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Ready Capital (RC) investor relations material
Ready Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Reported a GAAP net loss of $16.9 million for Q3 2025, or $(0.13) per common share, with distributable loss per share of $(0.94).
Book value per share at quarter end was $10.28.
Focused on restoring financial health through portfolio yield improvement, asset sales, and risk management of 2026 debt maturities.
Completed major acquisitions, including United Development Funding IV and Funding Circle, expanding origination and servicing capabilities.
Declared a dividend of $0.125 per common share and repurchased 2.5 million shares at an average price of $4.17.
Financial highlights
Total assets were $8.33 billion as of September 30, 2025, down from $10.14 billion at December 31, 2024.
Net interest income before provision for loan losses was $10.5 million, down from $38.0 million in Q3 2024.
Total loan portfolio stood at $6.5 billion, with $421.8 million in new originations and $1.3 billion in repayments and sales.
Distributable loss before realized losses was $(0.04) per share; distributable losses were $149.6 million for Q3 2025.
Dividend yield for Q3 was 12.9% based on the closing share price.
Outlook and guidance
Management expects sufficient liquidity to meet obligations and address 2026 debt maturities, with $150 million in unrestricted cash and $830 million in unencumbered assets.
Plans to accelerate asset sales and de-lever the balance sheet, which may impact book value.
Strategic cost reduction initiatives and asset management agreements underway, especially for the Portland mixed-use asset.
Dividend and share repurchase policy to be reviewed in context of liquidity and leverage priorities.
Management believes current strategies will lead to balance sheet stability and future profitability.
Path to 2.5x gross leverage by 2026
Timeline for Portland asset exit
SBA lending volume growth target for 2026
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Next Ready Capital earnings date
Q4 20252 Mar, 2026
Next Ready Capital earnings date
Q4 20252 Mar, 2026
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Frequently asked questions
Ready Capital Corporation is a real estate finance company that originates, acquires, and services small-to-medium balance commercial loans. The company provides financing solutions for real estate investors, small businesses, and multifamily property owners. Ready Capital operates through a diversified portfolio of real estate-backed loans and investments. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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