Ready Capital Corporation (RC) Earnings Call Transcripts

Ready Capital Corporation's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Ready Capital Corporation reported a GAAP loss of $1.25 per common share, reflecting the ongoing impact of its balance sheet repositioning strategy. Revenue decreased significantly to $16.2 million from $41.5 million in the prior quarter, primarily due to a $28.5 million reduction in net interest income. Management maintained its liquidity plan, projecting an additional $400 million liquidity from the sale of $2 billion to $2.5 billion in CRE loans and REO assets by year-end, indicating a focus on deleveraging and transitioning to a more capital-efficient business model.

Reported metrics

Guidance from management

Management expects to generate an additional $400 million in liquidity from asset sales through year-end and anticipates a stabilization of leverage around 2.5x post-transition.

What management said

Yes. And the total assets, as Tom said in his remarks, we expect another $2 billion to $2.5 billion reduction in the loan portfolio. So based on current total assets of roughly $6.3 billion, we'd expect that number to come down closer to $4 billion.

Yes. What I would say is the change in book value between the first quarter and where we end up in the second quarter base is going to be highly dependent on -- how much of that $2.5 billion we end up selling to cover the remaining liquidity needs to get through the '26 maturities. So there's a little bit of variability based on the execution of those upcoming trades.

What analysts pressed on

Analysts expressed concerns regarding the increase in nonperforming assets and the potential impact on future earnings. Questions were raised about the adequacy of reserves and the implications of ongoing operating losses on deferred tax assets.

Main topics on the call

• Balance Sheet Repositioning — Management highlighted the successful generation of $1.4 billion in cash from loan sales and liquidations, which allowed for the paydown of over $1.1 billion in warehouse debt. CEO Tom Capasse stated, "We are transitioni...
• Revenue Decline — Ready Capital's revenue fell sharply to $16.2 million, down from $41.5 million in the previous quarter, largely due to a $16.5 million reduction in net interest income. CFO Andrew Ahlborn noted, "The decline in interest ...
• Liquidity Plan — The company is on track to generate an incremental $400 million liquidity from asset sales, with a focus on reducing corporate debt. Capasse mentioned, "We believe these remaining actions... are sufficient to retire our ...
• Nonperforming Assets — Management acknowledged an increase in nonperforming assets, which now includes $800 million to $900 million of sub and nonperforming loans. Capasse indicated that this sub-portfolio has a current quarterly earnings drag...

Read the full Ready Capital Corporation transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 31 Ready Capital Corporation earnings call transcripts on record, spanning March 12, 2020 to August 7, 2026. Based on this history, Ready Capital Corporation reports quarterly. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

RC

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Mortgage Real Estate Investment Trusts (REITs)

Calls on record

31

First call

March 12, 2020

Most recent

August 7, 2026

Reporting cadence

quarterly