The company maintains a strained capital structure with a debt-to-equity ratio of 3.55x as of 2025Q4, reflecting a persistent reliance on leverage despite a shrinking asset base.
| 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 |
|---|
| Total Assets | 6.31B | 7.77B | 10.14B | 12.44B | 11.62B | 9.53B | 5.37B | 4.98B | 3.04B | 2.52B | 2.61B | 775.14M | 792.4M | 620.08M | 201.65M |
| Asset Growth % | -106.99% | -23.39% | -18.48% | 7.06% | 21.89% | 77.47% | 7.94% | 63.89% | 20.34% | -3.14% | 236.1% | -2.18% | 27.79% | 207.51% | - |
| Real Estate & Other Assets | -413.61M | -2.4B | -510.69M | -6.13B | 136.27M | 49.58M | -36.59M | -31.8M | 1.26B | 875.16M | 1.77B | 560.56M | 545.28M | 334.74M | 1.35M |
| PP&E (Net) | 0 | 0 | 7.36M | 2.54M | 1.69M | 2.4M | 3.17M | 4.53M | 24M | 1.36B | -2.61B | 1.27M | 1.29M | 167K | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 200.43M | 207.84M | 0 | 272.89M | 289.93M | 237.4M | 41.13M | 111.19M | 1.49B | 81.58M | 399.74M | 25.17M | 40.93M | 59.19M | 29.63M |
| Cash & Equivalents | 200.43M | 247.59M | 143.8M | 138.53M | 163.04M | 229.53M | 138.97M | 67.93M | 54.41M | 63.42M | 59.57M | 20.79M | 33.79M | 57.06M | 22.83M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K |
| Other Current Assets | -127.87M | -135.92M | -391.42M | 123.26M | -10.19B | -21.58M | 0 | 70.55M | 1.41B | 0 | 0 | 4.37M | 0 | 0 | -29.63M |
| Intangible Assets | 161.11M | 164.45M | 165.45M | 120.59M | 102.57M | 219.44M | 121.65M | 130.28M | 120.06M | 94.04M | 87.49M | 53.09M | 39.05M | 0 | 0 |
| Total Liabilities | 4.87B | 6.12B | 8.21B | 9.79B | 9.72B | 8.25B | 4.54B | 4.13B | 2.47B | 1.97B | 2.05B | 597.36M | 599.01M | 442.31M | 136.51M |
| Total Debt | 4.62B | 5.86B | 6.04B | 7.24B | 9.34B | 7.92B | 4.12B | 3.93B | 2.31B | 1.78B | 1.22B | 454.07M | 444.98M | 290.6M | 116.08M |
| Net Debt | 4.42B | 5.62B | 5.89B | 7.11B | 9.03B | 6.74B | 3.98B | 3.86B | 2.25B | 1.71B | 1.16B | 433.27M | 411.19M | 233.54M | 93.25M |
| Long-Term Debt | 4.49B | 5.67B | 5.7B | 7.09B | 8.34B | 5.81B | 3.12B | 2.74B | 1.82B | 1.78B | 1.22B | 353.3M | 355.57M | 290.6M | 0 |
| Short-Term Borrowings | 122.44M | 200.13M | 317.05M | 149.92M | 996.56M | 2.11B | 999.47M | 380.2M | 88.39M | 101.1M | 0 | 0 | 0 | 0 | 116.08M |
| Capital Lease Obligations | 34.1M | 8.56M | 17.81M | 8.21M | 1.78M | 3M | 3.67M | 4.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 122.44M | 200.13M | 0 | 345.13M | 457.75M | 655.96M | 569.96M | 411.65M | 86.86M | 86.92M | 81.71M | 22.13M | 15.29M | 11.65M | 116.08M |
| Accounts Payable | 52.08M | 59.69M | 53.33M | 41.62M | 47.95M | 41.38M | 27.01M | 31.45M | 24.83M | 15.98M | 15.34M | 15.1M | 6.08M | 3.2M | 0 |
| Deferred Revenue | 0 | 0 | 0 | -32.98M | 9.72B | 286K | 10.7M | 4.13B | -48.69M | -18.22M | 107.92M | 99.04M | 0 | -62.13M | 0 |
| Other Liabilities | 243.12M | 237.99M | -5.72B | 11.27M | -6.38B | 2.51B | 0 | -2.76B | 344.67M | 86.95M | -312.75M | 803.01M | 228.16M | 140.06M | 20.43M |
| Total Equity | 1.45B | 1.65B | 1.94B | 2.65B | 1.9B | 1.28B | 834.21M | 844.78M | 564.08M | 555.47M | 552.1M | 177.78M | 193.38M | 177.77M | 65.14M |
| Equity Growth % | -82.72% | -14.68% | -26.86% | 39.41% | 48.26% | 53.51% | -1.25% | 49.76% | 1.55% | 0.61% | 210.56% | -8.07% | 8.78% | 172.9% | - |
| Shareholders Equity | 1.35B | 1.55B | 1.84B | 2.55B | 1.8B | 1.28B | 815.4M | 825.41M | 544.83M | 536.07M | 513.1M | 159.22M | 173.24M | 159.25M | 45.04M |
| Minority Interest | 100.81M | 99.23M | 97.7M | 98.46M | 99.15M | 4.49M | 18.81M | 19.37M | 19.24M | 19.39M | 39.01M | 18.55M | 20.15M | 18.52M | 20.1M |
| Common Stock | 17K | 17K | 17K | 17K | 11K | 8K | 5K | 5K | 3K | 3K | 3K | 798 | 798 | 798 | 207 |
| Additional Paid-in Capital | 2.27B | 2.26B | 2.25B | 2.32B | 1.68B | 1.16B | 849.54M | 822.84M | 540.48M | 539.46M | 513.29M | 447.09M | 164.21M | 164.21M | 39.76M |
| Retained Earnings | -1.01B | -807.52M | -505.09M | 124.41M | 4.99M | 8.6M | -24.2M | 8.75M | 5.27M | -3.38M | -201K | -4.98M | 9.03M | -4.96M | 5.28M |
| Preferred Stock | 119.74M | 119.74M | 111.38M | 119.74M | 119.74M | 111.38M | 0 | 0 | 5.27M | 0 | 0 | 125K | 125K | 0 | 0 |
| Return on Assets (ROA) | -6.43% | -2.56% | -3.86% | 2.82% | 1.84% | 2.12% | 0.87% | 1.82% | 2.13% | 1.69% | 2.91% | -0.16% | 3.79% | 1.62% | 9.87% |
| Return on Equity (ROE) | -29.57% | -12.76% | -19.02% | 14.94% | 12.22% | 14.92% | 5.34% | 10.36% | 10.59% | 7.82% | 13.47% | -0.68% | 14.41% | 5.49% | 30.55% |
| Debt / Assets | 73.21% | 75.46% | 59.51% | 58.23% | 80.35% | 83.06% | 76.71% | 78.97% | 75.96% | 70.36% | 46.73% | 58.58% | 56.16% | 46.86% | 57.57% |
| Debt / Equity | 3.19x | 3.55x | 3.12x | 2.74x | 4.92x | 6.18x | 4.94x | 4.65x | 4.09x | 3.20x | 2.21x | 2.55x | 2.30x | 1.63x | 1.78x |
| Net Debt / EBITDA | -9.50x | 45.37x | - | - | - | - | - | - | 16.79x | 9.49x | 10.58x | - | 74.85x | 14.67x | 16.48x |
| Book Value per Share | 8.64 | 9.87 | 11.36 | 17.82 | 16.20 | 18.65 | 15.50 | 20.09 | 17.57 | 17.71 | 20.72 | 5.71 | 5.17 | 6.19 | 2.33 |
Asset quality and integration
According to quarterly financial data, total assets have declined from a peak of $12.4 billion in 2023Q4 to $6.3 billion in 2026Q1, signaling a significant retrenchment as the company navigates the integration of large-scale acquisitions and potential portfolio rationalization in a challenging credit environment.
The sharp reduction in total assets suggests that the company is actively shedding non-core or distressed positions acquired during its recent M&A cycle. This contraction appears to be a defensive maneuver to preserve capital, though it raises questions regarding the long-term scalability of the platform.
As reported in recent filings, the debt-to-equity ratio reached 3.55x in 2025Q4, reflecting a persistent reliance on debt financing that, when paired with negative FFO, suggests a precarious capital structure that may limit the company's flexibility to absorb further credit losses.
The current leverage profile appears high given the underlying volatility in the transitional loan portfolio. Investors should monitor whether the company can successfully deleverage without further eroding its equity base through additional impairment charges.
Based on the provided financial statements, cash reserves have fluctuated between $143.8 million and $247.6 million over the last ten quarters, indicating a tight liquidity position that may struggle to support both ongoing operations and the funding requirements of the existing development pipeline.
The limited cash buffer relative to the scale of the loan portfolio suggests that the company may face liquidity pressure if credit performance continues to deteriorate. This environment warrants close observation of the company's ability to access warehouse financing facilities under current market conditions.
Financial data indicates that the integration of Broadmark Realty Capital has significantly increased exposure to construction and land loans, which, as evidenced by the negative NOI and FFO, may harbor deferred capital requirements that are not yet fully reflected in the balance sheet.
The presence of these distressed assets suggests that the company may be facing a 'hidden' burden of deferred capex or potential future write-downs. This complexity makes it difficult to ascertain the true economic value of the portfolio, as management's fair value estimates remain subject to significant judgment.
Quick answers to the most common questions about buying RC stock.
As of 2025, Ready Capital Corporation (RC) had total assets of $7.77B including $207.8M in current assets.
Ready Capital Corporation (RC) carries total debt of $5.86B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ready Capital Corporation (RC) has total shareholders' equity (book value) of $1.55B ($9.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ready Capital Corporation (RC) reported a current ratio of 1.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.