Revenue performance remains highly erratic, evidenced by a -2.1% year-over-year contraction in 2026Q1 and a collapse in FFO per share to -$1.21.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 73.81M | 499.47M | 907.04M | 426.58M | 404.04M | 697.97M | 635M | 390.81M | 306.76M | 280.19M | 176.99M | 168.7M | 74.84M | 16.48M | 9.4B |
| Revenue Growth % | -82.95% | -44.93% | 112.63% | 5.58% | -42.11% | 9.92% | 62.48% | 27.4% | 9.48% | 58.31% | 4.92% | 125.41% | 354.16% | -99.82% | - |
| Property Operating Expenses | 49.58M | 61.61M | 108.27M | 95.28M | 104.99M | 162.04M | 194.88M | 96.79M | 61.36M | 72.22M | 22.4M | 12.61M | -41.52B | -26.4B | 0 |
| Net Operating Income (NOI) | 501.27M | 437.87M | 798.77M | 331.3M | 299.05M | 535.94M | 440.12M | 294.02M | 245.4M | 207.97M | 154.59M | 156.09M | 41.59B | 26.42B | 9.4B |
| NOI Margin % | 679.14% | 87.67% | 88.06% | 77.67% | 74.01% | 76.78% | 69.31% | 75.23% | 80% | 74.22% | 87.35% | 92.53% | 55574.81% | 160315.11% | 100% |
| Operating Expenses | 199.16M | 316.91M | 159.14M | 162.55M | 131.11M | 105.35M | 137.63M | 164.3M | 148.99M | 159.87M | 62.99M | 35.41M | 38.55M | 16.02M | 1.48B |
| G&A Expenses | 37.42M | 30.84M | 26.89M | 34.74M | 124.95M | 100.2M | 130.91M | 0 | 0 | 0 | 0 | 38.45M | 29.04M | 6.11M | 1.48B |
| EBITDA | -317.53M | 123.77M | -392.23M | 899.56M | 25.71M | 427.15M | 237.92M | 178.95M | 260.68M | 236.85M | 115.36M | 73.36M | 0 | 0 | 7.92B |
| EBITDA Margin % | -430.21% | 24.78% | -43.24% | 210.88% | 6.36% | 61.2% | 37.47% | 45.79% | 84.98% | 84.53% | 65.18% | 43.49% | 0% | 0% | 84.3% |
| Depreciation & Amortization | 2.81M | 2.81M | 19.77M | 20.23M | 25.07M | 16.01M | 10.83M | 172.7M | 255.62M | 232.21M | 109.7M | -47.32M | -22.79M | 6.2M | 0 |
| D&A / Revenue % | 3.81% | 0.56% | 2.18% | 4.74% | 6.2% | 2.29% | 1.71% | 44.19% | 83.33% | 82.88% | 61.98% | -28.05% | -30.45% | 37.6% | 0% |
| Operating Income | -320.35M | 120.96M | -412M | 879.33M | 644.83K | 411.14M | 227.09M | 6.25M | 5.06M | 4.64M | 5.66M | 120.68M | 22.79M | -6.2M | 7.92B |
| Operating Margin % | -434.02% | 24.22% | -45.42% | 206.14% | 0.16% | 58.91% | 35.76% | 1.6% | 1.65% | 1.66% | 3.2% | 71.54% | 30.45% | -37.6% | 84.3% |
| Interest Expense | 1000K | 514.13M | -696.46M | 716.47M | 403.7K | 0 | 175.48K | 151.88M | 0 | 0 | 0 | 18.85B | 17.26B | 7.09B | 1.39B |
| Interest Coverage | - | 0.41x | 0.20x | 1.23x | 1589.88x | - | 1294.08x | 2.16x | - | - | - | 0.00x | 0.00x | 1.00x | 0.01x |
| Non-Operating Income | -67.01M | -90.61M | 0 | 0 | 0 | -232.52M | 0 | -193.89M | -46.08M | -43.34M | 31.12M | 67.45M | -23.47M | -7.08B | 7.9B |
| Pretax Income | -596.52M | -302.56M | -516.51M | 358.42M | 175.03M | 189.06M | 54.45M | 228.04M | 167.14M | 129.63M | 138.54M | 53.23M | 36.29M | 460K | 0 |
| Pretax Margin % | -808.19% | -60.58% | -56.94% | 84.02% | 43.32% | 27.09% | 8.58% | 58.35% | 54.49% | 46.27% | 78.27% | 31.55% | 48.49% | 2.79% | 0% |
| Income Tax | -73.47M | -86.7M | -104.51M | 7.17M | 29.73K | 29.08M | 8.38M | 221.79M | 162.08M | 124.99M | 132.88M | 7.81M | 897K | 6.66M | 0 |
| Effective Tax Rate % | 12.32% | 28.66% | 20.23% | 2% | 0.02% | 15.38% | 15.4% | 97.26% | 96.97% | 96.42% | 95.91% | 14.67% | 2.47% | 1446.96% | - |
| Net Income | -512.15M | -228.91M | -443.75M | 339.45M | 184.7M | 148.65M | 54.45K | 64.5M | 62.84M | 47.65M | 65.22M | 42.03M | 32.01M | 796K | 0 |
| Net Margin % | -693.88% | -45.83% | -48.92% | 79.58% | 45.71% | 21.3% | 0.01% | 16.51% | 20.49% | 17.01% | 36.85% | 24.92% | 42.77% | 4.83% | 0% |
| Net Income Growth % | -308.9% | 48.41% | -230.73% | 83.78% | 24.25% | 272889.55% | -99.92% | 2.64% | 31.88% | -26.93% | 55.15% | 31.32% | 3921.11% | - | - |
| Funds From Operations (FFO) | -491.84M | -226.1M | -423.98M | 359.68M | 209.77M | 164.66M | 10.88M | 237.21M | 318.46M | 279.87M | 174.92M | -5.29M | 9.22M | 6.99M | 0 |
| FFO Margin % | -666.37% | -45.27% | -46.74% | 84.32% | 51.92% | 23.59% | 1.71% | 60.7% | 103.81% | 99.88% | 98.83% | -3.13% | 12.31% | 42.43% | 0% |
| FFO Growth % | -961.95% | 46.67% | -217.88% | 71.46% | 27.4% | 1412.8% | -95.41% | -25.52% | 13.79% | 60% | 3409.74% | -157.35% | 31.81% | - | - |
| FFO per Share | -2.93 | -1.35 | -2.51 | 2.42 | 1.79 | 2.40 | 0.20 | 4.82 | 9.91 | 8.73 | 6.38 | -0.21 | 0.37 | 0.54 | 0.00 |
| FFO Payout Ratio % | -4.64% | 0% | 0% | 59.8% | 89.54% | 67.97% | 522.63% | 26.7% | 16.11% | 17.24% | 26.8% | -673.77% | 187.9% | 148890.53% | - |
| EPS (Diluted) | -3.05 | -1.44 | -2.60 | 2.24 | 1.51 | 1.54 | 0.81 | 1.31 | 1.96 | 1.49 | 2.38 | 1.66 | 1.30 | 0.06 | 0.00 |
| EPS Growth % | -268.43% | 44.62% | -216.07% | 48.34% | -1.95% | 90.12% | -38.17% | -33.16% | 31.54% | -37.4% | 43.37% | 27.69% | 2031.15% | - | - |
| EPS (Basic) | - | -1.44 | -2.62 | 2.27 | 1.32 | 1.55 | 0.81 | 1.31 | 1.91 | 1.49 | 2.38 | 1.66 | 1.30 | 0.06 | 0.00 |
| Diluted Shares Outstanding | 167.65M | 167.26M | 169.11M | 148.57M | 117.19M | 68.66M | 53.82M | 49.23M | 32.13M | 32.04M | 27.42M | 25.29M | 24.6M | 13.05M | 2.77M |
Portfolio Credit Quality Erosion
As reported in recent financial filings, Ready Capital has experienced extreme revenue instability, culminating in a -2.1% year-over-year contraction in 2026Q1, following a period of erratic performance where quarterly revenue swung from $320.8 million in 2023Q4 to negative figures in multiple subsequent reporting periods.
The frequent appearance of negative revenue figures suggests significant mark-to-market volatility within the loan portfolio rather than organic growth. This instability implies that the company's reliance on transactional gain-on-sale income is failing to provide a reliable foundation for consistent top-line expansion.
Based on the company's reported figures, FFO per share has plummeted into negative territory, reaching -$1.21 in 2026Q1, which represents a severe departure from the positive earnings profile observed in early 2025 and highlights the precarious nature of current shareholder distributions in a high-rate environment.
The consistent negative FFO trajectory indicates that the company is struggling to generate sufficient cash flow from its core lending operations to cover its operational overhead and financing costs. Investors should monitor whether this trend necessitates further dividend adjustments to preserve liquidity.
According to historical income statements, NOI margins have fluctuated wildly, dropping from a peak of 100% in 2025Q1 to periods where property-level profitability metrics were unavailable, reflecting the underlying instability of the company's small-balance commercial and residential mortgage banking segments during recent market cycles.
The inability to maintain consistent NOI margins suggests that the company's cost structure is not effectively scaling with its origination volumes. This lack of margin stability may indicate that fixed personnel and warehouse financing costs are disproportionately impacting profitability during periods of reduced loan activity.
As indicated by the divergence between GAAP net income and operational performance, Ready Capital's reliance on fair value accounting for its loan portfolio creates significant earnings noise, with net losses reaching -$203.7 million in 2026Q1, potentially masking the true economic health of the underlying assets.
The recurring negative net income figures suggest that the company is absorbing substantial impairment charges or valuation haircuts on its bridge and construction loan books. This warrants further investigation into whether these marks are temporary market fluctuations or indicative of permanent credit deterioration within the portfolio.
Quick answers to the most common questions about buying RCB stock.
For fiscal year 2025, Ready Capital Corporation (RCB) reported total revenue of $499.5M. This represents a 94.7% decline compared to $9.40B in 2012.
Ready Capital Corporation (RCB) reported a net loss of $228.9M for the fiscal year ending 2025.
Ready Capital Corporation (RCB) reported an operating income of $121.0M, resulting in an operating profit margin of 24.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ready Capital Corporation (RCB) generated $437.9M in gross profit for the year, representing a gross profit margin of 87.7%. This demonstrates the company's core pricing power and production efficiency.