Ready Capital Corporation Reports Third Quarter 2026 Results
Ready Capital reported a Q3 2026 GAAP loss of $(0.40) per share versus $(0.13) a year earlier, with a distributable loss of $(0.53) per share including $51.9 million of realized losses on investment sales. The company issued $225.0 million of 10.00% Senior Secured Notes due 2031 and retired its entire $350.0 million of 4.50% notes, completing the cleanup of 2026 corporate maturities; the 10% coupon signals materially higher funding costs. Book value fell to $6.44 per share, total assets shrank to $5.78 billion from $7.77 billion at year-end, and the common dividend was cut to $0.01 per share.
Key figures
- Guidance
- No formal guidance; management priorities are bringing distributable earnings and free cash flow to breakeven and resolving the legacy non-performing commercial loan portfolio
- Cash
- 157000000
- Total assets
- 5783337000
- Total leverage
- 2.8x
- New notes coupon
- 10.00%
- Loan originations
- 303400000
- Recourse leverage
- 1.5x
- Unencumbered assets
- 606000000
- Book value per share
- 6.44
- Dividend declared per share
- 0.01
AI analysis
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