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, /PRNewswire/ -- Waterfall Asset Management ("Waterfall"), an alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans and real assets, and Delaware Life today announced the closing of a $64.7 million loan facility, refinancing The Torrance, a 301,000-square-foot Class A office property located in Torrance, California.

The Torrance is an eight-story office property situated on approximately 7.3 acres. The property is currently leased to a diverse roster of tenants, including All Nippon Airways, Salon Republic, Barrister Executive Suites, Compass California, Unio Health Partners and Morgan Stanley Smith Barney.

The financing provided by Waterfall managed accounts and Delaware Life will support the in-place leasing strategy for the property, which is focused on securing long-term tenant renewals and leasing available space.

"The Torrance is a high-quality asset with strong occupancy, a diversified tenant base and a differentiated position within the South Bay office market," said Zachary Liebmann, Head of Commercial Real Estate at Waterfall Asset Management. "We are pleased to work alongside Delaware Life to provide a flexible financing solution and support the continued business plan for the property. We believe the transaction reflects our ability to structure capital solutions for experienced real estate owners and identify compelling opportunities where strong asset fundamentals can drive long-term value."

Originally constructed in 1988, The Torrance has benefited from significant investment and modernization, including recent upgrades to the building's elevator and HVAC systems, common areas, roof, amenities and exterior. The property also features a two-story glass-entry lobby, ground-floor café, fitness center and more than 1,200 parking spaces.

The property is centrally located in Torrance between West Los Angeles and Orange County and benefits from its proximity to Manhattan Beach, Palos Verdes and other coastal communities. The Torrance is adjacent to the Del Amo Fashion Center and serves a diverse tenant base within the broader South Bay market, which is home to a range of corporate, healthcare, aerospace and defense-related employers.

The Newmark Global Debt & Structured Finance team of Jordan Roeschlaub, Nick Scribani and Chris Lozinak assisted in securing the financing of The Torrance.

About Waterfall Asset Management, LLC
Waterfall Asset Management is an alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, and real assets. Founded in 2005, the firm utilizes a relative value approach for sourcing and investing in the private and public markets, across 60+ sectors of the asset-based finance arena. Through this multi-sector specialization, Waterfall seeks to provide its clients a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is also the external manager to Ready Capital Corporation (NYSE: RC), a multi-strategy real estate finance company and small business lender. Waterfall is headquartered in New York City, with additional offices in London and Dublin. As of March 31, 2026, Waterfall had approximately $12.1 billion in assets under management. To learn more, please visit www.waterfallam.com.

About Group 1001
Group 1001 Insurance Holdings, LLC ("Group 1001 Insurance" or "Group 1001") is a collective that empowers companies to create positive growth. Our insurance and annuities are easy to understand and accessible to all. Our online investing platform gives individuals control over their savings. Our technology and innovation help companies succeed. And our strategic partnerships bring people together through education and sports.

As of March 31, 2026, Group 1001 Insurance had more than 1,500 employees and combined assets under management of $86.1 billion and provides over 540,000 active annuity contracts and life insurance policies. It comprises the following brands: Delaware Life, GainbridgeSM, Clear Spring Life and Annuity Company, Clear Spring Property and Casualty Group, and the RVI Group, among others.

About Delaware Life Insurance Company
Founded in 2013, Delaware Life Insurance Company ("Delaware Life") is a subsidiary of Group 1001 and currently provides over 370,000 active annuity and life insurance policies. Delaware Life's multi-asset investment management strategy spans the corporate, asset-backed and real estate sectors, with an emphasis on private, direct origination.

Media Contact
Prosek Partners
[email protected]

SOURCE Waterfall Asset Management

MarketBeat Week in Review – 06/22 - 06/26Ready Capital NYSE: RC said its second-quarter results reflected continued progress in a balance sheet repositioning plan, including portfolio sales, debt paydowns and new financing initiatives, as the company works to meet remaining 2026 debt maturities and return to sustainable profitability.

Chief Executive Officer Thomas Capasse said the company does not expect to pursue additional large portfolio sales after completed transactions raised liquidity and repositioned legacy assets. Instead, Ready Capital plans to rely on financing optimization, loan runoff and a potential transaction involving a joint venture investment to complete its liquidity plan.

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Quarterly Loss Narrows as Asset-Sale Pressures Ease Carnival's Second Quarter: Is the Stock Still Complicated?Chief Financial Officer Andrew Ahlborn said Ready Capital reported a GAAP loss from continuing operations of $0.63 per common share in the second quarter, improving from a $1.25 loss in the first quarter. Distributable earnings were a loss of $0.47 per share, or a loss of $0.24 per share excluding realized losses on asset sales.

Book value per share declined 8.1% sequentially to $6.83 at June 30 from $7.43 at March 31. Ahlborn said the decline was slower than the 15.5% and 14.5% per-share declines reported in the prior two quarters, respectively, and reflected the winding down of the loan-sale program.

Royal Caribbean’s Best Quarter Ever Still Leaves a Big QuestionThe book value change included approximately $0.23 per share in realized losses on asset sales and approximately $0.12 per share in net loan-loss provisions and valuation allowances, with the remainder attributable to the quarter's operating loss.

Recurring revenue totaled $15.3 million, compared with $16.2 million in the prior quarter. The company cited an $8.7 million improvement in net interest loss, partly offset by a $2 million decline in gain-on-sale revenue and a $7.5 million reduction in other recurring revenue. Interest income declined $4.3 million to $77.4 million as the commercial real estate portfolio contracted.

Operating expenses fell to $48.7 million from $67.7 million in the first quarter. The decline primarily reflected servicing expenses normalizing to $3.4 million from $15.4 million, after the prior quarter included nonrecurring servicer-advance reimbursements associated with CLO collapses.

Liquidity Plan Nearing Completion Capasse said the company has achieved about 81% of its liquidity target. Since the first-quarter call, Ready Capital completed a sale of a $167 million construction portfolio, producing $64 million of net liquidity and removing $172 million in future funding obligations.

The company also securitized $158 million of unguaranteed SBA 7(a) loans at a 92% advance rate and pricing of SOFR plus 240 basis points. The transaction generated $25 million of net liquidity and provided $500 million of additional funding capacity for SBA 7(a) production, according to management.

Ready Capital disposed of $445 million of CRE assets for $85 million of net liquidity. It refinanced the Portland Ritz asset through a C-PACE loan. Prior loan sales and portfolio runoff generated about $1.9 billion of cash, which the company used to repay $1.7 billion of asset-level and corporate debt. Management identified three remaining components of the liquidity plan: optimizing financing on roughly $950 million of CRE loans, selling or financing a $118 million joint venture position, and capturing anticipated second-half runoff of about $900 million of CRE loans. Capasse said the company is also evaluating a refinance of part of its October maturity.

During the question-and-answer session, Capasse said the company is no longer budgeting broad loan sales, though it could sell individual loans opportunistically as part of asset management. He said management expects the remaining liquidity initiatives to generate cash in excess of its remaining 2026 maturities.

At quarter-end, Ready Capital had $124.1 million of unrestricted cash, $690 million of unencumbered assets and total leverage of three times, moving toward its target of 2.5 times. Total assets were $6.26 billion, compared with $6.31 billion at the end of the first quarter.

Legacy CRE Assets and Ritz Stabilization The legacy CRE loan book stood at approximately $2.7 billion across 172 positions, along with $218 million of CMBS exposure. About 37% of the loan book, or roughly $1 billion, consisted of subperforming and nonperforming assets. Capasse said management believes active balance-sheet management offers greater net present value for those assets than secondary-market sales in their current condition.

The subperforming and nonperforming loans had an average duration of 11 months, average mark-to-market loan-to-value ratios of 82%, and were marked at 85%, according to the company. Ready Capital held $436 million of equity in those loans. Its performing loan book represented $572 million of equity and generated a leverage yield of 10.1%.

The company also held $588 million of real estate owned, or REO, across 24 properties. The Ritz property accounted for 66% of REO and about 22% of quarter-end stockholders' equity. Capasse said 50 condominium units had been sold and three more were under contract, bringing sales to 40% of total units.

For the Ritz hotel, quarterly net operating income was $1 million. Trailing 12-month occupancy rose 10% to 52%, while average daily rate declined 4% to $468. Revenue per available room increased 20% year over year to $244. Management said it will determine whether continued stabilization or monetization is the best path for the property in coming quarters.

The company said nonperforming, subperforming and REO assets produced an earnings drag of $0.29 per share during the quarter.

SBA Growth and Cost Reduction Plans Ready Capital originated $82 million of SBA 7(a) loans during the second quarter, a level Capasse said was constrained by available capital. Following the June securitization, the company originated $43 million of SBA loans and had a current pipeline of $78 million.

Management expects the added financing capacity to support a ramp toward its annual SBA 7(a) origination target of $1.5 billion. The company said it intends to use more frequent SBA asset-backed securities offerings to support that growth.

Capasse also outlined plans to reduce operating expenses through organizational efficiency measures, divestitures of noncore businesses and assets, and deeper integration of the CRE lending platform with external manager Waterfall. He said the company is targeting a 25% to 35% reduction in operating expenses through those efforts, portfolio runoff and consolidation of CRE lending activities.

Capasse said Ready Capital's path back to profitability depends on resolving and recycling the legacy portfolio, expanding its SBA business after addressing funding constraints, and lowering its cost base.

About Ready Capital (NYSE:RC)Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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NEW YORK, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended June 30, 2026.

“Our second quarter results demonstrate continued progress on our balance sheet repositioning plan with the pace of book value reduction decelerating and earnings pressure narrowing,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Although there is still work to be done, we are encouraged by the progress made, remain focused on meeting our fourth quarter debt maturities, and are increasingly looking towards restarting growth through our core CRE debt investing and SBA 7(a) lending business.”

Financial Metrics

GAAP loss per common share of $(0.63)Distributable loss per common share of $(0.47)   Distributable loss per common share before realized losses of $(0.24) Balance Sheet Repositioning

Generated $1.4 billion in cash year-to-date from loan sales and portfolio runoff, paying down over $1 billion in asset-level financing and retiring $184 million of corporate debtRetired the 6.20% Senior Unsecured Notes in April 2026Securitization of $158.2 million of unguaranteed SBA 7(a) loans at a 92% advance priced at SOFR + 2.4%; the transaction generated $24.6 million of net liquidity and $500 million of additional funding capacity for 7(a) production Portfolio & Credit

Total loan originations of $278.8 million, including $155.9 million of LMM commercial real estate loans and $82.1 million of Small Business Administration 7(a) loans Capitalization

Book value of $6.83 per share of common stock as of June 30, 2026Ended the quarter with $124 million in cash and $690 million of unencumbered assets; total leverage of 3.0x with recourse leverage of 1.7x Portland Ritz

Sold 50 Ritz-Carlton branded condominium units to date totaling 38% completionHotel occupancy increased 10% year-over-year to 52% along with a 4% decrease in ADR to $468 resulted in a 20% increase in RevPar to $244 Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized changes in our current expected credit loss reserve and valuation allowance, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, unrealized gains or losses on preferred equity, at fair value, unrealized gain or losses or other non-cash items related to real estate owned and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

(in thousands)Three Months Ended
June 30, 2026 Net Loss$(99,683)Reconciling items:  Unrealized loss on joint ventures3,037 Increase in CECL reserve8,250 Decrease in valuation allowance (2,447)Non-recurring REO impairment952 Non-cash compensation2,484 Unrealized loss on preferred equity, at fair value10,065 Merger transaction costs and other non-recurring expenses2,339 Depreciation and amortization on real estate owned1,575 Realized losses on sale of investments41,234 Total reconciling items$67,489 Income tax adjustments (2,931)Distributable loss before realized losses$(35,125)Realized losses on sale of investments, net of tax (38,493)Distributable loss$(73,618)Less: Distributable earnings attributable to non-controlling interests1,904 Less: Income attributable to participating shares2,055 Distributable loss attributable to common stockholders$(77,577)Distributable loss before realized losses on investments, net of tax per common share - basic and diluted$(0.24)Distributable loss per common share - basic and diluted$(0.47)    U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items in the distributable earnings reconciliation above.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Friday, August 7, 2026 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended June 30, 2026. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic: 1-877-407-0792
International: 1-201-689-8263

Conference Call Playback:

Domestic: 1-844-512-2921
International: 1-412-317-6671
Replay Pin #: 13761020

The playback can be accessed through August 21, 2026.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs over 400 professionals nationwide.

Contact
Investor Relations
Ready Capital Corporation
212-257-4666
[email protected]

Additional information can be found on the Company’s website at www.readycapital.com.

READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands)June 30, 2026  December 31, 2025 Assets     Cash and cash equivalents$124,149  $207,841 Restricted cash50,182  39,746 Loans, net (including $388 and $737 held at fair value)3,409,500  3,500,298 Loans, held for sale (including $61,314 and $73,094 held at fair value and net of valuation allowance of $70,867 and $67,612)278,214  585,820 Mortgage-backed securities31,587  34,501 Investment in unconsolidated joint ventures (including $5,294 and $5,737 held at fair value)165,658  161,424 Derivative instruments3,096  6,740 Servicing rights117,463  126,279 Real estate owned572,850  620,225 Other assets466,161  508,238 Assets of consolidated VIEs1,045,056  1,978,684 Total Assets$6,263,916  $7,769,796 Liabilities     Secured borrowings1,876,713  2,788,926 Securitized debt obligations of consolidated VIEs, net638,942  1,174,785 Senior secured notes, net723,915  722,729 Corporate debt, net470,372  652,487 Guaranteed loan financing950,103  524,091 Contingent consideration22,265  18,698 Derivative instruments60  1,432 Dividends payable3,665  3,633 Loan participations sold56,616  56,616 Due to third parties5,408  3,135 Accounts payable and other accrued liabilities165,620  171,636 Total Liabilities$4,913,679  $6,118,168 Preferred stock Series C, liquidation preference $25.00 per share8,361  8,361       Commitments & contingencies           Stockholders’ Equity     Preferred stock Series E, liquidation preference $25.00 per share111,378  111,378 Common stock, $0.0001 par value, 500,000,000 shares authorized, 165,209,516 and 163,010,012 shares issued and outstanding, respectively17  17 Additional paid-in capital2,267,394  2,264,355 Retained deficit (1,118,135)  (807,522)Accumulated other comprehensive loss (21,448)  (24,196)Total Ready Capital Corporation equity1,239,206  1,544,032 Non-controlling interests102,670  99,235 Total Stockholders’ Equity$1,341,876  $1,643,267 Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity$6,263,916  $7,769,796        READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS  Three Months Ended June 30,
  Six Months Ended June 30,
 (in thousands, except share data)2026  2025  2026  2025 Interest income$77,401  $152,735  $159,131  $307,702 Interest expense(82,853) (135,837) (179,687) (276,303)Net interest income (loss) before (provision for) recovery of loan losses$(5,452) $16,898  $(20,556) $31,399 (Provision for) recovery of loan losses(21,554) (8,640) (92,461) 100,928 Net interest income (loss) after (provision for) recovery of loan losses$(27,006) $8,258  $(113,017) $132,327 Non-interest income           Net realized gain (loss) on financial instruments and real estate owned(22,221) 18,214  (82,306) 28,883 Net unrealized gain (loss) on financial instruments(4,173) (1,614) (11,093) (3,364)Valuation allowance, loans held for sale2,447  (39,746) (4,110) (139,464)Servicing income, net of amortization and impairment of $11,207 and $17,794 for the three and six months ended June 30, 2026, and $12,874 and $18,168 for the three and six months ended June 30, 2025, respectively72  (304) 5,493  6,152 Gain (loss) on bargain purchase—  (14,381) —  88,090 Income (loss) on unconsolidated joint ventures1,276  (144) 3,335  (4,126)Other income14,214  11,304  32,279  22,894 Total non-interest income (expense)$(8,385) $(26,671) $(56,402) $(935)Non-interest expense           Employee compensation and benefits(24,590) (23,159) (48,438) (44,413)Allocated employee compensation and benefits from related party(3,376) (3,600) (6,976) (6,876)Professional fees(7,671) (6,368) (14,326) (11,856)Management fees – related party(3,765) (5,072) (7,841) (10,649)Loan servicing expense(3,439) (11,038) (19,113) (26,882)Transaction related expenses(512) (639) (847) (3,333)Impairment on real estate(952) (4,268) (483) (6,614)Other operating expenses(33,268) (16,133) (62,282) (32,256)Total non-interest expense$(77,573) $(70,277) $(160,306) $(142,879)Loss from continuing operations before benefit for income taxes(112,964) (88,690) (329,725) (11,487)Income tax benefit13,281  39,939  29,955  45,146 Net income (loss) from continuing operations$(99,683) $(48,751) $(299,770) $33,659 Discontinued operations           Loss from discontinued operations before income tax benefit—  (6,567) —  (7,161)Income tax benefit—  1,641  —  1,790 Net loss from discontinued operations$—
  $(4,926) $—
  $(5,371)Net income (loss)$(99,683) $(53,677) $(299,770) $28,288 Less: Dividends on preferred stock1,999  1,999  3,998  3,998 Less: Net income attributable to non-controlling interest1,848  1,814  3,490  4,274 Net income (loss) attributable to Ready Capital Corporation$(103,530) $(57,490) $(307,258) $20,016             Earnings per common share from continuing operations - basic$(0.63) $(0.31) $(1.87) $0.15 Earnings per common share from discontinued operations - basic$0.00  $(0.03) $0.00  $(0.03)Total earnings per common share - basic$(0.63) $(0.34) $(1.87) $0.12             Earnings per common share from continuing operations - diluted$(0.63) $(0.31) $(1.87) $0.15 Earnings per common share from discontinued operations - diluted$0.00  $(0.03) $0.00  $(0.03)Total earnings per common share - diluted$(0.63) $(0.34) $(1.87) $0.12             Weighted-average shares outstanding           Basic165,101,861  167,749,917  164,366,053  166,465,234 Diluted172,781,180  170,673,088  171,173,393  169,320,001             Dividends declared per share of common stock$0.01  $0.125  $0.02  $0.25              READY CAPITAL CORPORATION
UNAUDITED SEGMENT REPORTING
  Three Months Ended June 30, 2026(in thousands)LMM Commercial Real Estate Small Business Lending Corporate-Other ConsolidatedInterest income$53,941  $23,460  $—  $77,401 Interest expense (65,245)  (17,608)  —   (82,853)Net interest income (loss) before provision for loan losses$(11,304) $5,852  $—  $(5,452)Provision for loan losses (13,689)  (7,865)  —   (21,554)Net interest income (loss) after provision for loan losses$(24,993) $(2,013) $—  $(27,006)Non-interest income       Net realized gain (loss) on financial instruments and real estate owned (31,965)  9,744   —   (22,221)Net unrealized gain (loss) on financial instruments (2,620)  (1,553)  —   (4,173)Valuation (allowance) recovery, loans held for sale 2,447   —   —   2,447 Servicing income, net 1,374   (1,302)  —   72 Income on unconsolidated joint ventures 1,270   6   —   1,276 Other income 10,213   3,194   807   14,214 Total non-interest income (loss)$(19,281) $10,089  $807  $(8,385)Non-interest expense       Employee compensation and benefits (6,217)  (14,065)  (4,308)  (24,590)Allocated employee compensation and benefits from related party (338)  —   (3,038)  (3,376)Professional fees (927)  (3,709)  (3,035)  (7,671)Management fees – related party —   —   (3,765)  (3,765)Loan servicing expense (2,104)  (1,335)  —   (3,439)Transaction related expenses —   —   (512)  (512)Recovery (impairment) on real estate (952)  —   —   (952)Other operating expenses (22,208)  (9,061)  (1,999)  (33,268)Total non-interest expense$(32,746) $(28,170) $(16,657) $(77,573)Loss before provision for income taxes$(77,020) $(20,094) $(15,850) $(112,964)Total assets$4,107,690  $1,716,453  $439,773  $6,263,916                  READY CAPITAL CORPORATION
UNAUDITED SEGMENT REPORTING
  Six Months Ended June 30, 2026(in thousands)LMM Commercial Real Estate Small Business Lending Corporate-Other ConsolidatedInterest income$112,834  $46,297  $—  $159,131 Interest expense (145,917)  (33,770)  —   (179,687)Net interest income (loss) before provision for loan losses$(33,083) $12,527  $—  $(20,556)Provision for loan losses (80,212)  (12,249)  —   (92,461)Net interest income (loss) after provision for loan losses$(113,295) $278  $—  $(113,017)Non-interest income       Net realized gain (loss) on financial instruments and real estate owned (100,207)  17,901   —   (82,306)Net unrealized gain (loss) on financial instruments (11,416)  323   —   (11,093)Valuation allowance, loans held for sale (4,110)  —   —   (4,110)Servicing income, net 2,971   2,522   —   5,493 Income on unconsolidated joint ventures 3,324   11   —   3,335 Other income 22,153   8,385   1,741   32,279 Total non-interest income (loss)$(87,285) $29,142  $1,741  $(56,402)Non-interest expense       Employee compensation and benefits (13,866)  (29,388)  (5,184)  (48,438)Allocated employee compensation and benefits from related party (698)  —   (6,278)  (6,976)Professional fees (2,403)  (7,185)  (4,738)  (14,326)Management fees – related party —   —   (7,841)  (7,841)Loan servicing expense (16,677)  (2,436)  —   (19,113)Transaction related expenses —   —   (847)  (847)Recovery (impairment) on real estate (483)  —   —   (483)Other operating expenses (39,558)  (18,373)  (4,351)  (62,282)Total non-interest expense$(73,685) $(57,382) $(29,239) $(160,306)Loss before provision for income taxes$(274,265) $(27,962) $(27,498) $(329,725)Total assets$4,107,690  $1,716,453  $439,773  $6,263,916                 

July 30, 2026 16:10 ET  | Source: Ready Capital Corporation

NEW YORK, July 30, 2026 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the “Company”) announced today that ReadyCap Lending completed its fourth securitization of SBA 7(a) loans, ReadyCap Lending Small Business Loan Trust 2026-4, on June 26, 2026. The transaction involved the issuance of approximately $145 million of bonds that generated meaningful additional liquidity for the Company in support of ReadyCap Lending’s continued commitment to financing small businesses nationwide.

The securitization included three floating-rate tranches issued at par, with a weighted average coupon of approximately 8.526%. The capital structure consisted of $111.7 million of Class A bonds priced at approximately SOFR + 1.85%, $21.6 million of Class B bonds priced at SOFR + 3.20%, and $11.9 million of Class C bonds priced at SOFR + 6.15%. Performance Trust Capital Partners, LLC served as Initial Purchaser in the transaction with J.P. Morgan Securities LLC and East West Markets, LLC serving as Co-Managers.

The transaction underscores ReadyCap Lending’s continued access to the securitization market and enhances the Company’s funding flexibility. By broadening liquidity and supporting additional lending capacity, the transaction strengthens ReadyCap Lending’s ability to serve borrowers, referral partners, and small business communities across the country.

“Consistent access to diversified funding sources is essential to our ability to serve borrowers and referral partners effectively,” said Gary Taylor, Chief Executive Officer of ReadyCap Lending. “This securitization enhances our lending capacity, reinforces the durability of our platform, and reflects the continued strength of ReadyCap Lending’s position in the SBA lending market.” ReadyCap Lending remains focused on combining disciplined credit execution, reliable capital access, and responsive customer service to help small businesses obtain the financing they need to grow and succeed.

About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs over 400 professionals nationwide.

Contact
Investor Relations
212-257-4666
[email protected]
Media Relations
[email protected]

Ready Capital Corporation (RC) Shareholder/Analyst Call Prepared Remarks Transcript

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Posted by Defense World Staff on Apr 17th, 2026

Ready Capital (NYSE:RC – Get Free Report) and KKR Real Estate Finance Trust (NYSE:KREF – Get Free Report) are both small-cap finance companies, but which is the superior stock? We will contrast the two businesses based on the strength of their dividends, institutional ownership, earnings, valuation, profitability, analyst recommendations and risk.

Dividends Ready Capital pays an annual dividend of $0.04 per share and has a dividend yield of 2.3%. KKR Real Estate Finance Trust pays an annual dividend of $1.00 per share and has a dividend yield of 15.1%. Ready Capital pays out -2.7% of its earnings in the form of a dividend. KKR Real Estate Finance Trust pays out -95.2% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. KKR Real Estate Finance Trust is clearly the better dividend stock, given its higher yield and lower payout ratio.

Profitability This table compares Ready Capital and KKR Real Estate Finance Trust’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Ready Capital -39.55% -10.29% -2.05% KKR Real Estate Finance Trust -10.80% -1.13% -0.22% Institutional & Insider Ownership 55.9% of Ready Capital shares are held by institutional investors. Comparatively, 70.2% of KKR Real Estate Finance Trust shares are held by institutional investors. 1.1% of Ready Capital shares are held by insiders. Comparatively, 2.1% of KKR Real Estate Finance Trust shares are held by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock will outperform the market over the long term.

Valuation and Earnings This table compares Ready Capital and KKR Real Estate Finance Trust”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Ready Capital -$23.70 million -11.99 -$228.91 million ($1.47) -1.19 KKR Real Estate Finance Trust $435.60 million 0.97 -$47.05 million ($1.05) -6.29 KKR Real Estate Finance Trust has higher revenue and earnings than Ready Capital. KKR Real Estate Finance Trust is trading at a lower price-to-earnings ratio than Ready Capital, indicating that it is currently the more affordable of the two stocks.

Risk and Volatility Ready Capital has a beta of 1.45, indicating that its stock price is 45% more volatile than the S&P 500. Comparatively, KKR Real Estate Finance Trust has a beta of 0.91, indicating that its stock price is 9% less volatile than the S&P 500.

Analyst Recommendations This is a summary of current ratings and target prices for Ready Capital and KKR Real Estate Finance Trust, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Ready Capital 2 4 0 0 1.67 KKR Real Estate Finance Trust 1 4 2 0 2.14 Ready Capital presently has a consensus price target of $2.81, suggesting a potential upside of 61.17%. KKR Real Estate Finance Trust has a consensus price target of $9.00, suggesting a potential upside of 36.26%. Given Ready Capital’s higher possible upside, equities research analysts clearly believe Ready Capital is more favorable than KKR Real Estate Finance Trust.

Summary KKR Real Estate Finance Trust beats Ready Capital on 13 of the 16 factors compared between the two stocks.

About Ready Capital (Get Free Report)

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. 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, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments. The 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 acquires purchased future receivables. The company 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.

About KKR Real Estate Finance Trust (Get Free Report)

KKR Real Estate Finance Trust Inc., a mortgage real estate investment trust, focuses primarily on originating and acquiring transitional senior loans secured by commercial real estate (CRE) assets. It engages in the origination and purchase of credit investments related to CRE, including leveraged and unleveraged commercial real estate loans. The company has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. KKR Real Estate Finance Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.

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NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended March 31, 2026.

“Our first quarter results reflect ongoing execution of our previously shared balance sheet repositioning plan that focuses on de-levering to generate liquidity in excess of 2026 debt maturities, thereby resetting Ready Capital’s financials for long-term success,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Year-to-date we have generated $1.4 billion in cash from loan sales and liquidations to facilitate the repayment of $1.1 billion of asset level financing and $184 million of corporate debt. These actions have resulted in a negative impact on earnings and book value, but are necessary to return the Company to profitability. With our remaining large-scale asset sales expected to close by the end of the second quarter, we anticipate the material book value pressure of the recent quarters will begin to subside, leaving a lower-leverage platform positioned to restart growth through our core CRE debt investing and SBA 7(a) lending businesses.”

Financial Metrics

GAAP loss per common share of $(1.25)Distributable loss per common share of $(1.00)Distributable loss per common share before realized losses of $(0.33)
Balance Sheet Repositioning

Generated $1.4 billion in cash year-to-date from loan sales and portfolio runoff, paying down over $1.1 billion in asset-level financing and retiring $184 million of corporate debtSold 48 CRE loans totaling $1.0 billion in unpaid principal balance across four transactions (66% performing, 34% non- and sub-performing) for net proceeds after asset-level financing paydowns of $177 millionRetired the 5.75% Senior Unsecured Notes in February 2026 and the 6.20% Senior Unsecured Notes in April 2026, reducing remaining 2026 corporate debt maturities to $450 millionCollapsed the Company’s last remaining CLOs, RCMF 2021-FL7, RCMF 2023-FL11 and RCMF 2023-FL12 Portfolio & Credit

Total loan originations of $464 million, including $288 million of LMM commercial real estate loans, $110 million of Small Business Administration 7(a) loans and $28 million of United States Department of Agriculture loans60+ day core delinquencies increased to 14.8% of the core CRE portfolio at quarter end. The large majority of this increase reflects the impact of loan sales as part of our balance sheet repositioning strategy and aggressive asset management strategies to accelerate liquidations Capitalization

Book value of $7.43 per share of common stock as of March 31, 2026Ended the quarter with $200 million in cash and $730 million of unencumbered assets; total leverage of 3.0x with recourse leverage of 1.8x Portland Ritz

Sold 43 Ritz-Carlton branded condominium units to date (74% year-to-date) with an additional 4 units under contract or reservation agreement which represents 36% sell out of 132 original inventoryHotel occupancy increased 5% year-over-year to 46% along with a 1% increase in ADR to $482 resulted in a 13% increase in RevPar to $221 Subsequent Events

Initiated a sale process for up to $1.2 billion of performing and sub- and non-performing loans as the last phase of the balance sheet repositioning plan Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized changes in our current expected credit loss reserve and valuation allowance, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, unrealized gains or losses on preferred equity, at fair value, unrealized gain or losses or other non-cash items related to real estate owned and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

(in thousands)Three Months Ended
March 31, 2026Net Loss$(200,087) Reconciling items: Unrealized gain on joint ventures (1,137) Increase in CECL reserve 26,673 Increase in valuation allowance 6,557 Non-recurring REO recovery (469) Non-cash compensation 1,629 Unrealized loss on preferred equity, at fair value 7,236 Merger transaction costs and other non-recurring expenses 654 Depreciation and amortization on real estate owned 1,576 Realized losses on sale of investments 119,520 Total reconciling items$162,239 Income tax adjustments (11,360) Distributable loss before realized losses$(49,208) Realized losses on sale of investments, net of tax (110,626) Distributable loss$(159,834) Less: Distributable earnings attributable to non-controlling interests 1,725 Less: Income attributable to participating shares 2,059 Distributable loss attributable to common stockholders$(163,618) Distributable loss before realized losses on investments, net of tax per common share - basic and diluted$(0.33) Distributable loss per common share - basic and diluted$(1.00) 
U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items in the distributable earnings reconciliation above.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Friday, May 8, 2026 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended March 31, 2026. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic: 1-877-407-0792
International: 1-201-689-8263

Conference Call Playback:

Domestic: 1-844-512-2921
International: 1-412-317-6671
Replay Pin #: 13759490

The playback can be accessed through May 22, 2026.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs over 400 professionals nationwide.

Contact

Investor Relations
Ready Capital Corporation
212-257-4666
[email protected]

Additional information can be found on the Company’s website at www.readycapital.com.

READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
 (in thousands)March 31, 2026 December 31, 2025Assets   Cash and cash equivalents$200,430  $207,841 Restricted cash 38,906   39,746 Loans, net (including $462 and $737 held at fair value) 3,350,560   3,500,298 Loans, held for sale (including $87,198 and $73,094 held at fair value and net of valuation allowance of $74,315 and $67,612) 360,228   585,820 Mortgage-backed securities 31,649   34,501 Investment in unconsolidated joint ventures (including $5,517 and $5,737 held at fair value) 167,251   161,424 Derivative instruments 4,104   6,740 Servicing rights 123,687   126,279 Real estate owned 610,215   620,225 Other assets 466,383   508,238 Assets of consolidated VIEs 960,875   1,978,684 Total Assets$6,314,288  $7,769,796 Liabilities   Secured borrowings 2,321,443   2,788,926 Securitized debt obligations of consolidated VIEs, net 526,535   1,174,785 Senior secured notes, net 723,707   722,729 Corporate debt, net 536,972   652,487 Guaranteed loan financing 501,736   524,091 Contingent consideration 20,441   18,698 Derivative instruments 948   1,432 Dividends payable 3,685   3,633 Loan participations sold 56,616   56,616 Due to third parties 12,304   3,135 Accounts payable and other accrued liabilities 161,201   171,636 Total Liabilities$4,865,588  $6,118,168 Preferred stock Series C, liquidation preference $25.00 per share 8,361   8,361     Commitments & contingencies       Stockholders’ Equity   Preferred stock Series E, liquidation preference $25.00 per share 111,378   111,378 Common stock, $0.0001 par value, 500,000,000 shares authorized, 165,255,559 and 163,010,012 shares issued and outstanding, respectively 17   17 Additional paid-in capital 2,265,534   2,264,355 Retained deficit (1,012,927)   (807,522) Accumulated other comprehensive loss (24,476)   (24,196) Total Ready Capital Corporation equity 1,339,526   1,544,032 Non-controlling interests 100,813   99,235 Total Stockholders’ Equity$1,440,339  $1,643,267 Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity$6,314,288  $7,769,796  READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
  Three Months Ended March 31,(in thousands, except share data) 2026  2025 Interest income$81,730 $154,967 Interest expense (96,834)  (140,466) Net interest income before (provision for) recovery of loan losses$(15,104) $14,501 (Provision for) recovery of loan losses (70,907)  109,568 Net interest income (loss) after provision for loan losses$(86,011) $124,069 Non-interest income  Net realized gain (loss) on financial instruments and real estate owned (60,085)  10,669 Net unrealized gain (loss) on financial instruments (6,920)  (1,750) Valuation allowance, loans held for sale (6,557)  (99,718) Servicing income, net of amortization and impairment of $6,587 and $5,294 5,421  6,456 Gain (loss) on bargain purchase —  102,471 Income (loss) on unconsolidated joint ventures 2,059  (3,982) Other income 18,065  11,590 Total non-interest income (expense)$(48,017) $25,736 Non-interest expense  Employee compensation and benefits (23,848)  (21,254) Allocated employee compensation and benefits from related party (3,600)  (3,276) Professional fees (6,655)  (5,488) Management fees – related party (4,076)  (5,577) Loan servicing expense (15,674)  (15,844) Transaction related expenses (335)  (2,694) Impairment on real estate 469  (2,346) Other operating expenses (29,014)  (16,123) Total non-interest expense$(82,733) $(72,602) Loss from continuing operations before benefit for income taxes (216,761)  77,203 Income tax benefit 16,674  5,207 Net loss from continuing operations$(200,087) $82,410 Discontinued operations  Loss from discontinued operations before income tax benefit —  (594) Income tax benefit —  149 Net loss from discontinued operations$— $(445) Net loss$(200,087) $81,965 Less: Dividends on preferred stock 1,999  1,999 Less: Net income attributable to non-controlling interest 1,642  2,460 Net loss attributable to Ready Capital Corporation$(203,728) $77,506    Earnings per common share from continuing operations - basic$(1.25) $0.47 Earnings per common share from discontinued operations - basic$0.00 $0.00 Total earnings per common share - basic$(1.25) $0.47    Earnings per common share from continuing operations - diluted$(1.25) $0.46 Earnings per common share from discontinued operations - diluted$0.00 $0.00 Total earnings per common share - diluted$(1.25) $0.46    Weighted-average shares outstanding  Basic 163,674,011  165,166,276 Diluted 167,650,149  167,723,519    Dividends declared per share of common stock$0.01 $0.125  READY CAPITAL CORPORATION
UNAUDITED SEGMENT REPORTING
  Three Months Ended March 31, 2026(in thousands)LMM Commercial Real Estate Small Business Lending Corporate-Other ConsolidatedInterest income$58,893  $22,837  $—  $81,730 Interest expense (80,672)   (16,162)   —   (96,834) Net interest income (loss) before provision for loan losses$(21,779)  $6,675  $—  $(15,104) Provision for loan losses (66,523)   (4,384)   —   (70,907) Net interest income (loss) after provision for loan losses$(88,302)  $2,291  $—  $(86,011) Non-interest income       Net realized gain (loss) on financial instruments and real estate owned (68,242)   8,157   —   (60,085) Net unrealized gain (loss) on financial instruments (8,796)   1,876   —   (6,920) Valuation allowance, loans held for sale (6,557)   —   —   (6,557) Servicing income, net 1,597   3,824   —   5,421 Income on unconsolidated joint ventures 2,054   5   —   2,059 Other income 11,940   5,191   934   18,065 Total non-interest income (loss)$(68,004)  $19,053  $934  $(48,017) Non-interest expense       Employee compensation and benefits (7,649)   (15,323)   (876)   (23,848) Allocated employee compensation and benefits from related party (360)   —   (3,240)   (3,600) Professional fees (1,476)   (3,476)   (1,703)   (6,655) Management fees – related party —   —   (4,076)   (4,076) Loan servicing expense (14,573)   (1,101)   —   (15,674) Transaction related expenses —   —   (335)   (335) Recovery (impairment) on real estate 469   —   —   469 Other operating expenses (17,350)   (9,312)   (2,352)   (29,014) Total non-interest expense$(40,939)  $(29,212)  $(12,582)  $(82,733) Income (loss) before provision for income taxes$(197,245)  $(7,868)  $(11,648)  $(216,761) Total assets$4,522,372  $1,293,092  $498,824  $6,314,288 

Ready Capital Corporation (RC) Q1 2026 Earnings Call Transcript

The Cohen & Steers Infrastructure Fund offers a 7.3% monthly yield by investing in infrastructure equities, currently trading at an 8% discount to NAV and using 28% leverage. UTF's strategy combines stable, hard-asset exposure with a focus on total return, benefiting from secular tailwinds and potential rate advantages if borrowing costs fall. The Rithm Capital Corp. preferred shares yield 7% until 2026, then reset to 5-year Treasury plus 6.223%, offering potential upside to a 10% yield if not called.