Ready Capital Corp (NYSE: RC) is a commercial real estate finance company that originates, acquires, and services lower middle market (LMM) commercial real estate loans and government-guaranteed small business loans. It earns income through net interest spread on its loan portfolio, gain-on-sale from SBA 7(a), USDA, and multi-family loan originations, and servicing income on mortgage servicing rights. The company operates two segments: LMM Commercial Real Estate, with gross assets of $5.94 billion representing 81.4% of loan portfolio allocation, and Small Business Lending, with gross assets of $1.28 billion representing 18.6% of loan portfolio allocation (as of December 31, 2025). LMM loans target original principal balances of $500,000 to $40 million, a market served primarily by community and regional banks and specialty finance companies. Ready Capital is externally managed by Waterfall Asset Management, with co-founder Jack J. Ross serving as President and Andrew Ahlborn as CFO.

Revenue model

Net interest income from holding LMM commercial real estate loans and small business loans, gain-on-sale from SBA 7(a), USDA, and multi-family loan originations and securitizations, and servicing income net of amortization and impairment on mortgage servicing rights. Small Business Lending interest income was $121.4 million for FY2025. Gain on sale of SBA 7(a) loans was $56.8 million and USDA loans $15.8 million for FY2025.

Products and services

LMM commercial real estate bridge loans, fixed-rate loans, and construction loans; SBA 7(a) loans; USDA loans; multi-family loans; mortgage-backed securities; mortgage servicing rights. Loan originations are conducted through affiliates Waterfall, ReadyCap Commercial, Ready Capital Affordable, ReadyCap Lending, Madison One, and iBusiness.

Customers and end markets

Commercial real estate borrowers in the lower middle market (loan sizes $500,000 to $40 million); small businesses seeking SBA 7(a) and USDA government-guaranteed loans. End markets include multi-family, mixed-use, bridge, and construction property types.

Value-chain role

Direct lender and loan servicer. Originates and acquires LMM commercial real estate loans and government-guaranteed small business loans, holds them on balance sheet or sells them, and retains mortgage servicing rights. Externally managed by Waterfall Asset Management.

Geographic exposure

United States. No specific geographic breakdown by state or region is supported by the filing excerpts.

Competitors

Community and regional banks, Specialty finance companies, Insurance companies, CMBS conduits

Source: SEC 10-K, filed 2026-03-02

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