Ready Capital
Originates, acquires, finances, and services lower-market CRE and government-guaranteed business loans.
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Profile
Originates and services lower-to-middle-market commercial real estate loans, agency multifamily loans, bridge and construction loans, and SBA- or USDA-backed small-business credit. The continuing business is concentrated in U.S. specialty lending, externally managed by Waterfall Asset Management, and still shaped by legacy CRE exposure and balance-sheet repositioning.
Originates, acquires, finances, and services loans through LMM Commercial Real Estate and Small Business Lending. The platform focuses on lower-to-middle-market investor and owner-occupied commercial real estate, agency multifamily, bridge and construction credit, and SBA- or USDA-backed small-business lending across the United States.
Operates as a mortgage REIT managed by Waterfall Asset Management, with public-market access shaped by the Sutherland and ZAIS lineage and later specialty-finance acquisitions. Residential mortgage banking has been sold, leaving current operations centered on CRE and government-guaranteed business credit.
Execution depends on credit selection, servicing, asset sales, and access to financing. Recent company reporting emphasizes liquidity generation, legacy CRE exposure reduction, debt-maturity management, and elevated core CRE delinquencies during the balance-sheet repositioning.
Company facts
Categories
Key statistics
Year to date −14.3% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 16, 2026 | UBS | Reiterate | Neutral | $3.50 | $2 | |
| Dec 22, 2025 | Piper Sandler | Reiterate | Neutral | $5.50 | $2.50 | |
| Oct 14, 2025 | UBS | Reiterate | Neutral | $3.50 | ||
| Jan 7, 2025 | B. Riley Securities | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.48 | −$0.47 | +2.5% | $16.4M | −$13.8M | −184.3% | +10.32% |
| May 7, 2026Q1 FY26 | −$0.15 | −$0.33 | −117.1% | $68.7M | −$63.1M | −191.9% | −12.50% |
| Feb 26, 2026Q4 FY25 | −$0.11 | −$0.09 | +18.2% | $84.4M | −$14.1M | −116.8% | +13.50% |
| Nov 6, 2025Q3 FY25 | −$0.24 | −$0.94 | −291.7% | $73.0M | $85.4M | +17.0% | −1.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | −$74.1M | −$12.0M | $170.7M | $123.8M | $45.1M | $69.5M | |
| Gross profit | −$74.1M | −$23.1M | $5.8M | −$137.1M | −$3.9M | $62.3M | |
| Operating income | $0 | −$64.5M | −$26.9M | −$264.2M | −$120.9M | −$30.4M | |
| Net income | $79.5M | −$55.5M | −$18.7M | −$234.2M | −$201.7M | −$101.5M | |
| Diluted EPS | $0.46 | −$0.34 | −$0.13 | −$1.42 | −$1.25 | −$0.62 | |
| Gross margin | — | — | 3.4% | -110.8% | -8.6% | 89.6% | |
| Operating margin | — | — | -15.7% | -213.5% | -267.9% | -43.8% |
Fiscal years (4-quarter sums)FY21 $472.8M · FY22 $475.0M · FY23 $338.1M · FY24 $27.4M · FY25 $208.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $124.1M · Total debt $4.66B · Total assets $6.26B · Shareholders' equity $1.25B
Dividends
Last cut to $0.01 from $0.125 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 31 | $0.01 | |
| Mar 31, 2026 | Mar 31 | Apr 30 | $0.01 | |
| Dec 31, 2025 | Dec 31 | Jan 30 | $0.01 | cut from $0.125 |
| Sep 30, 2025 | Sep 30 | Oct 31 | $0.125 | |
| Jun 30, 2025 | Jun 30 | Jul 31 | $0.125 | |
| Mar 31, 2025 | Mar 31 | Apr 30 | $0.125 | cut from $0.25 |
| Dec 31, 2024 | Dec 31 | Jan 31 | $0.25 | |
| Sep 30, 2024 | Sep 30 | Oct 31 | $0.25 | cut from $0.30 |
Ownership
Shares outstanding 165.22M · Float 145.64M · 88.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 17.75M | 10.74% | 13F | Aug 7, 2026 |
| Amster Howard | 14.24M | 8.80% | 13D | Nov 10, 2025 |
| UBS Group AG | 11.36M | 6.88% | 13F | Aug 13, 2026 |
| Private Management Group Inc | 7.93M | 4.80% | 13F | Jul 31, 2026 |
| Vanguard Capital Management LLC | 6.49M | 3.93% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 29, 2025 | Andrew Ahlborn | officer: Chief Financial Officer | +358 | $4.17 |
| Jul 30, 2025 | Andrew Ahlborn | officer: Chief Financial Officer | +377 | $4.16 |
| Oct 30, 2025 | Andrew Ahlborn | officer: Chief Financial Officer | +565 | $2.93 |
| May 29, 2026 | Andrew Ahlborn | officer: Chief Financial Officer | −2,799 | $1.81 |
| May 29, 2026 | Andrew Ahlborn | officer: Chief Financial Officer | +2,799 | $1.82 |
Peers
- Arbor Realty Trust
Multifamily bridge and agency lender with direct overlap
- Starwood Property Trust
Large CRE lender competing for first-mortgage and mezzanine deals
- Blackstone Mortgage Trust
Institutional senior-loan platform in commercial real estate debt
- Franklin BSP Realty Trust
CRE debt and agency multifamily platform with NewPoint overlap
- Ladder Capital
Middle-market CRE finance lender with first-mortgage overlap
- KKR Real Estate Finance Trust
Transitional senior-loan REIT focused on institutional CRE assets
- NewtekOne
SBA-focused small-business lender and financial holding company
- ACRES Commercial Realty
Middle-market CRE mortgage REIT with transitional multifamily focus
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ready Capital | $1.86 | +1.36% | $302.4M | — | — | 0.7 | −107.6% |
| Arbor Realty Trust | $5.06 | 0.00% | $973.3M | 37.4 | 12.0 | 0.8 | −11.1% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Franklin BSP Realty Trust | $8.46 | −0.06% | $702.6M | 19.1 | 8.0 | 1.3 | −45.4% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| NewtekOne | $11.92 | +0.17% | $344.1M | 5.0 | 5.3 | 1.0 | −15.0% |
| ACRES Commercial Realty | $13.96 | −0.64% | $99.6M | — | 13.1 | 0.5 | −50.2% |
| Median | 23.3 | 9.4 | 1.2 | −28.0% |