Ready Capital Corporation

Report azionario NYSE:RC

Capitalizzazione di mercato: US$296.3m

Ready Capital Gestione

Criteri Gestione verificati 2/4

Ready Capital Il CEO è Tom Capasse, nominato in Oct2016, ha un mandato di 9.75 anni. possiede direttamente 0.21% delle azioni della società, per un valore di $ 626.41K. La durata media del mandato del team dirigenziale e del consiglio di amministrazione è rispettivamente 7.3 anni e 9.8 anni.

Informazioni chiave

Tom Capasse

Amministratore delegato

n/a

Compenso totale

Percentuale dello stipendio del CEOn/a
Mandato del CEO9.8yrs
Proprietà del CEO0.2%
Durata media del management7.3yrs
Durata media del Consiglio di amministrazione9.8yrs

Aggiornamenti recenti sulla gestione

Recent updates

Seeking Alpha • Jul 01

Ready Capital: Bonds Delivering Value While Equity Evaporates

Summary Ready Capital continues to see rapid book value erosion and worsening CRE portfolio delinquencies, with common shares underperforming significantly. RC's core CRE portfolio delinquency rate surged to 14.8%, up from 6.7% last quarter, highlighting accelerating credit deterioration. Management anticipates further $2 billion–$2.5 billion in asset sales but offers no clear guidance on pro forma book value, underscoring high uncertainty. Preferreds (RC.PR.E, RC.PR.C) and RCD offer superior risk-reward versus common shares, though a wipeout across the board remains possible. Read the full article on Seeking Alpha
Nuova narrazione • Jun 01

Liquidity Reset And SBA Lending Expansion Will Transform Earnings Power Over The Long Term

Catalysts About Ready Capital Ready Capital focuses on middle market commercial real estate debt investing and SBA 7(a) small business lending. What are the underlying business or industry changes driving this perspective?
Nuova narrazione • May 12

Shrinking Balance Sheet And Funding Risks Will Pressure Earnings For Years

Catalysts About Ready Capital Ready Capital focuses on middle market commercial real estate lending and SBA 7(a) small business lending. What are the underlying business or industry changes driving this perspective?
Nuova narrazione • Mar 05

Balance Sheet Repositioning And SBA Lending Shift Will Support Future Earnings Stability

Catalysts About Ready Capital Ready Capital is a finance company focused on commercial real estate lending and capital light small business lending, including SBA 7(a) loans. What are the underlying business or industry changes driving this perspective?
Seeking Alpha • Mar 19

Ready Capital Bulls, You Need To Consider A Safer Approach

Summary Closed position in Ready Capital Corporation baby bonds due to poor earnings and reentered; prefer higher capital structure for troubled companies, using common stock as a cushion and signal. Bullish on RC implies expecting higher BV multiple and steady 6% ROE, but financing costs and past performance make this unlikely. Leveraged RCD bonds offer close to a 17% yield, comparable to a bullish RC scenario, with lower risk and better risk-adjusted returns. Bonds provide a safer investment with a cushion from common stock and preferred stocks, allowing flexibility to react to equity weakness. Read the full article on Seeking Alpha
Seeking Alpha • Feb 21

Ready Capital: Ritz-Carlton Portland Loan And Trump Administration's Potential View On SBA Loans Spell Trouble

Summary Ready Capital holds a $400+ million construction loan secured by the Ritz-Carlton Portland and an adjacent office tower. The loan has not been impaired despite 70% vacancy in the office building, anemic condo sales, and a lien from a contractor, an impairment would cost RC 35% of DE. The new SBA Administrator, Kelly Loeffler, is likely to change the way the SBA 7(a) lending program is administered. SBA 7(a) loans are a key profit center for RC, generating almost half of Distributable Earnings in 3Q24. Read the full article on Seeking Alpha
Seeking Alpha • Dec 11

Ready Capital: Accounting Policy Changes Mask Negative Adjusted Operating Cash Flows And Unsupported Dividend

Summary Despite three dividend cuts in recent years, more dividend cuts are inevitable, in my opinion, due to negative operating cash flow and cash Distributable Earnings not covering the dividend. Recent accounting policy changes led to the recognition of PIK and accrued interest as interest income, which dramatically increased reported distributable earnings. November’s CLO data shows loan problems are accelerating, not abating, and many modified but not impaired loans are of dubious quality. Assuming a loss on loans that are delinquent or not paying interest in cash in line with Trepp’s historical loss rate results in a tangible book value/share of $3.39. Based on outcomes of recent acquisitions, investors should question the rationale for the proposed acquisition of United Development Funding IV, as the portfolio has 51% non-accrual loans. Read the full article on Seeking Alpha
Seeking Alpha • Oct 16

Ready Capital: When Is The Final Dividend Cut?

Summary Ready Capital's dividend cut to $0.25 per share marks a significant sequential reduction, with a current yield of 14%, significantly above pre-pandemic levels. RC's net book value has declined to $12.97 per share with the commons trading at a 45% discount. The mREIT plans to bridge dividend coverage by focusing on small business loans, exiting residential mortgage banking, and increasing leverage. Cost reductions, including an 11% staffing cut, aim to improve ROE, but the risk of further dividend cuts remains, making preferred shares a safer option. Read the full article on Seeking Alpha
Seeking Alpha • May 20

Ready Capital: It Isn't Ready Yet

Summary Ready Capital's share price is at its lowest since COVID, at a large discount to book value. The company is transitioning its focus to commercial real estate lending and government-backed small business loans, but the success of that still remains to be seen. The company's Q1 results showed a decrease in distributable earnings that did not fully cover the dividend, indicating potential challenges ahead. A successful 2024 therefore entails rolling weak assets into better loans and ample buybacks at discounts to book. Read the full article on Seeking Alpha
Seeking Alpha • Apr 09

Ready Capital: Inability To Stabilize Earnings Against Headwinds Makes It A Hold

Summary Ready Capital's distributable EPS at $0.26 for its fiscal 2023 fourth quarter is only covering its dividend by 86.7%. The mREIT is trading at a material 40% discount to book value of $14.10 per share at the end of the fourth quarter. RC's preferred securities are trading at 25% discounts to their liquidation value and come with markedly higher yields than the bonds. Read the full article on Seeking Alpha
Seeking Alpha • Dec 23

Ready Capital: Two Dividend Cuts Later And The Broadmark Acquisition Stings

Summary Ready Capital has cut its dividend for the second consecutive time to $0.30 per share. The mREIT currently offers a fat 11% dividend yield and is now trading at a 24% discount to its third-quarter book value of $14.42 per share. Distributable EPS of $0.28 means that the rightsized dividend is still not covered. Read the full article on Seeking Alpha
Seeking Alpha • Sep 03

Ready Capital: A Fat 14.5% CRE Yield After The Merger With Broadmark

Summary Ready Capital is paying out a 14.5% dividend yield. The mREIT is also currently trading for 76 cents on the dollar following its merger with Broadmark Realty. There is some dividend uncertainty as its payout ratio sits at 111%. Read the full article on Seeking Alpha
Seeking Alpha • Jun 28

Ready Capital: Why Decreased Distributable Earnings Are Not Frightening

Summary I expect Ready Capital's distributable earnings in 2Q and 3Q 2023 to be lower than the current quarterly dividend of $0.40 per share. Thus, one might argue that there could be a dividend cut in 2H 2023. However, the company can maintain the current quarterly dividend even with distributable earnings of $0.30 per share. Ready Capital's recent merger with Broadmark Realty Capital has provided the company with higher unrestricted cash, better debt-to-equity ratios, and expanded operations. The merger is expected to increase Ready Capital's distributable earnings. In case of a dividend cut, in my worst-case scenario, RC's dividend yield may remain higher than 10% at its current prices. Read the full article on Seeking Alpha

AMMINISTRATORE DELEGATO

Tom Capasse (69 yo)

9.8yrs
Mandato

Mr. Thomas Edward Capasse, also known as Tom, is a Co-Founder, Managing Partner, Manager and Principal of Waterfall Asset Management, LLC. He also serves as Chief Investment Officer of Ready Capital Corpor...

Gruppo dirigente

NomePosizioneMandatoCompensazioneProprietà
Andrew Ahlborn
CFO & Secretary7.3yrsUS$2.77m0.70%
$ 2.1m
Thomas Capasse
Chairman9.8yrsNessun dato0.21%
$ 626.4k
Jack Ross
President & Director9.8yrsNessun dato0.17%
$ 493.0k
Matthew Cohen
Head of Operations & CTOless than a yearNessun datoNessun dato
Sue Ianieri
Head of Marketingno dataNessun datoNessun dato
Thomas Warren, Jr.
Head of Human Resourcesno dataNessun datoNessun dato
Alex Ovalle
MD & Head of Construction Lending and Syndicationsno dataNessun datoNessun dato
Garrett Thelander
Managing Director & Head of Workoutsno dataNessun datoNessun dato
John Sokolovic
Managing Director & CEO of Affordable Multifamilyno dataNessun datoNessun dato
Jacqueline Schorr
Chief Financial Officer of RCLno dataNessun datoNessun dato
Dominick D. Scali
Chief Credit Officerless than a yearNessun dato0.42%
$ 1.3m
Casey Lewis
Managing Director & Head of Strategic Creditno dataNessun datoNessun dato
7.3yrs
Durata media
63yo
Età media

Gestione esperta: Il team dirigenziale di RC è esperto e expertise (durata media dell'incarico 7.3 anni).

Membri del Consiglio di amministrazione

NomePosizioneMandatoCompensazioneProprietà
Thomas Capasse
Chairman9.8yrsNessun dato0.21%
$ 626.4k
Jack Ross
President & Director9.8yrsNessun dato0.17%
$ 493.0k
J. Reese
Lead Independent Director9.8yrsUS$247.50k0.081%
$ 239.4k
Meredith Marshall
Independent Director3.6yrsUS$237.50k0.060%
$ 176.4k
Todd Sinai
Independent Director9.8yrsUS$247.50k0.060%
$ 177.3k
Dominique Mielle
Independent Director5.3yrsUS$255.00k0.049%
$ 145.5k
Gilbert Nathan
Independent Director7.3yrsUS$240.00k0.14%
$ 400.6k
9.8yrs
Durata media
60yo
Età media

Consiglio di amministrazione esperto: I membri del consiglio di amministrazione di RC sono considerati esperti (durata media dell'incarico 9.8 anni).

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2026/07/06 07:38
Prezzo dell'azione a fine giornata2026/07/06 00:00
Utili2026/03/31
Utili annuali2025/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; disponiamo inoltre di guide su come utilizzare i nostri report e di tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Ready Capital Corporation è coperta da 7 analisti. 3 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
William CatherwoodBTIG
Steven DelaneyCitizens JMP Securities, LLC
Jade RahmaniKeefe, Bruyette, & Woods