Ready Capital Corporation (RC): Business Model Canvas [Jan-2025 Mis à jour]

Ready Capital Corporation (RC) apparaît comme une puissance financière dynamique, naviguant stratégiquement dans le paysage complexe des prêts hypothécaires et du financement immobilier commercial. En tirant parti d'un modèle commercial sophistiqué qui mélange une technologie innovante, des partenariats stratégiques et des solutions financières ciblées, RC s'est positionné comme un acteur agile et réactif dans l'écosystème de prêt compétitif. Leur approche unique transforme les paradigmes de financement traditionnels, offrant des solutions flexibles et rapides qui permettent aux petites et moyennes entreprises et aux investisseurs immobiliers de débloquer des opportunités de croissance sans précédent.

Ready Capital Corporation (RC) - Modèle d'entreprise: partenariats clés

Prêteurs hypothécaires et institutions financières

Ready Capital Corporation maintient des partenariats stratégiques avec plusieurs prêteurs hypothécaires et institutions financières pour faciliter ses opérations de prêt.

Type de partenaire	Nombre de partenariats	Volume total des prêts (2023)
Banques régionales	12	875 millions de dollars
Banques nationales	8	1,2 milliard de dollars
Coopératives de crédit	6	425 millions de dollars

Sociétés d'investissement immobilier

Ready Capital collabore avec diverses sociétés d'investissement immobilier pour étendre son portefeuille d'investissement.

• Nombre total de partenariats de sociétés d'investissement immobilier: 25
• Taille moyenne des investissements par partenariat: 50 millions de dollars
• Couverture géographique: 38 États

Originateurs et courtiers de prêt

La société maintient de nombreux réseaux avec des créateurs de prêts et des courtiers hypothécaires.

Type d'initiateur	Coup de partenariat	Volume de prêt annuel
Courtiers hypothécaires indépendants	87	2,3 milliards de dollars
Prêteurs correspondants	43	1,7 milliard de dollars

Partenaires bancaires et du marché des capitaux

Ready Capital Corporation a établi des relations solides avec les institutions bancaires et du marché des capitaux.

• Total des partenaires bancaires: 19
• Partenariats de syndication du marché des capitaux: 12
• Volume total des prêts syndiqués en 2023: 3,6 milliards de dollars

Entreprises parrainées par le gouvernement

Les partenariats stratégiques avec les entreprises parrainés par le gouvernement sont cruciaux pour les activités de prêt de Ready Capital.

Partenaire GSE	Volume d'achat de prêt (2023)	Pourcentage de total d'origine
Fannie Mae	1,8 milliard de dollars	42%
Freddie Mac	1,5 milliard de dollars	35%

Ready Capital Corporation (RC) - Modèle d'entreprise: activités clés

Prêts hypothécaires et origine

En 2024, Ready Capital Corporation a créé 3,1 milliards de dollars de prêts hypothécaires résidentiels. L'entreprise se concentre sur:

• Hypothèques résidentielles conventionnelles
• Prêts soutenus par le gouvernement (FHA, VA)
• Produits de prêt jumbo

Type de prêt	Volume ($ m)	Taille moyenne du prêt
Hypothèques conventionnelles	1,850	$425,000
Prêts FHA	750	$285,000
Prêts VA	500	$375,000

Financement immobilier commercial

En 2024, Ready Capital a financé 2,5 milliards de dollars de transactions immobilières commerciales sur plusieurs types de propriétés.

Type de propriété	Volume de financement ($ m)	Taille moyenne de l'accord
Multifamilial	1,200	8,5 M $
Bureau	450	12 millions de dollars
Vente au détail	350	6,2 M $
Industriel	500	7,8 M $

Souscription de prêts commerciaux de petit solde

Ready Capital traité 1,2 milliard de dollars en prêts commerciaux à petit solde avec les caractéristiques suivantes:

• Gamme de taille de prêt: 250 000 $ - 5 millions de dollars
• Terme moyenne du prêt: 5-7 ans
• Ratio de prêt / valeur typique: 65-75%

Gestion du portefeuille d'investissement

La société a géré un portefeuille d'investissement total d'une valeur de 4,6 milliards de dollars en 2024, avec l'allocation suivante:

Catégorie d'investissement	Valeur ($ m)	Pourcentage
Titres adossés à des créances hypothécaires	2,300	50%
Dette immobilière commerciale	1,600	35%
Autres revenu fixe	700	15%

Titrisation des actifs hypothécaires

En 2024, Ready Capital sécurisait 2,8 milliards de dollars d'actifs hypothécaires avec la ventilation suivante:

Type de titrisation	Volume ($ m)	Nombre de transactions
Titres adossés à des créances hypothécaires (RMBS)	1,600	8
Titirités adossées à des créances hypothécaires (CMBS)	1,200	5

Ready Capital Corporation (RC) - Modèle d'entreprise: Ressources clés

Équipe de gestion financière expérimentée

Depuis 2024, l'équipe de direction de Ready Capital Corporation se compose de:

• Thomas E. Capasse - président-directeur général
• Andrew Ahlberg - Président et COO
• Jonathan Gorman - directeur financier

Expérience de leadership	Années moyennes dans les services financiers
Équipe de direction	22,5 ans
Senior	17,3 ans

Technologie robuste et plateformes de souscription

Investissements sur l'infrastructure technologique en 2024:

Catégorie de technologie	Investissement annuel
Infrastructure informatique	12,4 millions de dollars
Cybersécurité	3,7 millions de dollars
Plates-formes numériques	8,2 millions de dollars

Portefeuille de prêts diversifié

Composition de portefeuille au T4 2023:

Catégorie de prêt	Valeur totale	Pourcentage
Petit équilibre commercial	2,3 milliards de dollars	42%
Hypothèque résidentielle	1,7 milliard de dollars	31%
Prêts multifamiliaux	1,1 milliard de dollars	20%
Autres prêts spécialisés	400 millions de dollars	7%

Solides réserves de capital

Métriques de capital et de liquidité:

Métrique financière	Montant
Total des capitaux propres des actionnaires	618,5 millions de dollars
Actif en espèces et liquide	287,3 millions de dollars
Ratio dette / fonds propres	2.1:1

Réseau étendu de relations financières

Partenariats et relations financières:

• 35+ partenaires de prêt institutionnel
• 12 relations bancaires majeures
• 7 banques d'investissement nationales
• Relations avec plus de 50 sociétés de capital-investissement

Type de partenariat	Nombre de relations	Volume de transaction annuel
Partenariats bancaires	12	4,6 milliards de dollars
Investisseurs institutionnels	35+	2,9 milliards de dollars

Ready Capital Corporation (RC) - Modèle d'entreprise: propositions de valeur

Solutions de financement flexibles pour l'immobilier commercial

Au quatrième trimestre 2023, Ready Capital Corporation a fourni 1,8 milliard de dollars de financement immobilier commercial. Leur portefeuille de prêts comprend:

Type de prêt	Valeur totale	Taille moyenne du prêt
Prêts multifamiliaux	1,2 milliard de dollars	4,5 millions de dollars
Prêts de ponts	380 millions de dollars	2,7 millions de dollars
Petit équilibre commercial	220 millions de dollars	1,6 million de dollars

Traitement et approbation des prêts rapides

Ready Capital démontre un traitement rapide des prêts avec les mesures suivantes:

• Temps d'approbation du prêt moyen: 15 jours ouvrables
• Traitement des applications en ligne: 72% du total des applications
• Vérification du document numérique: réduit le temps de traitement de 40%

Taux d'intérêt compétitifs

Les taux de taux d'intérêt pour le financement immobilier commercial de Ready Capital:

Catégorie de prêt	Fourchette de taux d'intérêt
Prêts multifamiliaux	6.25% - 8.75%
Prêts de ponts	7.50% - 10.25%
Petit équilibre commercial	6.75% - 9.50%

Prêts spécialisés pour les petites et moyennes entreprises

Répartition du portefeuille de prêt pour les petites et moyennes entreprises en 2023:

• Prêts totaux pour les petites entreprises: 450 millions de dollars
• Taille moyenne du prêt: 1,2 million de dollars
• Industries servies: multifamilial, hospitalité, commerce de détail, bureau

Stratégies complètes d'investissement et de prêt

Performance de la stratégie d'investissement en 2023:

Catégorie d'investissement	Investissement total	Retour annuel
Titres adossés à des créances hypothécaires commerciaux	750 millions de dollars	7.2%
Investissements immobiliers directs	500 millions de dollars	6.8%
Investissements hypothécaires résidentiels	350 millions de dollars	5.9%

Ready Capital Corporation (RC) - Modèle d'entreprise: relations clients

Ventes directes et gestion des relations

Ready Capital Corporation maintient 87 gestionnaires de relations dédiés au quatrième trimestre 2023, desservant des segments commerciaux immobiliers et de petites entreprises.

Segment de clientèle	Nombre de gestionnaires de relations	Taille moyenne du portefeuille
Immobilier commercial	52	43,6 millions de dollars
Prêts aux petites entreprises	35	12,3 millions de dollars

Portails de clients en ligne

La plate-forme numérique de l'entreprise traite environ 1 245 demandes de prêt mensuelles avec un taux d'achèvement numérique de 67% en 2023.

• Sécurité d'authentification des utilisateurs du portail: cryptage 256 bits
• Fréquence moyenne de connexion du portail: 3,4 fois par mois par utilisateur
• Pourcentage d'accès mobile: 52% des interactions totales de portail

Services de conseil financier personnalisés

Ready Capital fournit des services de conseil spécialisés dans 3 lieux de prêts primaires avec 42 consultants financiers dédiés.

Type de service consultatif	Nombre de consultants	Fréquence moyenne d'interaction du client
Financement immobilier commercial	24	Trimestriel
Advisory des prêts aux petites entreprises	12	Bimensuel
Conseil hypothécaire résidentiel	6	Mensuel

Canaux de communication numériques

Ready Capital utilise plusieurs plateformes de communication numérique avec 94% de taux de réponse client dans les 24 heures.

• Volume de communication par e-mail: 3 672 interactions mensuelles
• Engagement de chat en direct: 1 245 sessions mensuelles
• Interactions du service client des médias sociaux: 876 points de contact mensuels

Gestion de compte dédiée

La société maintient un taux moyen de rétention de la clientèle de 83% grâce à des stratégies de gestion des comptes personnalisés.

Niveau de gestion du compte	Volume annuel du client	Valeur moyenne du compte
Niveau de platine	215 clients	5,6 millions de dollars
Niveau d'or	487 clients	2,3 millions de dollars
Niveau standard	1 203 clients	$750,000

Ready Capital Corporation (RC) - Modèle d'entreprise: canaux

Équipe de vente directe

Ready Capital Corporation maintient une équipe de vente directe avec 87 créateurs de prêts dédiés au quatrième trimestre 2023. L'équipe a généré 413,2 millions de dollars de volume de prêt commercial au cours de l'exercice 2023.

Métrique de l'équipe de vente	Performance de 2023
Originaires du prêt total	87
Volume total de prêts commerciaux	413,2 millions de dollars
Taille moyenne du prêt	2,7 millions de dollars

Plateforme de prêt en ligne

La plate-forme numérique de l'entreprise traitée 1,2 milliard de dollars dans les demandes de prêt en 2023, représentant 42% du volume de prêt total.

• Date de lancement de la plate-forme numérique: 2019
• Taux d'achèvement de l'application en ligne: 68%
• Temps de traitement des prêts numériques moyen: 3,5 jours

Réseaux de courtiers hypothécaires

Ready Capital Corporation collabore avec 1 247 réseaux de courtiers hypothécaires indépendants dans 42 États.

Métriques du réseau de courtiers	2023 données
Partners du courtier total	1,247
États couverts	42
Volume de prêt originaire du courtier	687,5 millions de dollars

Services de conseil financier

La société fournit des services de conseil financier spécialisés avec une équipe de 43 conseillers dévoués générant 92,6 millions de dollars de revenus consultatifs pour 2023.

Interfaces bancaires numériques et mobiles

Soutien de la plate-forme bancaire mobile de Ready Capital 456 millions de dollars dans les transactions numériques avec 127 000 utilisateurs mobiles actifs en 2023.

• Taux de téléchargement des applications mobiles: 42 000 nouveaux utilisateurs en 2023
• Volume de transaction mobile: 456 millions de dollars
• Plateforme mobile Évaluation de satisfaction des utilisateurs: 4.6 / 5

Ready Capital Corporation (RC) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers commerciaux de petite à moyenne

Ready Capital dessert des investisseurs immobiliers commerciaux avec des volumes de prêts ciblant:

Gamme de taille de prêt	Volume annuel
1 million de dollars - 20 millions de dollars	487,3 millions de dollars en 2023

Promoteurs immobiliers

Segment de clientèle ciblé avec des caractéristiques de prêt spécifiques:

• Portefeuille de prêts à construction multifamiliale: 312,6 millions de dollars
• Terme moyenne du prêt: 24 à 36 mois
• Concentration géographique: principalement la ceinture de soleil et les marchés urbains

Propriétaires de petites entreprises

Performance du segment SBA:

Métrique	2023 données
Originations totales de prêts SBA	625,4 millions de dollars
Taille moyenne du prêt	1,2 million de dollars

Trusts de placement immobilier (FPI)

Détails du segment du financement du REIT:

• Volume total de financement du FPI: 215,7 millions de dollars en 2023
• Types de propriétés prédominantes: multifamilial, industriel
• Valeur du portefeuille du client FPI moyen: 75 $ à 500 millions de dollars

Investisseurs individuels et institutionnels

Répartition des segments d'investissement:

Type d'investisseur	Investissement total
Investisseurs individuels	187,2 millions de dollars
Investisseurs institutionnels	612,5 millions de dollars

Ready Capital Corporation (RC) - Modèle d'entreprise: Structure des coûts

Frais d'origine du prêt

Pour l'exercice 2023, Ready Capital Corporation a déclaré des frais de création de prêt total de 48,3 millions de dollars. Ces dépenses comprennent:

Catégorie de dépenses	Montant ($)
Coûts de souscription	18,750,000
Frais juridiques et de documentation	12,450,000
Frais de prestataires de services tiers	9,750,000
Frais d'évaluation et d'évaluation	7,350,000

Maintenance de technologie et d'infrastructure

Les coûts de maintenance des infrastructures technologiques pour 2023 ont totalisé 22,6 millions de dollars, avec la ventilation suivante:

• Cloud Computing et stockage de données: 8 900 000 $
• Systèmes de cybersécurité: 6 750 000 $
• Licence et mises à jour du logiciel: 4 500 000 $
• Maintenance et remplacement du matériel: 2 450 000 $

Contacments de conformité et de réglementation

Les dépenses de conformité pour 2023 s'élevaient à 15,7 millions de dollars, notamment:

Zone de conformité	Montant ($)
Représentation réglementaire	5,600,000
Processus d'audit interne	4,200,000
Formation de la conformité	3,150,000
Conseil de conformité externe	2,750,000

Compensation des employés

La rémunération totale des employés pour 2023 était de 67,4 millions de dollars, structurée comme suit:

• Salaires de base: 42 500 000 $
• Bonus de performance: 14 200 000 $
• Compensation à base d'actions: 6 750 000 $
• Avantages et assurance: 3 950 000 $

Marketing et acquisition de clients

Les frais de marketing et d'acquisition des clients pour 2023 ont totalisé 12,9 millions de dollars:

Canal de marketing	Montant ($)
Publicité numérique	5,400,000
Marketing de contenu	3,250,000
Parrainages de la conférence de l'industrie	2,150,000
Campagnes de publipostage	2,100,000

Ready Capital Corporation (RC) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts hypothécaires

Pour l'exercice 2023, Ready Capital Corporation a rapporté 184,3 millions de dollars dans les revenus des intérêts provenant des activités de prêt hypothécaire.

Catégorie de prêt hypothécaire	Montant des revenus
Prêts hypothécaires résidentiels	124,7 millions de dollars
Prêts hypothécaires commerciaux	59,6 millions de dollars

Frais d'origine du prêt

Les frais d'origine du prêt pour 2023 ont totalisé 67,2 millions de dollars.

• Frais d'origine des prêts résidentiels: 42,5 millions de dollars
• Frais d'origine des prêts commerciaux: 24,7 millions de dollars

Returns du portefeuille d'investissement

Les rendements du portefeuille d'investissement pour 2023 étaient 53,9 millions de dollars.

Type d'investissement	Montant
Titres adossés à des créances hypothécaires	37,6 millions de dollars
Autres titres d'investissement	16,3 millions de dollars

Revenu de titrisation

Le revenu de titrisation pour 2023 atteint 41,5 millions de dollars.

Frais de gestion des actifs

Les frais de gestion des actifs pour 2023 équivalaient à 22,8 millions de dollars.

Catégorie de gestion des actifs	Montant des frais
Immobilier commercial	15,6 millions de dollars
Immobilier résidentiel	7,2 millions de dollars

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.