**Ready Capital Corp Reports Annual Financial Results**
Ready Capital Corp (NYSE: RC), a multi-strategy real estate finance company, released its financial results for the fiscal year ended December 31, 2025. The company, which focuses on originating, acquiring, financing, and servicing lower-to-middle-market (LMM) loans, SBA loans, construction loans, USDA loans, and mortgage-backed securities (MBS), reported a net loss from continuing operations of $215.9 million, translating to a loss of $1.41 per common share on both a basic and diluted basis. This compares to a net loss of $412.0 million in the previous fiscal year.
The company's loan portfolio stood at $5.9 billion, diversified across 8,931 loans in 50 states and Europe, with 96% secured by senior liens. The LMM Commercial Real Estate segment reported gross assets of $5.9 billion, while the Small Business Lending segment reported $1.3 billion. The company's distributable earnings, a non-GAAP measure used to evaluate performance and determine dividends, showed a loss of $246.0 million, or $1.59 per share, compared to a profit of $28.4 million in the prior year.
Strategic developments for Ready Capital in 2025 included the completion of the UDF IV Merger, which expanded its presence in residential real estate development financing. The company also completed the disposition of its Residential Mortgage Banking segment, classifying it as a discontinued operation. The company originated approximately $1.8 billion in loans across its LMM and SBL segments. The company sold 27 loans totaling $597.3 million across 2 transactions for expected net proceeds of $130.7 million after financing payments.
Ready Capital's key operational developments included a total leverage ratio of 3.5x and a recourse leverage ratio of 1.6x as of December 31, 2025. The company actively participated in the Paycheck Protection Program (PPP) prior to its termination in May 2021. The company's outlook includes a focus on expanding its market presence and growing its LMM securitization capabilities. The company anticipates using various borrowings as part of its financing strategy, including re-securitizations, repurchase agreements, warehouse facilities, bank credit facilities, and equity and debt issuances. In February of 2026, the company repaid in full its 5.75% Senior Notes due 2026 upon the maturity of such notes.
About Ready Capital Corp
Ready Capital Corporation is a multi-strategy real estate finance company specializing in originating, acquiring, and servicing small-to-medium size loans for commercial real estate and small businesses. Its core segments include LMM (small-balance commercial real estate) loans and government-backed SBA and USDA loans. The company offers diverse financing solutions, primarily through securitizations, targeting small business owners, real estate investors, and institutional investors in the U.S. and Europe.
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