers impact; however, continued accumulation suggests upside conviction. Financing via margin adds moderate leverage risk but also underscores liquidity comfort.
TL;DR: New 13D filer could become catalyst if engagement escalates.
Filing language reserves broad rights—from board discussions to strategic proposals—mirroring standard activist boilerplate. The diverse web of entities gives Amster flexibility to add or unwind positions without further group formation. While no immediate governance changes are sought, history shows 5 % holders can influence REITs via letter campaigns or slate nominations. Investors should monitor subsequent 13D amendments for ownership changes or public letters.
|
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
|
Ready Capital Corp (Name of Issuer) |
COMMON STOCK PAR VALUE $0.0001 PER SHARE (Title of Class of Securities) |
75574U101 (CUSIP Number) |
HOWARD AMSTER 290 NORTH OLIVE, SUITE 523 WEST PALM BEACH, FL, 33401 2165951047 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
07/29/2025 (Date of Event Which Requires Filing of This Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
Amster Howard | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
UNITED STATES
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
8,976,200.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
5.3 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
IN |
Comment for Type of Reporting Person:
*Mr. Amster is deemed to be the beneficial owner of (i) 2,312,959 shares that are owned directly by Mr. Amster; (ii) 3,608,253 shares that are owned in the aggregate by Pleasant Lake Apartments Corp., Pleasant Lake Apartments Limited Partnership, and Laughlin Holdings, LLC, all joint filers, over which Mr. Amster has sole voting and dispositive power; (iii) 1,156,311 shares that are owned in the aggregate by the trusts jointly filing herewith, over which, as sole trustee, Mr. Amster has sole voting and dispositive power; (iv) the 497,971 shares that are owned by the Howard Amster Foundation over which, Mr. Amster, as President, has sole voting and dispositive power; (v) 457,812 shares that are owned by Amster Limited Partnership, which Mr. Amster, as sole General Partner, has sole voting and dispositive power; (vi) 323,040 shares that are owned by Ramat Securities, Ltd., which Mr. Amster, as authorized representative and majority member, has sole voting and dipositive power; (vii) 11,155 shares that are owned by NewAx Inc., which Mr. Amster, as a member of the Board of Directors and majority shareholder, has shared voting and dispositive power; (viii) 494,113 shares owned by Pleasant Lake Skoien Investments LLC, which Mr. Amster, as President of Pleasant Lake Apartments Corp., the General Partner of Pleasant Lake Apartments LP, the Managing Member of Pleasant Lake Apartments LLC which is the Managing Member of Pleasant Lake Skoien Investments LLC, has shared voting and dispositive power and (ix) 114,586 shares owned by Horizon Group Properties Inc., which Mr. Amster, as the majority owner has shared voting and dispositive power.
**Denominator is based on the 170,507,227 shares of common stock outstanding as of May 8, 2025 as reported by the Issuer on Form 10-Q for the period ending March 31, 2025, as filed with the Securities and Exchange Commission on May 9, 2025.
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
PLEASANT LAKE APARTMENTS LIMITED PARTNERSHIP | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,550,446.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
1.5 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST 1 U/A DTD 05/20/2019 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
494,697.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.3 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 05/20/2019 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
43,004.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 05/20/2019 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
39,208.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #4 U/A DTD 05/20/2019 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
103,540.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
AMSTER LIMITED PARTNERSHIP | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
457,812.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.3 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #7 U/A DTD 05/20/2019 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
694.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
LAUGHLIN HOLDINGS LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
1,055,981.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.6 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
RAMAT SECURITIES LTD | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
323,040.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.2 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #3 U/A DTD 11/23/2021 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
299,208.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.2 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
PLEASANT LAKE APARTMENTS CORP. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
1,806.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2022 CHARITABLE REMAINDER UNITRUST #1 U/A DTD 03/09/2022 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
99,968.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER FOUNDATION | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
497,971.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.3 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
NEWAX INC. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
11,155.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
PLEASANT LAKE SKOIEN INVESTMENTS LLC | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
494,113.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.3 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2019 CHARITABLE REMAINDER UNITRUST #5 U/A DTD 05/20/2019 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
40,483.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #1 U/A DTD 08/10/2021 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
24,952.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER 2021 CHARITABLE REMAINDER UNITRUST #2 U/A DTD 08/10/2021 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,216.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER & TAMRA GOULD CHARITABLE REMAINDER UNITRUST U/A DTD 03/18/1993 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
345.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER CHARITABLE REMAINDER UNITRUST U/A DTD 04/22/1998 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
5,142.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HOWARD AMSTER CHARITABLE REMAINDER UNITRUST U/A DTD 01/11/2005 | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
OHIO
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
2,854.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.0 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
OO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| CUSIP No. | 75574U101 |
| 1 |
Name of reporting person
HORIZON GROUP PROPERTIES INC. | ||||||||
| 2 | Check the appropriate box if a member of a Group (See Instructions)
(a)
(b) | ||||||||
| 3 | SEC use only | ||||||||
| 4 |
Source of funds (See Instructions)
WC | ||||||||
| 5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
| ||||||||
| 6 | Citizenship or place of organization
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 11 | Aggregate amount beneficially owned by each reporting person
114,586.00 | ||||||||
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
| ||||||||
| 13 | Percent of class represented by amount in Row (11)
0.1 % | ||||||||
| 14 | Type of Reporting Person (See Instructions)
CO |
Comment for Type of Reporting Person:
* See the footnote marked with a * to cover page for Mr. Amster.
** See the footnote marked with a ** to cover page for Mr. Amster
SCHEDULE 13D
|
| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
COMMON STOCK PAR VALUE $0.0001 PER SHARE |
| (b) | Name of Issuer:
Ready Capital Corp |
| (c) | Address of Issuer's Principal Executive Offices:
1251 AVENUE OF THE AMERICAS, 50TH FLOOR, NEW YORK,
NEW YORK
, 10020. |
| Item 2. | Identity and Background |
| (a) | This Schedule 13D is filed as a joint statement by the Reporting Persons (as defined below)
1. Howard Amster
2. Howard Amster 2019 Charitable Remainder Unitrust #1 U/A DTD 05/20/2019
3. Howard Amster 2019 Charitable Remainder Unitrust #2 U/A DTD 05/20/2019
4. Howard Amster 2019 Charitable Remainder Unitrust #3 U/A DTD 05/20/2019
5. Howard Amster 2019 Charitable Remainder Unitrust #4 U/A DTD 05/20/2019
6. Howard Amster 2019 Charitable Remainder Unitrust #7 U/A DTD 05/20/2019
7. Howard Amster 2021 Charitable Remainder Unitrust #3 U/A DTD 11/23/2021
8. Amster Limited Partnership
9. Laughlin Holdings LLC
10. Pleasant Lake Apartments Limited Partnership
11. Ramat Securities LTD
12. Pleasant Lake Apartments Corp
13. Howard Amster 2022 Charitable Remainder Unitrust #1 U/A DTD 03/09/2022
14. Howard Amster Foundation
15. NewAx Inc.
16. Pleasant Lake Skoien Investments LLC
17. Howard Amster 2019 Charitable Remainder Unitrust #5 U/A DTD 05/20/2019
18. Howard Amster 2021 Charitable Remainder Unitrust #1 U/A DTD 08/10/2021
19. Howard Amster 2021 Charitable Remainder Unitrust #2 U/A DTD 08/10/2021
20. Howard Amster and Tamra Gould Charitable Remainder Unitrust U/A DTD 03/18/1993
21. Howard Amster Charitable Remainder Unitrust U/A DTD 04/22/1998
22. Howard Amster Charitable Remainder Unitrust U/A DTD 01/11/2005
23. Horizon Group Properties Inc.
(together, the Reporting Persons). Further Information regarding the Reporting Persons is set forth below.
The Reporting Persons are making this single, joint filing because they may be deemed to be a group within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the Act). This filing, however, should not be deemed an affirmation that such a group exists for the purposes of the Act or for any other purpose, and each Reporting Person expressly disclaims beneficial ownership of any securities beneficially owned or directly held by any other person. The agreement among reporting persons to file jointly is attached hereto as Exhibit 99.1
(a) Howard Amster |
| (b) | (b) The principal business address of each of the Reporting Persons is 290 North Olive #523 West Palm Beach, FL 33401-5570 |
| (c) | (c) In addition to his investment-related activities, Mr. Amster serves as President of Pleasant Lake Apartments Corp., which is the General Partner of Pleasant Lake Apartments Limited Partnership, which is the Manager of Laughlin Holdings, LLC and Pleasant Lake Skoien Investments LLC. Mr. Amster is a director and the majority shareholder of NewAx Inc, and is a director and the majority shareholder of Horizon Group Properties Inc. Mr. Amster also serves as the sole trustee of the following trusts: (A) the Howard Amster 2019 Charitable Remainder Unitrust #1 U/A DTD 05/20/2019, (B) the Howard Amster 2019 Charitable Remainder Unitrust #2 U/A DTD 05/20/2019, (C) the Howard Amster 2019 Charitable Remainder Unitrust #3 U/A DTD 05/20/2019, (D) the Howard Amster 2019 Charitable Remainder Unitrust #4 DTD 05/20/2019, (E) the Howard Amster 2019 Charitable Remainder Unitrust #7 U/A 05/20/219, (F) the Howard Amster 2021 Charitable Remainder Unitrust #3 U/A DTD 11/23/2021, (G) the Howard Amster 2022 Charitable Remainder Unitrust #1 U/A 03/09/2022 (H) The Howard Amster 2019 Charitable Remainder Unitrust #5 U/A DTD 05/20/2019 (I)The Howard Amster 2021 Charitable Remainder Unitrust #1 U/A DTD 08/10/2021, (J) The Howard Amster 2021 Charitable Remainder Unitrust #2 U/A DTD 08/10/2021, (K) the Howard Amster and Tamra Gould Charitable Remainder Unitrust U/A DTD 03/18/1993,(K) the Howard Amster Charitable Remainder Unitrust U/A 04/22/1998, and (L) the Howard Amster Charitable Remainder Unitrust U/A DTD 01/11/2005. Mr. Amster also is (i) the general partner of Amster Limited Partnership, (ii) the majority owner of Ramat Securities, Ltd., and (iii) President of the Howard Amster Foundation. All Reporting Persons are engaged in investments. |
| (d) | (d) During the last five years, none of the Reporting Persons or any of their executive officers, directors or control persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). |
| (e) | (e) During the last five years, no Reporting Person has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which proceeding such Reporting Person is or was subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws |
| (f) | (f) All natural Reporting Persons are United States citizens. All Reporting Persons that are entities are entities organized or formed under the laws of the State of Ohio other than Laughlin Holdings, LLC and Pleasant Lake Skoien Investments LLC, which are Delaware limited liability companies, and NewAx Inc. and Horizon Group Properties Inc. which are Delaware corporations. |
| Item 3. | Source and Amount of Funds or Other Consideration |
As of July 29, 2025 the Reporting Persons had, in the aggregate, invested approximately $53,629,962 to acquire 8,976,200 shares of the Common stock of the Issuer. The Reporting Persons used personal funds and working capital for such purchases
The Reporting Persons may effect purchases of securities primarily through margin accounts maintained for them with RBC Capital Markets LLC and Interactive Brokers LLC, which may extend margin credit to the Reporting Persons as and when required to open and carry positions in the margin accounts, subject to applicable Federal margin regulations, stock exchange rules, and the first respective credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.
| |
| Item 4. | Purpose of Transaction |
The Reporting Persons acquired the shares of Common Stock to which this Schedule 13D related for investment purposes because they believe they represent an attractive investment opportunity.
While the Reporting Persons have no present intention to dispose of all or any portion of the Common Stock beneficially owned by them, the Reporting Persons may, from time to time, modify their present intention as stated in this Item 4. In addition, they may at their discretion purchase additional shares of Common Stock of the Issuer. Any such sales of the Common Stock may be made in the open market, privately negotiated transactions, or otherwise.
Except as set forth herein, no Reporting Person has any present plan or proposal which relate to or would result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of this Schedule 13D except as would occur upon on in connection with the completion of , or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer's financial condition, the price levels of the shares of its Common Stock, condition in the securities markets, and general economic and industry conditions, the Reporting Persons, may in the future take such actions with respect to their investment in the Issuer as the deem appropriate, including, without limitation, engaging in communications with management and the Board of Directors of the Issuer, engaging in discussions with the stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons' holdings of the Issuers Common Stock, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure, (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operations performance, purchasing additional shares of Common Stock, selling some or all of their shares of Common Stock, engaging in short selling or hedging or similar transactions, with respect to the shares of Common Stock, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.
Except as set forth above, the Reporting Persons do not have at this time any specific plans which would result in (a) the acquisition by the Reporting Persons of additional securities of the Issuer or the disposition by the Reporting Persons of securities of the Issuer, other than described above, (b)any extraordinary corporate transactions such as merger, reorganization, or liquidation involving the Issuer or any of its subsidiaries, (c) any sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries, (d)any change in the present management or board of the directors of the issuer, including any plans or proposals to change the number or term of directors, or to fill any existing vacancies on the Issuer's board of directors: (e) any material change in the present capitalization or dividend policy of the issuer: (f) any material change in the Issuer's business or corporate structure; (g) any change in the Issuer's charter, bylaws, or instruments corresponding thereto or other actions which may impede the acquisition of control by the Issuer by any person: (h) the Common Stock being delisted from a national securities exchange or ceasing to be authorized to be quoted in an inter-dealer quotation system or a registered national securities association: (i) causing a class of equity securities of the Issuer to be eligible for termination of registration pursuant to Section 12(g)(4) of the Act: or (j) any action similar to those enumerated above. | |
| Item 5. | Interest in Securities of the Issuer |
| (a) | (a) See Items 11 and 13 of the cover pages of this Schedule 13D, which Items are incorporated herein by reference, for the aggregate number of shares and percentage of the Common Stock identified pursuant to Item 1 beneficially owned by each of the Reporting Persons. |
| (b) | (b) See items 7, 8, 9, and 10 of the cover pages to this Schedule 13D, which Items are incorporated herein by reference, for the aggregate number and percentage of the shares of the Common Stock beneficially owned by each of the Reporting Persons as to which there is sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition of such shares of the Common Stock. |
| (c) | (c) The following table sets forth all transactions with respect to shares of the Common Stock effected during the past sixty (60) days by any of the Reporting Persons, inclusive of any transactions effected through 5:00 p.m., New York City time, on August 5, 2025.
All transactions were purchases and were conducted on the open market. If the shares were purchased in multiple transactions on a single trading day, the price per share reported is the weighted average price.
Date Shares Purchased Per Share Total Price Purchaser
06/24/25 15,900 $4.48 $71,356 Howard Amster*
06/25/25 6,800 $4.50 $30,629 Howard Amster**
06/25/25 500 $4.50 $2,281 Howard Amster 1998 CRUT**
06/25/25 4,400 $4.50 $19,829 Horizon Group Properties Inc.**
06/25/25 800 $4.50 $3,631 Howard Amster 2005 CRUT**
06/25/25 20,800 $4.50 $93,650 Pleasant Lake Apartments LP**
06/25/25 6,400 $4.50 $28,829 Howard Amster 2019 CRUT 1**
06/25/25 4,600 $4.50 $20,730 Howard Amster 2019 CRUT 3**
06/25/25 8,800 $4.50 $39,628 Howard Amster 2019 CRUT 4**
06/25/25 5,100 $4.50 $5,783 Howard Amster 2019 CRUT 2**
06/25/25 500 $4.50 $2,281 Howard Amster 2019 CRUT 5**
06/25/25 40,000 $4.50 $180,091 Howard Amster Foundation**
06/25/25 1,200 $4.50 $5,431 Howard Amster 2021 CRUT 1**
06/25/25 6,500 $4.50 $29,279 Howard Amster 2021 CRUT 3**
06/25/25 1,200 $4.50 $5,431 Howard Amster 2021 CRUT 1**
07/29/25 301,000 $4.44 $1,336,817 Howard Amster***
07/29/25 4,000 $4.44 $17,786 Pleasant Lake Apartments LP***
07/29/25 36,900 $4.44 $163,888 Laughlin Holdings LLC***
07/29/25 162,000 $4.44 $692,839 Howard Amster***
07/29/25 8,700 $4.44 $38,648 Howard Amster 2019 CRUT 1***
07/29/25 1,200 $4.44 $4,358 Howard Amster 2019 CRUT 3***
07/29/25 5,100 $4.44 $22,669 Howard Amster 2019 CRUT 4***
07/29/25 1,500 $4.44 $6,689 Howard Amster 2019 CRUT 2***
07/29/25 1,100 $4.44 $4,914 Howard Amster 2019 CRUT 5***
07/29/25 11,200 $4.44 $49,748 Howard Amster 2021 CRUT 3***
07/29/25 3,300 $4.44 $14,679 Howard Amster 200 CRUT 1***
*For purchases on 06/24/25, the High Price was $4.49 and the Low Price was $4.79
**For purchases on 06/25/25, the High Price was $4.50 and the Low Price was $4.50
***For purchases on 07/29/25, the High Price was $4.48 and the Low Price was $4.36
|
| (d) | (d) Other than the Reporting Persons, no other person is known by the Reporting Persons to have the right to receive or direct the receipt of dividends from, or the proceeds from the sale of, the shares of the Common Stock of the Issuer beneficially owned by the Reporting Persons. |
| (e) | (e) Not Applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
There are no contract, arrangements, understanding, or relationships with respect to the securities of the Issuer with any person except as set for in Items 2 and 4 above.
The Reporting Persons entered into a joint filing agreement (the Joint Filing Agreement) in which the Reporting Persons agreed to the joint filing on behalf of each of them of Statements on Schedule 13D with respect to the securities of the Issuer, to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. | |
| Item 7. | Material to be Filed as Exhibits. |
Exhibit EX-1 Joint Filing Agreement |
| SIGNATURE | |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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FAQ
How many Ready Capital (RC) shares does Howard Amster now own?
The group reports 8,976,200 shares, representing 5.3 % of RC’s common stock.
What price did the Amster group pay for recent RC purchases?
Open-market buys on 24-25 Jun were at $4.48-4.50; on 29 Jul at $4.36-4.48 per share.
How much capital has been invested in RC according to the 13D filing?
Approximately $53.63 million has been invested to acquire the disclosed position.
Does the filing indicate activist intentions toward RC?
No explicit plans are stated, but the group reserves the right to engage management, propose strategic changes, buy more or sell shares.
What percentage of RC’s shares outstanding does 8.98 M shares represent?
It represents 5.3 % of the 170,507,227 shares outstanding as of 8 May 2025.
Are there any legal proceedings involving the reporting persons?
The filing states no criminal or civil proceedings involving the reporting persons in the past five years.
Ready Capital Corp
NYSE:RC
RC Rankings
RC Latest News
RC Latest SEC Filings
Nov 10, 2025
[SCHEDULE 13D/A] Ready Capital Corp SEC Filing
Nov 6, 2025
[8-K] Ready Capital Corp Reports Material Event
Sep 29, 2025
[10-K/A] Ready Capital Corp Amends Annual Report
RC Stock Data
369.65M
145.89M
8.2%
68.09%
17.36%
REIT - Mortgage
Real Estate Investment Trusts
United States
NEW YORK