Ready Capital Corporation filed a Form 8-K on September 23, 2026, disclosing that on September 18, 2026, it entered into an amendment to the indenture governing its 7.375% Senior Notes due 2027, modifying key financial covenants with the consent of a majority of noteholders.

Key Highlights

  • Amendment date: The First Supplement to the Eighth Supplemental Indenture was executed on September 18, 2026.
  • Notes affected: The amendment covers $100,000,000 aggregate principal amount of 7.375% Senior Notes due 2027.
  • Leverage covenant change: The amendment permits a Recourse Debt to Equity Ratio of up to 2.0 to 1.0.
  • Net asset value floor: The minimum Consolidated Net Asset Value is set at $1.2 billion plus the greater of zero and 75% of Net Equity Capital Activity, measured as of the last day of each fiscal quarter.
  • Noteholder consent: The amendment was entered into with the consent of holders of a majority in aggregate principal amount of the outstanding 7.375% Notes.
  • Trustee: U.S. Bank Trust Company, National Association serves as trustee under the Indenture.

Ready Capital Modifies 7.375% Senior Notes Covenants via First Supplement

According to the filing, Ready Capital Corporation (NYSE:RC) entered into the First Supplement to Eighth Supplemental Indenture on September 18, 2026, by and between the company and U.S. Bank Trust Company, National Association, as trustee. The First Supplement amends the Eighth Supplemental Indenture, dated as of July 25, 2022, to the original Indenture dated August 9, 2017, under which the company had issued $100,000,000 aggregate principal amount of its 7.375% Senior Notes due 2027.

The filing discloses that the amendment makes two specific changes to the Indenture. First, it permits a Recourse Debt to Equity Ratio of up to 2.0 to 1.0. Second, it sets the minimum Consolidated Net Asset Value at $1.2 billion plus the greater of zero and 75% of Net Equity Capital Activity, with both measures applied as of the last day of each fiscal quarter, as each term is defined in the Indenture. The company noted that the amendment was entered into with the consent of holders of a majority in aggregate principal amount of the outstanding 7.375% Notes.

The filing was signed by Andrew Ahlborn, Chief Financial Officer of Ready Capital Corporation. The full text of the First Supplement and the underlying Indenture are filed or incorporated by reference as Exhibits 4.1, 4.2, 4.3, and 4.4 to the Current Report, according to the disclosure.

What Was Disclosed

Ready Capital Corporation disclosed an amendment to the indenture for its $100,000,000 7.375% Senior Notes due 2027, revising the permitted Recourse Debt to Equity Ratio and the minimum Consolidated Net Asset Value covenant, with majority noteholder consent obtained.