Cash flow generation remains highly unstable, evidenced by a sharp swing from $434.7 million in FCF during 2025Q3 to a negative $90.1 million in 2025Q4, highlighting potential liquidity risks.
| 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 |
|---|
| Cash from Operations | -203.48M | -51.22M | 33.07M | 359.15M | -34.44M | 68.89M | -52.4M | 140.3M | 352.49M | 14.76M | -23.08M | -4.69M | 8.13M | 2.63M |
| Operating CF Growth % | -297.27% | -254.89% | -90.79% | 1142.79% | -149.99% | 231.48% | -137.35% | -60.2% | 2287.65% | 163.96% | -392.15% | -157.68% | 209.39% | - |
| Operating CF / Revenue % | -40.74% | -187.25% | 8.48% | 93.69% | -11.62% | 17.91% | -26.48% | 88.65% | 230.66% | 11.82% | -39.81% | -9.44% | 50.03% | 10.75% |
| Net Income | -221.06M | -418.49M | 341M | 203.16M | 159.97M | 46.07M | 75.06M | 61.46M | 45.81M | 55.56M | -1.42M | 29.85M | 7.55M | 20.27M |
| Depreciation & Amortization | 2.81M | 19.77M | 20.23M | 25.07M | 16.01M | 0 | 6.25M | 15.47M | 14.53M | 1.48M | 933.81K | 154.01K | 88.46M | -893.79M |
| Stock-Based Compensation | 5.81M | 0 | 0 | 7.5M | 6.92M | 5.3M | 1.48M | 447K | 290K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 164.89M | 482.28M | -195.18M | 176.78M | -184.09M | -53.25M | -113.75M | 171.49M | 379.79M | -16.69M | -31.31M | -38.07M | -87.86M | 876.18M |
| Working Capital Changes | -155.93M | -134.79M | -132.97M | -28.29M | -17.25M | 70.78M | -15.17M | -12.58M | 20.28M | -25.59M | 8.72M | 3.38M | -18.41K | -27.23K |
| Cash from Investing | 2.28B | 1.86B | 1.04B | -1.56B | -1.72B | -59.44M | -1.21B | -580.76M | -242.23M | 384.69M | 45.94M | -31.48M | -386.81M | -8.86M |
| Acquisitions (Net) | 16.02M | -44.37M | 38.71M | 123.71M | -11.54M | 0 | -5M | 20.88M | 0 | 34.93M | 1.68M | -49.54M | -1.61M | 0 |
| Purchase of Investments | 0 | -34.65M | -37.79M | -128.24M | -59.71M | -37.92M | -26.66M | 362K | -54.32M | -17.39M | -23.39M | -59.96M | -406.26M | -104.3M |
| Sale of Investments | 776K | 80.83M | 93.63M | 214.22M | 2.02B | 12.49M | 15.58M | 799.06M | 436.44M | 303.88M | 50.63M | 141.9M | 338.1M | 97.49M |
| Other Investing | 2.26B | 1.86B | 942.95M | -1.77B | 41.75M | -34.01M | -1.2B | -1.4B | -624.36M | -2.67M | 2.77M | -9.82M | -318.65M | -2.05M |
| Cash from Financing | -2.04B | -1.88B | -1.09B | 1.17B | 1.88B | 63.05M | 1.3B | 444.48M | -106.4M | -381.46M | -35.85M | 12.9M | 416.68M | 18.96M |
| Dividends Paid | -113.32M | -206.06M | -215.09M | -187.83M | -111.92M | -56.88M | -63.33M | -51.32M | -48.26M | -46.87M | -14.24M | -19.13M | -10.41M | -10.6M |
| Common Dividends | -113.32M | 0 | 0 | -187.83M | -111.92M | -56.88M | -63.33M | -51.32M | -48.26M | -46.87M | -35.61M | -17.32M | -10.41M | -10.59M |
| Debt Issuance (Net) | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 0 |
| Share Repurchases | -67.6M | -82.25M | -18.11M | -36.97M | -98.24M | -9.23M | 0 | -103K | 0 | 0 | 0 | 0 | -148.38K | -14.18M |
| Other Financing | -6.43M | -41.89M | 35.27M | -166.26M | -63.4M | -14.47M | -29.39M | 63.56M | -56K | -1.56M | -2.7M | 963.58M | 16.54M | 18.5M |
| Net Change in Cash | 73.22M | 5.77M | -50.37M | -26.3M | 122.85M | 72.5M | 33.01M | 4.02M | 3.86M | 18M | -13M | -23.27M | 38M | 12.73M |
| Exchange Rate Effect | 36.26M | 75.72M | -35.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 182.77M | 168.59M | 218.97M | 323.33M | 200.48M | 127.98M | 94.97M | 90.95M | 59.57M | 41.57M | 33.79M | 57.06M | 19.06M | 6.33M |
| Cash at End | 249.53M | 174.36M | 168.59M | 297.03M | 323.33M | 200.48M | 127.98M | 94.97M | 63.42M | 59.57M | 20.79M | 33.79M | 57.06M | 19.06M |
| Free Cash Flow | -203.48M | -51.22M | 33.07M | 359.15M | -3.74B | 68.89M | -53.29M | 139.94M | 352.49M | 80.71M | -8.84M | -58.75M | 8.13M | 2.63M |
| FCF Growth % | -297.27% | -254.89% | -90.79% | 109.6% | -5527.62% | 229.28% | -138.08% | -60.3% | 336.76% | 1013.23% | 84.96% | -822.52% | 209.39% | - |
| FCF / Revenue % | -40.74% | -187.25% | 8.48% | 93.69% | -1261.83% | 17.91% | -26.93% | 88.42% | 230.66% | 64.6% | -15.24% | -118.26% | 50.03% | 10.75% |
Broadmark integration credit impairment
As reported in recent financial statements, the FFO to net income ratio reached 0.38 in 2025Q4, illustrating a significant disconnect between GAAP earnings and cash-based performance that suggests underlying operational instability following the Broadmark integration.
The extreme variance in FFO conversion ratios, ranging from negative figures to 1.11 in 2025Q2, indicates that non-cash fair value adjustments are heavily distorting the company's reported earnings. Investors should monitor whether this conversion gap narrows as the portfolio stabilizes, or if it reflects persistent, non-cash impairments inherent to the current asset mix.
Based on reported figures, the lack of consistent AFFO data since 2023Q4 makes it difficult to assess dividend sustainability, though the 3.77x payout ratio observed in that period suggests that historical distributions were significantly disconnected from actual cash-generating capacity.
The absence of recent AFFO reporting is a critical transparency concern that warrants further investigation, as it prevents a clear assessment of whether current dividends are supported by recurring cash flows. Without a clear AFFO buffer, the sustainability of the dividend appears vulnerable to further credit-related shocks within the SBC portfolio.
According to SEC filings, the company reported a net loss of $234.2 million in 2025Q4, a figure that appears heavily influenced by non-cash accounting charges rather than operational cash outflows, complicating the assessment of true economic performance.
The massive disparity between GAAP net income and FFO suggests that the company's financial statements are currently dominated by accounting noise related to the Broadmark portfolio. Analysts should focus on the reconciliation between these figures to determine if the underlying lending business is generating positive cash flow or if impairments are structurally eroding book value.
Financial data indicates that FCF has fluctuated wildly, from a positive $434.7 million in 2025Q3 to a negative $90.1 million in 2025Q4, suggesting that the company's cash flow statement is highly sensitive to lumpy asset sales and integration-related capital movements.
The volatility in FCF suggests that the company may be relying on episodic asset dispositions to manage liquidity, which may not be sustainable in a tightening credit environment. Investors should monitor whether these cash flow swings mask underlying defaults or the need for additional capital to support the construction-heavy loan book.
Quick answers to the most common questions about buying RCC stock.
Ready Capital Corporation 5.75% (RCC) generated $-203.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ready Capital Corporation 5.75% (RCC) reported negative free cash flow of $203.5M in 2025, indicating capital requirements exceeded cash from operations.
Ready Capital Corporation 5.75% (RCC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ready Capital Corporation 5.75% (RCC) returned $113.3M to shareholders via cash dividends and spent $67.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.