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Ready Capital Corporation reported weak results for the three and six months ended June 30, 2026. For the quarter, net interest income before credit provisions was a loss of $ ( 5,452 ) (in thousands), versus income of $ 16,898 (in thousands) a year earlier, as interest income fell to $ 77,401 (in thousands) while interest expense was $ 82,853 (in thousands). The provision for loan losses rose to $ 21,554 (in thousands) for the quarter and $ 92,461 (in thousands) year-to-date, contributing to a net loss from continuing operations of $ ( 299,770 ) (in thousands) and net loss attributable to Ready Capital of $ ( 307,258 ) (in thousands), with diluted EPS of $( 1.87 ) for the first half.
Total assets declined to $ 6,263,916 (in thousands) at June 30, 2026 from $ 7,769,796 (in thousands) at December 31, 2025, driven mainly by lower loans held for sale and a reduction in assets of consolidated VIEs. Total liabilities were $ 4,913,679 (in thousands), and total stockholders’ equity fell to $ 1,341,876 (in thousands), as the retained deficit widened to $ ( 1,118,135 ) (in thousands). Loans, net were $ 3,409,500 (in thousands), with real estate owned of $ 572,850 (in thousands), and loans 60 or more days past due carried value of $ 646,604 (in thousands).
Cash flows from continuing operations were strong but reflected portfolio shrinkage and deleveraging. Net cash provided by operating activities was $ 665,296 (in thousands), and investing activities provided $ 944,637 (in thousands), largely from loan repayments and asset sales, while financing activities used $ ( 1,681,711 ) (in thousands) as the company repaid secured borrowings, securitized debt obligations, and corporate debt. Common dividends were sharply reduced to $ 0.01 per share for the quarter and $ 0.02 year-to-date, compared with $ 0.125 and $ 0.25, respectively, in the prior-year periods.
Ready Capital Corporation reported a GAAP net loss attributable to common shareholders of $103.5 million, or $(0.63) per common share, for the quarter ended June 30, 2026, and a distributable loss attributable to common stockholders of $77.6 million, or $(0.47) per share. Distributable loss before realized losses was $(0.24) per share. The company declared a $0.01 dividend per common share.
Management highlighted ongoing balance sheet repositioning. Year-to-date it generated $1.4 billion of cash from loan sales and portfolio runoff, repaid over $1.0 billion of asset-level financing, and retired $184 million of corporate debt, including its 6.20% Senior Unsecured Notes. A $158.2 million securitization of unguaranteed SBA 7(a) loans, priced at SOFR + 2.4%, provided $24.6 million of net liquidity and $500 million of additional funding capacity. Book value per common share was $6.83 at June 30, 2026, with total assets of $6.26 billion, cash of $124 million, $690 million of unencumbered assets, total leverage of 3.0x and recourse leverage of 1.7x.
Ready Capital Corporation held its annual meeting of stockholders on July 17, 2026 via a virtual format, where stockholders elected all seven director nominees to serve until the 2027 annual meeting.
Stockholders ratified the appointment of Deloitte & Touche LLP as independent registered public accounting firm with 105,104,898 votes for, approved on an advisory basis the compensation of named executive officers with 64,840,514 votes for, and approved and adopted the Amended and Restated 2023 Equity Incentive Plan with 68,412,042 votes for.
Ready Capital Corp Chief Financial Officer Andrew Ahlborn reported a series of common stock trades that resulted in a small net share increase. On May 29, 2026, he executed open-market sales totaling 2,798.78 shares at about $1.81–$1.82 per share and an open-market purchase of 2,798.78 shares at $1.82 per share. Across all reported transactions since July 2025, he bought 4,099.01 shares and sold 2,798.78 shares, a net purchase of 1,300.23 shares. Following these trades, he directly holds 1,150,310.83 Ready Capital shares. Some transactions reflect a dividend reinvestment election and others involve shares held in his IRA, and he has disgorged to Ready Capital the profit realized from the April 29, 2026 and May 29, 2026 transactions.
Ready Capital Corporation is asking stockholders to vote at a virtual annual meeting on July 17, 2026 on four key items. Stockholders will elect seven directors, ratify Deloitte & Touche LLP as independent auditor for 2026, and cast an advisory vote on executive compensation.
The company is also seeking approval of an amended and restated 2023 Equity Incentive Plan that would increase shares reserved for issuance by 15,000,000 shares. As of the April 21, 2026 record date, 165,244,071 common shares were outstanding, with each share entitled to one vote.
The proxy describes Ready Capital’s externally managed REIT structure, governance practices, board and committee composition, and a pay program tying cash bonuses and equity awards to metrics such as distributable return on equity and relative total stockholder return. It also outlines director fees and stock ownership guidelines aimed at aligning leaders with stockholders.
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 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’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.