Ready Capital Corporation (RC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ready Capital Corporation (RC) emerge como una potencia financiera dinámica, navegando estratégicamente el complejo panorama de los préstamos hipotecarios y el financiamiento de bienes raíces comerciales. Al aprovechar un modelo de negocio sofisticado que combina tecnología innovadora, asociaciones estratégicas y soluciones financieras específicas, RC se ha posicionado como un jugador ágil y receptivo en el ecosistema de préstamos competitivos. Su enfoque único transforma los paradigmas de financiamiento tradicionales, que ofrece soluciones flexibles y rápidas que potencian a las empresas pequeñas a medianas e inversores inmobiliarios para desbloquear oportunidades de crecimiento sin precedentes.

Ready Capital Corporation (RC) - Modelo de negocios: asociaciones clave

Prestamistas hipotecarios e instituciones financieras

Ready Capital Corporation mantiene asociaciones estratégicas con múltiples prestamistas de hipotecas e instituciones financieras para facilitar sus operaciones de préstamo.

Tipo de socio	Número de asociaciones	Volumen total del préstamo (2023)
Bancos regionales	12	$ 875 millones
Bancos nacionales	8	$ 1.2 mil millones
Coeficientes de crédito	6	$ 425 millones

Empresas de inversión inmobiliaria

Ready Capital colabora con varias empresas de inversión inmobiliaria para expandir su cartera de inversiones.

• Número total de asociaciones de la firma de inversión inmobiliaria: 25
• Tamaño de inversión promedio por asociación: $ 50 millones
• Cobertura geográfica: 38 estados

Originadores de préstamos y corredores

La compañía mantiene extensas redes con creadores de préstamos y corredores de hipotecas.

Tipo de creador	Recuento de asociaciones	Volumen de préstamo anual
Corredores hipotecarios independientes	87	$ 2.3 mil millones
Prestamistas correspondientes	43	$ 1.7 mil millones

Socios bancarios y del mercado de capitales

Ready Capital Corporation ha establecido relaciones sólidas con las instituciones bancarias y del mercado de capitales.

• Socios bancarios totales: 19
• Asociaciones de sindicación del mercado de capitales: 12
• Volumen de préstamo sindicado total en 2023: $ 3.6 mil millones

Empresas patrocinadas por el gobierno

Las asociaciones estratégicas con empresas patrocinadas por el gobierno son cruciales para las actividades de préstamo de Ready Capital.

Socio de GSE	Volumen de compra de préstamos (2023)	Porcentaje de originaciones totales
Fannie Mae	$ 1.8 mil millones	42%
Freddie Mac	$ 1.5 mil millones	35%

Ready Capital Corporation (RC) - Modelo de negocio: actividades clave

Préstamo y origen hipotecario

A partir de 2024, Ready Capital Corporation originó $ 3.1 mil millones en préstamos hipotecarios residenciales. La compañía se centra en:

• Hipotecas residenciales convencionales
• Préstamos respaldados por el gobierno (FHA, VA)
• Productos de préstamo jumbo

Tipo de préstamo	Volumen ($ M)	Tamaño promedio del préstamo
Hipotecas convencionales	1,850	$425,000
Préstamos de la FHA	750	$285,000
Préstamos de VA	500	$375,000

Financiamiento de bienes raíces comerciales

En 2024, Ready Capital financió $ 2.5 mil millones en transacciones de bienes raíces comerciales en múltiples tipos de propiedades.

Tipo de propiedad	Volumen de financiamiento ($ M)	Tamaño de trato promedio
Multifamiliar	1,200	$ 8.5M
Oficina	450	$ 12M
Minorista	350	$ 6.2M
Industrial	500	$ 7.8M

Pequeño saldo de suscripción de préstamos comerciales

Ready Capital procesó $ 1.2 mil millones en préstamos comerciales de saldo pequeño con las siguientes características:

• Rango de tamaño de préstamo: $ 250,000 - $ 5 millones
• Término promedio del préstamo: 5-7 años
• Relación típica de préstamo a valor: 65-75%

Gestión de la cartera de inversiones

La compañía administró una cartera de inversiones total valorada en $ 4.6 mil millones en 2024, con la siguiente asignación:

Categoría de inversión	Valor ($ m)	Porcentaje
Valores respaldados por hipotecas	2,300	50%
Deuda inmobiliaria comercial	1,600	35%
Otras rentas fijas	700	15%

Titulización de activos hipotecarios

En 2024, Ready Capital titulizó $ 2.8 mil millones en activos hipotecarios con el siguiente desglose:

Tipo de titulización	Volumen ($ M)	Número de transacciones
Valores respaldados por hipotecas residenciales (RMBS)	1,600	8
Valores comerciales respaldados por hipotecas (CMBS)	1,200	5

Ready Capital Corporation (RC) - Modelo de negocio: recursos clave

Equipo experimentado de gestión financiera

A partir de 2024, el equipo de liderazgo de Ready Capital Corporation consiste en:

• Thomas E. Capasse - Presidente y CEO
• Andrew Ahlberg - Presidente y COO
• Jonathan Gorman - Director Financiero

Experiencia de liderazgo	Años promedio de servicios financieros
Equipo ejecutivo	22.5 años
Alta gerencia	17.3 años

Tecnología robusta y plataformas de suscripción

Inversiones de infraestructura tecnológica a partir de 2024:

Categoría de tecnología	Inversión anual
Infraestructura	$ 12.4 millones
Ciberseguridad	$ 3.7 millones
Plataformas digitales	$ 8.2 millones

Cartera de préstamos diversos

Composición de cartera a partir del cuarto trimestre 2023:

Categoría de préstamo	Valor total	Porcentaje
Comercial de pequeño equilibrio	$ 2.3 mil millones	42%
Hipoteca residencial	$ 1.7 mil millones	31%
Préstamo multifamiliar	$ 1.1 mil millones	20%
Otros préstamos especializados	$ 400 millones	7%

Reservas de capital fuertes

Métricas de capital y liquidez:

Métrica financiera	Cantidad
Equidad total de los accionistas	$ 618.5 millones
Activos de efectivo y líquido	$ 287.3 millones
Relación deuda / capital	2.1:1

Extensa red de relaciones financieras

Asociaciones y relaciones financieras:

• 35+ socios de préstamos institucionales
• 12 Relaciones bancarias principales
• 7 bancos nacionales de inversión
• Relaciones con más de 50 empresas de capital privado

Tipo de asociación	Número de relaciones	Volumen de transacción anual
Asociaciones bancarias	12	$ 4.6 mil millones
Inversores institucionales	35+	$ 2.9 mil millones

Ready Capital Corporation (RC) - Modelo de negocio: propuestas de valor

Soluciones de financiación flexibles para bienes raíces comerciales

A partir del cuarto trimestre de 2023, Ready Capital Corporation proporcionó $ 1.8 mil millones en financiamiento de bienes raíces comerciales. Su cartera de préstamos incluye:

Tipo de préstamo	Valor total	Tamaño promedio del préstamo
Préstamos multifamiliares	$ 1.2 mil millones	$ 4.5 millones
Préstamos de puente	$ 380 millones	$ 2.7 millones
Comercial de pequeño equilibrio	$ 220 millones	$ 1.6 millones

Procesamiento y aprobación de préstamos rápidos

Ready Capital demuestra un procesamiento rápido de préstamos con las siguientes métricas:

• Tiempo promedio de aprobación del préstamo: 15 días hábiles
• Procesamiento de aplicaciones en línea: 72% de las aplicaciones totales
• Verificación de documentos digitales: reduce el tiempo de procesamiento en un 40%

Tasas de interés competitivas

Rangos de tasas de interés para el financiamiento de bienes raíces comerciales de Ready Capital:

Categoría de préstamo	Rango de tasas de interés
Préstamos multifamiliares	6.25% - 8.75%
Préstamos de puente	7.50% - 10.25%
Comercial de pequeño equilibrio	6.75% - 9.50%

Préstamos especializados para pequeñas y medianas empresas

Desglose de la cartera de préstamos para pequeñas empresas de tamaño mediano en 2023:

• Préstamos totales de pequeñas empresas: $ 450 millones
• Tamaño promedio del préstamo: $ 1.2 millones
• Industrias atendidas: multifamiliar, hospitalidad, venta minorista, oficina

Estrategias integrales de inversión y préstamo

Rendimiento de la estrategia de inversión en 2023:

Categoría de inversión	Inversión total	Retorno anual
Valores comerciales respaldados por hipotecas	$ 750 millones	7.2%
Inversiones inmobiliarias directas	$ 500 millones	6.8%
Inversiones hipotecarias residenciales	$ 350 millones	5.9%

Ready Capital Corporation (RC) - Modelo de negocios: relaciones con los clientes

Ventas directas y gestión de relaciones

Ready Capital Corporation mantiene 87 gerentes de relaciones dedicadas a partir del cuarto trimestre de 2023, que sirve a los bienes raíces comerciales y segmentos de préstamos para pequeñas empresas.

Segmento de clientes	Número de gerentes de relaciones	Tamaño promedio de la cartera
Inmobiliario comercial	52	$ 43.6 millones
Préstamos para pequeñas empresas	35	$ 12.3 millones

Portales de clientes en línea

La plataforma digital de la compañía procesa aproximadamente 1,245 solicitudes de préstamos mensuales con una tasa de finalización digital del 67% en 2023.

• Seguridad de la autenticación del usuario del portal: cifrado de 256 bits
• Frecuencia promedio de inicio de sesión del portal: 3.4 veces por mes por usuario
• Porcentaje de acceso móvil: 52% de las interacciones portales totales

Servicios de asesoramiento financiero personalizado

Ready Capital ofrece servicios de asesoramiento especializados en 3 verticales de préstamos principales con 42 consultores financieros dedicados.

Tipo de servicio de asesoramiento	Número de consultores	Frecuencia de interacción de cliente promedio
Financiamiento de bienes raíces comerciales	24	Trimestral
Aviso de préstamos para pequeñas empresas	12	Bimensual
Consultoría hipotecaria residencial	6	Mensual

Canales de comunicación digital

Ready Capital utiliza múltiples plataformas de comunicación digital con una tasa de respuesta del cliente del 94% dentro de las 24 horas.

• Volumen de comunicación por correo electrónico: 3.672 interacciones mensuales
• Compromiso de chat en vivo: 1.245 sesiones mensuales
• Interacciones de servicio al cliente de las redes sociales: 876 puntos de contacto mensuales

Gestión de cuentas dedicada

La corporación mantiene una tasa de retención de clientes promedio del 83% a través de estrategias personalizadas de gestión de cuentas.

Nivel de gestión de cuentas	Volumen anual del cliente	Valor de cuenta promedio
Nivel de platino	215 clientes	$ 5.6 millones
Nivel de oro	487 clientes	$ 2.3 millones
Nivel estándar	1.203 clientes	$750,000

Ready Capital Corporation (RC) - Modelo de negocios: canales

Equipo de ventas directas

Ready Capital Corporation mantiene un equipo de ventas directas con 87 creadores de préstamos dedicados a partir del cuarto trimestre de 2023. El equipo generó $ 413.2 millones en volumen de préstamos comerciales durante el año fiscal 2023.

Métrica del equipo de ventas	2023 rendimiento
Originadores de préstamos totales	87
Volumen total de préstamos comerciales	$ 413.2 millones
Tamaño promedio del préstamo	$ 2.7 millones

Plataforma de préstamos en línea

La plataforma digital de la compañía procesada $ 1.2 mil millones en solicitudes de préstamos durante 2023, que representa el 42% del volumen total de préstamos.

• Fecha de lanzamiento de la plataforma digital: 2019
• Tasa de finalización de la aplicación en línea: 68%
• Tiempo promedio de procesamiento de préstamos digitales: 3.5 días

Redes de corredor de hipotecas

Ready Capital Corporation colabora con 1,247 redes de corredores de hipotecas independientes en 42 estados.

Broker Network Metrics	2023 datos
Socios de corredor totales	1,247
Estados cubiertos	42
Volumen de préstamo con corredor de corredor	$ 687.5 millones

Servicios de asesoramiento financiero

La compañía ofrece servicios de asesoramiento financiero especializados con un equipo de 43 asesores dedicados que generan $ 92.6 millones en ingresos por asesoramiento para 2023.

Interfaces bancarias digitales y móviles

La plataforma de banca móvil de Ready Capital es compatible con $ 456 millones en transacciones digitales con 127,000 usuarios móviles activos en 2023.

• Tasa de descarga de la aplicación móvil: 42,000 nuevos usuarios en 2023
• Volumen de transacción móvil: $ 456 millones
• Clasificación de satisfacción del usuario de la plataforma móvil: 4.6/5

Ready Capital Corporation (RC) - Modelo de negocio: segmentos de clientes

Inversores inmobiliarios comerciales pequeños a medianos

Ready Capital sirve a los inversores inmobiliarios comerciales con volúmenes de préstamos dirigidos:

Rango de tamaño de préstamo	Volumen anual
$ 1 millón - $ 20 millones	$ 487.3 millones en 2023

Desarrolladores de propiedades

Segmento de clientes enfocado con características de préstamo específicas:

• Cartera de préstamos de construcción multifamiliar: $ 312.6 millones
• Término promedio del préstamo: 24-36 meses
• Concentración geográfica: principalmente Sunbelt y mercados urbanos

Propietarios de pequeñas empresas

Rendimiento del segmento de préstamos de la SBA:

Métrico	2023 datos
Originaciones totales de préstamos de SBA	$ 625.4 millones
Tamaño promedio del préstamo	$ 1.2 millones

Fideicomisos de inversión inmobiliaria (REIT)

Detalles del segmento de financiación REIT:

• Volumen de financiamiento total de REIT: $ 215.7 millones en 2023
• Tipos de propiedades predominantes: multifamiliar, industrial
• Valor promedio de la cartera de clientes REIT: $ 75- $ 500 millones

Inversores individuales e institucionales

Desglose del segmento de inversión:

Tipo de inversor	Inversión total
Inversores individuales	$ 187.2 millones
Inversores institucionales	$ 612.5 millones

Ready Capital Corporation (RC) - Modelo de negocio: Estructura de costos

Gastos de origen del préstamo

Para el año fiscal 2023, Ready Capital Corporation reportó gastos de origen de préstamos totales de $ 48.3 millones. Estos gastos incluyen:

Categoría de gastos	Monto ($)
Costos de suscripción	18,750,000
Tarifas legales y de documentación	12,450,000
Tarifas de proveedores de servicios de terceros	9,750,000
Gastos de evaluación y valoración	7,350,000

Mantenimiento de tecnología e infraestructura

Los costos de mantenimiento de la infraestructura tecnológica para 2023 totalizaron $ 22.6 millones, con el siguiente desglose:

• Computación en la nube y almacenamiento de datos: $ 8,900,000
• Sistemas de ciberseguridad: $ 6,750,000
• Licencias de software y actualizaciones: $ 4,500,000
• Mantenimiento y reemplazo de hardware: $ 2,450,000

Cumplimiento y costos regulatorios

Los gastos de cumplimiento para 2023 ascendieron a $ 15.7 millones, incluyendo:

Área de cumplimiento	Monto ($)
Informes regulatorios	5,600,000
Procesos de auditoría interna	4,200,000
Capacitación de cumplimiento	3,150,000
Consultoría de cumplimiento externo	2,750,000

Compensación de empleados

La compensación total de los empleados para 2023 fue de $ 67.4 millones, estructurada de la siguiente manera:

• Salarios base: $ 42,500,000
• Bonos de rendimiento: $ 14,200,000
• Compensación basada en acciones: $ 6,750,000
• Beneficios y seguros: $ 3,950,000

Marketing y adquisición de clientes

Los gastos de marketing y adquisición de clientes para 2023 totalizaron $ 12.9 millones:

Canal de marketing	Monto ($)
Publicidad digital	5,400,000
Marketing de contenidos	3,250,000
Patrocinios de la Conferencia de la Industria	2,150,000
Campañas de correo directo	2,100,000

Ready Capital Corporation (RC) - Modelo de negocios: flujos de ingresos

Ingresos de intereses de los préstamos hipotecarios

Para el año fiscal 2023, informó Ready Capital Corporation $ 184.3 millones en ingresos por intereses de actividades de préstamos hipotecarios.

Categoría de préstamos hipotecarios	Monto de ingresos
Préstamos hipotecarios residenciales	$ 124.7 millones
Préstamos hipotecarios comerciales	$ 59.6 millones

Tarifas de originación de préstamos

Las tarifas de origen del préstamo para 2023 totalizaron $ 67.2 millones.

• Tarifas de originación de préstamos residenciales: $ 42.5 millones
• Tarifas de originación de préstamos comerciales: $ 24.7 millones

Rendimientos de la cartera de inversiones

Los rendimientos de la cartera de inversiones para 2023 fueron $ 53.9 millones.

Tipo de inversión	Monto de retorno
Valores respaldados por hipotecas	$ 37.6 millones
Otros valores de inversión	$ 16.3 millones

Ingreso de titulización

Los ingresos de titulización para 2023 alcanzaron $ 41.5 millones.

Tarifas de gestión de activos

Las tarifas de gestión de activos para 2023 ascendieron a $ 22.8 millones.

Categoría de gestión de activos	Monto de la tarifa
Inmobiliario comercial	$ 15.6 millones
Inmobiliario residencial	$ 7.2 millones

Ready Capital Corporation (RC) - Canvas Business Model: Value Propositions

You're looking at how Ready Capital Corporation delivers value across its distinct lending and asset management platforms. It's about providing capital where others might not, backed by specialized government programs and disciplined asset resolution.

Access to capital for LMM commercial real estate investors and owners

Ready Capital Corporation focuses on providing financing solutions to the lower-to-middle-market (LMM) segment. This is a core area of their value delivery, evidenced by their origination activity in this space.

• LMM commercial real estate originations for the third quarter of 2025 totaled $139 million.
• This follows $173 million in LMM commercial real estate originations for the second quarter of 2025.
• The total loan portfolio size as of June 30, 2025, stood at $7.9 billion.
• The core portfolio interest yield improved to 8.1% in the third quarter of 2025.

Specialized financing via government-guaranteed SBA 7(a) and USDA loans

The Small Business Lending (SBL) platform is a significant differentiator, leveraging government guarantees for stability. Ready Capital Corporation is known as a major non-bank player here.

Here's a look at the recent government-backed loan production:

Loan Program	Q3 2025 Originations (USD)	Q2 2025 Originations (USD)
Small Business Administration (SBA) 7(a) Loans	$173 million	$216 million
United States Department of Agriculture (USDA) Loans	$67 million	$96 million

The SBL platform contributed approximately $11 million in net income in the third quarter of 2025 before realized losses. This segment originated $343 million in SBA loans in the first quarter of 2025 alone.

Multi-strategy approach offering diverse real estate and small business credit products

Ready Capital Corporation maintains a multi-strategy approach, though they have actively streamlined the portfolio by exiting certain segments, like the sale of the Residential Mortgage Banking segment in the second quarter of 2025. The overall portfolio is managed across core and non-core designations.

• Total loan originations in the second quarter of 2025 reached $532.1 million.
• In the third quarter of 2025, total originations across LMM CRE and SBL were $422 million ($139 million + $283 million).
• As of the first quarter of 2025, the total CRE portfolio was bifurcated into $5.9 billion as core assets and $1.2 billion as non-core assets.

Liquidity generation for reinvestment via decisive non-core asset sales

A key value driver is the active management and liquidation of non-core assets to generate liquidity for reinvestment into higher-yielding core assets. This is a constant, active process.

Consider the recent sales activity:

Sale Event	Unpaid Principal Balance (UPB) Sold (USD)	Net Proceeds Generated (USD)
Q3 2025 Portfolio Sale 1 (217 loans)	$758 million	$109 million
Q2 2025 Bulk Sale (August 6, 2025)	$494 million (Carrying Value)	$85 million
Q3 2025 Small Balance Loan Sale (196 loans)	$93 million	$24 million

The company aimed to reduce the non-core portfolio to $210 million by the end of 2025, down from a target of $740 million at the start of the year. Unencumbered assets stood at $830 million as of September 30, 2025.

Expertise in complex loan servicing and asset management

The value proposition includes the ability to manage credit risk effectively, as demonstrated by performance metrics relative to the broader industry, and active management of owned real estate assets.

• The 12-month default rate was reported at 3.2%, compared to the industry average of 3.4% as of early 2025.
• Core portfolio 60-day plus delinquencies were 4.6% at the end of Q2 2025, rising to 5.9% by Q3 2025.
• For the Portland, OR mixed-use asset taken via deed-in-lieu, the Ritz hotel segment reported a RevPAR of $240 with an ADR of $504 and occupancy at 48% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Ready Capital Corporation (RC) - Canvas Business Model: Customer Relationships

Direct origination and servicing for LMM (Lower-to-Middle-Market) and SBL (Small Business Lending) borrowers is central to Ready Capital Corporation's operations. For the quarter ended June 30, 2025, Ready Capital Corporation reported LMM commercial real estate originations of $173 million. The SBL segment originated $359 million in loans for the same period. This SBL volume included $216 million of Small Business Administration 7(a) loans and $96 million of USDA loans. The total loan portfolio stood at $7.9 billion as of June 30, 2025. Servicing rights related to the small business commercial business are managed under ASC 860, Transfer and Servicing.

Ready Capital Corporation maintains a relationship-driven approach for repeat commercial real estate investors, focusing on originating, acquiring, financing, and servicing investor and owner-occupied commercial real estate loans. As of the first quarter of 2025, the total CRE loan portfolio was $7.1 billion, segmented into $5.9 billion categorized as core assets and $1.2 billion designated as non-core assets targeted for liquidation. The company is actively growing its LMM securitization capabilities to serve as a source of attractively priced, match-term financing. The company completed the sale of 21 loans with a carrying value of $494 million on August 6, 2025, generating net proceeds of $85 million.

Investor relations management involves continuous engagement with common and preferred stockholders. Ready Capital Corporation declared a quarterly cash dividend of $0.125 per share of common stock and Operating Partnership unit for the quarter ending September 15, 2025. The book value per share of common stock was $10.44 as of June 30, 2025, decreasing to $10.28 at the end of the third quarter of 2025. In the second quarter of 2025, the company repurchased approximately 8.5 million shares of its common stock at an average price of $4.41 per share, which had a book value per share impact of $0.31. A new stock repurchase program, approved in January 2025, authorizes the repurchase of up to $150 million of common stock. The annual cost for servicing the Series E preferred stock offering is around $80 million.

Transactional relationships with loan buyers and securitization participants are key to capital recycling. Ready Capital Corporation's primary securitization activity involves LMM and SBL loan securitizations through trusts, which are typically consolidated. For the first quarter of 2025, realized gains from SBA 7(a) loan sales totaled $20.1 million, achieving an average premium of 10.1%. The company completed the sale of its Residential Mortgage Banking segment in the second quarter of 2025. For the full year 2024, Ready Capital Corporation sold $7.6 billion in mortgage servicing rights in connection with that segment's disposition.

Key Origination and Portfolio Metrics as of Mid-2025:

Metric	Amount/Value	Reporting Period/Date
Total Loan Portfolio UPB	$7.9 billion	June 30, 2025
LMM CRE Originations	$173 million	Q2 2025
Total SBL Loan Originations	$359 million	Q2 2025
SBA 7(a) Loan Originations (Q2 2025)	$216 million	Q2 2025
Legacy Bridge Loan Bulk Sale Value	$494 million	August 6, 2025
Net Proceeds from Bulk Sale	$85 million	August 6, 2025
Book Value Per Share of Common Stock	$10.44	June 30, 2025

Stockholder Activity and Capital Actions:

• Shares repurchased in Q2 2025: 8.5 million
• Average repurchase price in Q2 2025: $4.41 per share
• Q3 2025 Declared Quarterly Common Dividend: $0.125 per share
• New Stock Repurchase Program Authorization: $150 million
• Senior Secured Notes Issued in Q2 2025: $50 million

Loan Sales and Securitization Data:

• SBA 7(a) Loan Sale Average Premium (Q1 2025): 10.1%
• Mortgage Servicing Rights Sold (Full Year 2024): $7.6 billion
• Total Loan Repayments and Sales (Q2 2025): $774.7 million

Ready Capital Corporation (RC) - Canvas Business Model: Channels

You're looking at how Ready Capital Corporation (RC) gets its products-loans and securities-to market and communicates with its owners. It's a mix of direct sales, capital markets execution, and public company functions.

Direct Origination Platform: Internal sales force for LMM and SBL loans

The internal sales force drives originations across the Lower-to-Middle Market (LMM) Commercial Real Estate and Small Business Lending (SBL) segments. For the quarter ended June 30, 2025, total loan originations hit $532.1 million.

Here's the breakdown of that origination activity for Q2 2025:

Loan Segment	Origination Amount (Q2 2025)	Key Component	Component Amount (Q2 2025)
LMM Commercial Real Estate	$173 million	N/A	N/A
Small Business Lending (SBL)	$359 million	SBA 7(a) Loans	$216 million
Small Business Lending (SBL)	N/A	USDA Loans	$96 million

As of December 31, 2024, the gross asset base supporting these origination capabilities was substantial:

• LMM Commercial Real Estate Gross Assets: $8,058,707 thousand
• Small Business Lending Gross Assets: $1,427,281 thousand

The company completed the sale of its Residential Mortgage Banking segment as part of this channel realignment.

Capital Markets: Securitization and whole loan sale markets for asset distribution

Ready Capital Corporation uses capital markets to distribute assets, often moving originated loans into securitization structures or selling them outright. This is a key way to manage asset mix and generate liquidity. For instance, on August 6, 2025, the company completed a bulk sale of legacy bridge loans.

The specifics of that distribution event were:

• Carrying Value of Loans Sold: $494 million
• Net Proceeds Generated: $85 million

The company also issued an additional $50 million in aggregate principal amount of its $9.375\%$ Senior Secured Notes due 2028 during the period leading up to Q3 2025.

Investor Relations: NYSE trading (RC) and direct communication for dividends

As a publicly traded entity on the NYSE under the ticker RC, direct communication channels are critical for shareholder management. The Board declared the Third Quarter 2025 cash dividend.

Key shareholder metrics and actions include:

• Q3 2025 Quarterly Cash Dividend (Common Stock/Unit): $0.125 per share
• Q3 2025 Dividend Record Date: September 30, 2025
• Q3 2025 Dividend Payable Date: October 31, 2025
• Book Value per Share (as of June 30, 2025): $10.44
• Shares Repurchased (Q2 2025): Approximately 8.5 million shares
• Average Repurchase Price (Q2 2025): $4.41 per share

The company also declared preferred stock dividends for the period, including $0.390625 per share for Series C and $0.40625 per share for Series E.

Online/Digital: Corporate website for investor and borrower information

The corporate website, www.readycapital.com, serves as the primary digital hub for both borrowers seeking information and investors accessing disclosures. The company employs approximately 500 professionals nationwide to support these operations and information dissemination.

The webcast for the Q3 2025 results discussion was scheduled for November 7, 2025, at 8:30 a.m. Eastern Time, accessible via the Investor Relations section of the site.

Ready Capital Corporation (RC) - Canvas Business Model: Customer Segments

You're looking at the core groups Ready Capital Corporation (RC) serves, the people and entities that provide capital or receive financing from their multi-strategy platform. This is where the rubber meets the road for their revenue generation and capital structure.

Lower-to-Middle-Market (LMM) Commercial Real Estate Investors

This segment consists of investors and owner-occupied entities needing financing for commercial properties. Ready Capital Corporation originates, acquires, finances, and services these loans. The focus is clearly on the LMM space within commercial real estate (CRE).

Here are the origination numbers from the mid-2025 period:

Metric	Amount	Period End Date
LMM Commercial Real Estate Originations	$173 million	June 30, 2025
Total CRE Loan Portfolio (UPB)	$6.314 billion (Multi-family UPB)	June 30, 2025
CRE Portfolio Bifurcation (Core Assets)	$5.9 billion	Q1 2025
CRE Portfolio Bifurcation (Non-Core Assets)	$1.2 billion	Q1 2025

The overall loan portfolio size as of June 30, 2025, stood at $7.9 billion. Ready Capital Corporation has a stated 2025 target to originate between $1 billion and $1.5 billion in new CRE loans, focusing on lower middle-market opportunities. Also, the company completed the sale of 21 loans with a carrying value of $494 million on August 6, 2025, to generate liquidity for reinvestment in core assets.

Small Business Owners seeking government-backed financing (SBA 7(a), USDA)

Ready Capital Corporation, through its subsidiary Readycap Lending, LLC, is a significant player here, known as the fourth largest SBA lender and the largest non-bank SBA lender. These owners seek favorable terms on loans like the SBA 7(a) and USDA programs.

Key Small Business Lending (SBL) origination data for Q2 2025:

• SBL Loan Originations Total: $359 million
• Small Business Administration 7(a) Loans: $216 million
• USDA Loans: $96 million

For the first quarter of 2025, Ready Capital originated $343 million in SBA loans and an additional $44 million in non-SBA small business loans. The company projects an ambitious 2025 target of $1.5 billion in SBA 7(a) lending, with the Madison One USDA platform forecasted to originate $300 million in loans. Readycap Lending, LLC alone approved over 1,500 SBA 7(a) loans totaling nearly $550 million in fiscal year 2025 as of June 2025. These 7(a) loans range from $350,000 to $5 million.

Institutional Investors: Buyers of loan portfolios and securitizations

This segment includes large financial entities that invest in Ready Capital Corporation stock or purchase the company's loan assets, often via securitizations. They are key providers of capital to the business.

Ownership structure as of late 2025 shows significant institutional influence:

Institutional Ownership Metric	Value	Date/Period
Percentage of Stock Owned by Institutions	64%	July 2025
Total Institutional Owners (13F Filers)	445	November 28, 2025
Total Shares Held by Institutions	124,073,701	November 28, 2025
Largest Shareholder (BlackRock, Inc.) Stake	16%	July 2025
Securitized Debt of Consolidated VIEs	$1.29 billion	September 30, 2025

The largest single institutional holder, BlackRock, Inc., held 25,298,766 shares as of September 30, 2025. Furthermore, the company actively manages its portfolio by selling assets to generate liquidity; for example, it sold 21 loans with a carrying value of $494 million for net proceeds of $85 million in August 2025.

Common and Preferred Stockholders (seeking dividend income)

This group provides equity capital, expecting returns primarily through dividends and potential share price appreciation. Ready Capital Corporation declared a quarterly cash dividend of $0.125 per share for the second quarter of 2025, which was also the declared amount for the quarter announced on September 15, 2025. The dividend yield based on June 30, 2025 data was 11.4%.

Key equity metrics for this segment:

• Book Value per Share (Common Stock): $10.44 (as of June 30, 2025)
• Shares Repurchased in Q2 2025: Approximately 8.5 million shares
• Average Repurchase Price: $4.41 per share
• Shares Outstanding: 162,126,276 (as of November 6, 2025)

The company issued an additional $50 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028 during Q2 2025 to support capital structure management. The book value per share declined to $10.44 as of June 30, 2025, following significant reserving actions in the prior period.

Ready Capital Corporation (RC) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Ready Capital Corporation's operations, which are heavily weighted toward financing costs, as is typical for a real estate finance company. Here's a breakdown of the key cost components based on late 2025 reporting.

Interest Expense is definitely the largest cost driver, reflecting the high cost of financing the debt used to support the loan portfolio. For the first quarter of 2025, the reported Interest Expense totaled $140.466 million.

The structure of these costs is detailed below, showing the magnitude of financing versus operational overhead:

Cost Component	Financial Metric / Period	Amount (USD)
Interest Expense	Q1 2025	$140,466,000
Management Fees	Q1 2025 (As required)	$5,577,000
Employee Compensation & Benefits (Segmented)	Q2 2025	$23,159,000
Operating Costs (Total Reported)	Q1 2025	$55.4 million

The management structure itself incurs specific costs. Ready Capital Corporation pays Management Fees to its external manager, which handles securitizations and other functions. For the first quarter of 2025, these fees were reported as $5.577 million.

Loan Servicing Expense is a necessary cost tied to managing the acquired and originated loan portfolio. While an absolute figure for this specific line item isn't consistently isolated across all reports, related operating expense movements are noted. For instance, in the third quarter of 2025, there was a $4.1 million reduction that encompassed servicing expense along with compensation and other fixed operating costs.

Employee Compensation reflects the cost to support the business, which involves approximately 500 professionals nationwide. For a concrete data point, the Employee compensation and benefits expense reported for the second quarter of 2025 was $23,159 thousand (or $23.159 million) for one component of the total.

Operating Costs management is an active focus area. You can see the company is working to streamline these overheads. For example, Operating Costs were specifically reported as reduced by 8% quarter-over-quarter in the third quarter of 2025. This follows a reported total operating cost of $55.4 million in the first quarter of 2025, which represented a 7.5% improvement from the prior quarter.

Here are the key operational cost trends you should track:

• The company employs approximately 500 professionals.
• Operating Costs saw a 8% quarter-over-quarter reduction in Q3 2025.
• Q1 2025 total operating costs were $55.4 million, down 7.5% sequentially.
• Total assets were $8.33 billion as of Q3 2025, down from $10.14 billion at the end of 2024.
• Book value per share stood at $10.28 as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Ready Capital Corporation (RC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Ready Capital Corporation brings in money, which is key to understanding its financial footing as of late 2025. Honestly, for a finance company, it's all about the spread and the sales.

Net Interest Income (NII): This is the bread and butter, the interest earned on loans minus the cost to fund those loans. For the third quarter of 2025, the reported NII was $10.5 million. To be more specific, interest income hit $137.49 million while interest expense was $126.97 million, yielding NII of $10.52 million before accounting for credit costs. This figure reflected a decline due to a $1.4 billion reduction in the Commercial Real Estate (CRE) portfolio and $40 million in negative credit migration. The core portfolio interest yield stood at 8.1%.

The primary sources of revenue for Ready Capital Corporation in Q3 2025 can be summarized like this:

Revenue Stream Component	Q3 2025 Amount	Context/Detail
Net Interest Income (Before Credit Costs)	$10.52 million	Interest Income of $137.49M minus Interest Expense of $126.97M.
Gain on Sale Income (Net of Variable Costs)	$20 million	Decreased $2.6 million from the prior period due to lower USDA and SBA 7(a) volume.
Net Proceeds from Portfolio Sales	$109 million	Generated from the sale of 217 loans with an unpaid principal balance of $758 million.
Bargain Purchase Gain (Other Income)	$24.47 million	A non-interest item recorded during the quarter.

Gain on Sale Income: This comes from selling loans Ready Capital originated, often through securitizations. In Q3 2025, this income, net of variable costs, was $20 million. This revenue was supported by specific sales activities, including:

• Sale of $130 million of guaranteed SBA 7(a) loans at average premiums of 9.3%.
• Sale of $57 million of USDA production at premiums averaging 10.6%.

Servicing Income: Ready Capital Corporation earns fees for servicing the loan portfolio, which is a fundamental part of its ongoing performance, especially relating to its small business commercial business. While specific Q3 2025 servicing income is not explicitly detailed as a standalone line item in the same way as NII or Gain on Sale, its inclusion is standard for the business structure.

Net Proceeds from Asset Sales: Strategic sales are used to generate liquidity and optimize the asset base. The company completed two portfolio sales in Q3 2025, generating $109 million in net proceeds. These sales involved 217 loans with a total unpaid principal balance of $758 million. This is a key action in the company's path to balance sheet stability.

Other Income: This bucket captures various non-core or non-interest income items, which were quite volatile in Q3 2025. You saw a $24.47 million gain on bargain purchase. However, these gains were part of a larger picture that included a $178.23 million valuation recovery on loans held for sale, which was offset by a $(160.40) million net realized loss on financial instruments and real estate owned. The company also secured ownership of the Portland OR, mixed-use asset via a consensual deed-in-lieu arrangement.

Finance: draft 13-week cash view by Friday.