Ready Capital Corporation

readycapital.com

What Do They Do?

Originates, buys, finances and services commercial-property loans for businesses and real estate investors, and government-backed loans for small businesses buying property they occupy.

How Do They Make Money?

Borrowers pay interest on loans under their contractual terms; the company also earns fees for originating and servicing loans and gains from selling loans or securities.

revenue

Segment	Share	Revenue	How money arrives
LMM Commercial Real Estate Recurring	79% FY2022: 85%		Recurring
Small Business Lending Recurring	21% FY2022: 15%		Recurring

Who Are Their Customers?

Borrowers include businesses buying property for their operations, real estate investors acquiring properties, and small businesses seeking loans for property they occupy.

Do Revenues Turn Into Profits?

No. It lost $221.1M in FY2025.

Net income, FY2025

−39% of revenue

▼ −49% (Loss) vs FY2024 (−$430.4M, −48%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −49%; vs $152.7M in Q2 FY2025
Net income: ▲ +86% (Loss); vs −$53.7M in Q2 FY2025

LMM Commercial Real Estate share of revenue vs 80.1% in Q2 FY2025

Growing. Revenue grew 44% in 4 years, from $395.2M in FY2021 to $569.2M in FY2025, about 10% a year.

Residential mortgage exit The company sold its residential mortgage lending business, which had originated home loans through retail, correspondent and broker channels and sold them to third parties, primarily agency programs.

Revenue over time

LMM Commercial Real Estate Small Business Lending

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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