RC PRESS-RELEASE SEC Filing Analysis

Latest settled — T+5d

RC ▼ -8.99% at T+5d

SHORT call ✓ call won +8.99% · α vs SPY +10.46% · entry $1.89 → $1.72

Next anchor: T+20d in 12d

Last close $1.81 (close May 22) · +4.23% from $1.89 entry (call sign-flipped)

Entry anchored
May 7, 03:59 PM ET
via Databento tick

T+1d

-6.35%

call +6.35% · α +6.58%

$1.77

settled 16d ago

T+5d

-8.99%

call +8.99% · α +10.46%

$1.72

settled 10d ago

T+20d

—

call — · α —

—

in 12d

T+60d

—

call — · α —

—

in 2mo

Price Chart

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Executive Summary

Ready Capital reported a Q1 2026 distributable loss per share of $(0.33), missing consensus of $(0.20) by 65%, as the company executed its balance sheet repositioning with $1.4B in loan sales and realized losses. The GAAP loss was $(1.25) per share, and book value fell to $7.43. The ongoing delevering creates near-term earnings pressure but aims to reset the platform for long-term profitability.

Actionable Insight

The large miss and continued book value erosion suggest further downside risk until the repositioning plan concludes (expected by Q2 end). Monitor upcoming loan sale announcements and any further credit deterioration in the CRE portfolio.

Key Facts

GAAP loss per share of $(1.25) for Q1 2026
Distributable loss per share of $(1.00), or $(0.33) before realized losses
Consensus distributable EPS was $(0.20); actual $(0.33) represents a 65% miss
Book value per share fell to $7.43 from $9.47 at year-end 2025
Sold $1.0B in CRE loans YTD, generating $177M net proceeds after debt paydowns
Retired $184M of corporate debt, with $450M in remaining 2026 maturities
Total leverage at 3.0x, recourse leverage at 1.8x
60+ day core delinquencies rose to 14.8% of CRE portfolio

Financial Impact

Q1 2026 distributable loss of $159.8M; GAAP net loss $200.1M

EPSdistributable earningsbook valueleverage

Risk Factors

Further realized losses from the $1.2B loan sale process
Continued book value pressure and potential dividend cuts
Rising delinquencies may signal deeper credit issues

Market Snapshot

Exchange

NYSE

Sector

Real Estate Investment Trusts

Analyst Consensus

0% bullish (16 analysts)

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

Document	Accession Number
PRESS-RELEASE Data (Synthetic)	press-3290723

5 reports for RC

T+1T+5T+20T+60

Filters

Reports for RC — sortable, filterable
	Type				Now
May 7, 2026 16d ago	Press Release BEARISH ★ 8/10	$1.89 $1.72	▲ +8.99%	▲ +10.46%	$1.81 (+4.23%)
May 1, 2026 22d ago	Press Release NEUTRAL ★ 2/10	$1.86 $1.77	▼ −4.84%	▼ −7.77%	$1.81 (−2.69%)
Mar 24, 2026 8w ago	8-K NEUTRAL ★ 5/10	$1.52 $1.62	▲ +6.55%	▲ +6.97%	$1.81 (+19.05%)
Mar 16, 2026 9w ago	EFFECT NEUTRAL ★ 4/10	$1.69 $1.54	▼ −8.82%	▼ −6.78%	$1.81 (+7.14%)
Mar 13, 2026 10w ago	Press Release NEUTRAL ★ 3/10	$1.69 $1.54	▼ −8.82%	▼ −6.78%	$1.81 (+7.14%)

US Market Status

Market Closed — Opens Tue (34h 49m)

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