Here are the 10-K annual reports from Ready Capital Corporation 9.00% Senior Notes due 2029 (RCD) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow RCD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RCD filings page.
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 is a REIT-managed, multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market commercial real estate and small business loans. It focuses on LMM bridge, construction, fixed-rate and agency multifamily loans plus SBA and USDA small business lending.
As of December 31, 2025, the loan portfolio totaled $5.9 billion across 8,931 loans, with 81.4% in LMM Commercial Real Estate and 18.6% in Small Business Lending. Book value grew from $536 million in 2017 to about $1.6 billion in 2025, a 15% CAGR.
The company is externally managed by Waterfall Asset Management and uses securitizations and other borrowings, with total leverage of 3.5x and recourse leverage of 1.6x. It highlights material risks including credit, liquidity, inflation, cybersecurity and approximately $550 million of debt maturing in 2026. Ready Capital sold 27 loans totaling $597.3 million for expected net proceeds of $130.7 million and repaid its 5.75% Senior Notes due 2026 at maturity.