RC Ready Capital Corp
Price Chart
Executive Summary
Ready Capital Corp reported a GAAP net loss of $200.1M for Q1 2026, driven by a $119.5M realized loss on loan sales as part of a balance sheet repositioning plan. The company generated $1.4B in cash from loan sales and liquidations to repay $1.1B in asset-level financing and $184M of corporate debt, but this resulted in a GAAP loss per share of $(1.25) and a distributable loss per share of $(1.00). Core CRE 60+ day delinquencies surged to 14.8% from 6.7% in Q4 2025, reflecting the impact of loan sales and aggressive asset management.
Actionable Insight
The balance sheet repositioning is generating cash but destroying book value and earnings in the near term. Monitor the completion of the $1.2B loan sale process expected by end of Q2 2026, which management says should alleviate further material book value pressure. The elevated 14.8% delinquency rate and reliance on asset sales for liquidity suggest continued credit risk.
Key Facts
- GAAP net loss of $200.1M for Q1 2026 vs. net income of $82.0M in Q1 2025
- GAAP loss per share of $(1.25) vs. EPS of $0.47 in Q1 2025
- Distributable loss per share of $(1.00) vs. distributable loss of $(0.09) in Q1 2025
- Revenue (interest income) fell to $81.7M from $155.0M in Q1 2025, a 47.3% decline
- Net interest income before loan loss provisions swung to a loss of $(15.1M) from a gain of $14.5M in Q1 2025
- Realized losses on sale of investments totaled $119.5M
- Book value per share fell to $7.43 from $8.79 at Q4 2025
- 60+ day core CRE delinquencies rose to 14.8% from 6.7% in Q4 2025
- Total leverage reduced to 3.0x from 3.5x at Q4 2025
- Initiated sale process for up to $1.2B of loans as final phase of balance sheet repositioning
Financial Impact
GAAP net loss of $200.1M, distributable loss of $159.8M, book value decline of $1.36 per share
Risk Factors
- Further book value erosion from ongoing loan sales at discounts
- Elevated CRE delinquency rates may signal deeper portfolio credit issues
- Remaining $450M in 2026 corporate debt maturities create refinancing risk
- Distributable loss of $(1.00) per share far exceeds the $0.01 dividend, indicating unsustainable payout
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-032299 |
| Document: 0001628280-26-032299-index.html | 0001628280-26-032299 |
| Document: 0001628280-26-032299.txt | 0001628280-26-032299 |
| 8-K Data (Synthetic) | 0001628280-26-032299 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 7, 2026
5w ago
|
Press Release
| $1.89 $1.71 | ▲ +9.52% | ▲ +9.55% | $1.69 (+10.58%) |
|
May 7, 2026
5w ago
|
8-K
| $13.60 $12.56 | ▲ +7.65% | ▲ +7.67% | $1.69 (+87.57%) |
|
May 1, 2026
6w ago
|
Press Release
| $1.86 $1.67 | ▼ −10.22% | ▼ −15.86% | $1.69 (−9.14%) |
|
Apr 22, 2026
7w ago
|
25-NSE
| $12.09 $12.61 | ▲ +4.30% | ▲ +1.14% | $1.69 (−86.02%) |
|
Mar 24, 2026
11w ago
|
8-K
| $1.52 $1.92 | ▲ +26.28% | ▲ +17.38% | $1.69 (+11.15%) |
|
Mar 16, 2026
12w ago
|
EFFECT
| $1.69 $1.62 | ▼ −4.11% | ▼ −7.89% | $1.69 (+0.04%) |
|
Mar 13, 2026
13w ago
|
Press Release
| $1.69 $1.62 | ▼ −4.11% | ▼ −7.89% | $1.69 (+0.04%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access