Ready Capital Corp is a US-listed company in the mortgage REITs industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Ready Capital has little or no product revenue yet.
Our model value for Ready Capital is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Ready Capital Corp's trailing-twelve-month revenue grew 3.0% year on year, with a free-cash-flow margin of -19094.8%.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 319.0% while net income fell 82.3%: a 401pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Ready Capital Corp's latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Ready Capital Corp at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Ready Capital Corp as a mortgage reit, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$2.5 ~$2.1–$4.3 | Included |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$5.2 ~$4.5–$6.2 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ready Capital Corp with mortgage REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Ready Capital's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 1.5% of total assets over 10 years.
Net margin has been a median 27.4%; its worst year was -144.1%.
The diluted share count rose 182.6% over five years; stock-based pay has been a median 1.4% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 5, 2026, after the close. Analysts expect revenue of $100m and EPS of −$0.47 (range −$0.90 to −$0.18) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.31 | −45% | $343m | −40% |
| Next | −$0.79 | +66% | $319m | −7% |
The consensus EPS forecast for the current fiscal year is +14.8% on 90 days ago. In the last 30 days, 2 analysts raised Ready Capital Corp's forecast and 2 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$2.01 | −$0.57 |
| 60 days ago | −$2.15 | −$0.70 |
| 30 days ago | −$2.15 | −$0.70 |
| 7 days ago | −$2.40 | −$0.82 |
| Now | −$2.31 | −$0.79 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.48 | −$0.47 | +2.5% |
| Mar 2026 | −$0.20 | −$1.00 | −400.0% |
| Dec 2025 | −$0.14 | −$0.43 | −210.4% |
| Sept 2025 | −$0.24 | −$0.94 | −292.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| RC | +40% | −18% | +6% | −24% | −65% | −50% |
| Industry peers (median) | +26% | −22% | +17% | +4% | +6% | −21% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| RC | 67% | 50% | 50% | 33% | 33% | 18% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| RC | −15% | −34% | −30% | −28% | −67% | −58% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 90% from January 4, 2022 to October 22, 2026. Getting back needed a 850% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | +11.0% | +0.5% | +15.6% | +13.6% |
| May 7, 2026 | −7.4% | +0.5% | −15.7% | −15.2% |
| February 26, 2026 | +11.4% | −1.0% | +24.1% | −8.4% |
| November 6, 2025 | −3.3% | −1.0% | −12.2% | −15.8% |
| August 8, 2025 | −10.6% | +0.6% | −9.7% | +1.9% |
| May 8, 2025 | −6.3% | +0.6% | 0.0% | −0.2% |
| March 3, 2025 | −28.6% | −2.9% | −26.0% | −23.8% |
| November 7, 2024 | +4.7% | +1.2% | +1.3% | +6.9% |
| August 7, 2024 | +0.1% | +1.6% | −5.0% | −9.8% |
| May 9, 2024 | −0.9% | +0.7% | +2.5% | −2.6% |
| February 27, 2024 | −5.0% | +0.1% | −5.7% | +3.3% |
| November 7, 2023 | +1.0% | +0.4% | +2.5% | +5.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $527.2M |
| FY23 Q4 | $637.8M |
| FY24 Q1 | $495M |
| FY24 Q2 | $126.7M |
| FY24 Q3 | $134.3M |
| FY24 Q4 | $98.8M |
| FY25 Q1 | $193.1M |
| FY25 Q2 | $214.7M |
| FY25 Q3 | $193M |
| FY25 Q4 | $101.7M |
| FY26 Q1 | -$1.6M |
| FY26 Q2 | -$5.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q1 | -0.0% |
| FY23 Q2 | 58.6% |
| FY23 Q3 | 42.8% |
| FY23 Q4 | 49.8% |
| FY24 Q1 | 36.2% |
| FY24 Q2 | -78.0% |
| FY24 Q3 | -74.5% |
| FY24 Q4 | -84.5% |
| FY25 Q1 | -61.0% |
| FY25 Q2 | 69.5% |
| FY25 Q3 | 43.7% |
| FY25 Q4 | 3.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY16 Q1 | 66.9% |
| FY16 Q2 | 57.8% |
| FY16 Q3 | 49.8% |
| FY16 Q4 | 11.0% |
| FY17 Q1 | 21.0% |
| FY17 Q2 | 125.1% |
| FY17 Q3 | 124.7% |
| FY25 Q2 | 120.4% |
| FY25 Q3 | 244.1% |
| FY25 Q4 | 421.9% |
| FY26 Q1 | -56522.6% |
| FY26 Q2 | -19094.8% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 24 | 19 | 78 | 121 | 145 | 205 | 208 | 253 | 418 | 324 | 426 | 638 | 99 | 102 | −6 |
| Net income | 19 | 7 | 29 | 40 | 49 | 43 | 59 | 73 | 45 | 150 | 186 | 331 | −444 | −237 | −564 |
| Diluted EPS | $2.38 | $0.92 | $3.08 | $1.59 | $1.85 | $1.38 | $1.84 | $1.72 | $0.81 | $2.16 | $1.65 | $2.22 | −$2.63 | −$1.44 | −$3.36 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | −21.0% | +305.9% | +53.9% | +19.9% | +41.5% | +1.6% | +21.4% | +65.4% | −22.5% | +31.5% | +49.8% | −84.5% | +3.0% | −102.6% |
| Net income | — | −65.7% | +340.6% | +37.7% | +21.8% | −12.0% | +36.9% | +23.1% | −38.5% | +234.8% | +24.0% | +77.9% | −233.9% | — | — |
| Diluted EPS | — | −61.3% | +234.8% | −48.4% | +16.4% | −25.4% | +33.3% | −6.5% | −52.9% | +166.7% | −23.6% | +34.5% | −218.5% | — | — |
| Margins | |||||||||||||||
| Net margin | 79.5% | 34.5% | 37.4% | 33.5% | 34.0% | 21.1% | 28.5% | 28.9% | 10.7% | 46.4% | 43.7% | 52.0% | −449.3% | −232.8% | >999% |
| Cash flow | |||||||||||||||
| Cash from operations | 3 | 8 | −256 | 29 | 16 | 352 | 140 | −52 | 69 | −34 | 359 | 51 | 275 | 432 | 1,089 |
| Stock-based pay | — | — | — | — | 0 | 1 | 0 | 1 | 5 | 7 | 7 | 8 | 8 | 6 | 7 |
| Balance sheet | |||||||||||||||
| Cash | 19 | 218 | 57 | 42 | 60 | 63 | 54 | 68 | 139 | 193 | 147 | 139 | 144 | 208 | 124 |
| Total debt | 0 | 0 | 0 | 0 | 927 | 637 | 835 | 1,189 | 1,294 | 2,518 | 2,846 | 2,102 | 1,352 | 1,395 | 1,211 |
| Net debt (negative = net cash) | −19 | −218 | −57 | −42 | 868 | 574 | 780 | 1,121 | 1,155 | 2,325 | 2,699 | 1,964 | 1,208 | 1,187 | 1,087 |
| Diluted shares | 8m | 8m | 11m | 25m | 27m | 31m | 32m | 42m | 54m | 69m | 117m | 149m | 170m | 167m | 168m |
| Returned to shareholders | |||||||||||||||
| Dividends | — | — | 17 | 36 | 47 | 48 | 51 | 63 | 57 | 112 | 188 | 215 | 206 | 113 | 53 |
| Buybacks | 14 | — | — | — | 0 | — | — | — | 9 | — | 37 | 18 | 82 | 68 | 12 |
| Total returned | 14 | — | 17 | 36 | 47 | 48 | 51 | 63 | 66 | 112 | 225 | 233 | 288 | 181 | 65 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 107 | 77 | 40 | −10 | 85 | −14 | −63 | −14 |
| Net income | −11 | −318 | 78 | −57 | −21 | −236 | −204 | −104 |
| Diluted EPS | −$0.07 | −$1.88 | $0.46 | −$0.34 | −$0.13 | −$1.43 | −$1.25 | −$0.63 |
| Growth (year on year) | ||||||||
| Revenue | +7.6% | −31.5% | — | — | −20.3% | −118.4% | −256.9% | — |
| Net income | −125.9% | <−999% | — | — | — | — | −362.9% | — |
| Diluted EPS | −128.0% | — | — | — | — | — | −371.7% | — |
| Margins | ||||||||
| Net margin | −10.5% | −412.9% | 192.6% | 588.3% | −24.3% | >999% | 322.8% | 748.2% |
| Cash flow | ||||||||
| Cash from operations | 221 | 29 | 108 | −100 | 435 | −11 | 590 | 75 |
| Stock-based pay | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 3 |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $31.1M | 17.7M | 19.0% | ▲ 22.4% |
| UBS Group AG | $19.9M | 11.4M | 12.2% | ▲ 0.7% |
| Private Management Group Inc | $13.9M | 7.9M | 8.5% | ▲ 9.5% |
| Vanguard Capital Management LLC | $11.4M | 6.5M | 7.0% | ▼ 0.3% |
| Mason Capital Management LLC | $7.6M | 4.3M | 4.6% | 0.0% |
| Geode Capital Management, LLC | $6.9M | 3.9M | 4.2% | ▲ 4.9% |
| Waterfall Asset Management, LLC | $6.8M | 3.9M | 4.2% | 0.0% |
| State Street Corp | $5.9M | 3.4M | 3.6% | ▼ 1.1% |
| AQR Capital Management LLC | $5.5M | 3.1M | 3.4% | ▲ 92.8% |
| Charles Schwab Investment Management Inc | $5.3M | 3.0M | 3.3% | ▼ 6.0% |
| Goldman Sachs Group Inc | $3.1M | 1.8M | 1.9% | ▼ 13.7% |
| Morgan Stanley | $3.1M | 1.8M | 1.9% | ▲ 5.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ready Capital Corp's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Ahlborn Andrew Chief Financial Officer | May 29, 2026 | Buy | 2,799 | $1.82 | $5,094 |
| Ahlborn Andrew Chief Financial Officer | May 29, 2026 | Sell | 2,798 | $1.81 | $5,064 |
| Ahlborn Andrew Chief Financial Officer | May 29, 2026 | Sell | 1 | $1.82 | $1 |
| Nathan Gilbert E Director | March 6, 2026 | Buy | 30,000 | $1.95 | $58,500 |
| Nathan Gilbert E Director | March 5, 2026 | Buy | 10,000 | $2.02 | $20,200 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Ready Capital Corp disclosed in the last 12 months; 2 earlier trades on record.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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