Revenue growth remains erratic, characterized by a 69.8% decline in 2025Q3 followed by an 8.7% increase in 2025Q4, suggesting that performance is driven by lumpy M&A activity rather than organic stability.
| 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 |
|---|
| Revenue | 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 % | 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 | 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) | 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 % | 87.67% | 100% | 100% | 100% | 100% | 100% | 100% | 81.84% | 49.61% | 47.5% | 67.49% | 65.26% | 56.35% | 94.32% |
| Operating Expenses | 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 | 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 | 123.77M | 0 | 0 | 0 | 0 | 0 | 0 | 134.13M | 180.38M | 109.4M | -30.97M | 5.49M | 15.92M | 5.66M |
| EBITDA Margin % | 24.78% | 0% | 0% | 0% | 0% | 0% | 0% | 84.75% | 118.04% | 87.56% | -53.41% | 11.06% | 97.92% | 23.14% |
| Depreciation & Amortization | 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 % | 0.56% | 0% | 0% | 0% | 0% | 0% | 0% | 161.52% | 151.95% | 87.81% | 1.61% | 0.31% | 38.12% | 7.47% |
| Operating Income | 120.96M | 0 | 0 | 0 | 0 | 0 | 0 | -121.49M | -51.83M | -303K | -31.9M | 5.34M | 9.72M | 3.83M |
| Operating Margin % | 24.22% | 0% | 0% | 0% | 0% | 0% | 0% | -76.77% | -33.92% | -0.24% | -55.02% | 10.75% | 59.8% | 15.67% |
| Interest Expense | 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 | -90.61M | 0 | 0 | 0 | 0 | 0 | 0 | 39.74M | 70.7M | 55.87M | -18.85B | -4.51M | 1.11M | -1.83M |
| Pretax Income | -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 % | -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 | -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 % | 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 | -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 % | -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 % | 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) | -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 % | -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 % | 45.65% | -215.65% | 63.99% | 26.23% | - | - | -74.84% | 14.29% | 73.41% | 48700.63% | -101.22% | 109% | -40.78% | - |
| FFO per Share | -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 % | -50.12% | 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) | -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 % | 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 | 167.26M | 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 |
Broadmark integration credit impairment
As reported in recent financial statements, Ready Capital's FFO per share swung from a positive $0.52 in 2025Q1 to a negative $1.63 by 2025Q4, highlighting extreme earnings volatility that suggests the company's core profitability remains highly sensitive to non-cash fair value adjustments and integration-related accounting charges.
The dramatic swing in FFO suggests that the company's earnings quality is currently compromised by the ongoing integration of the Broadmark portfolio. Investors should monitor whether these negative FFO figures represent temporary accounting noise or a structural inability to cover dividend obligations through recurring operational cash flow.
Based on reported figures, the company's NOI margin reached 93.0% in 2025Q4, yet this follows periods of data unavailability and significant volatility, indicating that property-level profitability is not yet stabilized following the aggressive inorganic expansion strategy pursued by management over the last several quarters.
While the 93.0% margin appears robust, the lack of consistent NOI data in prior quarters suggests that the underlying property-level performance is heavily influenced by the timing of asset acquisitions and dispositions. This inconsistency warrants further investigation into whether the current margin levels are sustainable or merely a byproduct of recent portfolio restructuring.
According to recent SEC filings, Ready Capital achieved 8.7% revenue growth in 2025Q4, a figure that must be interpreted alongside the massive historical volatility, including a 69.8% decline in 2025Q3, which suggests that revenue trajectory is currently dictated by inorganic M&A activity rather than organic portfolio expansion.
The reliance on inorganic growth to drive revenue suggests that the company may be struggling to generate organic momentum within its existing loan portfolios. Analysts should be cautious, as this growth trajectory appears to be masking potential underlying weakness in the core small-balance commercial lending business.
Financial data indicates that net income reached negative $234.2 million in 2025Q4, a figure that appears heavily distorted by non-cash provisions and fair value adjustments, suggesting that GAAP metrics provide a misleading view of the company's actual economic health and operational cash-generating capacity at this time.
The deep disconnect between revenue and net income suggests that the company is absorbing significant impairment charges, likely related to the Broadmark construction loan portfolio. Investors should monitor the provision for credit losses closely, as these non-cash charges may be a leading indicator of future realized losses on the balance sheet.
Quick answers to the most common questions about buying RCC stock.
For fiscal year 2025, Ready Capital Corporation 5.75% (RCC) reported total revenue of $499.5M. This represents a 1943.1% increase compared to $24.4M in 2012.
Ready Capital Corporation 5.75% (RCC) reported a net loss of $228.9M for the fiscal year ending 2025.
Ready Capital Corporation 5.75% (RCC) 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 5.75% (RCC) 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.