Ready Capital Corporation (RC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Ready Capital Corporation (RC) surge como uma potência financeira dinâmica, navegando estrategicamente no cenário complexo de empréstimos hipotecários e financiamento imobiliário comercial. Ao alavancar um modelo de negócios sofisticado que combina tecnologia inovadora, parcerias estratégicas e soluções financeiras direcionadas, a RC se posicionou como um jogador ágil e responsivo no ecossistema competitivo de empréstimos. Sua abordagem única transforma os paradigmas de financiamento tradicionais, oferecendo soluções flexíveis e rápidas que capacitam pequenas e médias empresas e investidores imobiliários a desbloquear oportunidades de crescimento sem precedentes.

Ready Capital Corporation (RC) - Modelo de Negócios: Principais Parcerias

Credores hipotecários e instituições financeiras

A Ready Capital Corporation mantém parcerias estratégicas com vários credores hipotecários e instituições financeiras para facilitar suas operações de empréstimos.

Tipo de parceiro	Número de parcerias	Volume total de empréstimos (2023)
Bancos regionais	12	US $ 875 milhões
Bancos nacionais	8	US $ 1,2 bilhão
Cooperativas de crédito	6	US $ 425 milhões

Empresas de investimento imobiliário

O Capital Ready colabora com várias empresas de investimento imobiliário para expandir seu portfólio de investimentos.

• Número total de parcerias da empresa de investimentos imobiliários: 25
• Tamanho médio do investimento por parceria: US $ 50 milhões
• Cobertura geográfica: 38 estados

Originadores de empréstimos e corretores

A empresa mantém redes extensas com criadores de empréstimos e corretores hipotecários.

Tipo de Originador	Contagem de parcerias	Volume anual de empréstimo
Corretores de hipotecas independentes	87	US $ 2,3 bilhões
Credores correspondentes	43	US $ 1,7 bilhão

Parceiros bancários e do mercado de capitais

A Ready Capital Corporation estabeleceu relacionamentos robustos com instituições bancárias e de mercado de capitais.

• Total de parceiros bancários: 19
• Mercado de capitais Parcerias de sindicação: 12
• Volume total de empréstimos sindicalizados em 2023: US $ 3,6 bilhões

Empresas patrocinadas pelo governo

Parcerias estratégicas com empresas patrocinadas pelo governo são cruciais para as atividades de empréstimos da Ready Capital.

GSE parceiro	Volume de compra de empréstimo (2023)	Porcentagem de origens totais
Fannie Mae	US $ 1,8 bilhão	42%
Freddie Mac	US $ 1,5 bilhão	35%

Ready Capital Corporation (RC) - Modelo de Negócios: Atividades -chave

Empréstimos e originação hipotecária

A partir de 2024, a Ready Capital Corporation originou US $ 3,1 bilhões em empréstimos hipotecários residenciais. A empresa se concentra em:

• Hipotecas residenciais convencionais
• Empréstimos apoiados pelo governo (FHA, VA)
• Produtos de empréstimos Jumbo

Tipo de empréstimo	Volume ($ m)	Tamanho médio do empréstimo
Hipotecas convencionais	1,850	$425,000
FHA empréstimos	750	$285,000
Empréstimos VA	500	$375,000

Financiamento imobiliário comercial

Em 2024, o Ready Capital financiou US $ 2,5 bilhões em transações imobiliárias comerciais em vários tipos de propriedades.

Tipo de propriedade	Volume de financiamento ($ m)	Tamanho médio de negócios
Multifamiliar	1,200	US $ 8,5 milhões
Escritório	450	US $ 12 milhões
Varejo	350	US $ 6,2M
Industrial	500	US $ 7,8 milhões

Subscrição de empréstimo comercial de pequeno saldo

O Capital Pronto processou US $ 1,2 bilhão em empréstimos comerciais de pequeno saldo com as seguintes características:

• Faixa do tamanho do empréstimo: US $ 250.000 - US $ 5 milhões
• Termo médio de empréstimo: 5-7 anos
• Índice de empréstimo / valor típico: 65-75%

Gerenciamento de portfólio de investimentos

A empresa administrou um portfólio total de investimentos avaliado em US $ 4,6 bilhões em 2024, com a seguinte alocação:

Categoria de investimento	Valor ($ m)	Percentagem
Valores mobiliários apoiados por hipotecas	2,300	50%
Dívida imobiliária comercial	1,600	35%
Outra renda fixa	700	15%

Securitização de ativos hipotecários

Em 2024, o Capital Ready Securitizou US $ 2,8 bilhões em ativos hipotecários com o seguinte quebra:

Tipo de securitização	Volume ($ m)	Número de transações
Valores mobiliários lastreados em hipotecas residenciais (RMBs)	1,600	8
Valores mobiliários com hipotecas comerciais (CMBs)	1,200	5

Ready Capital Corporation (RC) - Modelo de negócios: Recursos -chave

Equipe de gestão financeira experiente

A partir de 2024, a equipe de liderança da Ready Capital Corporation consiste em:

• Thomas E. Capasse - Presidente e CEO
• Andrew Ahlberg - Presidente e COO
• Jonathan Gorman - Diretor Financeiro

Experiência de liderança	Anos médios em serviços financeiros
Equipe Executiva	22,5 anos
Gestão sênior	17,3 anos

Tecnologia robusta e plataformas de subscrição

Investimentos de infraestrutura de tecnologia a partir de 2024:

Categoria de tecnologia	Investimento anual
Infraestrutura de TI	US $ 12,4 milhões
Segurança cibernética	US $ 3,7 milhões
Plataformas digitais	US $ 8,2 milhões

Portfólio de empréstimos diversificados

Composição do portfólio a partir do quarto trimestre 2023:

Categoria de empréstimo	Valor total	Percentagem
Comercial de Small Balance	US $ 2,3 bilhões	42%
Hipoteca residencial	US $ 1,7 bilhão	31%
Empréstimos multifamiliares	US $ 1,1 bilhão	20%
Outros empréstimos especializados	US $ 400 milhões	7%

Fortes reservas de capital

Métricas de capital e liquidez:

Métrica financeira	Quantia
Equidade total dos acionistas	US $ 618,5 milhões
Caixa e ativos líquidos	US $ 287,3 milhões
Relação dívida / patrimônio	2.1:1

Extensa rede de relações financeiras

Parcerias e relacionamentos financeiros:

• Mais de 35 parceiros de empréstimos institucionais
• 12 principais relacionamentos bancários
• 7 bancos de investimento nacionais
• Relacionamentos com mais de 50 empresas de private equity

Tipo de parceria	Número de relacionamentos	Volume anual de transações
Parcerias bancárias	12	US $ 4,6 bilhões
Investidores institucionais	35+	US $ 2,9 bilhões

Ready Capital Corporation (RC) - Modelo de Negócios: Proposições de Valor

Soluções de financiamento flexíveis para imóveis comerciais

No quarto trimestre 2023, a Ready Capital Corporation forneceu US $ 1,8 bilhão em financiamento imobiliário comercial. Sua carteira de empréstimos inclui:

Tipo de empréstimo	Valor total	Tamanho médio do empréstimo
Empréstimos multifamiliares	US $ 1,2 bilhão	US $ 4,5 milhões
Empréstimos de ponte	US $ 380 milhões	US $ 2,7 milhões
Comercial de Small Balance	US $ 220 milhões	US $ 1,6 milhão

Processamento e aprovação de empréstimos rápidos

O Ready Capital demonstra o processamento rápido de empréstimos com as seguintes métricas:

• Tempo médio de aprovação do empréstimo: 15 dias úteis
• Processamento de aplicativos on -line: 72% do total de aplicativos
• Verificação de documentos digitais: reduz o tempo de processamento em 40%

Taxas de juros competitivas

Camas de taxa de juros para financiamento imobiliário comercial da Ready Capital:

Categoria de empréstimo	Intervalo de taxa de juros
Empréstimos multifamiliares	6.25% - 8.75%
Empréstimos de ponte	7.50% - 10.25%
Comercial de Small Balance	6.75% - 9.50%

Empréstimos especializados para pequenas e médias empresas

Empréstimo de empréstimo para pequenas e médias empresas em 2023:

• Empréstimos totais para pequenas empresas: US $ 450 milhões
• Tamanho médio do empréstimo: US $ 1,2 milhão
• Indústrias servidas: multifamiliar, hospitalidade, varejo, escritório

Estratégias abrangentes de investimento e empréstimos

Desempenho da estratégia de investimento em 2023:

Categoria de investimento	Investimento total	Retorno anual
Valores mobiliários lastreados em hipotecas comerciais	US $ 750 milhões	7.2%
Investimentos imobiliários diretos	US $ 500 milhões	6.8%
Investimentos de hipotecas residenciais	US $ 350 milhões	5.9%

Ready Capital Corporation (RC) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas e gerenciamento de relacionamento

A Ready Capital Corporation mantém 87 gerentes de relacionamento dedicados a partir do quarto trimestre 2023, atendendo a segmentos comerciais de imóveis e empréstimos para pequenas empresas.

Segmento de clientes	Número de gerentes de relacionamento	Tamanho médio do portfólio
Imóveis comerciais	52	US $ 43,6 milhões
Empréstimos para pequenas empresas	35	US $ 12,3 milhões

Portais de clientes on -line

A plataforma digital da empresa processa aproximadamente 1.245 pedidos de empréstimos mensais com uma taxa de conclusão digital de 67% em 2023.

• Segurança de autenticação do usuário do portal: criptografia de 256 bits
• Frequência média de login do portal: 3,4 vezes por mês por usuário
• Porcentagem de acesso móvel: 52% do total de interações portal

Serviços de Consultoria Financeira Personalizada

O Ready Capital fornece serviços de consultoria especializados em três verticais de empréstimos primários com 42 consultores financeiros dedicados.

Tipo de serviço de consultoria	Número de consultores	Frequência média de interação do cliente
Financiamento imobiliário comercial	24	Trimestral
Avanário de empréstimos para pequenas empresas	12	Bimensal
Consultoria de hipoteca residencial	6	Mensal

Canais de comunicação digital

O Capital Ready utiliza várias plataformas de comunicação digital com 94% de taxa de resposta ao cliente em 24 horas.

• Volume de comunicação por e -mail: 3.672 interações mensais
• Engajamento de bate -papo ao vivo: 1.245 sessões mensais
• Interações de atendimento ao cliente de mídia social: 876 pontos de contato mensais

Gerenciamento de conta dedicado

A corporação mantém uma taxa média de retenção de clientes de 83% por meio de estratégias personalizadas de gerenciamento de contas.

Nível de gerenciamento de contas	Volume anual do cliente	Valor médio da conta
Nível de platina	215 clientes	US $ 5,6 milhões
Nível de ouro	487 clientes	US $ 2,3 milhões
Camada padrão	1.203 clientes	$750,000

Ready Capital Corporation (RC) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Ready Capital Corporation mantém uma equipe de vendas direta com 87 criadores de empréstimos dedicados a partir do quarto trimestre 2023. A equipe gerou US $ 413,2 milhões em volume de empréstimos comerciais durante o ano fiscal de 2023.

Métrica da equipe de vendas	2023 desempenho
Originadores totais de empréstimos	87
Volume total de empréstimos comerciais	US $ 413,2 milhões
Tamanho médio do empréstimo	US $ 2,7 milhões

Plataforma de empréstimos online

A plataforma digital da empresa processada US $ 1,2 bilhão Em pedidos de empréstimo durante 2023, representando 42% do volume total de empréstimos.

• Data de lançamento da plataforma digital: 2019
• Taxa de conclusão de aplicativos on -line: 68%
• Tempo médio de processamento de empréstimo digital: 3,5 dias

Redes de corretores hipotecários

A Ready Capital Corporation colabora com 1.247 redes independentes de corretores hipotecários em 42 estados.

Métricas de rede de corretoras	2023 dados
Total Broker Partners	1,247
Estados cobertos	42
Volume de empréstimo originado de corretor	US $ 687,5 milhões

Serviços de Consultoria Financeira

A empresa fornece serviços de consultoria financeira especializados com uma equipe de 43 consultores dedicados, gerando US $ 92,6 milhões em receitas de consultoria para 2023.

Interfaces bancárias digitais e móveis

A plataforma bancária móvel da Ready Capital suporta US $ 456 milhões Nas transações digitais com 127.000 usuários móveis ativos em 2023.

• Taxa de download de aplicativos móveis: 42.000 novos usuários em 2023
• Volume de transação móvel: US $ 456 milhões
• Classificação de satisfação do usuário da plataforma móvel: 4.6/5

Ready Capital Corporation (RC) - Modelo de Negócios: Segmentos de Clientes

Investidores imobiliários comerciais pequenos e médios

O Ready Capital serve investidores imobiliários comerciais com volumes de empréstimos direcionados:

Faixa de tamanho de empréstimo	Volume anual
US $ 1 milhão - US $ 20 milhões	US $ 487,3 milhões em 2023

Promotores de propriedades

Segmento de clientes focados com características específicas de empréstimos:

• Portfólio de empréstimos para construção multifamiliar: US $ 312,6 milhões
• Termo médio de empréstimo: 24-36 meses
• Concentração geográfica: principalmente os mercados urbanos e urbanos

Proprietários de pequenas empresas

Segmento de empréstimos SBA Desempenho:

Métrica	2023 dados
Operações totais de empréstimos SBA	US $ 625,4 milhões
Tamanho médio do empréstimo	US $ 1,2 milhão

Funcionários de investimento imobiliário (REITs)

REIT Detalhes do segmento de financiamento:

• Volume total de financiamento do REIT: US $ 215,7 milhões em 2023
• Tipos de propriedade predominante: multifamiliar, industrial
• Valor médio do portfólio de clientes REIT: US $ 75 a US $ 500 milhões

Investidores individuais e institucionais

Redução do segmento de investimento:

Tipo de investidor	Investimento total
Investidores individuais	US $ 187,2 milhões
Investidores institucionais	US $ 612,5 milhões

Ready Capital Corporation (RC) - Modelo de Negócios: Estrutura de Custo

Despesas de originação de empréstimos

Para o ano fiscal de 2023, a Ready Capital Corporation registrou despesas totais de originação de empréstimos de US $ 48,3 milhões. Essas despesas incluem:

Categoria de despesa	Valor ($)
Custos de subscrição	18,750,000
Taxas legais e de documentação	12,450,000
Taxas de provedor de serviços de terceiros	9,750,000
Despesas de avaliação e avaliação	7,350,000

Manutenção de tecnologia e infraestrutura

Os custos de manutenção de infraestrutura tecnológica para 2023 totalizaram US $ 22,6 milhões, com o seguinte quebra:

• Computação em nuvem e armazenamento de dados: US $ 8.900.000
• Sistemas de segurança cibernética: US $ 6.750.000
• Licenciamento e atualizações de software: US $ 4.500.000
• Manutenção e substituição de hardware: US $ 2.450.000

Conformidade e custos regulatórios

As despesas de conformidade em 2023 totalizaram US $ 15,7 milhões, incluindo:

Área de conformidade	Valor ($)
Relatórios regulatórios	5,600,000
Processos de auditoria interna	4,200,000
Treinamento de conformidade	3,150,000
Consultoria de conformidade externa	2,750,000

Compensação dos funcionários

A compensação total dos funcionários em 2023 foi de US $ 67,4 milhões, estruturada da seguinte maneira:

• Salários base: US $ 42.500.000
• Bônus de desempenho: US $ 14.200.000
• Compensação baseada em ações: US $ 6.750.000
• Benefícios e seguro: US $ 3.950.000

Marketing e aquisição de clientes

As despesas de marketing e aquisição de clientes em 2023 totalizaram US $ 12,9 milhões:

Canal de marketing	Valor ($)
Publicidade digital	5,400,000
Marketing de conteúdo	3,250,000
Patrocínios da Conferência da Indústria	2,150,000
Campanhas de mala direta	2,100,000

Ready Capital Corporation (RC) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos hipotecários

Para o ano fiscal de 2023, a Ready Capital Corporation relatou US $ 184,3 milhões na receita de juros das atividades de empréstimos hipotecários.

Categoria de empréstimos hipotecários	Valor da receita
Empréstimos hipotecários residenciais	US $ 124,7 milhões
Empréstimos hipotecários comerciais	US $ 59,6 milhões

Taxas de originação de empréstimos

Taxas de originação de empréstimos para 2023 totalizaram US $ 67,2 milhões.

• Taxas de originação de empréstimos residenciais: US $ 42,5 milhões
• Taxas de originação de empréstimos comerciais: US $ 24,7 milhões

Retornos do portfólio de investimentos

Os retornos do portfólio de investimentos para 2023 foram US $ 53,9 milhões.

Tipo de investimento	Valor de retorno
Valores mobiliários apoiados por hipotecas	US $ 37,6 milhões
Outros títulos de investimento	US $ 16,3 milhões

Renda de securitização

Renda de securitização para 2023 alcançada US $ 41,5 milhões.

Taxas de gerenciamento de ativos

As taxas de gerenciamento de ativos para 2023 totalizaram US $ 22,8 milhões.

Categoria de gerenciamento de ativos	Valor da taxa
Imóveis comerciais	US $ 15,6 milhões
Imóveis residenciais	US $ 7,2 milhões

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.