Ready Capital CorpReady Capital Corp
Ready Capital Corp

Ready Capital Corp

RC
Real Estate·Mortgage Real Estate Investment Trusts (REITs)

Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program through wholly-owned subsidiary, ReadyCap Lending, LLC. The Residential Mortgage Banking segment focuses on the residential mortgage loan origination segment through wholly-owned subsidiary, GMFS, LLC. The company was founded in November 2011 and is headquartered in New York, NY.

New York; U.S.A
Market cap
No dataNo data
Revenue
$101.7M+3.0% YoY
Net income
$-221.1M+48.6% YoY
Free cash flow
$429.8M+57.2% YoY

Market

Listed stock
RCPriceNYSE
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Financial performance

Revenue
$101.7M+3.0% YoY
Operating income
$-766.5M+34.5% YoY
Net income
$-221.1M+48.6% YoY
Free cash flow
$429.8M+57.2% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $509.7M, 2022 $529.9M, 2023 $637.8M, 2024 $98.8M, 2025 $101.7M. Operating income: 2021 $175.6M, 2022 $6.9M, 2023 $-108.4M, 2024 $-1.2B, 2025 $-766.5M. Net income: 2021 $160M, 2022 $203.2M, 2023 $348.4M, 2024 $-430.4M, 2025 $-221.1M. Free cash flow: 2021 $-34.8M, 2022 $348.2M, 2023 $38.7M, 2024 $273.4M, 2025 $429.8M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
3.0%+8755 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $175.6M, 2022-12-31 $6.9M, 2023-12-31 $-108.4M, 2024-12-31 $-1.2B, 2025-12-31 $-766.5M. Net income: 2021-12-31 $160M, 2022-12-31 $203.2M, 2023-12-31 $348.4M, 2024-12-31 $-430.4M, 2025-12-31 $-221.1M. Free cash flow: 2021-12-31 $-34.8M, 2022-12-31 $348.2M, 2023-12-31 $38.7M, 2024-12-31 $273.4M, 2025-12-31 $429.8M

Growth heatmap

2022202320242025CAGR
Revenue
+4.0%
+20.4%
-84.5%
+3.0%
-33.2%
Gross profit
-3.3%
+25.4%
-149.1%
+78.0%
No data
Operating income
-96.1%
-1682.8%
-979.1%
+34.5%
No data
Free cash flow
+1101.4%
-88.9%
+607.1%
+57.2%
No data

Earnings quality

Operating cash flow
$432.1M+57.2% YoY
Net income
$-221.1M+48.6% YoY
Free cash flow
$429.8M+57.2% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -195%, 2024-12-31 -64%, 2023-12-31 15%, 2022-12-31 177%, 2021-12-31 -22%. Free cash flow: 2025-12-31 -194%, 2024-12-31 -64%, 2023-12-31 11%, 2022-12-31 171%, 2021-12-31 -22%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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