The company's financial position appears strained as the debt-to-equity ratio climbed to 3.55 in 2025Q4, reflecting increased leverage alongside a significant reduction in total equity to $1.6 billion.
| Metric | 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 | 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 % | -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 | -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 | 8.15M |
| PP&E (Net) | 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 |
| Total Current Assets | 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 | 22.83M |
| Cash & Equivalents | 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 | 19.06M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 1000K |
| Other Current Assets | -135.92M | -391.42M | 123.26M | -10.19B | -21.58M | 0 | 70.55M | 1.41B | 0 | 0 | 4.37M | 0 | 0 | 0 |
| Intangible Assets | 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 | 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 | 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 | 0 |
| Net Debt | 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 | -19.06M |
| Long-Term Debt | 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 | 200.13M | 317.05M | 149.92M | 996.56M | 2.11B | 999.47M | 380.2M | 88.39M | 101.1M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 8.56M | 17.81M | 8.21M | 1.78M | 3M | 3.67M | 4.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 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 | 3.04M |
| Accounts Payable | 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 | 1.9M |
| Deferred Revenue | 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 | 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 | 0 |
| Total Equity | 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 % | -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 | 1.55B | 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 | 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 | 11K | 8K | 5K | 5K | 3K | 3K | 3K | 798 | 798 | 798 | 207 |
| Additional Paid-in Capital | 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 | -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 | 111.38M | 119.74M | 119.74M | 111.38M | 0 | 0 | 5.27M | 0 | 0 | 125K | 125K | 0 | 0 |
| Return on Assets (ROA) | -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) | -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 | 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% | - |
| Debt / Equity | 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 | - |
| Net Debt / EBITDA | 45.37x | - | - | - | - | - | - | 16.79x | 9.49x | 10.58x | - | 74.85x | 14.67x | -3.37x |
| Book Value per Share | 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 |
Broadmark integration credit impairment
According to recent financial statements, Ready Capital's total assets declined from $12.8 billion in 2023Q3 to $7.8 billion by 2025Q4, signaling a significant contraction in the company's balance sheet scale as it attempts to digest the Broadmark acquisition and manage legacy portfolio impairments.
The reduction in total assets suggests a strategic pivot toward deleveraging or a forced liquidation of non-core assets to address credit quality concerns. Investors should monitor whether this shrinkage represents a disciplined exit from lower-yielding segments or a broader erosion of the company's lending capacity.
As reported in quarterly filings, the debt-to-equity ratio reached 3.55 in 2025Q4, a marked increase from the 2.01 level observed in 2025Q3, which indicates that the company's reliance on debt financing has intensified even as the overall asset base has shrunk.
This rising leverage ratio, coupled with negative FFO, suggests that the company is increasingly reliant on debt to bridge operational gaps rather than funding growth. The current debt structure warrants further investigation into potential covenant pressure, as the margin for error appears to be narrowing significantly.
Based on reported figures, cash reserves fluctuated to $247.6 million in 2025Q4, yet this liquidity must be viewed against the backdrop of $5.9 billion in total debt, suggesting that the company's ability to meet near-term obligations remains highly sensitive to market-driven capital recycling.
The volatility in cash balances, which dropped to zero in 2023Q3, implies that liquidity management is reactive rather than proactive. Analysts should monitor the company's ability to maintain sufficient revolver headroom, as the current cash position provides limited protection against further credit-related shocks in the construction portfolio.
Financial data indicates that the company's net equity has eroded from $2.6 billion in 2023Q3 to $1.6 billion in 2025Q4, a trend that suggests significant book value impairment likely tied to the Broadmark construction loan portfolio and associated credit loss provisions.
The persistent decline in equity value may indicate that the market's valuation of the underlying collateral is increasingly disconnected from the company's carrying values. This discrepancy suggests that future write-downs may be necessary, which would further strain the balance sheet and limit future capital deployment flexibility.
Quick answers to the most common questions about buying RCC stock.
As of 2025, Ready Capital Corporation 5.75% (RCC) had total assets of $7.77B including $207.8M in current assets.
Ready Capital Corporation 5.75% (RCC) carries total debt of $5.86B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ready Capital Corporation 5.75% (RCC) 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 5.75% (RCC) 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.