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Ready Capital Corporation reported a sharp downturn for the quarter ended March 31, 2026, swinging to a net loss of $200.1 million from net income of $82.0 million a year earlier. The loss reflected a sizeable loan loss provision of $70.9 million versus a prior-year recovery of $109.6 million, along with net realized losses on financial instruments and real estate owned of $60.1 million.
Interest income fell to $81.7 million from $155.0 million, while non-interest income turned negative, partly because last year included a $102.5 million bargain purchase gain. Total assets declined to $6.31 billion from $7.77 billion at year-end, and total stockholders’ equity decreased to $1.44 billion as credit costs and losses accumulated. Basic earnings per common share dropped to $(1.25) compared with $0.47 in the prior-year quarter, and the common dividend was reduced to $0.01 per share from $0.125.
Ready Capital Corporation reported a sharp downturn for the quarter ended March 31, 2026, swinging to a net loss of $200.1 million from net income of $82.0 million a year earlier. The loss reflected a sizeable loan loss provision of $70.9 million versus a prior-year recovery of $109.6 million, along with net realized losses on financial instruments and real estate owned of $60.1 million.
Interest income fell to $81.7 million from $155.0 million, while non-interest income turned negative, partly because last year included a $102.5 million bargain purchase gain. Total assets declined to $6.31 billion from $7.77 billion at year-end, and total stockholders’ equity decreased to $1.44 billion as credit costs and losses accumulated. Basic earnings per common share dropped to $(1.25) compared with $0.47 in the prior-year quarter, and the common dividend was reduced to $0.01 per share from $0.125.
Ready Capital Corporation reported a challenging first quarter of 2026 as it aggressively repositioned its balance sheet. The company recorded a GAAP net loss of $200.1 million, or $(1.25) per common share, and a distributable loss of $(1.00) per share, including significant realized losses on asset sales.
Year-to-date, Ready Capital generated $1.4 billion of cash from loan sales and portfolio runoff, using this to repay over $1.1 billion of asset-level financing and retire $184 million of corporate debt. These actions reduced total assets to $6.3 billion from $7.8 billion at year-end and cut total liabilities to $4.9 billion.
Book value fell to $7.43 per common share, down from $8.79, as loan sales and credit provisions pressured equity. The core commercial real estate portfolio showed 60+ day delinquencies of 14.8%, reflecting loan sales and intensified asset management. The company ended the quarter with $200 million in cash, $730 million of unencumbered assets, total leverage of 3.0x and recourse leverage of 1.8x, and declared a quarterly dividend of $0.01 per common share.
Ready Capital Corporation reported a challenging first quarter of 2026 as it aggressively repositioned its balance sheet. The company recorded a GAAP net loss of $200.1 million, or $(1.25) per common share, and a distributable loss of $(1.00) per share, including significant realized losses on asset sales.
Year-to-date, Ready Capital generated $1.4 billion of cash from loan sales and portfolio runoff, using this to repay over $1.1 billion of asset-level financing and retire $184 million of corporate debt. These actions reduced total assets to $6.3 billion from $7.8 billion at year-end and cut total liabilities to $4.9 billion.
Book value fell to $7.43 per common share, down from $8.79, as loan sales and credit provisions pressured equity. The core commercial real estate portfolio showed 60+ day delinquencies of 14.8%, reflecting loan sales and intensified asset management. The company ended the quarter with $200 million in cash, $730 million of unencumbered assets, total leverage of 3.0x and recourse leverage of 1.8x, and declared a quarterly dividend of $0.01 per common share.
Ready Capital Corporation filed an Amendment No. 1 to its annual report to add Part III disclosures on directors, executive compensation, governance and ownership after deciding not to file a proxy within 120 days of December 31, 2025. The company is externally managed under a fee and incentive-based Management Agreement, and only certain executives’ cash pay is reimbursed by Ready Capital. Independent directors received a $100,000 annual cash retainer plus $120,000 in equity awards in 2025, with additional committee retainers. Incentive pay for key reimbursed executives is tied to formulaic metrics such as distributable return on equity and adjusted distributable return on equity, alongside individual performance. The filing also details stock ownership guidelines, a clawback policy, insider trading and hedging restrictions, and that five of seven directors are independent. As of June 30, 2025, non-affiliate common stock had a market value of $694.7 million, and 165,219,071 common shares were outstanding as of April 27, 2026.
Ready Capital Corporation filed an Amendment No. 1 to its annual report to add Part III disclosures on directors, executive compensation, governance and ownership after deciding not to file a proxy within 120 days of December 31, 2025. The company is externally managed under a fee and incentive-based Management Agreement, and only certain executives’ cash pay is reimbursed by Ready Capital. Independent directors received a $100,000 annual cash retainer plus $120,000 in equity awards in 2025, with additional committee retainers. Incentive pay for key reimbursed executives is tied to formulaic metrics such as distributable return on equity and adjusted distributable return on equity, alongside individual performance. The filing also details stock ownership guidelines, a clawback policy, insider trading and hedging restrictions, and that five of seven directors are independent. As of June 30, 2025, non-affiliate common stock had a market value of $694.7 million, and 165,219,071 common shares were outstanding as of April 27, 2026.
Ready Capital Corp filed a Form 25 to remove from listing its 6.20% Senior Notes due 2026 on the New York Stock Exchange. The Exchange states it complied with 17 CFR 240.12d2-2 procedures and Ready Capital complied with the Exchange's rules governing voluntary withdrawal.
Ready Capital Corp filed a Form 25 to remove from listing its 6.20% Senior Notes due 2026 on the New York Stock Exchange. The Exchange states it complied with 17 CFR 240.12d2-2 procedures and Ready Capital complied with the Exchange's rules governing voluntary withdrawal.
Ready Capital Corp Chief Credit Officer Dominick Scali reported equity compensation awards and a related tax withholding transaction. He received a special retention grant of 350,000 shares of restricted Common Stock on March 2, 2026, vesting on December 31, 2028, if his employment continues.
On March 2, 2026 he was also granted 1,050,000 performance stock units (PSUs) that may vest in up to ten parts if specified 30‑day volume weighted average price milestones are met and employment continues. These PSUs will be settled in shares only if stockholders approve a 2026 plan amendment; otherwise they will be settled in cash.
On March 5, 2026 he received an additional 194,175 restricted shares, vesting in three equal installments on March 5 of 2027, 2028 and 2029, subject to continued employment. On March 13, 2026, 26,313 shares were withheld to cover tax obligations on earlier grants, leaving 698,499 Common shares held directly.
Ready Capital Corp Chief Credit Officer Dominick Scali reported equity compensation awards and a related tax withholding transaction. He received a special retention grant of 350,000 shares of restricted Common Stock on March 2, 2026, vesting on December 31, 2028, if his employment continues.
On March 2, 2026 he was also granted 1,050,000 performance stock units (PSUs) that may vest in up to ten parts if specified 30‑day volume weighted average price milestones are met and employment continues. These PSUs will be settled in shares only if stockholders approve a 2026 plan amendment; otherwise they will be settled in cash.
On March 5, 2026 he received an additional 194,175 restricted shares, vesting in three equal installments on March 5 of 2027, 2028 and 2029, subject to continued employment. On March 13, 2026, 26,313 shares were withheld to cover tax obligations on earlier grants, leaving 698,499 Common shares held directly.
Ready Capital Corp’s Chief Financial Officer Andrew Ahlborn reported routine tax-related share dispositions. On December 24, 2025, 25,248 shares of common stock were withheld at $2.23 per share to cover tax obligations tied to stock vesting. On March 13, 2026, an additional 27,950 shares were withheld at $1.74 per share for similar tax withholding on vested awards. After these non-market transactions, Ahlborn directly holds 1,148,872 shares of Ready Capital common stock.
Ready Capital Corp’s Chief Financial Officer Andrew Ahlborn reported routine tax-related share dispositions. On December 24, 2025, 25,248 shares of common stock were withheld at $2.23 per share to cover tax obligations tied to stock vesting. On March 13, 2026, an additional 27,950 shares were withheld at $1.74 per share for similar tax withholding on vested awards. After these non-market transactions, Ahlborn directly holds 1,148,872 shares of Ready Capital common stock.
Ready Capital Corporation Chief Credit Officer Dominick Scali filed an initial ownership report showing beneficial ownership of 180,637 shares of Common Stock. This includes 119,541 shares of restricted Common Stock granted under the Ready Capital Corporation 2023 Equity Incentive Plan.
Ready Capital Corporation Chief Credit Officer Dominick Scali filed an initial ownership report showing beneficial ownership of 180,637 shares of Common Stock. This includes 119,541 shares of restricted Common Stock granted under the Ready Capital Corporation 2023 Equity Incentive Plan.
Sinai Todd M. reported acquisition or exercise transactions in this Form 4 filing.
Ready Capital Corp director Todd M. Sinai reported an equity award of 58,252 shares of Common Stock in the form of restricted stock units on March 5, 2026. The grant was made at no cash cost and increased his directly owned Common Stock to 142,520 shares.
The 58,252 RSUs were granted under the Ready Capital Corporation 2023 Equity Incentive Plan and will vest in four equal installments on March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026. Each RSU represents the right to receive one share of Common Stock at vesting or at a deferred settlement date elected by Sinai.
On these unvested RSUs, Sinai is entitled to dividend equivalent rights from the grant date, payable in cash in an amount equal to the cash dividend paid on each share of Ready Capital Common Stock.
Sinai Todd M. reported acquisition or exercise transactions in this Form 4 filing.
Ready Capital Corp director Todd M. Sinai reported an equity award of 58,252 shares of Common Stock in the form of restricted stock units on March 5, 2026. The grant was made at no cash cost and increased his directly owned Common Stock to 142,520 shares.
The 58,252 RSUs were granted under the Ready Capital Corporation 2023 Equity Incentive Plan and will vest in four equal installments on March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026. Each RSU represents the right to receive one share of Common Stock at vesting or at a deferred settlement date elected by Sinai.
On these unvested RSUs, Sinai is entitled to dividend equivalent rights from the grant date, payable in cash in an amount equal to the cash dividend paid on each share of Ready Capital Common Stock.
REESE J MITCHELL reported acquisition or exercise transactions in this Form 4 filing.
Ready Capital Corp director J. Mitchell Reese reported an indirect award of 58,252 Restricted Stock Units under the company’s 2023 Equity Incentive Plan. The RSUs, held through the J. Mitchell Reese Jr. Trust, vest in four equal installments across 2026 and include cash dividend equivalent rights on unvested units.
REESE J MITCHELL reported acquisition or exercise transactions in this Form 4 filing.
Ready Capital Corp director J. Mitchell Reese reported an indirect award of 58,252 Restricted Stock Units under the company’s 2023 Equity Incentive Plan. The RSUs, held through the J. Mitchell Reese Jr. Trust, vest in four equal installments across 2026 and include cash dividend equivalent rights on unvested units.
Mielle Dominique reported acquisition or exercise transactions in this Form 4 filing.
Ready Capital Corp director Dominique Mielle reported an equity grant of 58,252 Restricted Stock Units (RSUs) on March 5, 2026. The award was made under the Ready Capital Corporation 2023 Equity Incentive Plan and carries no purchase price. Each RSU represents the right to receive one share of common stock at vesting or a deferred settlement date.
The RSUs vest in four equal installments on March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026. Mielle will also receive cash dividend equivalents on unvested RSUs equal to cash dividends paid on a share of Ready Capital common stock. Following this award, she directly holds 124,790 shares of common stock.
Mielle Dominique reported acquisition or exercise transactions in this Form 4 filing.
Ready Capital Corp director Dominique Mielle reported an equity grant of 58,252 Restricted Stock Units (RSUs) on March 5, 2026. The award was made under the Ready Capital Corporation 2023 Equity Incentive Plan and carries no purchase price. Each RSU represents the right to receive one share of common stock at vesting or a deferred settlement date.
The RSUs vest in four equal installments on March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026. Mielle will also receive cash dividend equivalents on unvested RSUs equal to cash dividends paid on a share of Ready Capital common stock. Following this award, she directly holds 124,790 shares of common stock.