Revenue remains highly erratic, swinging from a negative $74.1 million in 2025Q1 to $123.8 million by 2025Q4, while NOI margins have deteriorated to -110.8% due to mounting credit provisions.
| 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 | 175.49M | 499.47M | 27.35M | 389.94M | 383.33M | 296.34M | 384.65M | 197.87M | 158.26M | 152.82M | 124.94M | 57.98M | 49.68M | 16.25M | 24.45M |
| Revenue Growth % | 751.95% | 1725.96% | -92.98% | 1.72% | 29.36% | -22.96% | 94.39% | 25.03% | 3.56% | 22.31% | 115.49% | 16.71% | 205.64% | -33.51% | - |
| Property Operating Expenses | 330.68M | 61.61M | 0 | 0 | 0 | 0 | 0 | 0 | 28.75M | 77.01M | 65.59M | 18.85M | 17.26M | 7.09M | 1.39M |
| Net Operating Income (NOI) | -176.17M | 437.87M | 27.35M | 389.94M | 383.33M | 296.34M | 384.65M | 197.87M | 129.52M | 75.81M | 59.35M | 39.13M | 32.42M | 9.16M | 23.06M |
| NOI Margin % | -100.39% | 87.67% | 100% | 100% | 100% | 100% | 100% | 100% | 81.84% | 49.61% | 47.5% | 67.49% | 65.26% | 56.35% | 94.32% |
| Operating Expenses | 325.25M | 316.91M | 27.35M | 389.94M | 383.33M | 296.34M | 384.65M | 197.87M | 121.49M | 86.19M | 71.73M | 50.85M | 14.48M | 9.6M | 2.35M |
| G&A Expenses | 59.68M | 30.84M | 98.74M | 96.27M | 87.86M | 71.74M | 102.31M | 61.11M | 65.52M | 65.21M | 35.77M | 30.93M | 17.09M | 2.58M | 228.36K |
| EBITDA | -465.68M | 123.77M | 0 | 0 | 0 | 0 | 0 | 0 | 134.13M | 180.38M | 109.4M | -30.97M | 5.49M | 15.92M | 5.66M |
| EBITDA Margin % | -265.35% | 24.78% | 0% | 0% | 0% | 0% | 0% | 0% | 84.75% | 118.04% | 87.56% | -53.41% | 11.06% | 97.92% | 23.14% |
| Depreciation & Amortization | 14.76M | 2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 255.62M | 232.21M | 109.7M | 933.81K | 154.01K | 6.2M | 1.83M |
| D&A / Revenue % | 8.41% | 0.56% | 0% | 0% | 0% | 0% | 0% | 0% | 161.52% | 151.95% | 87.81% | 1.61% | 0.31% | 38.12% | 7.47% |
| Operating Income | -480.44M | 120.96M | 0 | 0 | 0 | 0 | 0 | 0 | -121.49M | -51.83M | -303K | -31.9M | 5.34M | 9.72M | 3.83M |
| Operating Margin % | -273.76% | 24.22% | 0% | 0% | 0% | 0% | 0% | 0% | -76.77% | -33.92% | -0.24% | -55.02% | 10.75% | 59.8% | 15.67% |
| Interest Expense | 3M | 514.13M | 696.46M | 716.47M | 400.77M | 213.56M | 175.48M | 151.88M | 109.24M | 74.65M | 0 | 18.85M | 0 | 0 | 1.39M |
| Interest Coverage | - | 0.41x | - | - | - | - | - | - | 0.47x | -0.33x | - | -1.69x | - | - | 15.92x |
| Non-Operating Income | -96.32M | -90.61M | 0 | 0 | 0 | 0 | 0 | 0 | 39.74M | 70.7M | 55.87M | -18.85B | -4.51M | 1.11M | -1.83M |
| Pretax Income | -596.52M | -302.56M | -516.51M | 358.42M | 175.03M | 132.16M | 54.45M | 64.5M | 62.84M | 47.65M | 65.22M | 3M | 29M | 7.55M | 20.27M |
| Pretax Margin % | -339.91% | -60.58% | -1888.25% | 91.92% | 45.66% | 44.6% | 14.16% | 32.6% | 39.71% | 31.18% | 52.2% | 5.17% | 58.38% | 46.47% | 82.9% |
| Income Tax | -98.17M | -86.7M | -104.51M | 7.17M | 15.47M | 14.86M | 8.38M | -10.55M | 1.39M | 1.84M | 9.65M | 4.42M | -851K | 880.36K | 362.32K |
| Effective Tax Rate % | 16.46% | 28.66% | 20.23% | 2% | 8.84% | 11.24% | 15.4% | -16.36% | 2.21% | 3.86% | 14.8% | 147.37% | -2.93% | 11.66% | 1.79% |
| Net Income | -510.15M | -228.91M | -435.75M | 339.45M | 194.26M | 157.74M | 44.87M | 72.97M | 59.26M | 43.29M | 49.17M | -1.26M | 26.74M | 6.67M | 19.9M |
| Net Margin % | -290.69% | -45.83% | -1593.02% | 87.05% | 50.68% | 53.23% | 11.67% | 36.88% | 37.44% | 28.33% | 39.35% | -2.17% | 53.83% | 41.06% | 81.42% |
| Net Income Growth % | -80.93% | 47.47% | -228.37% | 74.74% | 23.15% | 251.56% | -38.51% | 23.14% | 36.89% | -11.96% | 4000.11% | -104.71% | 300.74% | -66.47% | - |
| Funds From Operations (FFO) | -467.15M | -226.1M | -415.98M | 359.68M | 219.33M | 173.75M | 44.87M | 79.22M | 314.88M | 275.5M | 158.87M | -326.9K | 26.9M | 12.87M | 21.73M |
| FFO Margin % | -266.19% | -45.27% | -1520.73% | 92.24% | 57.22% | 58.63% | 11.67% | 40.04% | 198.96% | 180.28% | 127.16% | -0.56% | 54.14% | 79.18% | 88.89% |
| FFO Growth % | -1375.37% | 45.65% | -215.65% | 63.99% | 26.23% | - | - | -74.84% | 14.29% | 73.41% | 48700.63% | -101.22% | 109% | -40.78% | - |
| FFO per Share | -2.79 | -1.35 | -2.44 | 2.42 | 1.87 | 2.53 | 0.83 | 1.88 | 9.81 | 8.78 | 5.96 | -0.01 | 0.72 | 0.45 | 0.78 |
| FFO Payout Ratio % | -10.5% | 0% | 0% | 59.8% | 85.64% | 64.42% | 126.78% | 79.94% | 16.3% | 17.52% | 29.5% | -10893.03% | 64.39% | 80.89% | 48.73% |
| EPS (Diluted) | -3.04 | -1.44 | -2.63 | 2.23 | 1.51 | 1.54 | 0.81 | 1.72 | 1.85 | 1.38 | 1.85 | -0.04 | 0.72 | 0.23 | 0.71 |
| EPS Growth % | -82.58% | 45.25% | -217.94% | 47.68% | -1.95% | 90.12% | -52.91% | -7.03% | 34.06% | -25.41% | 4667.9% | -105.62% | 213.04% | -67.61% | - |
| EPS (Basic) | - | -1.44 | -2.63 | 2.26 | 1.32 | 2.17 | 0.81 | 1.72 | 1.85 | 1.38 | 1.85 | -0.05 | 0.96 | 0.26 | 0.71 |
| Diluted Shares Outstanding | 167.65M | 167.26M | 170.47M | 148.57M | 117.19M | 68.66M | 53.82M | 42.05M | 32.1M | 31.37M | 26.65M | 31.14M | 37.37M | 28.7M | 27.9M |
Integration and credit impairment
As reported in recent financial filings, Ready Capital’s revenue trajectory remains highly erratic, swinging from a negative $74.1 million in 2025Q1 to $123.8 million by 2025Q4, reflecting the significant operational volatility inherent in the company's aggressive acquisition-led growth strategy and complex multi-segment business model.
The extreme fluctuations in top-line performance suggest that the company is struggling to stabilize its revenue base following the integration of Broadmark Realty Capital. Investors should monitor whether these swings represent genuine organic growth or merely the accounting noise associated with fair-value adjustments on acquired loan portfolios.
Based on the company's reported figures, FFO per share has experienced severe degradation, plummeting to negative $1.41 in 2025Q4 from positive territory in early 2025, which raises significant questions regarding the long-term safety of the dividend and the underlying quality of earnings.
The persistent negative FFO trajectory indicates that the company's core operating platform is currently failing to generate sufficient cash flow to cover its obligations. This trend warrants further investigation into whether the current dividend yield is supported by sustainable operations or if it is being funded through capital recycling.
According to quarterly data, NOI margins have collapsed into negative territory, reaching -110.8% in 2025Q4, a stark reversal from the 100% margins observed in late 2024, suggesting that property-level operating expenses and credit provisions are currently overwhelming the company's interest income streams.
The shift to negative NOI margins implies that the cost of maintaining and managing the underlying collateral has become a significant drag on profitability. This deterioration suggests that the company may be facing elevated credit losses or unexpected operational costs within its transitional loan portfolio.
Financial statements indicate that Ready Capital's net income has remained consistently negative over the last several quarters, with a net loss of $201.7 million in 2026Q1, suggesting that non-cash charges and impairment reserves are significantly distorting the company's reported economic performance.
The reliance on complex purchase price allocations and CECL provisioning makes it difficult to discern the true run-rate profitability of the firm. Investors should be wary that the reported losses may be masking deeper structural issues within the loan book that are not immediately apparent in headline figures.
Quick answers to the most common questions about buying RC stock.
For fiscal year 2025, Ready Capital Corporation (RC) reported total revenue of $499.5M. This represents a 1943.1% increase compared to $24.4M in 2012.
Ready Capital Corporation (RC) reported a net loss of $228.9M for the fiscal year ending 2025.
Ready Capital Corporation (RC) 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 (RC) 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.