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Ready Capital Corporation — Third Quarter 2026 Earnings Summary

  • GAAP net loss widened to $62.2 million ($0.40 per share) from $16.7 million ($0.13 per share) in the prior year period, driven by a decline in total non-interest income to $25.3 million from $74.9 million and higher non-interest expenses.
  • Management prioritizes achieving breakeven distributable earnings and free cash flow while resolving the legacy non-performing commercial loan portfolio; the company successfully retired all 2026 corporate maturities.
  • Capital structure actions included retiring the entire $350.0 million 4.50% Senior Secured Notes and issuing $225.0 million in new 10.00% Senior Secured Notes due 2031, leaving $606 million in unencumbered assets.
  • Business segment performance showed a net interest loss of $16.8 million in the LMM Commercial Real Estate segment versus a $4.1 million net interest income in the Small Business Lending segment, with total loan originations reaching $303.4 million.
Company
READY CAPITAL CORP
Sector
Financial Services
Industry
REIT - Mortgage