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Ready Capital Corporation operates as a real estate finance company in the United States. The company operates through two segments: LMM Commercial Real Estate and Small Business Lending. Its LMM Commercial Real Estate segment originates LLM loans across the full life-cycle of an LLM property, including construction, bridge, stabilized, and agency loan origination channels. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program; and originates, and services USDA loans, as well as small business loans. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, USDA loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments. It has elected to be taxed as a real estate investment trust (REIT) and 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $-24M | - | $-229M | $432M | -16.0% | -148.0% | -47.5% |
| 2024 | $49M | - | $-436M | $275M | -25.2% | -87.6% | -228.4% |
| 2023 | $398M | - | $339M | $51M | 14.0% | 3.8% | 74.7% |
| 2022 | $383M | - | $194M | $359M | 11.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 383.33 | 397.85 | 49.33 | -23.70 |
| Operating Revenue | - | 383.33 | 397.85 | 49.33 | -23.70 |
| Selling General And Administration | - | 87.86 | 96.27 | 98.74 | 108.74 |
| Interest Income | - | 663.22 | 945.81 | 896.98 | 569.17 |
| Interest Expense | - | 392.36 | 716.47 | 696.46 | 514.12 |
| Net Interest Income | - | 270.86 | 229.35 | 200.52 | 55.04 |
| Pretax Income | - | 175.03 | 358.42 | -516.51 | -302.56 |
| Tax Provision | - | 15.48 | 7.17 | -104.51 | -86.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.36 | 3.82 | -9.46 | 24.50 |
| Net Income Continuous Operations | - | 159.55 | 351.24 | -412 | -215.85 |
| Net Income From Continuing And Discontinued Operation | - | 194.26 | 339.45 | -435.76 | -228.92 |
| Net Income From Continuing Operation Net Minority Interest | - | 150.65 | 342.28 | -417.36 | -223.71 |
| Net Income | - | 194.26 | 339.45 | -435.76 | -228.92 |
| Net Income Common Stockholders | - | 186.27 | 331.45 | -443.75 | -236.91 |
| Net Income Including Noncontrolling Interests | - | 203.16 | 348.41 | -430.40 | -221.06 |
| Normalized Income | - | 154.33 | 155.22 | -379.98 | -284.58 |
| Diluted NI Availto Com Stockholders | - | 186.27 | 331.45 | -443.75 | -236.91 |
| Basic Average Shares | - | 106.88 | 146.84 | 169.11 | 164.54 |
| Diluted Average Shares | - | 117.19 | 148.57 | 170.47 | 167.26 |
| Reconciled Depreciation | - | - | 0 | 0 | 2.81 |
| Total Unusual Items | - | -4.03 | 190.89 | -46.83 | 85.37 |
| Total Unusual Items Excluding Goodwill | - | -4.03 | 190.89 | -46.83 | 85.37 |
| Preferred Stock Dividends | - | 8 | 8 | 8 | 8 |
| Minority Interests | - | -8.90 | -8.96 | -5.36 | -7.85 |
| Net Income Discontinuous Operations | - | 43.61 | -2.83 | -18.40 | -5.21 |
| Special Income Charges | - | -4.03 | 190.89 | -46.83 | 85.37 |
| Write Off | - | 0 | 8.45 | 4.19 | 0.67 |
| Impairment Of Capital Assets | - | 4.03 | 8.64 | 56.50 | 23.50 |
| Restructuring And Mergern Acquisition | - | 0 | -207.97 | -13.86 | -109.55 |
| Gain On Sale Of Security | - | 75.65 | 74.73 | -68.99 | -155.26 |
| Depreciation Amortization Depletion Income Statement | - | - | 11.36 | 26.85 | 39.66 |
| Depreciation And Amortization In Income Statement | - | - | 11.36 | 26.85 | 39.66 |
| General And Administrative Expense | - | 87.16 | 95.15 | 96.74 | 107.41 |
| Other Gand A | 16.35 | 22.40 | - | - | - |
| Salaries And Wages | - | 87.16 | 95.15 | 96.74 | 107.41 |
| Selling And Marketing Expense | - | 0.71 | 1.12 | 2 | 1.32 |
| Amortization | - | - | 7.91 | 21.97 | 29.92 |
| Amortization Of Intangibles Income Statement | - | - | 7.91 | 21.97 | 29.92 |
| Depreciation Income Statement | - | - | 3.45 | 4.88 | 9.74 |
| Professional Expense And Contract Services Expense | - | 17.30 | 34.74 | 26.89 | 30.84 |
| Other Non Interest Expense | - | 76.33 | 79.81 | 84.66 | 102.52 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ready Capital Corporationthis co. | RC | $285M | -1.24 | 0.20 | -16.0% | - |
| Transcontinental Realty Investors, Inc. | TCI | $325M | 23.53 | 0.38 | 1.6% | 12.78 |
| Seaport Entertainment Group Inc. | SEG | $306M | -2.62 | 0.67 | -25.6% | -5.13 |
| Ares Commercial Real Estate Corporation | ACRE | $280M | -310.62 | 0.55 | -0.2% | - |
| NexPoint Diversified Real Estate Trust |
| - |
| - |
| - |
| - |
| - |
| - |
| NXDT |
| $271M |
| -2.16 |
| 0.39 |
| -17.9% |
| - |
| BRT Apartments Corp. | BRT | $270M | -22.61 | 1.52 | -6.7% | 19.66 |
| SITE Centers Corp. | SITC | $260M | 1.46 | 0.78 | 53.1% | 1.86 |
| TPG Mortgage Investment Trust, Inc. | MITT | $245M | 5.03 | 0.72 | 14.3% | - |
| Chicago Atlantic Real Estate Finance, Inc. | REFI | $240M | 6.65 | 0.78 | 11.7% | - |
| Peer Median | - | -0.35 | 0.70 | 0.7% | 7.32 | |