Ready Capital Corporation Reports Third Quarter 2026 Results
Q3 GAAP loss $(0.40)/sh and distributable loss $(0.53)/sh; book value $6.44/sh; $350M 4.50% notes retired in September.
What this release says
Ready Capital reported a GAAP loss of $(0.40) per common share and a distributable loss of $(0.53) per share for the quarter ended September 30, 2026. The company says that after repaying its November notes it will have retired all 2026 corporate maturities, and its stated priorities are reaching distributable earnings breakeven and resolving legacy non-performing commercial loans. For a shareholder, the quarter was a loss, while the debt refinancing removes a near-term maturity cluster.
Key figures
- GAAP loss per share
- $(0.40)
- Distributable loss per share
- $(0.53)
- Book value per share
- $6.44
- Cash at quarter end
- $157 million
- Total leverage
- 2.8x
- Total loan originations
- $303.4 million
Positive for shareholders
- The company issued $225.0 million of 10.00% Senior Secured Notes due 2031 and retired the $350.0 million 4.50% notes in September 2026.
- Management says all 2026 corporate maturities will be retired once the November notes are repaid.
- Hotel occupancy rose 18% year-over-year to 58% at the Portland Ritz, with Room RevPar up 35% to $271.
Negative for shareholders
- The company posted a GAAP loss and a distributable loss for the quarter.
- The new notes carry a 10.00% interest rate, compared with the 4.50% rate on the notes they replaced.
- Management lists resolving the remaining legacy non-performing commercial loan portfolio as a priority, which remains outstanding.
Written by Quantisnow AI from this release. Not financial advice.
Key terms
- Distributable earnings:
- A non-GAAP profit measure, formerly called core earnings, that strips out certain non-cash and one-time items and is used to set dividends.
- Recourse leverage:
- The share of borrowing that the company itself is liable to repay, as opposed to debt secured only by specific assets.
- Non-performing loans:
- Loans where the borrower has stopped making scheduled payments.
- RevPar:
- Revenue per available room, a hotel measure combining occupancy and average room rate.
FAQ
Why did Ready Capital report a loss this quarter?
The release reports a GAAP loss of $(0.40) per common share and a distributable loss of $(0.53) per share, with a distributable loss of $(0.21) per share before realized losses.
What debt changes did Ready Capital make in the quarter?
It issued $225.0 million of 10.00% Senior Secured Notes due 2031 and retired the entire $350.0 million 4.50% Senior Secured Notes in September 2026.
What are Ready Capital's stated priorities after this quarter?
CEO Thomas Capasse said the immediate priorities are bringing distributable earnings and free cash flow to breakeven and resolving the remaining legacy non-performing commercial loan portfolio.
Historical context for RC
Across the 20 sessions after earlier RC headlines, the stock closed higher 9 times and lower 10 times, with a median move of 2.9% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | RC | SPY |
|---|---|---|---|
| Nov 2, 2026 | Ready Capital Corporation Announces Third Quarter 2026 Results and Webcast Call | +0.0% | -0.5% |
| Sep 18, 2026 | Ready Capital Corporation Prices $225 Million of Senior Secured Notes Due 2031 and Announces Redemption of $350 Million of Notes Due 2026 | +1.8% | -0.1% |
| Sep 16, 2026 | Ready Capital Corporation Declares Third Quarter 2026 Dividends | -1.2% | -0.4% |
| Sep 3, 2026 | Waterfall Asset Management and Delaware Life Complete Refinancing of The Torrance in Southern California | +0.6% | +1.0% |
| Aug 19, 2026 | Lincoln, Saber-Hightower and Waterfall Acquire $450M Tri-State Mixed-Asset Portfolio | +4.1% | +0.2% |
| Aug 7, 2026 | Ready Capital Corporation Reports Second Quarter 2026 Results | +10.3% | +0.6% |
Keep researching RC
- RC earnings historyPast Ready Capital Corporation earnings releases, newest first.
- What is Earnings per share?A company's net income available to common shareholders divided by its weighted average shares outstanding, reported as basic and diluted figures.
- How to read an earnings reportAn earnings report is a company's quarterly results release, usually filed under 8-K Item 2.02. Learn how to read revenue, EPS, margins, guidance and the 10-Q.
- Earnings calendarWho reports this week, and the results as they come out.
- RC financial statementsRevenue, profit, cash flow and balance sheet from Ready Capital Corporation's SEC filings.
- Market cap
- 30-day
- Sector
- Real Estate
- Industry
- Real Estate Investment Trusts
- Listed since
- 2013
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