Ready Capital Corporation Notes -15.12.29 (RCD)

US — Real Estate Sector

Peers: TRTX ADAM RWT KREF MITT BDN IVR CTO CMTG BRSP

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News

Ready Capital: 14% YTM Bonds Offer The Best Risk-Reward

RC, RCD
Published: March 02, 2026 by: Seeking Alpha
Sentiment: Negative

Ready Capital Corporation continues to see accelerating book value destruction, with Q4-2025 losses and deteriorating credit metrics undermining any investment case. RC's liabilities-to-equity ratio has worsened (3.7x), net interest margins remain deeply negative, and non-accruals in both core and non-core portfolios have surged. Management projects $500 million in free cash flow by year-end via asset sales and runoff, aiming to address major debt maturities, but execution risk remains high.

image for news Ready Capital: 14% YTM Bonds Offer The Best Risk-Reward

Ready Capital Corporation (RC) Q2 2025 Earnings Call Transcript

RC, RCC, RCD
Published: December 29, 2025 by: Seeking Alpha
Sentiment: Neutral

Ready Capital Corporation (RC) Q2 2025 Earnings Call Transcript

Ready Capital: Value Destruction Proceeds On Schedule

RC, RCC, RCD
Published: November 12, 2025 by: Seeking Alpha
Sentiment: Negative

Ready Capital continues to face severe challenges. The leverage and rising delinquencies have already destroyed tons of tangible equity. RC remains suitable only for traders seeking short-term bounces, not long-term investors focused on capital preservation or yield stability.

image for news Ready Capital: Value Destruction Proceeds On Schedule

Ready Capital Corporation (RC) Q3 2025 Earnings Call Transcript

RC, RCC, RCD
Published: November 07, 2025 by: Seeking Alpha
Sentiment: Neutral

Ready Capital Corporation ( RC ) Q3 2025 Earnings Call November 7, 2025 8:30 AM EST Company Participants Andrew Ahlborn - CFO & Secretary Thomas Capasse - Chairman, CEO & Chief Investment Officer Conference Call Participants Douglas Harter - UBS Investment Bank, Research Division Jade Rahmani - Keefe, Bruyette, & Woods, Inc., Research Division Christopher Nolan - Ladenburg Thalmann & Co. Inc., Research Division Presentation Operator Greetings, and welcome to the Ready Capital Third Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

image for news Ready Capital Corporation (RC) Q3 2025 Earnings Call Transcript

Ready Capital: Distress And Opportunity, Why I Bought The Series E Preferreds

RC, RCD
Published: May 26, 2025 by: Seeking Alpha
Sentiment: Positive

I've been accumulating RC's 6.50% Series E Preferreds, amid a significant year-to-date selloff. They're trading for 62 cents on the dollar and offer a 10.5% dividend yield. RC common shares are down 40% year-to-date, while the E preferreds have dipped 16%. I think the selloff is overdone and the preferreds provide a compelling risk-to-reward profile at their current level.

image for news Ready Capital: Distress And Opportunity, Why I Bought The Series E Preferreds

RCD: A Baby Bond To Sell, Not To Buy

RCD
Published: March 11, 2025 by: Seeking Alpha
Sentiment: Negative

Ready Capital Corporation's 9.00% Senior Notes due 2029 carry high risk due to poor management and significant equity value destruction over the past decade. Despite the attractive 9% coupon, RCD's high duration and default risk make it an unfavorable investment compared to more stable alternatives. The company's common equity has plunged over 20% year-to-date, and a class action suit further questions management's competence and solvency.

image for news RCD: A Baby Bond To Sell, Not To Buy

About Ready Capital Corporation Notes -15.12.29 (RCD)

IPO Date 2024-12-19
Website https://www.readycapital.com
Industry REIT - Mortgage
CEO Thomas Edward Capasse
Employees 475

Ready Capital Corporation operates as a real estate finance company in the United States. The company acquires, originates, manages, services, and finances small to medium balance commercial (SBC) loans, small business administration (SBA) loans, residential mortgage loans, and mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments. It operates through three segments: SBC Lending and Acquisitions; Small Business Lending; and Residential Mortgage Banking. The SBC Lending and Acquisitions segment, through its subsidiary, ReadyCap Commercial, LLC, originate SBC loans secured by stabilized or transitional investor properties using various loan origination channels. The Small Business Lending segment, through its subsidiary, ReadyCap Lending, LLC, acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program. The Residential Mortgage Banking segment, through its subsidiary, GMFS, LLC, originates residential mortgage loans. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Sutherland Asset Management Corporation and changed its name to Ready Capital Corporation in September 2018. Ready Capital Corporation was founded in 2007 and is headquartered in New York, New York.