Operational profitability remains under severe pressure, evidenced by NOI margins that plummeted from 100% in 2024 to a negative 110.8% by 2025Q4.
| 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 |
Portfolio Credit Quality Deterioration
As reported in recent financial filings, Ready Capital's FFO per share has exhibited extreme volatility, swinging from a positive $0.52 in 2025Q1 to a negative $1.41 by 2025Q4, suggesting that the company's core earnings power is currently obscured by significant non-recurring charges and portfolio-level impairments.
The persistent negative FFO trajectory indicates that the company is struggling to generate sufficient recurring income to cover its operational overhead and debt service requirements. Investors should monitor whether these losses are driven by temporary fair value adjustments or a more permanent erosion of the underlying loan portfolio's yield.
According to the company's quarterly income statements, NOI margins have collapsed from 100% in late 2024 to a negative 110.8% in 2025Q4, reflecting a severe disconnect between rental income and the rising costs associated with managing a distressed or transitional commercial real estate portfolio.
The rapid shift to negative NOI margins suggests that the cost of maintaining and servicing the underlying assets is currently outpacing the revenue generated. This trend warrants further investigation into whether the company is facing unexpected property-level expenses or if the portfolio's credit quality has deteriorated beyond initial underwriting expectations.
Based on the provided income statement data, the company's net income has remained consistently negative over the last several quarters, with a net margin of -45.83% that appears to be driven by substantial non-cash charges and potential credit loss provisions that undermine the reported revenue growth.
The divergence between top-line revenue growth and bottom-line losses suggests that the company's business model may be overly reliant on aggressive asset expansion rather than sustainable, profitable lending. Analysts should be wary of the potential for further write-downs if the transitional assets in the portfolio fail to reach stabilization.
As indicated by the 160.9% revenue growth reported in 2026Q1, the company is successfully scaling its top-line, yet this expansion has failed to translate into positive NOI or FFO, suggesting that the recent acquisitions may be adding significant complexity without providing immediate accretive value to shareholders.
The inability to convert massive revenue growth into positive earnings suggests that the company's cost structure is not scaling efficiently with its portfolio size. This may indicate that the integration of recent acquisitions is proving more costly than anticipated, potentially limiting the company's ability to maintain its dividend payout.
Quick answers to the most common questions about buying RCD stock.
For fiscal year 2025, Ready Capital Corporation Notes -15.12.29 (RCD) reported total revenue of $499.5M. This represents a 1943.1% increase compared to $24.4M in 2012.
Ready Capital Corporation Notes -15.12.29 (RCD) reported a net loss of $228.9M for the fiscal year ending 2025.
Ready Capital Corporation Notes -15.12.29 (RCD) 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 Notes -15.12.29 (RCD) 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.