10-Q · May 8, 2026
Ready Capital Corporation reported a substantial loss in Q1 2026, with net income plunging to $(200.1) million compared to a profit of $82.4 million in Q1 2025, driven by an increased provision for loan losses. Revenue…
Earnings analysis · 10-Q
RC earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Ready Capital reported diluted EPS of $(0.47), below the $(0.25) consensus estimate, while the available filing text does not provide sufficient income-statement, segment, balance-sheet or cash-flow detail to quantify…
Read full summary
Ready Capital reported diluted EPS of $(0.47), below the $(0.25) consensus estimate, while the available filing text does not provide sufficient income-statement, segment, balance-sheet or cash-flow detail to quantify broader quarterly trends. The filing continues to highlight material credit, liquidity and interest-rate risks, including a modeled $2.241 million reduction in 12-month pretax net interest income from a 100-basis-point rate increase and $595.695 million of repurchase-agreement exposure to JPMorgan Chase. No quantitative company guidance or material formal risk-factor changes were provided.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.47
What stood out
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Controls Remained Effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
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Rate Sensitivity Quantified
The company reported a 12-month pretax net-interest-income sensitivity of $(736) thousand under an instantaneous 25-basis-point rate increase and $(2.241) million under a 100-basis-point increase.
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Repurchase Capacity Remains
The company retained $82.770 million of capacity under its $150.0 million share-repurchase authorization after purchasing 100,843 shares at an average price of $1.63 per share during the quarter.
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Counterparty Exposures Disclosed
The largest disclosed repurchase-agreement counterparty exposure was JPMorgan Chase Bank at $595.695 million, equal to 44.4% of stockholders’ equity; Nomura exposure was $201.042 million, or 15.0%.
What to watch
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EPS Miss and Ongoing Losses
The reported diluted EPS of $(0.47) missed the $(0.25) consensus estimate by $0.22 per share, indicating continued earnings pressure.
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Floating-Rate Exposure
A 100-basis-point instantaneous increase in rates is modeled to reduce 12-month pretax net interest income by $2.241 million; a 100-basis-point decrease is modeled to increase it by $4.870 million.
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Counterparty Concentration
JPMorgan Chase represented $595.695 million of repurchase-agreement amount at risk, or 44.4% of stockholders’ equity, creating material concentration and counterparty exposure.
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Broadmark Litigation Advances
The company disclosed that plaintiffs’ class-certification briefing in the Broadmark State Court Litigation is expected to be completed by September 2026; the litigation seeks compensatory damages and other relief.
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Credit Loss and Default Risk
The company states that unanticipated credit losses on LMM loans, LMM ABS and other target assets could adversely affect operating results, while significant rising rates or an economic downturn could increase defaults and credit losses.
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No Formal Risk-Factor Update
The company reported no material changes from the risk factors previously disclosed in its Form 10-K, so no newly added or removed risk factor was identified in the available filing text.
Management's outlook
No quantitative revenue or EPS guidance was provided in the available 10-Q text; outlook deferred or not provided.
Earlier filings 2
10-K · April 30, 2026
Ready Capital Corporation reported significant challenges in its financial performance for the fiscal year 2025, particularly in revenue generation and profit margins. Despite pockets of recovery in certain quarters of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.