Ready Capital Corp (RC) Form 8-K — Nov 5, 2026
Ready Capital (NYSE: RC) reported a Q3 2026 GAAP loss per share of $(0.40) and distributable loss per share of $(0.53), deepening from $(0.13) and $(0.94) a year ago. Book value per share fell 5.7% sequentially to $6.44, and the company cut its dividend to $0.01 per share. The company retired all 2026 corporate maturities, issuing $225 million of 10.00% Senior Secured Notes due 2031 to retire $350 million of 4.50% notes — at a steeply higher cost of debt. It ended the quarter with $157 million of cash, $606 million of unencumbered assets, and total leverage of 2.8x.
Key figures
- Guidance
- Management priorities: bringing distributable earnings and free cash flow to breakeven and resolving remaining legacy non-performing commercial loan portfolio
- Total Debt
- 3345000000
- Total Assets
- 5783337000
- Cash Position
- 157130000
- Retired notes
- $350.0 million 4.50% Senior Secured Notes retired September 2026
- Total leverage
- 2.8x
- Distributable roe
- -31.0%
- Recourse leverage
- 1.5x
- Unencumbered assets
- 606000000
- Book value per share
- 6.44
- Senior secured notes due
- 2031
- Senior secured notes rate
- 10.00%
- Total loan originations q3
- 303400000
- Dividend per share declared
- 0.01
- Senior secured notes issued
- 225000000
- Non performing cre carry value
- 833000000
AI analysis
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