Ready Capital Corporation (RC): Business Model Canvas [Dec-2025 Updated]

You're looking at Ready Capital Corporation right now in late 2025 as it executes a major balance sheet cleanup, selling off non-core assets to sharpen its focus on its core lending platforms. Honestly, understanding how this top SBA 7(a) non-bank lender generates its revenue-from Net Interest Income of just $10.5 million in Q3 2025 to strategic asset sales netting $109 million that same quarter-is key to seeing where they're headed. We've mapped out their entire nine-block Business Model Canvas, showing you exactly how they pair government-guaranteed Small Business Lending with Lower-to-Middle-Market commercial real estate, all while managing a $5.2 billion loan portfolio and preparing for about $650 million in debt maturities next year. Dive in below to see the precise partnerships, activities, and cost structure driving this strategic pivot.

Ready Capital Corporation (RC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Ready Capital Corporation's multi-strategy finance engine. These aren't just names on a page; they are the conduits for capital, expertise, and government-backed opportunities.

External Manager: Waterfall Asset Management, LLC for advisory services

Ready Capital Corporation is externally managed and advised by Waterfall Asset Management, LLC. The Chairman and Chief Executive Officer of Ready Capital Corporation, Thomas E. Capasse, is also a Manager and co-founder of Waterfall Asset Management, LLC. The dedicated team at Waterfall consists of 75 investment professionals. This partnership governs advisory services under the Ready Capital Management Agreement.

Government Agencies: U.S. Small Business Administration (SBA) and USDA for guaranteed loan programs

The government guarantee programs are a significant source of origination volume and liquidity through loan sales. For the quarter ended June 30, 2025, Small Business Lending (SBL) loan originations totaled $359 million. This included $216 million of U.S. Small Business Administration 7(a) loans and $96 million of USDA loans. This activity aligns with the March 2025 projection to originate $1.5 billion in SBA 7(a) loans for 2025, with the USDA lending platform forecasted to originate $300 million.

The partnership with the SBA is monetized through sales, as evidenced by the first quarter of 2025, where realized gains from SBA 7(a) loan sales totaled $20.1 million, achieving an average premium of 10.1%.

Key government-backed lending metrics for Q2 2025:

• Small Business Lending originations: $359 million.
• SBA 7(a) portion of originations: $216 million.
• USDA loan portion of originations: $96 million.

Capital Market Investors: Buyers of loan portfolios and securitized assets (e.g., CLOs)

Access to capital markets is critical for funding loan originations and managing the balance sheet. Ready Capital Corporation actively engages in debt issuance and asset sales to these investors. In the first quarter of 2025, the company completed the collapse of existing CLOs (Collateralized Loan Obligations) as part of its liquidity initiatives. The company also reported realizing $51 million from the liquidation of bridge loans in Q1 2025 at a 102% premium.

The total loan portfolio size as of September 30, 2025, was $6.5 billion, down from $7.9 billion as of June 30, 2025, reflecting sales activity. 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.

Financial Institutions: Providers of secured debt financing and warehouse lines

Secured debt is a primary source of financing. On February 21, 2025, ReadyCap Holdings, LLC closed a private placement of $220.0 million in 9.375% Senior Secured Notes due 2028. An additional $50 million of these same notes was issued on April 16, 2025, bringing the total new issuance in the first part of the year to $270 million. This debt is senior secured, with obligations secured by a first-priority lien on the assets of certain subsidiaries.

The resulting leverage profile as of the end of the third quarter of 2025 shows the reliance on this debt:

As of June 30, 2025, the balance sheet included assets offset by guaranteed loan financing liabilities of $629 million. The total leverage was 3.5x with a recourse leverage ratio of 1.5x on that date. These facilities are essential for funding the origination and acquisition of target assets.

Ready Capital Corporation (RC) - Canvas Business Model: Key Activities

You're looking at the core engine of Ready Capital Corporation (RC), the daily actions that drive its business as of late 2025. This is where the capital is put to work, and where the company focuses its operational muscle.

The primary activity is deploying capital through origination channels. This involves rigorous underwriting and closing processes across two main segments. Ready Capital Corporation focuses on generating assets that can be held for servicing income or sold into securitizations to recycle capital.

Here are the key origination and management activities, grounded in recent figures:

• Originate Small Business Lending (SBL) loans, including $173 million in SBA 7(a) in Q3 2025.
• Originate Lower-to-Middle-Market (LMM) commercial real estate loans (CRE), with $139 million originated in Q3 2025.
• Manage and service a total loan portfolio of approximately $5.4 billion.

The management of the existing asset base is just as critical as new production. This includes active portfolio management to maintain asset quality and generate liquidity. For instance, Ready Capital Corporation executed strategic asset liquidation, such as the bulk sale of legacy bridge loans on August 6, 2025, involving $494 million of multi-family bridge assets, which generated net proceeds of $85 million.

The company must also actively manage its funding structure, which involves handling significant debt obligations. A key focus area is managing debt maturities, including approximately $650 million due in 2026. For context on recent debt structure, contractual maturities for senior secured notes and corporate debt as of March 31, 2025, showed $698,981 thousand due in 2026.

Here's a snapshot comparing the recent origination activity:

The servicing component is supported by the scale of the portfolio. As of June 30, 2025, the total loan portfolio stood at $7.9 billion, though the required focus for the BMC is the managed portfolio size of $5.4 billion. The servicing operations are essential for fee income and asset oversight.

Ready Capital Corporation also manages its servicing portfolio, which includes specific segments:

• SBA UPB (Unpaid Principal Balance): $1,923,901 thousand.
• SBA carrying value: $39,193 thousand.
• Weighted Average LTV (Loan-to-Value) for LMM CRE: 81%.
• Weighted Average LTV for SBL: 107%.

The liquidation activity is a direct action taken to restore financial health, as noted by the CEO in August 2025. Finance: draft 13-week cash view by Friday.

Ready Capital Corporation (RC) - Canvas Business Model: Key Resources

You're looking at the core assets that power Ready Capital Corporation's operations as of late 2025. These aren't just line items; they are the engines driving their multi-strategy finance model. Honestly, understanding the scale of these resources is key to seeing where the real value lies.

Loan Portfolio Strength

The loan portfolio is the heart of Ready Capital Corporation's business. This asset base represents the deployed capital across their commercial real estate and small business lending segments. You need to track the carrying value against the total unpaid principal balance (UPB) to gauge potential credit risk realization.

The specified carrying value for the combined core and non-core loans is $5.2 billion. For context on the total asset base near the end of the year, Ready Capital reported total assets of $8.33 billion as of September 30, 2025, with loans, net reaching $4.36 billion in that same period.

Here's a look at how the portfolio size has been managed, noting the recent asset sales:

• Completed a bulk sale of legacy bridge loans totaling $494 million in carrying value on August 6, 2025.
• The total loan portfolio was reported at $7.9 billion as of June 30, 2025.

We can map out the required components:

Capital Base and Shareholder Equity

The capital base dictates the firm's capacity for new lending and absorbing unexpected losses. Book value per share is the metric you watch here to see the tangible equity value supporting the assets. Ready Capital Corporation's book value per share as of September 30, 2025, is stated as $10.28.

To give you a sense of recent shareholder activity impacting this metric, the company repurchased approximately 8.5 million shares at an average price of $4.41 per share in Q2 2025, which had a $0.31 impact on book value per share.

The overall equity position at the end of Q3 2025 was also significant:

• Stockholders' Equity (as of 9/30/2025): $1.88 billion.
• Shares Outstanding (as of November 6, 2025): 162,126,276.

Human Capital

The expertise required to manage a diversified portfolio spanning CRE bridge loans and complex government-backed small business loans is substantial. Ready Capital Corporation employs approximately 500 professionals nationwide. For a more recent count, one source noted the employee count as 475 as of November 2025.

This team supports multiple segments, including LMM Commercial Real Estate and Small Business Lending. It's a national footprint, which helps them source deals across different geographies.

Financing Access

Access to diverse, cost-effective funding is critical for a finance company. Ready Capital Corporation maintains the ability to tap capital markets through various instruments. A concrete example of this access is the recent issuance of their 9.375% Senior Secured Notes due 2028. In the second quarter of 2025, they issued an additional $50 million aggregate principal amount of these notes.

By the end of the third quarter of 2025, the liability mix showed the scale of their secured funding:

The key debt components as of September 30, 2025, included:

• Securitized debt of consolidated VIEs: $1.29 billion (down from $3.58 billion).
• Senior Secured Notes: $721.15 million.
• Corporate debt: $666.62 million.

Government Authority

Ready Capital Corporation's status as a top SBA 7(a) non-bank lender is a major resource, granting them access to a high-demand, government-guaranteed lending channel. Their subsidiary, Readycap Lending, LLC, is an SBA Preferred Lending Partner (PLP), meaning they can make final credit decisions without prior SBA approval, which speeds up funding for clients.

Their performance in this area for the fiscal year 2025 demonstrates this authority:

This PLP status is a competitive advantage for Ready Capital Corporation, helping them secure market share against traditional banks.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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:

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:

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.